Enhancing productivity through employee engagement

employee_engaggement

January is hardly the brightest month for most people, including your staff. Particularly with the not so encouraging economic climate Nigeria experienced in 2017 which resulted in non-payment or part payment of bonuses for many people. Add that to fuel scarcity and the plethora of worrisome reports sweeping across the country and what you have is a nation of people just trudging along, hardly hopeful, simply taking life one day at a time.

Although, the lack of motivation is probably understandable, it is in no way favourable to your business. Unmotivated employees are largely disengaged and perform sub-optimally. This could easily reflect on service delivery, customer satisfaction and bottom line. While we hope for a better day in the country, the pointers below can boost  morale while increasing employee engagement and commitment to duty as the year unfolds.

  1. Change the scenery: little changes make big differences a lot of times, repainting your office, remodeling the front desk, office furniture or other items in the home or around the work place can provide your employees fresh burst of energy and newness that make them feel better about themselves and work.
  1. Acknowledge achievements: While the organization may not have exceeded its targets in the previous year, there may have been high points and notable achievements notwithstanding. Focusing on such highpoints and recognizing the brains behind them can boost staff morale, increase their sense of worth and inspire them to perform better in the current year.
  1. Switch up the schedule: Introducing something new to the regular schedule can also serve as a renewed drive. For instance, if status update meetings were   held on Mondays in 2017, consider moving them to Fridays this year.
  1. Reflect the bigger picture: Work often becomes monotonous and tiring, constant reminders of the vision that birthed the organization can instill a sense of purpose, belonging and drive towards accomplishing set goals.
  1. Promote from Within: This might be a bad time to employ a stranger to head a department. Offering opportunities for promotion to your employees serve as an avenue for growth within the organization and motivation for employees to increase productivity.
  1. Create time for fun: All work and no play can indeed make people very grouchy. Create room for fun occasionally. Perhaps a TGIF celebration every other month end, wellness and gaming facility (Table Tennis, Snooker, gym etc.) in a corner of the office. To improve employee engagement, office tournaments can be held periodically and the winners celebrated.
  1. Show that you care: Team bonding activities can feature in the year’s calendar of activities. Other notable activities to be introduced include staff retreats, knowledge sharing sessions, timeout with executives, town hall meetings where grievances can be aired and discussed without negative consequences to staff members. These provide opportunities for interaction with employees and display genuine commitment to their individual advancement.
  1. Provide ongoing training: Often, employees get complacent, demotivated, frustrated and eventually disengaged from work. These are evident in high rate of absenteeism, lateness to work, low productivity and attrition. Employers can prevent the aforementioned by ensuring relevant training and cross training for different jobs roles, job enrichment, job rotation, and role expansion to mitigate boredom provide opportunities to acquire new skills and take on higher responsibilities.

As your lifetime partners, we are committed to helping you realize your corporate objectives which include building a motivated, engaged, empowered and productive work force through employee engagement. Financial freedom is an invaluable motivator for employees which further enhances their well-being and sense of worth. Incorporating in the year’s calendar, non-work related programmes like personal financial planning sessions underscores your interest in employees’ welfare and increases their commitment toward realising corporate objectives.

Would you like one of our seasoned financial advisors to hold a session on personal financial planning with your staff? Please reach out to your relationship manager, we would be glad to oblige you.

Please do not hesitate to contact us for further enquiries.

On behalf of the ARM Team, we thank you for your invaluable patronage and wish you a productive and fulfilling year.

Five people you love who died without Wills

Five people you love who died without Wills

You know those people you admired from afar, secretly wishing they were somehow related to you. Even if they couldn’t be your father or brother, could they at least be a distant cousin? Any form of connection would do. You admired their success, the wealth they had built for themselves, the legacy they had created. You imagined how easy their lives must be, how doors would swing open at the mere mention of their names. Their families are lucky, you always concluded. Their lives would be a lot easier than the average person’s and their future secured. You could only imagine all the wealth they would eventually inherit if anything happened to the famous person they are related to.

Well, they may indeed have enjoyed benefits by reason of their relationship. But for some  of them, such privileges ended with the person’s demise. Surprisingly, loads of rich and popular people die intestate (without writing a Will), throwing the families they leave behind into conflict and confusion. Let us consider five famous examples.

  1. Bob Marley; Despite his widespread fame and exposure, Bob Marley didn’t write a Will!. He probably had hoped to live to a ripe old age but his four-year fight with cancer could somehow have prepared him for mortality and driven him to write a Will. Well, he didn’t and two decades later, his family are still frequenting court rooms debating the administration of the $30 million estate he left behind.
  2. Abraham Lincoln: Extremely famous lawyer who became America’s 16th president somehow died without documenting his wishes in a Will. Following his unexpected demise, his family had to employ the services of Justice David Davis of the United States Supreme Court to help in the administration of his estate.
  3. Martin Luther King Jnr: He had a dream and a family who loved him, but he didn’t have a Will. His estate has since been the subject of many law suits as his children and family fall in and out of disagreements as to how his estate should be run.
  4. Prince: Still fresh in our memories, Prince’s demise shook the world as did the petition filed by his sister closely after she lost her brother. Although there are speculations of a hidden Will somewhere in Toronto, the signs of a long family feud and court battle for assets are already evident.
  5. Pablo Picasso: One of the most revered artists to walk the earth lived well into his eighties but never came around to writing a Will. His large family comprising of wives, mistresses, children and more children were left to figure out what he had and what to do with his assets on their own.

Maybe you are not extremely rich and famous yet and your family is not large- you only have two children, a few cousins, grandparents, uncles and aunties, etc. It does not matter much. If you have  assets of any kind and people who love you about whom you also care, you should have a Will. Don’t wait until you have a house in Banana Island or Wuse II, start with those share certificates, that Retirement/Pension fund, those mutual funds, that plot of land. If you have any of these and more, my brothers and sisters, you have assets and you need a Will.

Ready to take the leap? Talk to our Estate Planning experts here, we’ll help you get your own EasyWill.

Still not sure you want to protect your family? Let’s convince you some more, learn more here.

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January salary, is that you?

January salary, is that you?

So you endured the 95 days in January, after balling in December, paying school fees, house rent and a million other bills

 

Then finally your endurance paid off and you see payday just ahead

 

Then you remember you borrowed money from Tunde and even took cash advance from your bank

 

While you are still trying to sort your confusion, you get a ‘just saying hi’ message from bae, because Valentine is around the corner

 

What a wawu! You can already see your account balance laughing at you like this

 

This 2018 must be different o, not that brokenness life you endured last year, you know it’s time to borrow yourself brain

 

You decide to check the ARM Money Market fund thing they have been making noise about

 

Chai, the thing is offering more than 12%  sha and you have been dulling all along

 

Quickly you sign up and set up a direct debit because this investment thing is not a joking sturv, no stories that touch please

 

Finally you can relax knowing you will ball through 2018, issa big boy

 

Wait, you still don’t have Money Market fund? Click here to sign up sharp sharp,  no excuses.

 

Welcome to the balling life, may your year be filled with Paydays!

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In the news: CBN pumps $304.4m into FX market

In the news: CBN pumps 4.4m into FX market

This Day

BDC Operators Hail Moves to Return Nigeria to JP Morgan Index

The Association of Bureaux De Change Operators of Nigeria (ABCON) has said the federal government’s plan to open talks with JPMorgan Chase & Co. for their reinstatement in the local-currency emerging-market bond index will bring great benefits to the economy.

Kaduna Refinery Shut over Lack of Crude

The Kaduna Refining and Petrochemical Company (KRPC) shut down operations on January 15 due to the non-availability of crude oil.

CBN Pumps Fresh $304.4m into Forex Market

The Central Bank of Nigeria (CBN) at the weekend intervened in the Retail Secondary Market Intervention Sales (SMIS) of the interbank foreign exchange market to the tune of $304.4 million.

Vanguard

Nigeria’s external reserves hit 4-year high of $40.3bn

Nigeria’s external reserves rose  to $40.33 billion last week, the highest in four years.

9Mobile: Stakeholders seek review of criteria for finalist bidders

With the nod said to have been given to Teleology Holdings as the preferred bidder for 9Mobile by the interim board of the company, all eyes are now on industry regulator, Nigerian Communications Commission, NCC, to authenticate or disavow the said sale.

$16bn Egina probe: NASS to amend Local Content Act

The Senate has said it will amend the Nigeria Oil and Gas Industry Content Development, NOGICD Act, 2010, noting that the existing law was not achieving the aims for which it was enacted.

The Nation

NSE implements new kobo-based pricing rules

The Nigerian Stock Exchange (NSE) will today begin the implementation of its amendments to the pricing methodology and par value rules, which remove the stopgap that has supported stocks at their nominal value and will allow shares of quoted companies to trade as low as one kobo.

Equities lose N462b amidst profit-taking

Nigerian equities came under intense profit-taking pressure last week as investors turned round to monetize capital gains that had accrued in three consecutive weeks of strong rally.

Nigerian Breweries lists 67.8m scrip shares

Nigerian Breweries has listed 67.8 million ordinary shares of 50 kobo each, increasing its outstanding issued shares from 7.929 billion ordinary shares to 7.997 billion ordinary shares.

Guardian

Insurers to lose N30b statutory deposit over unpaid claims

Underwriting firms in the nation’s insurance industry, who fail to pay genuine claims, risk losing substantial part of their cumulative N30billion statutory deposits, while managing directors of such firms would be sacked, industry regulator, National Insurance Commission (NAICOM) has warned.

Bloomberg

Gas Flaring Law Error Cost Nigeria Billions of Dollars

Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Nigeria’s Finance Minister Kemi Adeosun said.

MTN Sees Return to Profit for 2017 After Loss From Nigeria Fine

MTN Group Ltd., Africa’s biggest mobile-network operator by sales, said it returned to profit in 2017, recovering from a $1 billion fine it paid for its Nigerian business in the prior period.

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For smart investors only…

For smart investors only…

2017 was an eventful year for many. While the nation struggled to climb out of the muddy waters of recession and inflation, majority focused on getting. A few, however, discovered opportunities to thrive amidst the difficulties. Whatever side of the divide you belong, congratulations are in order, because you made it through and have now been presented with another chance.

Already, 2018 is proving to be quite a package. January is barely over and we have witnessed the recurring inconvenience of petrol scarcity, the buy-over of communication giants, the increasing popularity of cryptocurrencies and a host of other occurrences. All these coloured with the usual shenanigans of a pre-election year. Never the less, the year appears to be quite promising financially, particularly for those who are able to identify and latch on to opportunities.

Back to the Farm

For instance, avenues for wealth abound in the agricultural sector as attention is gradually shifting to agriculture as a source of national revenue. Investors who are savvy might reap bountiful returns in that sector. For palm oil companies in particular, we expect positive earnings growth in 2018 driven by a recovery in sales volume as we foresee subdued domestic prices over the year.

Going Up and Up

Also, reports of steady crude production and uptrend in crude prices allow for general optimism that the year ahead would be brighter than 2017 as these factors combined would drive further growth in the nation’s foreign reserves and fiscal revenues. This already suggests currency stability and higher economic growth in 2018.

Dollar Good. Naira Better.

Regarding opportunities in the stock market, we see value in the financial sector, particularly tier 2 banks. Earnings recovery is expected for those banks in 2018 as the general macroeconomic environment improves. Also, compared to their peers, the banks are undervalued which informs our view of sizable upside potential. Moving over to consumer stocks, there is strong prospect for even better earnings in 2018 because of the improved dollar liquidity which bodes well for expansion in profitability margins, and lower interest rate would drive a moderation in interest expense. For fixed income, the ongoing monetary easing, stability in currency and expected tamer inflation guides to lower yields on average in 2018 which would drive slower activities within the market.

Look out!

As always, there is still need to thread in caution as electioneering is often accompanied by complications. The slightest indication of a likely change in leadership could adversely affect investor interest. We however believe the excitement over growing reserves and improving economic growth will outweigh this concerns and drive activity, particularly for equities, at least in the first half of the year. In addition, despite the rally in equities in the prior year, our market remains undervalued when compared to emerging markets peers which should attract foreign investors with the stability in our currency ensuring this possibility.

Let’s Help You

One thing that will work for you this year is staying abreast of occurrences in the market. Fortunately for you, you can access real-time updates, market news and research on ARM Stocktrade. As long as you are trading on ARM Stocktrade, you shouldn’t go wrong.

We wish you a profitable 2018.

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Ask Shade- My father had a secret family

Ask Shade- My father had a secret family

Dear Shade,

Please help us. Until my father’s unexpected demise (he slumped and died), we did not realise he had a secret family. We always thought his frequent visits to Ibadan were business related but apparently, we were wrong. The Ibadan woman bore him two sons and a daughter while my mother has just my twin sister and I. While he married my mother traditionally, he married the other woman at the marriage registry. The problem now is she has proof that over half of my father’s property were purchased in her name and she is insistent on claiming ownership, as there is no Will. If this is allowed to happen, my mother would be left with just the house we live in and a plot of land. The company, buildings and trucks carry the woman’s name. My mother is devastated, how would she be able to cope, he has given everything they worked for to another woman. The extended family supports his second wife because she has sons and her children are still young. Is there anything we can do?

Bimbo, Lagos

Hello Bimbo,

I sincerely empathize with you. Dealing with such daunting discoveries after losing a dear person can be quite overwhelming. The situation is a little complex given that your father married both women.

It is important to note that the law recognises both the statutory marriage (court marriage) and the customary or traditional marriage. The major contrast between the systems is that while the statutory marriage speaks to monogamy, Customary or Native law is potentially polygamous. From your explanation, your mother’s marriage to your father falls under the category of the customary marriage while his marriage to the other woman is a statutory marriage. Although a part of the Nigerian law upholds the potency of the customary law as binding, other legal principles suggest that any Customary marriage which precedes subsequent Statutory marriage would be rendered void by the subsequent statutory marriage

For the distribution of your father’s assets, if most of your father’s properties were purchased in the other woman’s name, then those said assets would be presumed by the law as belonging to her and it would be impossible for such assets to form part of your father’s assets or Estate. You may however be able to prove that the presumption of the other woman’s title to the assets if you can present any evidence of fraud, misrepresentation or show that she was only holding the assets on behalf of your late father.

Since your farther died intestate (without a Will), a critical point of concern is the subject of obtaining a letter of administration.  Particularly as there is a hierarchy of persons authorised to apply for this letter. The first person with a right to apply for the letter of administration would be his statutory wife (provided the Statutory Marriage is not voided) and the children (who are adults) following in order of priority.

If your father’s statutory marriage is found to be void by a court based on the provisions of the Marriage Act, then his assets will be distributed based on the existing customs that govern asset distribution in his culture. Otherwise, the distribution of your late father’s assets would be based on the relevant Administration of Estate Law. Most of those Laws (particularly in Lagos State and the States of the Old Western Region of Nigeria including Oyo State) provide that where the deceased had a statutory marriage, the surviving spouse would be entitled to the personal chattels (such as clothes, cars, furniture, jewellery etc) and a third of all assets of the deceased spouse.  The remaining two-thirds of the assets may then be shared amongst all the deceased’s children.

This situation shows why it is important to have a Will to prevent any sort of confusion as to the distribution of one’s assets. It also reveals that a Statutory Marriage offers greater advantages in the event of the demise and intestacy of a spouse than the traditional marriage. It likewise points to the fact that women should not assume the state of their husbands’ estates. They should themselves plan their estates and encourage their spouses to do the same.

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Five financial goals to set this year

Five financial goals to set this year

It’s another year and we’ve promised ourselves all sorts of things – I want to be bigger, thinner, eat more veggies and maybe eat less sugar.  That said, we can all agree that we all need more money and sometimes the key lies in managing what you already have.

So here are 5 financial goals you should set for 2018. Why 5 goals? You can count them on one hand (obviously), and the less you have to focus on, the more chances of you succeeding at becoming financially fit.

 

  1. Don’t shoot yourself in the leg – It’s not enough to make budgets; make one you can stay true to. Ensure you track your expenses because that action will inform your budgeting choices. When you finally make that budget, do all you can to stick to it.

 

  1. Set a (realistic) personal savings goal for the year – Check how much you are currently making, what your expenses are, and figure out how much you can realistically save every month. You should have a monthly and yearly savings goal, and they should both align.

 

  1. Pay back already! – If you owe any debts, make this the year you clear them out and avoid getting more debts. Debts have a way of hindering most, if not all your financial goals.

 

  1. Be prepared for Emergencies – You probably know this as ‘the rainy day’ fund. If you don’t already have one, then this should be the first savings goal on your list for the year. Your emergency fund should have enough to cover three to six months of your expenses. This ideally includes all your living expenses, and that of those who depend on you (if you have any). You want to be prepared in case of any unexpected life emergencies.

 

  1. Find an investment option that works for you – If you desire a financially free future, you should definitely consider investments if you haven’t already. What do you want to invest in? This can be within your retirement account as an additional voluntary contribution, or in a separate investment account or even invest in real estate if that catches your fancy.

 

 

 

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In the news: Stock Market hits nine-year high

In the news: Stock Market hits nine-year high

Punch

Fuel queues return to Lagos, Ogun …NNPC blames hitch on vessels berthing

Long queues of desperate motorists and other users of Premium Motor Spirit returned to many filling stations in Lagos and Ogun states on Saturday and Sunday after a brief relief from the severe scarcity of the product that rocked the country from December to early this month.

PIGB’ll reduce N200bn oil revenue losses – NEITI

The Nigeria Extractive Industries Transparency Initiative on Sunday welcomed the decision by both chambers of the National Assembly to pass the Petroleum Industry Governance Bill and stated that it would help reduce the country’s over N200bn oil sector revenue losses.

Emefiele allays fears over MPC meeting

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, has allayed the fears of Nigerians and the international community over the inability of the bank to hold the Monetary Policy Committee meeting earlier scheduled for Monday and Tuesday due to the non-confirmation of the MPC nominees by the Senate.

This Day

Huge Debt Service Cost in Nigeria, Others, Worries Moody’s

The elevated public debt-service cost in Nigeria and some other countries in Africa calls for concern, Moody’s Investors Service stated in a report at the weekend.

Stock Market Sustains Rally to Hit Nine-year High

The Nigerian equities market sustained the bull run to hit a nine-year high last week following investors’ buying interest in Tier-2 banking stocks and some other bellwether stocks.

Media Firm Slams N200m Suit Against Access Bank over Unlawful Account Freeze

An Abuja-based media firm, Image Merchants Promotion Limited and its promoter, Mallam Yushau Shuaib, have slammed a N200million suit against Access Bank Plc. over an alleged unlawful freezing of their four different accounts with the bank in the past two years.

Vanguard

CBN to slow liquidity mop-up as DMO kick-starts bond issuance with N110bn offer

The Debt Management Office (DMO) will, this week, offer N110 billion worth of FGN bonds in commencement of  its 2018 bond issuance programme, prompting expectations of reduced liquidity mop-up operations by the Central Bank of Nigeria (CBN).

FRC moves to develop new National Code of Corporate Governance

The Financial Reporting Council of Nigeria has commenced measures to develop a new National Code of Corporate Governance.

7.5m Nigerians jobless since 2016 – NBS

About 7.5 million Nigerians were doing nothing between January 2016 and December 30, 2017, the National Bureau of Statistics has revealed.

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Estate Planning: how to plan your life and its aftermath

Estate planning

Benjamin Franklin, the great American statesman once said that in Life, only two things are certain – death and taxes. Yet, very few people plan for their mortality and this often results in chaos. The assets and resources they spent most of their lives working hard to accumulate may become abandoned or dissipated when they are gone to the bewilderment of their descendants. Although no one likes to talk about it, thinking about death is one of those melancholic things that we nonetheless ought to do. Death will happen to us all Although we do not know when it would happen, death will happen to us all. Hence, the pragmatic approach to handling our state of affairs is to plan our estates.

In the event of sudden death or incapacitation of a person who has not planned their estate, his or her children and dependents  are usually worst hit; thrown into confusion and possible deadlock on what to do with the said deceased person’s assets. Estate Planning is the process of making sure you have the appropriate legal instructions in place to ensure your assets go to the desired people in an efficient manner and are well managed. Estate planning is not only about planning for death but also about planning for one’s possible incapacity as well.

 

Some of the most popular tools for planning an estate include Wills and Trusts. Life Insurance, Joint Ownership, Deeds of Gift, Corporations and Powers of Attorney are also examples of Estate Planning. Some of those estate planning methods are discussed below.

 Will

There is almost always a need to have a Will – an incredibly vital estate planning document.  A Will not only allows you to choose who receives your assets when you pass away, but also who looks after the interest of your wards and children if they are still minors at the time of demise. When an individual dies Intestate (without a Will) or is incapacitated, there are often conflicts and complications that may arise; leaving the estate to relatives or the State to administer (intestate Succession).    Intestate Succession usually takes a longer time and your dependents may have minimal or no control over where your assets end up.

A Trust

A Trust is a legal entity that you can create and use for various purposes. The trustee acts as the legal owner of what the trust holds, whilst the beneficiaries may receive all the benefits from what the trust holds. In Estate Planning, Trusts are used to legally avoid estate taxes in various ways. Trust vehicles can also describe how and when assets should be distributed. For example, the settlor (or grantor) of a Trust could instruct that assets be held in Trust for beneficiaries until they attain a certain age or reach a particular life milestone. Like Wills, Trust vehicles can also provide alternative distributions for assets in cases where the beneficiary(ies) pass on without any other qualifying beneficiary. (For example, assets could flow to a charity or educational institution.) A Trust is a very flexible estate planning mechanism. It also allows for the preservation, consolidation of one’s assets as well as ensuring that it remains confidential.

Power of Attorney for Medical Emergency

In the event of medical incapacitation, a Power of Attorney for Medical emergency, sometimes dubbed Care by Proxy, gives an agent or donee the authorization to make medical and health care decisions on  behalf of the principal. The principal can also direct the agents on what type of care he desires in the event that he is unable to make such decisions. For instance, if you do not want to be kept alive on a support machine, you can state that the agent makes this decision when the time comes. As a matter of practice, doctors are bound by the oath of their profession and are not legally obliged to share patients’ medical records with anyone – even family members. However, a donee of a Power of Attorney can be allowed access to medical records of the Principal and advice on the best health option. The Agent is then saddled with the responsibility of making medical decisions on behalf of the incapacitated Principal.

Financial Power of Attorney

In signing a durable power of attorney, you immediately give another party (the agent) the power to make financial and legal decisions on your behalf. This document can be customized so that the agent only has power to manage your finances if you become incapacitated and are unable to make informed decisions yourself. The power is granted in a document and is useful not only to you but your family in times of crisis. In other words, it grants someone legal authority to act on your behalf with respect to your financial issues. This may particularly be useful where a person is incapacitated but there is a need to debit the person’s bank accounts for the purpose of effecting payment for that person’s care.

Power of Attorney for Property

A Power of Attorney for Property addresses how you want your assets to be managed and treated. Should you not be able to make decisions by yourself, the party designated to act for you (agent or donee) will be able to make decisions in your best interests regarding your assets. This can include selling your house to pay for medical bills, moving money between accounts, buying/selling investments and related issues as they relate to your assets.

 

More often than not, families are thrown into confusion in the event of medical emergencies, incapacities, or the death of a breadwinner. The Estate Planning tools stated and explained above can be used independently or in combination.

Whatever estate planning option you choose to adopt, there is a need to engage the services of a professional Estate Planner. With our considerable expertise and experience, ARM Trustees would put your mind at ease. Our excellent services and seamless processes make  planning your life and its aftermath easier and gives you assured confidence knowing that your estate’s affairs are in good hands. Contact us here

In the news: FG to borrow N110bn via bond auction

In the news: FG to borrow N110bn via bond auction

Punch

FG to borrow N110bn via bond auction

The Federal Government is planning to raise N110bn by selling sovereign bonds with maturities of five and 10 years on January 24.

N’Delta militants threaten fresh attacks on oil assets

After a year of ceasefire, militants under the aegis of the Niger Delta Avengers on Wednesday threatened to attack some offshore oil and gas facilities in the oil-rich region in a few days’ time.

No suspicious items in 2018 budget, says FG

The Ministry of Budget and National Planning on Wednesday said contrary to claims that the 2018 budget was filled with suspicious items, there were no expenditure items in the fiscal document that were wasteful in nature.

Re-award $260m JV contract to Tilone, Reps tell NAPIMS

The House Representatives on Wednesday asked the National Petroleum Investment Management Services to re-award its $260m Joint Venture contract to a Nigerian company, Tilone Subsea Limited.

Nascon, Cadbury, UPL record losses, equities gain N298bn

Despite N298bn appreciation recorded in the country’s equities market, Nascon Allied Industries Plc, Cadbury Nigeria Plc and University Press Plc closed in losses at Wednesday’s trading.

Senate to go ahead with subsidy payment probe

The Senate on Wednesday rejected the report by its Committee on Petroleum (Downstream), which probed the current scarcity of Premium Motor Spirit (petrol) in the country.

The Nation

AfDB predicts growth for Nigeria

The bank in its 2018 African Economic Outlook projected Nigeria’s economic growth  at 2.1 per cent  in 2018 and 2.5 per cent in 2019.

Govt wants oil price at $60

The Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu, said the country is aiming to achieve oil production of 1.8 million barrels daily by March and will prefer oil prices to stay in the $60 range.

Vanguard

At last, Reps pass PIGB

At last the House of Representatives on Wednesday passed the bill for an Act to provide for the Governance and Institutional framework for the Petroleum Industry and for other related matters, through third reading.

Naira depreciates to 360.56/$ in I&E

The naira on Wednesday depreciated to N360.56 per dollar in the Investor and Exporter window, in spite of 98 per cent increase the volume of dollars traded.

Bloomberg

Nigeria Central Bank Chief Expects Rate to Be Held Next Week

Nigeria’s central bank governor expects the Monetary Policy Committee to hold its main interest rate at next week’s meeting.

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