Ask Shade: My Late Father’s Family Head Wants to Give the Family House to Our Irresponsible Half-Brother

Dear Shade,
I came across a few of your previous articles and I am hopeful that you will be able to help with my dilemma. I am the first child of my father who recently passed away. He had two wives and five children; one son and four daughters including me. My mother, his first wife had only daughters, while his second wife had a boy and a girl.

Besides my half-brother who has not been able to progress academically, we are all relatively successful in our careers and academics. My father did not have a will, so the family head is going to distribute the inheritance and he is about to give everything to my half-brother, the first and only son, in the name of tradition.

My brother is young and hardly responsible, my sisters and mum also feel cheated. I am worried that my half-brother will mismanage everything my father worked for. Is there anything I can do to ensure the inheritance is distributed among us all? Does tradition still count in this day and age? He left us houses, land, pension fund and cash in his bank account.
Ivie, from Edo state.
**
Hello Ivie,
Please accept my condolences on the passing of your father. Dealing with the loss of a close relative is never easy. The extra burden of sorting and distributing properties left behind can also be very stressful, especially when the deceased did not have a Will.

When a person dies without a Will, the intestacy rules, native laws and customs and religious rules of the deceased determine the succession of his properties (also known as “Estate”).

To determine which law would be applied, it would also be important to consider your father’s State of Origin. If your father was a Benin man (which I presume) subject to the customs of the Benin tradition, the law requires that the eldest surviving son would be entitled to the family house where your father lived after the performance of the second burial ceremonies while the remaining properties may be distributed amongst the remaining children.

In this scenario, your brother being the eldest son of your father may be entitled to your father’s family house, whilst the remaining of your father’s assets would be distributed amongst the you and all siblings.

Kindly note however that although the traditions may be adopted for the distribution of your father’s assets, those traditions must not on the basis of your gender, violate your rights. Based on a recently decided Supreme Court case, the rights of female children to inherit their parents’ properties was supported, and the Igbo tradition that disinherits female children was found no longer applicable. This means that where the local traditions are in any way contrary to your rights, they would be invalid in effecting the distribution of your father’s assets.

It is important that you strive to maintain family unity in your resolution. Perhaps a family meeting where the distribution process is clearly discussed and agreed upon by concerned persons would help. If you consider it necessary, you could employ the services of a lawyer to guide you on the Supreme Court’s landmark judgment on inheritance, especially as it affects women.

This situation and the accompanying hassle could easily have been avoided if your father had a Will. It is important that you take a learning from this and as such commence planning your estate in good time.

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Source: Blog

In the news: FG plans N110bn bond auction

Punch

CBN’ll use BVN to blacklist loan defaulters –Emefiele

The Central Bank of Nigeria under the auspices of the Bankers’ Committee has concluded plans to use the Bank Verification Number of customers to blacklist loan defaulters from accessing further loans in the nation’s banking system.

FG reviewing non-performing privatised firms’ operations — BPE

The Bureau of Public Enterprises says it has started reviewing privatised public enterprises that have failed to live up to expectation.

577 firms bid for NNPC insurance renewal contract

The Nigerian National Petroleum Corporation on Sunday said it had opened 577 bids submitted by firms seeking to secure the insurance renewal contract for the corporation’s oil and non-oil assets.

Capital market operators seek single licence from CBN, SEC

Capital market operators on Sunday called on the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to grant them single dealing licence to access discount window.

FG plans N110bn bond auction this month

The Federal Government, through the Debt Management Office, is scheduled to hold the last bond auction for the year on December 13, 2017.

Discos installing substandard prepaid meters, says TCN

According to the Market Operator, a department in the TCN, many substandard meters are being given out by Discos to electricity consumers, a development that will attract sanctions if not stopped.

This Day

FG Earned $7bn from Addax Petroleum Since 2009, Says Oil Firm

Addax Petroleum Development (Nigeria) Limited, which operates Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) PSC has produced 425 million barrels of crude oil and generated over $7 billion in revenue to the Nigerian government since 2009 when SINOPEC took over the company.

Flour Mills Applies to Raise N40 Billion via Rights Issue

Flour Mills of Nigeria Plc (FMN) has applied to the Nigerian Stock Exchange (NSE) to raise about N39.856 billion from the existing shareholders.

Equities Market Sustains Rally on Strong Investor Sentiment

The bulls remained in control of the equities market as the market recorded its third consecutive gain on sustained strong investors’ sentiments.

FX Window Records $1.11bn Transactions in One Week

The level of activities on the Investors and Exporters (I&E) foreign exchange (FX) window strengthened to $1.110 billion in just one week, compared with the $759.2 billion recorded the preceding week.

CBN Mulls Reducing CRR for SME-friendly Banks

As part of efforts to encourage commercial banks to lend more to operators of micro, small and medium scale enterprises (MSMEs), the Central Bank of Nigeria (CBN) is considering lowering the cash reserve requirement (CRR) for SME-focused banks.

Banks Urged to Enhance Private Sector Credit

The President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola has advised commercial banks in the country to increase credit to the private sector to grow the economy.

Guardian

Forex market gets $514m boost ahead of Yuletide

The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity.

Probe reveals N30b oil revenue ‘hidden’ by NNPC

Full disclosure in the administration of crude sales remains an issue at the Nigerian National Petroleum Corporation (NNPC) despite current efforts at enthroning transparency in the conduct of government business.

Senate urges caution on review of privatised firms

The Senate has advised the Federal Government to exercise caution in the review of privatised enterprises by the past governments so as not to scare away foreign investors from the country.

The Nation

Nigerian capital market issuances hit N1.55trn in September – SEC

The Securities and Exchange Commission (SEC) on Sunday said that the total value of issuances in the Nigerian capital market amounted to N1.55 trillion in September.

Forex restriction on 41 items good for economy, says CBN

The Central Bank of Nigeria (CBN) has said that restriction of access to foreign exchange (forex) on the 41 items has had a positive impact on the economy.

Vanguard

CBN unveils new measures to create jobs

Central Bank of Nigeria (CBN) has unveiled two-policy measures designed to accelerate the growth of the nation’s Gross Domestic Product (GDP), boost non-oil export revenue    and facilitate job creation.

Reuters

Nigerian finance minister says gave no order to halt Oando inquiry

Nigeria’s finance ministry has not interfered in an inquiry by the country’s market regulator into oil company Oando, the finance minister, who last week suspended the Securities and Exchange Commission’s head, said.

Helios, others bid for Nigerian telecoms firm 9mobile

Private equity firm Helios Investment Partners has submitted a bid to acquire Nigeria’s 9mobile under a sale process aimed at finding new investors for the debt-laden telecoms firm.

The post In the news: FG plans N110bn bond auction appeared first on Realising Ambitions.

Source: Blog

Balling on your entry-level salary

Nothing beats the thrill of landing your first job post-NYSC especially after months or even years of job hunting with no success.

Now you have a salary and probably some benefits, issa big boy! Many things you’ve always wanted now seem achievable. You begin to dream of a change of wardrobe – how else will your Instagram followers know that you’ve gotten a job if you don’t slay for the gram? Bus rides start becoming burdensome – Ha! In this your fine suit, you’ll now come and start sweating in a bus? A new car or even daily Uber rides suddenly look inviting but wait! If you spend on all you ‘want’, you could end up being perpetually broke. Unless, you get strategic about this matter by introducing that little word called budgeting.

We know you hear it all the time but really, budgeting will help you distribute your money wisely and spend according to plan. In other words, so you can ball without breaking your bank account. Here are some smart money moves you should make:

Don’t bleed your monthly expenses

Guess what? Those new shoes, subscribing for more internet than you actually need and even those smoothies you seem to order every Thursday because ‘delivery is free’ (we get it, we’re not judging) may be bleeding you dry.

Take a strategic review of your monthly expenses and you may save enough to paint the town red with your squad in your own little way. You can also get creative with hangouts. Try going to a park (there are many to choose from) with your friends and you can all bring your own food, drinks and music.

Eat your own food

Do you know how to cook? If yes, then cook your own food. If you take lunch to work every day, by the weekend, the money you’d have otherwise used for lunch should be enough to make your pockets heavier.

Get a cool deal on used clothes

Find cool places online where you can sell old clothes that are still in great condition which you won’t be wearing again. The internet is buzzing with many of these online vendors. Try it out, you can use that extra money.

No shame in being a freebie/giveaway warrior

Did you know that there are many events you can get free access to just by registering online? or better yet, can you part with your email address or free space on your phone? It’s worth it if you’ll be getting access to a great event not to mention the free gifts.

 

Have fun on some of the money you save but don’t forget it’s always a good idea to save for the future. You can put a portion of it towards Additional voluntary contribution in your retirement account – talk about planning for tomorrow, today.

 

 

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Source: Blog

ECONOMIC UPDATE: NOVEMBER 2017

According to figures from the NBS stated in this report, capital importation to Nigeria sustained its strong growth for the second consecutive quarter in Q3 2017.

Capital flows riding the ranges

Capital importation to Nigeria sustained its strong growth for the second consecutive quarter in Q3 2017, with combined flows of $4.1 billion over the quarter being two-fold higher QoQ and YoY, according to data from the NBS.

In sync with trend, the strong capital flows emerged from portfolio flows which printed at $2.8 billion, an increase of 260% and 200% QoQ and YoY respectively, even as ‘other investment’ sustained the positive momentum, rising 69% QoQ (125% YoY) to $1.3 billion largely on account of loans.

That said, foreign direct investment (FDI) printed at an 11-quarter low of $117 million. Amidst improved fundamentals of companies and attractive valuation relative to peers combined with FX liberalisation, portfolio flows largely flooded the equities market which contributed nearly half (48%) of the total flows and the highest in the last 11 quarters of $1.9 billion ($1.3 billion excluding one-off transaction in Dangote cement and Mobil).

Furthermore, amidst elevated interest rate environment and falling YoY headline inflation, foreign capital was upbeat to short term debt instrument (+630% QoQ) and bonds (+100% QoQ).

The strong appetite for naira assets, which is mainly pull driven, largely reflected the combined impact of the liberalisation of the currency market in late April, higher crude oil proceeds and external reserve, improved FX liquidity as well as the thirst to lock-in on higher interest rate in the domestic market.

Eurobond Issuance: dovish outlook for FI Yields

Late November, Nigeria accessed the global debt market for the 4th time1 raising $3 billion her largest single issuance on record. The issuance was split into the 10-year and 30-year series of $1.5 billion apiece bearing coupon of 6.5% and 7.625% respectively. Notwithstanding the recent ratings downgrade by Moody and interest normalization in the US, the offer was oversubscribed with orders in excess of $11.4 billion (bid-cover of 3.8x).

The general confidence of the market reflects more comfort with Nigerian dollar risk because of improving oil prices even as the economy continue to show signs of stability2, as well as investors preference for high yield emerging market risk assets. Comparing the cost with recent issuances especially that of Egypt’s 10-year and 30-year bond at rates of 6.65% and 7.95% respectively, the issue looks relatively favorable.

Budget 2018: Still a long stretch

President Buhari presented the proposed federal budget for 2018 tagged “the Budget of Consolidation” to the National assembly with FGN proposing a 15.7% YoY expansion in aggregate expenditure to N8.61 trillion splits into: non-debt recurrent expenditure of N3.5 trillion (+32% YoY), capital expenditure of N2.4 trillion (+11.7% YoY), debt service of N2 trillion (+21% YoY) and statutory transfers of N457 billion (+5.1% YoY).

To implement the proposed 2018 fiscal outlay, the FGN projects retained revenues of N6.6 trillion (+30% YoY) largely underpinned by higher oil receipts (+15% YoY to N2.4 trillion) and a 40% YoY jump in non-oil revenues to N4.2 trillion.

On non-oil, while the 2018 budget assumes higher estimates for Independent and other revenues (+80% YoY to N2.84 trillion), it projects a 3% slide in non-oil receipts to N1.33 trillion. Consequently, fiscal deficit is expected to print at N2.01 trillion, albeit lower YoY by 14.5%.

In terms of deficit financing, the FG plans to raise N306 billion from sale of non-oil assets with a tilt towards higher external borrowing (50% apiece for domestic and external borrowing) which implies borrowing of $2.8 billion offshore in 2018.

Read the detailed economic update here

The post ECONOMIC UPDATE: NOVEMBER 2017 appeared first on Realising Ambitions.

Source: Blog

Your phone or your life?

How long can you stay without your phone?

If you answered honestly, probably not too long. For many of us, our phones have become our besties. A day without our phones feel like something important is missing.

If you lost your phone today without any sort of backup to the contacts you have or the files you saved in it, it would feel like starting life again with a new phone. Not only will you be spending extra, you may never recover your lost files.

This is why it is normal to see a lot more people backup their files just in case their phones get missing or gets damaged. Some others even insure their expensive phones to avoid stories that touch.

There is so much fuss about phones that people go as far as stealing just to ‘belong’ to the class of smartphone owners.

If phones are this important and we do so much to protect not just the phone, but the files and contacts we have in it; how much more should we be protecting life for those we love?

You fear losing communication with all your phone contacts, don’t you fear how life may change for those you love if they lose you?

You can’t imagine starting all over again getting all the files you lose when your phone is lost or dies, shouldn’t you be more afraid of the people that depend on you starting all over again if God forbid something happens to you?

You never leave your house everyday expecting a thief to steal your phone or for your phone to crash. It’s almost always an accident that claims your phone. This same accident lurks not just around phones, but around lives too.

Accidents happen every day on the roads, in the hospitals, even inside the house. If like your phone, your life unfortunately meets with tragedy, will those you love who depend on you feel lost completely?

Will they have a backup to cushion them financially? Will your children, spouse, parents or siblings (who still depend on you) have the lifestyle they currently do?

The key question is: your phone or your life? You know the answer.

 

Get a Life insurance backup for those you love today. Reach us on 0700 CALL ARM or email [email protected] to discuss options we have available for you.

The post Your phone or your life? appeared first on Realising Ambitions.

Source: Blog

Personal Finance with Raphael- Adetunji’s Testimony

It was five days to Easter Sunday and we could never have expected what happened. At first, it was a light drizzle, then it became a downpour, so heavy that it flooded our house. All the rooms downstairs were affected, and our properties destroyed. As much as it was in no way a palatable experience, my family and I were fortunate in that it wasn’t a budget disaster. Many of our neighbours still grappling with their loses have not stopped asking how we were able to raise the N2.5m in costs that came with damages associated with the flood in just 2 days. My response……. Our Emergency Fund.

He went ahead to share with his neighbours how to set up an emergency fund.

What is an Emergency Fund?

An Emergency fund is a priority goal that every individual and family must fully set up before planning towards other financial goals. It caters to unexpected expenses or unforeseen circumstances. This fund is set up strictly for emergencies such as job loss, large medical issues, major auto repairs etc. It’s always best to be prepared as we never know what the future holds for us. Having an emergency fund is extremely important so you’re always prepared to deal with whatever life brings, whether good or bad. Such a fund is not for goals such as ‘buying her that red dress you would really like to see on her at your date tonight’ It is also not an account where you make withdrawals to fund Friday night bills when hanging out with the boys. No, emergencies only, please.

How to set up an Emergency Fund

  1. Create an account that is personally labelled an Emergency Fund. No account is called an Emergency Fund you would have to create one and label it by yourself
  2. Save up at least 3 to 6 months’ worth of your living expenses before you can claim that you have fully set up an emergency fund. It can be saved gradually until the advisable amount is achieved. If you earn N100,000 but you spend N50,000 every month therefore you must have a minimum of N150,000 to N300,000 in your emergency fund. Should there be job loss it is expected that this amount would help you maintain your current standard of living before you find another job within 3 to 6 months.
  3. It must be saved in a financial instrument that preserves the savings and is liquid that is easily accessible. This instrument must also be a high income paying instrument that you can access in not less than 24 to 48 hours.
  4. A money market fund is the most suitable investment instrument as it checks all the boxes stated in 3 above.

 

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Source: Blog

How much are you losing?

Bala and Audu met in NYSC. Both from the northern region of the country, compelled to serve their fatherland in faraway Ondo state, it was easy for them to become friends. They had a good year serving their country and even landed jobs in the same organisation. As similar as the young men were, they differed in their attitude to money.  Bala was somewhat future conscious, while Audu adopted a YOLO attitude (You Only Live Once). He wasn’t particularly wasteful, he just didn’t understand why he had to ‘manage’ because of a very distant tomorrow or a rainy day that might never come. So, he saved only when he could and focused on enjoying a good life. Bala on the other hand saved 20,000 of the 100,000 they both earned in a bank account. He later discovered the benefits of mutual funds and moved his bank balance to a Money Market Fund. To make it even easier, he set up a direct debit to his account and decided to focus on the 80,000 he had left and completely forget about his investment.

About four years later, the organisation they were employed with secured a choice estate and offered plots of land to interested staff at a subsidised rate. Ideally, the offer was not for staff at Bala’s level, who had barely worked for five years and were hardly earning so much. It was a huge surprise for Audu when Bala not only signified interest in the property but also conveniently paid for it without a loan. Apparently, investing 20,000 in a mutual fund every month made the difference. Over the past four years, Bala’s monthly 20,000 had grown into over 1,5000,000 and he could easily part with 950,000 for the plot of land.

Wondering how he managed to save so much from so little?

He had saved 20,000 in a bank account for 7 months before discovering the money market fund. He therefore began his mutual fund investment with 140,000 and made additional contributions of 20,000 monthly for four years, gaining an average of 14% interest annually which was reinvested on his behalf. Imagine how much Bala would have if he had continued his investment uninterrupted for another four years? About 3,900,000! Not convinced yet? Calculate it yourself here.

That gives you a peek into how much your money could be making for you daily, if you were investing.

Wondering how people build emergency funds or save enough to expand their business, buy property, and achieve other such feats? This is how. A fraction of your income invested appropriately at the right time can get you the future you desire. We calculate time in terms of our age and achievements, but hardly in terms of money. Yet, the passage of time can have an incredible impact on how much money we have. The truth is for every day you delay in actualising your decision to invest, you actually lose money.

Every day that passes is an opportunity passing you by. Make the most of time, put your money to work now. Explore our Webshop to better understand mutual funds and discover other investment opportunities. You can also engage us with your questions and enquiries on Facebook, Twitter, Instagram or LinkedIn. Or if you prefer you can reach out to us at [email protected] or 0700 CALL ARM.

The post How much are you losing? appeared first on Realising Ambitions.

Source: Blog

In the news: Nigeria’s debt service ratio falls to 45%

Punch

NNPC’s losses drop by 53% on Forcados revamp

The group operational losses of the Nigerian National Petroleum Corporation dropped by 53.1 per cent following the revamp of the Forcados oil terminal and resumption of export activities there after it was shut down for several months.

Conglomerates contribute 79.9% of equities’ volume turnover

The conglomerates industry (measured by volume) led the activity chart of the Nigerian Stock Exchange last week with 11.396 billion shares valued at N14.534bn traded in 890 deals; thus contributing 79.94 per cent and 41.46 per cent to the total equity turnover volume and value, respectively.

CBN, FIRS, others meet on FSS 2020

The Central Bank of Nigeria and other agencies involved in the implementation of the Financial System Strategy 2020 will converge on Lagos this week to mark 10 years of strategising to bring into existence the programme.

Power generation returns to 4,000MW as hydro plants recover

The nation’s power generation has returned to the 4,000 megawatts mark following the recovery in the output of hydropower plants and a few thermal plants.

FG to sanction banks, exporters over export proceed delay

The Federal Government has said it will henceforth sanction Deposit Money Banks, exporters and other stakeholders involved in the delay of repatriation of export proceeds.

CPS: Professors, political appointees to earn full salaries as pension

The National Pension Commission has set out modalities for the administration of retirement benefits of professors and public office holders to earn their last salaries as pension under the Contributory Pension Scheme.

This Day

NNPC to Fund New Gas Pipeline Projects with Transportation Tariff

The Nigerian National Petroleum Corporation (NNPC) has indicated that up to 1000 kilometres (km) of new gas lines that would be added to Nigeria’s gas line network would be funded through a new framework of contractor financing and then their construction costs paid off through agreed transportation tariff.

NDIC Has Paid N105bn to Depositors of Failed Banks

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim sunday in Kano disclosed that the Corporation had so far paid N105 billion to 442, 615 depositors of closed deposit money banks (DMBs) at the end of September 2017.

Market Awaits N32bn Inflow from Maturing Treasury Bills

Maturing treasury bills valued at a total of N32.23 billion is expected to hit the market this week.

CBN Injects $14.2bn into FX Market in Nine Months

The Central Bank of Nigeria (CBN) has injected a total of $14.184 billion into the interbank segment of the foreign exchange (FX) market since it started its forays in the market in February this year.

9mobile Denies Speculations of Barclays Withdrawal as Financial Adviser

Contrary to the rumor making the rounds that Barclays Africa has pulled out as the financial adviser to 9mobile investment process that will lead to the sale of the telecoms company to a willing and credible investor, the Board of Directors of Emerging Markets Telecommunication Services, trading as 9Mobile, has allayed the rumor, describing it as false information.

The Guardian

Nigeria’s debt service ratio falls to 45%

The nation’s debt-service-to-revenue ratio has recorded a new decline from about 66 per cent to 45 per cent, courtesy of the improving revenue mobilization from both domestic and foreign sources.

Forex reserves gain $455m in one week amid intervention

The nation’s foreign exchange (forex) reserves sustained a 13-month weekly winning streak, adding $455 million in one week despite interventions in the market, shoring it up to $34.82 billion.

FG budgets N20 million for Ogoni land clean-up support

The Federal Government has budgeted only N20, 226, 000 for Ogoni land clean up support in 2018 appropriation bill, while it earmarked N250 million for attendance of international bilateral/multilateral meetings.

Delta assembly defends increase in 2018 budget by N10b

The Speaker of the Delta State House of Assembly, Sheriff Oborevwori, has defended the N10 billion increase in the 2018 budget.

The Nation

Why we are raising N131.65b, by Lafarge Africa

Lafarge Africa Plc has urged shareholders to fully participate in the ongoing capital raising exercise by the cement company in order to support the realisation of its strategic growth objectives.

Fed Govt implements revised import, export guidelines next month

The Federal Government is to begin the implementation of the 2017 Revised Import and Export Guidelines in January, 2018, as part of its policy of enhancing the ease of doing business in the country.

Ogun State goverment partners World Bank, AfDB on 500km road projects

The Ogun State Government in collaboration with the World Bank, and Africa Development Bank has concluded arrangements to construct 500 km rural roads to enhance social -economic activities of the people in the hinterlands.

Vanguard

CBN mandates IFIS to increase agent network to 150,000 by 2020

The Central Bank of Nigeria (CBN) has mandated  Interswitch Financial Inclusion Services (IFIS), a subsidiary of Interswitch Group to grow its agent network to 150,000 by 2020, as it fulfilled all Approval-in-Principle requirements.

Cost of funds fluctuation to persist as N600bn hit interbank

Credit to private sector drops to N21.93tr in October.

 

The post In the news: Nigeria’s debt service ratio falls to 45% appeared first on Realising Ambitions.

Source: Blog

It ends this November!

I’ve followed ARM on Facebook for some time now, thanks to my wife. Every month, they post something (meme or article) about ‘payday’ that taunts me to no end.

It’s almost as if they are looking me in the eye and speaking to my very soul. I am constantly made to evaluate my choices especially regarding saving and investing…which really isn’t a bad thing.

I have been bad at managing my salary and the small change that comes in from my side hustle. As a husband and father to two lovely children, I spend every dime that comes into my account on life’s necessities. My wife is the one with the saving mentality. Every month, she makes it a point to tag me on financial freedom quotes.

I read them and sneer: “This woman will not understand. How does she want me to save with all these responsibilities weighing me down?”

I always have excuses despite her support financially. But the recent article I read stuck with me doing strange things to my mindset. My take-away from that article was this: Will my wife and children have the life they do now, if God forbid something happens to me?

Not that I want to die o, God forbid. But the reality is that death does not take permission before visiting anyone.

This November, as I count the days to the grrrring sound of my salary alert and the payment from my side hustle, my plan is crystal clear. No major flexing this Christmas o… Something light can still work for us all.

I’m done procrastinating and feeling guilty with every ‘payday’ post I see on Facebook. I need to take action now.

———-

Ready to join me in making the best move for your family today? Explore policy options here today.

The post It ends this November! appeared first on Realising Ambitions.

Source: Blog

In the news: CBN pumps $210m into the FX Market

In the news: CBN pumps 0m into the FX Market

This Day

CBN Intervenes in Forex Market with Fresh $210m

The Central Bank of Nigeria (CBN) on Monday injected another $210 million into the interbank foreign exchange market in its bid to boost liquidity in the market.

Year-to-date Growth Hits 39.6% as Stock Market Rebounds

The stock market returned to positive territory yesterday as it reversed the negative performance of the first trading day of the week.

Saraki Accuses Anti-graft Agencies of Looting Recovered Funds, Property

The Senate President, Dr. Bukola Saraki, Tuesday accused anti-graft agencies of looting funds and property recovered from corrupt persons.

FIRS Hits 79.35% of 2017 Collection Target in 10 Months, Says Fowler

The Federal Inland Revenue Service (FIRS) has said in Abuja that it generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017.

NNPC Targets 15% Downstream Market Share, Builds Three New Mega Stations

The Managing Director of the Nigerian National Petroleum Corporation (NNPC) Retail Limited, Mr. Yemi Adetunji, on Tuesday disclosed that the downstream retail subsidiary of the corporation has set its sights on taking and satisfying about 15 per cent of Nigeria’s downstream petroleum market share in the next one year.

Imo Assembly Boycott 2018 Budget Presentation

For the first time in the life of the Imo State House of Assembly since the current administration of Governor Rochas Okorocha, the Assembly would in unison raise issues of concern to the governance of the state and wellbeing of the people as members yesterday boycotted the presentation of the 2018 budget proposal scheduled for 10a.m. at the Assembly Complex.

Punch

FG opts against $550m Chinese loan for communications satellites

The Federal Government has backed out of a plan to take a loan of $550m from the Chinese Export and Import Bank for the construction of two new communications satellites.

Discos’ force majeure notice jeopardizing power generation

The force majeure notice recently issued by power distribution companies and their disapproval of the eligible customer regulation of the Nigerian Electricity Regulatory Commission are jeopardizing power production in the country.

Senators, Reps pick holes in 2018 budget proposal

Both chambers of the National Assembly have berated the Federal Government’s 2018 budget proposal, saying its assumptions are unrealistic.

Amnesty wants Shell probed for alleged abuses in Ogoniland

Amnesty International on Tuesday said Royal Dutch Shell Plc should face investigations in three countries for alleged complicity in human rights abuses, including murder and rape, committed by the Nigerian military government in the oil-producing Ogoniland region in the 1990s.

The Nation

Import prohibition attracts $10b investment, says CBN

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said the import prohibition policy of the apex bank has attracted investment valued at $10billion into the country.

Pension fund hits N7.2tr

Nigeria’s pension fund assets under the  Contributory Pension Scheme (CPS) have hit N7.164 trillion– as at September  from the N7.094 trillion recorded in August.

Adeosun: only 40m Nigerians pay tax

Out of 70 million taxable adults in Nigeria, only 40 million pay taxes, the Minister of Finance, Mrs. Kemi Adeosun has said.

UACN eyes mergers, acquisitions with new equity capital: With 10 subsidiaries in key sectors of the Nigerian economy, Nigeria’s largest and oldest business conglomerate, UAC of Nigeria (UACN) Plc will consider new acquisitions and mergers to further optimise the values of its existing businesses and take advantage of emerging opportunities in other sectors.

Guardian

Foreign capital inflow hits $4.145b in Q3, says NBS

The National Bureau of Statistics (NBS) has said that the capital importation into the county recorded an increase to $4.145 billion in the third quarter of 2017.

Continued importation of dirty fuel raises fears

Experts warn of health and economic consequences following Federal Government’s failure to meet deadline on importation of high sulphur (dirty) fuels.

Vanguard

Interbank money market resists N90bn liquidity mop up

Efforts by the Central Bank of Nigeria (CBN) to mop-up liquidity from the interbank money market proved abortive as the N90 billion treasury bills (TBs) issued on Monday was undersubscribed by 47 percent.

Reuters

OPEC heading for oil cut extension with a caveat

OPEC and Russia are heading towards prolonging their oil supply cuts for the whole of 2018 but with an option to review the deal in June.

 

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