UBA hits N89.1Bn in Profit After Tax_Femi Ehiabhi

February 29, 2020March 4, 2020 Ehiabhi FemiLeave a comment

United Bank for Africa Plc (UBA) has posted a profit after tax of N89.1 billion for the financial year ended Dec. 31, 2019. The profit after tax represented a growth of 13.3 percent to N89.1 billion compared with N78.6 billion recorded in the correpsonding period of 2018. Its profit before tax stood at N111.3 billion… Continue reading UBA hits N89.1Bn in Profit After Tax_Femi Ehiabhi

BANKING · ECONOMY · FINANCE

Cashless Policy Implementation: No going Back-CBN_Femi Ehiabhi

February 19, 2020 Ehiabhi FemiLeave a comment

The Central Bank of Nigeria (CBN) has said there is no going back on the full implementation of the federal government’s cashless policy which is expected to commence from April 1 across the country. The first phase of the cashless policy implementation started in Nigeria’s commercial hub, Lagos, on January 1, 2012. It expanded to… Continue reading Cashless Policy Implementation: No going Back-CBN_Femi Ehiabhi

ECONOMY · FINANCE · WORLD NEWS

FIRS 2020 REVENUE TARGET IS N8.5 TRILLION_Ehiabhi Femi

February 7, 2020 Ehiabhi FemiLeave a comment

The Federal Inland Revenue Service (FIRS) says it is targeting N8.5 trillion revenue for the country in 2020. The Executive Chairman of FIRS, Mr Muhammad Nami, disclosed this at the 2020 Corporate Plan Retreat in Abuja on Friday. Nami said that the 2020 target was slightly lower than the 2019 target by about N300 billion.… Continue reading FIRS 2020 REVENUE TARGET IS N8.5 TRILLION_Ehiabhi Femi

ECONOMY · FINANCE

ATM Withdrawals Threatened As Customers Now Prefer Counter Withdrawals_Ehiabhi Eugene

January 31, 2020 Ehiabhi FemiLeave a comment

Banks are now attending to long queues in the banking hall as more customers prefer withdrawing cash from the counter to the Automated Teller Machines, investigation has revealed. Some customers who spoke with our corresspondents said they preferred to enter the banking hall for withdrawals because the banks had reconfigured their ATMs to dispense smaller… Continue reading ATM Withdrawals Threatened As Customers Now Prefer Counter Withdrawals_Ehiabhi Eugene

FINANCE

FAAC SHARES N716.298 BILLION AMONG TIERS OF GOVERNMENT_Ada Nkong

January 17, 2020 Francisca OgarLeave a comment

The Federation Accounts Allocation Committee (FAAC) shared a total of N716.298 billion to the three tiers of government for the month of December 2019.The Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse disclosed this at the FAAC meeting Thursday in Abuja.The N716.298 billion comprises revenue from Value Added Tax (VAT),… Continue reading FAAC SHARES N716.298 BILLION AMONG TIERS OF GOVERNMENT_Ada Nkong

FINANCE

President Buhari Signs 2020 Finance Bill _Ada Nkong

January 13, 2020January 13, 2020 Francisca OgarLeave a comment

President Muhammadu Buhari on Monday signed the Finance Bill into law to support the implementation of the 2020 budget. Buhari made this known via his Twitter handle saying “I am pleased to announce that this morning I signed into Law the Finance Bill, 2019. “This is the first time, since the return of democracy in… Continue reading President Buhari Signs 2020 Finance Bill _Ada Nkong

ECONOMY · FINANCE

NLNG: FINAL INVESTMENT DECISION ON TRAIN 7 PROJECT_Ehiabhi Femi

December 27, 2019 Ehiabhi FemiLeave a comment

The Nigerian National Petroleum Corporation (NNPC) and shareholders of the Nigeria LNG Limited which include Shell, Total and Eni on Friday announced the Final Investment Decision for the take-off of Train 7 Project of the NLNG. The Train 7 project, which would deliver a significant local content in construction, production of cables, welding, valves, scaffolding,… Continue reading NLNG: FINAL INVESTMENT DECISION ON TRAIN 7 PROJECT_Ehiabhi Femi

ECONOMY · FINANCE · LEGISLATURE

DISCREPANCIES OVER N20 TN EXPECTED REVENUE FROM STAMP DUTY COLLECTION_Ehiabhi Femi

December 11, 2019 Ehiabhi FemiLeave a comment

The Senate has mandated its Committee on Finance to investigate the discrepancies of over N20tn expected revenue from stamp duties that should have been paid into the Federation Account by the Central Bank of Nigeria. The CBN, according to the red chamber, collected the amount as stamp duty from banks and financial institutions from 2016… Continue reading DISCREPANCIES OVER N20 TN EXPECTED REVENUE FROM STAMP DUTY COLLECTION_Ehiabhi Femi

ECONOMY · FINANCE

EQUITY SHEDS N143 BILLION TO EXTEND BEARISH RUN TO SEVEN TRADING SESSIONS_Ehiabhi Femi

December 10, 2019 Ehiabhi FemiLeave a comment

Investors on the Nigeria Stock Exchange (NSE) on Tuesday lost N143 billion to sustain bearish sentiment to seven (7) consecutive trading sessions, following price depreciation of bellwether stocks. Consequently, the market breadth closed negative, recording 8 gainers as against 23 losers. In summary, the All-Share Index (ASI) shed 297.10 absolute points, representing a decline of 1.11% to close at 26,384.21 points. Similarly,… Continue reading EQUITY SHEDS N143 BILLION TO EXTEND BEARISH RUN TO SEVEN TRADING SESSIONS_Ehiabhi Femi