Communities in Nigeria’s restive Niger Delta will receive an estimated $600 million in annual dividends as part of efforts to improve security under reforms currently before parliament, the oil ministry said on Tuesday. “Direct payments of dividends to oil-producing communities will be established to address the Niger Delta crisis and make communities key stakeholders, with incentives to protect oil and…
Women in Nigeria need to take their place in the political affairs of the nation, and not focus mainly on the managerial and economic issues of the economy. Career women who have delved into politics gave the charge at the annual lecture of Women in Management and Business (WIMBIZ), which was held in Lagos yesterday, saying that decisions of the…
Over 7.3 million tourists visited South Africa between January and November last year, says Marthinus van Schalkwyk, the country's minister of tourism. Mr. van Schalkwyk said this on Monday at the opening ceremony of Meetings Africa 2011, Africa's business tourism lekgotla, at the Sandton Convention Centre, Johannesburg, South Africa. Meetings Africa is a business tourism marketing platform which aims to…
The market capitalisation of equities at the Nigerian Stock Exchange, on Monday, bounced back by 0.26 per cent, making it the third consecutive day of growth. The NSE market capitalisation of the 201 First-Tier equities closed yesterday at N8.536 trillion after opening the day at N8.514 trillion, reflecting over N22 billion gains. About N77 billion has been recovered in the…
Finance experts say the outlook for the Nigeria Stock Exchange is positive and bright and that foreign investors are indicating interest, despite the forthcoming elections. The experts, who spoke at a pre-investors conference, said foreign investors are looking beyond the recent financial crisis. “The worst is over,” Akeem Oyewale, CEO, Stanbic IBTC stockbrokers said yesterday. “We are optimistic about the…
The use of tax consultants by government is a drain on its resources and may be responsible for the inability to record enhanced revenue yield. Former chairman of the Federal Inland Revenue Service (FIRS), Kayode Naiyeju, at the close of the 2011 Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Members’ Retreat in Uyo, Akwa Ibom, at the weekend, said the…
The Bureau of Public Procurement (BPP) yesterday warned Ministries, Departments and Agencies (MDAs) against awarding contracts that are not approved in the annual budget, to avoid unnecessary indebtedness to contractors nationwide. Director of civil infrastructure of the Bureau, Nebolisa Emodi, who gave the warning at the one-day stakeholders’ workshop for Federal MDAs in Abuja, said this was to help meet…
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} The Nigeria Labour Congress (NLC) has advised Union Bank to fulfil its part of the terms of agreement which both parties reached…
The Central Bank of Nigeria's (CBN) insistence, last year, on banks' compliance with section 5.3.10 of its ‘Code of Corporate Governance for Banks in Nigeria Post-Consolidation' raised more questions than it answered. The CBN's action provided one answer: by requiring that "non-executive directors should not remain on the board of a bank continuously for more than 3 terms of 4…
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Following the positive trend recorded by non intervened banks, shares of the seven rescued banks at the Nigerian Stock Exchange have shown significant improvement since the beginning of the year. However, while the total market capitalisation has grown by 7.59 per cent from N7.91 trillion at the beginning of the year to 8.51 trillion as at the close of trading…
Getting cash into the hands of a teeming populace can be a Herculean task in a country as vast as ours. In spite of Nigeria's relatively sophisticated banking sector, the over 6,000 branches that the commercial and microfinance banks have introduced are not nearly sufficient for a potential market of over 140 million people. Because of low bank penetration, a…
South Africa’s loss may just be Nigeria’s gain. Many mine operators in South Africa are currently faced with the possibility of losing their mining titles, as the government is planning to nationalise the mines and withdraw existing operational rights. This is part of the government’s plan to distribute the country’s wealth more among the majority black population. Though the South…
SODIC, Egypt’s third-biggest listed developer, said it is assuming zero sales for 2011 after three weeks of political unrest had unnerved investors. The high-end real estate firm, which does not fully recognise revenue until it delivers units, has a strong cash position, limited outstanding debt and land debt, as well as strong cash flows, its chief executive said. “To be…
Several hundred of cocoa growers chanting anti-European slogans marched to the European Union (EU) offices in Cote d’Ivoire on Thursday and burned a pile of cocoa sacks to protest against sanctions crippling the industry. A pile of several 60-kg sacks of beans were set ablaze as planters carried banners reading ‘Shame on the EU’ and ‘No to economic slavery’, and…