17 August 2018

Return 5% lump sum to retirees, PenCom orders PFAs: The National Pension Commission has directed the Pension Fund Administrators to pay additional five per cent lump sum to retirees that were initially paid 20 per cent of total balance in their Retirement Savings Accounts on retirement.(Source:Punch)

Split of NNPC into two may generate tension – Baru: The Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, said on Thursday that the split of the corporation into two entities if not properly communicated to the workers could generate some tension between the unions.(Source:Punch)

States failed to remit N41bn VAT – FIRS: The Federal Inland Revenue Service has accused state governments of failing to remit Value Added Tax to the tune of N41bn to the Federal Government’s coffers.(Source:Punch)

FG seals pact with Korea for aid projects:  The Federal Government and the Republic of Korea have sealed an agreement for the construction of aid projects in various sectors of the economy.(Source:Punch)

NEPC, NACC move to boost non-oil export:  With the African Growth and Opportunity Act set to expire in 2025, the Nigerian Export Promotion Council, in collaboration with the Nigerian-American Chamber of Commerce, has concluded plans to boost non-oil exports and avail Nigeria opportunities under the Act.(Source:Punch)

NCP approves advisers for three privatization transactions:  The National Council on Privatization, chaired by Vice President Yemi Osinbajo, has approved the appointment of transaction advisers for three privatization efforts.(Source:Punch)

LCCI frowns at freezing of tax defaulters’ accounts by FIRS: The Lagos Chamber of Commerce and Industry (LCCI) has described as draconian the recent decision of the Federal Inland Revenue Service (FIRS) to appoint banks as collecting agents and the subsequent freezing of the accounts of taxpayers considered to be in default.(Source:Daily Trust)

FG to sell Afam GenCo, Yola DisCo: The Federal Government has given the Bureau for Public Enterprises (BPE) go ahead to privatize the Afam Power Generation Company Plc and the Yola Distribution Company.(Source:Daily Trust)

N1.2bn Obolo-Afor truck park will be ready in 2019 – Shippers Council: The Infrastructure Concession Regulatory Commission (ICRC) has presented the Outline Business Case (OBC) compliance certificate on the Obolo-Afor Truck Transit Park (TTP) to the Nigerian Shippers Council (NSC).(Source:Daily Trust)

Investors lose N167bn as bearish performance persists on NSE:   The equities market of the Nigerian Stock Exchange (NSE) performed bearish at the close of trade yesterday resulting in investors losing by N167.1billion to push down the market capitalization to N12.6 trillion. (Source:Daily Trust)

VANGUARD

Manufacturing, agric sectors to get fixed interest rate on loans: Banks are now to give credit to the manufacturing and agricultural sectors at fixed interest rate which will run for a period of seven years.(Source:Vanguard)

FIRS shuts NNPC subsidiary, others over tax default:  The Federal Inland Revenue Service (FIRS) has sealed off the premises of companies defaulting in tax payments in Lagos and Benin, in continuation of its enforcement exercise.(Source:Vanguard)

RAK Unity Petroleum shareholders okay 10k dividend: Shareholders of RAK Unity Petroleum Company Plc have unanimously endorsed the proposal by its Board of Directors to pay a dividend of 10 kobo per share for the financial year ended December 31, 2017.(Source:Vanguard)

NNPC seeks clarification on proposed Petroleum Asset Management Company: The Nigerian National Petroleum Corporation (NNPC) on Thursday sought clarification on the funding structure of the proposed Nigerian Petroleum Asset Management Company (NPAMC) in the Petroleum Industry Governance Bill (PIGB).(Source:Vanguard)

NNPC’ to list 40% of shares on NSE: The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said 40 per cent of the shares of the Corporation would be floated on the Nigerian Stock Exchange (NSE) when the Petroleum Industry Governance Bill (PIGB) gets Presidential Assent.(Source:The Nation)

Stanbic IBTC declares N10.1b first half dividend:  The board of directors of Stanbic IBTC Holdings Plc has recommended 66.7 per cent increase in interim dividend payout as the financial services holding company grew net profit by 79 per cent to N43.08 billion in the first half of 2018.(Source:The Nation)

‘Load rejection led to dip in power supply’: The Nigerian National Petroleum Corporation (NNPC) says the drop in power generation could have been triggered by continuous rejection of load by electricity distribution companies (DisCos).(Source:The Nation)

Reporting for EasyKobo on Friday ,17 August 2018 in Lagos, Nigeria