Top Financial News   

12 August 2018


PenCom recovers N14.38bn unremitted pensions from employers: The National Pension Commission says it has recovered N14.38bn from employers who had been deducting the pension contributions of their employees but refused to remit the funds into the workers’ Retirement Savings Accounts with their respective Pension Fund Administrators.(Source:Punch)

 

$8.1bn refund: NCC wants amicable resolution with MTN: The Nigerian Communications Commission says it will strive to ensure that there is an amicable resolution between the government and the MTN Group as the two parties negotiate the $10bn dispute.(Source:Punch)

                 

FG gives states conditions for $2.68bn Paris Club refund: The Federal Government on Tuesday said it had approved the sum of $2.68bn as final payment to states for the Paris Club Refund.(Source:Punch)

 

Why Nigeria is borrowing from China – DMO: The Federal Government has explained that it borrows from China in order to take advantage of a cheaper source of finance.(Source:Punch)

 

Power, fuel subsidies gulping Nigeria’s resources for health, education – US:  Nigeria is pouring scarce resources required to fix critical sectors such as education and health care services into subsidies on petroleum products and electricity, the United States Agency for International Development has said.(Source:Punch)

 

Stock market ends lower as bearish sentiment persists: The nation’s stock market closed on a negative note on Tuesday for the fifth consecutive session as bearish sentiment lingered.(Source:Punch)

 

Nigeria, China sign $2bn MoU on cotton industry, says Minister:  The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah said on Tuesday that Nigeria has signed a Memorandum of Understanding (MoU) with a Chinese firm, on first-ever cotton value chain industry, worth two billion US dollars.(Source:Vanguard)

 

CBN restricts credit to public sector, banks’ staff with additional guidelines: Before any bank could extend loans to any federal agency, state or local government, their guarantees must be approved by their legislative chambers henceforth.(Source:Vanguard)

 

Insurance companies face hostile takeovers by foreign investors: Insurance industry operators are now faced with fears of hostile take-overs at peanut with full implementation of the Tier Based Minimum Solvency Capital, TBMSC, next month.(Source:Vanguard)


NSE to sanction 28 companies for late filing of reports: The Nigerian Stock Exchange (NSE) will sanction 28 companies for failing to meet post-listing requirements including timely release of operational reports and financial statements.(Source:Daily Trust)

 

Ibadan-Kano double gauge rail to cost $8billion – Amaechi: The Minister of Transportation, Mr. Rotimi Amaechi, has said the Ibadan to Kano double gauge rail line will cost about $8billion (about N2.44trn).(Source:Daily Trust)


NCC woos investors with 30 per cent tax reduction: Nigeria’s telecoms sector regulator,  the Nigerian Communications Commission (NCC) yesterday said prospective investors into the telecoms sector would only need to pay 30 per cent of income tax, among other mouth-watering incentives rolled out by the Federal Government.(Source:The Nation)


CPC, NCC Probe Consumer Abuses in Telecoms Sector: The Consumer Protection Council (CPC) and the Nigerian Telecommunications Commission (NCC) announced the commencement of a joint regulatory inquiry into consumer issues in the telecommunication industry.(Source:Thisday)


Reporting for EasyKobo on Wednesday , 12 September 2018 in Lagos, Nigeria


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