Top Financial News   

17 September 2018

Contributory pension: 334,765 retirees paid N538bn: No fewer than 334,765 retirees have been paid a total of N538.118bn under the Contributory Pension Scheme as of the end of June 2018.(Source:Punch)


‘Nigerians paid more for petrol, kerosene in August’: Many Nigerians paid more for petroleum products, including Premium Motor Spirit (petrol) and household kerosene, last month, according to data from the National Bureau of Statistics.(Source:Punch)


NLC demands MTN probe for fraud, tax evasion: The Nigeria Labour Congress has asked the Economic and Financial Crimes Commission to probe the operations of MTN Nigeria following allegations of illicit financial flow and tax evasion levelled against the firm.(Source:Punch)


FG plans N8.9tn budget for 2019: The Federal Government is planning to spend a total of N8.9tn in the 2019 fiscal period.(Source:Punch)


CBN to penalize banks, others for failed e-transactions: Any failed Nigerian Instant Payment transaction not reversed into the customer’s account within 24 hours, based on complaint of the sender and/or beneficiary will attract a fine of N10,000, the Central Bank of Nigeria has said.(Source:Punch)


Financial strength of insurers will determine their operations – NAICOM: The Commissioner for Insurance, Alhaji Mohammed Kari, has said that the Tier-Based Minimum Solvency Capital policy of insurers will be used to classify business according to their present level of capital in relation to the risks that the capital can effectively cater for.(Source:Punch)


Informal sector will join contributory pension in 2019 – PenCom:  The Acting Director-General, National Pension Commission, Mrs Aisha Dahir-Umar, has said that the informal sector will be allowed to join the Contributory Pension Scheme under its micro-pensions scheme in the first quarter of 2019.(Source:Punch)


Apprehension over cost of funds as CBN revs up liquidity mop up: The interbank money market is enveloped by apprehension over direction of cost of funds this week following the resurgence of liquidity mop by the CBN last week which occasioned the first weekly decline in cost of funds in four weeks.(Source:Vanguard)


Value of mobile money transactions falls by 23% in H1’18: The value of mobile money transactions  through licensed mobile payment operators (interscheme)  fell by 23 percent, year-on-year (YoY) in the first half of 2018 (H1’18). The volume of transactions however rose 53 percent within the same period.(Source:Vanguard)


Bank of Industry, Export-Import Bank of China sign MoU on $500m financing support:  The Bank of Industry (BOI), Nigeria’s leading Development Finance Institution (DFI), and the Export-Import Bank of China (CEXIM) have signed a Memorandum of Understanding (MoU) on a $500 million financing support.(Source:Vanguard)

CBN disburses lower denominations in Lagos market:  To moderate the lack of lower denomination notes in circulation, the Central Bank of Nigeria (CBN) has commenced the direct disbursement across the country through merchants, shopping malls and others.(Source:Daily Trust)


Buhari wants ECOWAS single currency achieved by 2020: President Muhammadu Buhari has told West African countries to intensify effort towards achieving a single currency in the sub-region by year 2020.(Source:Daily Trust)


14 companies responsible for 50% capital market infractions – Report:  Fourteen insurance companies were responsible for 50.4 per cent of the total penalties meted out by the Nigerian Stock Exchange, amounting to N339.5 million for offenses that included default in timely release of operational reports and financial statements covering the 2017 to 2018 interim report.(Source:Daily Trust)

CSO Protests against Alleged N13.4b Fraud in NPA, BPP: A group,  Transparent Extractive Sector Operators Initiative (TESOI), Friday  protested against N13.4 billion  fraud allegedly perpetrated by the Nigerian Ports Authority (NPA) and the Bureau of Public Procurement (BPP).(Source:Thisday)


We Will Not Interfere with CBN, AGF Orders on MTN, Says NCC: The Federal Inland Revenue Service (FIRS) and State Boards of Internal Revenue (SBIRs) have agreed to share information on how to increase tax revenue receipts.(Source:Thisday)

Reporting for EasyKobo on Monday , 17 September 2018 in Lagos, Nigeria

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