The Nation Newspaper

Category: Money

  • Ecobank, Stanchart lead in capital importation

    Collins Nweze

    National Bureau of Statistics (NBS) says Ecobank Nigeria and the local unit of Standard Chartered Bank (Stanchart) have joined Stanbic IBTC Bank to become foreign investors’ favourites for investment deals.

    Details of the report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank. The bank attracted $1.63 billion worth of investment in the third quarter of this year, lower than $1.76 billion it had in the previous quarter.

    Ecobank followed with $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47 million inflows. Access Bank got $477.55 million; Rand Merchant Bank, $430.15 million; Citibank Nigeria Limited; $350.95 million; while First Bank of Nigeria had $307.94 million.

    According to NBS, while the total value of capital importation into the Nigerian economy fell by 7.78 percent to $5.36 billion in the third quarter of 2019 from the previous quarter, Ecobank Nigeria attracted $754.38 million worth of foreign investment, representing 55.41 percent more capital thereby making the bank foreign investors’ favourites for investment deals.

    Commenting, Adetokunbo Uko, Country Treasurer, Ecobank Nigeria, said the Bank was leveraging on its pan-African strategy to attract capital to the nation’s economy, stressing that the bank remains committed to increasing capital flows to Nigerian financial market.

    According to her, “As a gateway to the African market for foreign direct and portfolio investments, Ecobank Nigeria is  leveraging on its Pan-African platform, people and products to contribute to the financial and economic development of Nigeria through provisions of foreign exchange solutions and fixed income products to local and foreign customers. We remain committed to our African strategy, to increase capital flows to Nigerian financial market through enhanced product offerings, good customer experience and transparency in all transactions”.

  • Seven tips to manage money successfully

    The ability to manage your finances is what gives you independence and financial freedom. It also gives you leeway to have the lifestyle you want. So, that is why it is essential to manage money effectively. And been contented is an important value that helps in managing money. If you are contented, you would not go broke trying to prove to broke people that you are not broke.

    Here are the tips

    1. This may sound very cliche but create a budget tracker. It would help you to know how much you should spend, how much you have spent in a month, variances and mechanical ways to save up from bargains.

    2. Whenever you are free, listen to financial podcasts. It will help improve your financial knowledge, plus if you have a side hustle, the podcast will teach you how to scale your business faster while learning from the mistakes of other entrepreneurs.

    3. Have at least three bank accounts. One should be your expense account, one your revenue accounts and the last should be your savings account.

    READ ALSO: ‘Why money management skill is crucial’

    4.Do not spend directly from your revenue account. Separating your account would also help you track your inflow and outflows.

    5. Try as much as possible to save up 40% of your monthly income especially if you are still single and have fewer responsibilities. Saving for rainy days cannot be overemphasized.

    6. Twenty percent of your six months income should be able to take you on a holiday trip. If not, it simply means the trip is a way too much above your budget and you are balling above your budget. Find a cheaper option. You can have an amazing holiday on a budget.
    7. Apps like Piggy vest can help you cater to your personal savings and investment. Also Apps like Expensify, Fudget even Google sheet can help you with planning and managing your finance.

  • Vitafoam Nigeria attributes sustained growth to stakeholders’ loyalty

    Taofik Salako, Capital Market Editor

    WITH a 121 per cent growth in net profit to N1.14 billion in the third quarter, Vitafoam Nigeria Plc has attributed its continuing growth to unflinching supports and loyalty of several stakeholders.

    Addressing stakeholders at the National Distributors’ Award in Lagos, Group Managing Director, Vitafoam Nigeria Plc, Mr Taiwo Adeniyi said the consistent stellar performance of the company was due to commitment of its key distributors, sub dealers, comfort centre operators, business partners and other stakeholders.

    According to him, the symbiotic relationship between the company and its stakeholders enhanced a winning formular at the root of Vitafoam’s consistent dominance of the market after almost six decades of existence.

    He noted that besides being at the frontline of ensuring availability of the company’s products to the final consumers, the trade partners have also played significant role of ensuring that the company remains at the top of the game by way of superior products offerings through constructive feedback and genuine criticisms.

    “I feel greatly delighted to acknowledge the sterling accomplishments of these partners, many of whom have remained with the company through thick and thin. Together, we have crossed oceans, moved boundaries, broken barriers and raised the industry bar,” Adeniyi said.

    He pointed out that as a company imbued with visionary board and management, Vitafoam had expanded its products portfolio beyond foams by diversification through its subsidiaries which produce diverse products.

    At the award ceremony, the company rewarded the best national distributor, Alhaji Idi Ankwa of Idi Ankwa Enterprises; second best, Alhaji Muhammad Maikatifa of Maikatifa  and Sons and the third,  Mr Benjamin Oti of Canopy Global Investment with a truck each while the three top winners would also proceed for one week fully paid trip to Dubai.

    Apart from the top national winners, Vitafoam also rewarded another 25 key distributors across North Central, North East, North West, Lagos and South West with various prices, including exotic cars.

  • FIRS creates e-tax services

    Franca Ochigbo, Abuja

    The Federal Inland Revenue Service (FIRS) has created electronic tax services, (e-tax services) to  improve transparency and speed in tax administration.

    FIRS Executive Chairman, Tunde Fowler disclosed this at the third annual conference of the Nigeria Tax Researcher Network (NTRN) in Abuja, with the theme, ‘Revenue Challenges Online and Offline, Bridging the Digital divide in an Analogue Economy’.

    He said the e-service has contributed to the success recorded in the last two years amidst an economy characterised by the effect and aftermath of recession.

    Fowler named the services as: “e-Registration for registration of new taxpayers. e-Stamp Duty for payment of stamp duties on qualifying documents. e-Tax Payment for payment of all taxes of the Federal Government using Nigeria Inter-Bank Settlement System (NIBSS), Remittal or Inter-switch.

    Others are, “e-Receipt for receiving and verifying e-receipts generated for taxes paid through the new e-TaxPayment. e-Filing which enables taxpayers file their tax returns through an Integrated Tax Administration System (ITAS). e-TCC platform which enable taxpayers apply for, receive and verify authenticity of their electronic tax clearance certificates (e-TCC)

  • CBN appoints new Director Currency Operations

    Collins Nweze

    The Central Bank of Nigeria (CBN) has announced the deployment of Ahmed Bello Umar as the new Director, Currency Operations Department, with effective yesterday. Umar succeeds Mrs. Priscilla Ekwueme Eleje, who exited the bank  having reached the statutory retirement age.

    A statement signed by the Director, Corporate Communications Department, Isaac Okorafor said Umar, until his redeployment, was the Director, Trade and Exchange Department at the Bank.

    Born on July 10, 1963, Umar joined the services of the CBN in May 1989. He holds a Bachelor of Laws degree from the Ahmadu Bello University (ABU), Zaria and was called to the Nigerian Bar in 1987. He also holds certification in Information Systems Audit & Control Association (ISACA), Illinois, USA and is a Certified Information System Auditor. He is equally certified in Risk and Information Systems Control (CRISC).

  • PEBEC takes stakeholders’ forum to Akwa Ibom

     Collins Nweze

     

    THE Presidential Enabling Business Environment Council (PEBEC)  has hosted entrepreneurs and industry stakeholders in Akwa Ibom State and the South-South region during a stakeholder forum held in Uyo, Akwa Ibom state.

    Themed ‘Lituation’, guests at the event deliberated on the reforms engineered since 2016, especially its alignment with the council’s mandate to remove bureaucratic constraints and bottlenecks, with a view to reduce cost, time, and procedures required to start and efficiently run businesses in Nigeria.

    Speaking at the event, Special Adviser to President Muhammadu Buhari on Ease of Doing Business and head of the Enabling Business Environment Secretariat (EBES), Jumoke Oduwole said, “Anyone paying even the slightest attention to the news should be acquainted with the Akwa Ibom state government’s commitment to creating an enabling environment for rapid industrialization, investment, entrepreneurship, and human capital development.”

     

     

  • NAICOM okays new directors for Standard Alliance Insurance

    Taofik Salako, Capital Market Editor

     

    THE National Insurance Commission (NAICOM), has approved the appointment of Haruna Mohammed and Uzoma Igbonwa as the nonexecutive directors for Standard Alliance Insurance Plc.

    Standard Alliance Insurance Plc is an insurance, risk management and investment services firm. According to the company, the directors are coming on board with enterprising mind-set and experience in driving entrepreneurship.

    They are also experienced with diversified background from banking and international equity market. Mohammed is an economist and investor with an interest in financial services and agriculture with over 20 years’ experience in commercial and development banking, where he rose to the position of deputy general manager.

    He is a member of the prestigious Institute of Directors of Nigeria and a Certified Independent Director. Igbonwa is an economist with over 28 years experience in Internal Control System, Foreign Exchange and Treasury management. He was the general manager of Mazola Vegetable oil and edible Products Inc. in the USA before returning to Nigeria to establish his own business.

    He is the Chairman Board of directors of several companies. NAICOM also approved the appointment of Richard Ododo as the managing director and Odusi Niyi as the executive director of the company. Ododo is an Insurance Practitioner with over 30 years’ experience in the industry cutting across various functional areas specifically insurance brokerage, insurance underwriting and risk management.

     

     

  • Banking stocks extend equities’ decline

    Taofik Salako, Capital Market Editor

     

    NIGERIAN equities witnessed considerable resurgence on Wednesday but losses recorded by highly influential banking sector coloured the overall market position, extending the decline at the stock market to its third consecutive trading session.

    With more advancers than decliners, most sectoral indices closed on the upside as bargain-hunters returned to several low and mid-cap stocks. However, selloffs banking stocks overshadowed the market and dragged the market to a marginal decline of N3 billion.

    Average decline yesterday stood at 0.02 per cent, nudging the average year-to-date return to -14.29 per cent. The All Share Index (ASI)- the benchmark index for the Nigerian equities market, dipped to 26,938.58 points as against its opening index of 26,944.32 points. Aggregate market value of all quoted equities also declined from its opening value of N13.005 trillion to close at N13.002 trillion.

    With 16 gainers to 13 losers, the decline was mainly due to losses in the banking sector. The NSE Banking Index declined by 0.45 per cent while the NSE Oil and Gas Index dropped by 0.24 per cent. Meanwhile, most sectoral indices closed positive.

    The NSE Insurance Index appreciated by 0.77 per cent. The NSE Industrial Goods Index rose by 0.34 per cent while the NSE Consumer Goods Index increased by 0.15 per cent. Sterling Bank led the losers with a drop of 13 kobo to close at N1.92. United Bank for Africa and Zenith Bank followed with a loss of 10 kobo each to close at N6.95 and N18.70 while Oando dropped by 8.0 kobo to close at N3.62 per share.

    The momentum of activities also slowed down considerably as turnover dropped by 40.3 per cent to 112.89 million shares valued at N1.08 billion in 3,041 deals. Zenith Bank was the most active stock with a turnover of 15.86 million shares worth N296.86 million. On the positive side, Unilever Nigeria led the gainers with a gain of 45 kobo to close at N18.90. Cement Company of Northern Nigeria rose by 20 kobo to close at N19.20 while May & Baker Nigeria chalked up 19 kobo to close at N2.14 per share.

    “Despite strong investors’ sentiment due to renewed interest in the local bourse, we expect profit taking activities to persist following four consecutive weeks of price appreciation,” Afrinvest Securities stated.

     

     

  • Capital market key to development goals, says NSE

    Taofik Salako, Capital Market Editor

     

    THE capital market has a critical role to play in the achievement of sustainable socio-economic growth and development in Nigeria, the Nigerian Stock Exchange (NSE) has reiterated.

    At the award ceremony of the 19th NSE Essay Competition for Senior Secondary Schools in Nigeria on Wednesday in Lagos, the NSE underlined the importance of capital market in nation building and the need for inclusive participation, especially among the youths.

    Read Also: Stock Exchange delists Dangote Flour Mills

    First Lady of Lagos State, Dr Ibijoke Sanwo-Olu, who was represented by Mrs. Funke Omotosho, commended the NSE for sustaining the essay competition and its contributions to the development of the nation.

    She urged participants in the competition to stay committed to developing their skills. Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, emphasised the need for innovative solutions to leverage the capital market for the achievement of the Sustainable Development Goals (SDGs).

    “We need to connect people with products and services that build human and physical capital, as well as bridge infrastructural gaps in Nigeria. We have also identified the critical role of millennials in achieving these outcomes evidenced by the overwhelming interest today’s youth have shown in this exercise,” Onyema said.

  • Stanbic IBTC attracts $1.6b capital Inflow in Q3, says NBS

    Collins Nweze

     

    STANBIC IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has emerged as the financial institution that attracted the highest amount of capital investment in the third quarter of 2019.

    This was contained in the Nigerian Capital Importation report of the Nigerian Bureau of Statistics. According to the report, Stanbic IBTC Bank PLC attracted $1.6 billion in third quarter 2019, which equates to 30.38 per cent of the total capital inflow during the same period. The Nigerian Capital Importation second quarter report earlier released by the Nigerian Bureau of Statistics in September, 2019, also revealed that Stanbic IBTC PLC attracted 30.34 per cent of the total capital inflow into the country. Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC, stated that the report identifying the bank as facilitating the highest amount of capital inflows reflects the immense contribution of the financial institution to the Nigerian economy.

    He added that the bank would continue to take the lead in the facilitation of business transactions that would inject foreign capital into the country. The report reflected that the total value of capital imported into the country as at Q3 2019 was $5.3 billion.

    Read Also: Stanbic IBTC gives hope to limbless children

    A breakdown showed that the largest amount of capital importation by type was through portfolio investments which amounted to $2,999.5 million (55.88 per cent); while Other Investment accounted for $2.1 billion of total capital. Foreign Direct Investment made up $200.08 million of total capital imported in third quarter of 2019.

    The Nigerian Bureau of Statistics (NBS) Capital Importation third quarter 2019 Report outlines Nigeria’s economic outlook, showing the total value of capital inflow into Nigeria. While Lagos State emerged as the top destination of capital investment in Nigeria in third quarter 2019 with $4.9 billion , the United Kingdom was the biggest source of capital investment into Nigeria during the third quarter.

    The value of capital inflow into Nigeria was $2 billion , representing 37.47 per cent of the total capital inflow.