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Vacancy announcement: CFO, Senior Accounting positions, Commercial manager

Vacancy announcement: CFO, Senior Accounting positions, Commercial manager

Open Positions:

SEND CV TO recruitment@skytrendconsulting.com within 24 hours of this announcement.

1) Accountant – 4 to 7 years with Haulage experience. Location- Ewekoro, Ogun State.

2) Accountant (mid level) with 6 to 8 years Oil and Gas experience location – Lagos HQ

3) Chief Finance Officer (CFO) with 15 to 20 years experience including Oil and Gas experience. Location: Lagos HQ

4. Commercial Manager.. Experience in oil and gas administration and marketing. Location: Lagos HQ, Lagos State.

Commercial Manager report functionally to C.O.O and operationally to Head of Business Development. Commercial Manager and his/her team concerned with winning new business, exploring new avenues of activity and seeking opportunities that the company can exploit in its bid to develop and grow. He/She is responsible for;

• Develop and implement the marketing plan and contracting strategy in line with overall commercial strategy for regional customers that delivers the targeted value proposition and maximize financial returns.
• Develop and implement the regional pricing policies and ensure efficient management of all long-term contractual agreements.
• Lead contract negotiations to secure project volumes at attractive margin
• Ensure appropriate staffing levels, address personnel issues and lead staff development and coaching, recruitment & on-boarding where needed.
• To develop and lead a highly motivated and effective customer-focused team, as well as lead key negotiations and customer value proposition development.

Call or whatsapp 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

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JUST IN: Nigeria’s inflation hits 4-year record high of 15.75%

JUST IN: Nigeria’s inflation hits 4-year record high of 15.75%,

The inflation rate in Nigeria jumped in December to its highest level in more than three years, data released on Friday by the National Bureau of Statistics showed.

Inflation stood at 15.75 per cent in January, compared with 14.89 per cent in December, marking the 16th straight month of increases.

The consumer inflation rate in December was the highest since November 2017, when it stood at 15.90 per cent.

The NBS said the composite food index rose by 19.56 per cent in December from 18.30 percent in November.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish and oils, and fats,” it added.

Analysts at the Financial Derivatives Company Limited, led by foremost economist Bismarck Rewane, had said last week predicted that headline inflation would increase by 0.51 per cent to 15.4 per cent in December, describing it as “a hydra-headed monster that has eroded the disposable and discretionary income of consumers”.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

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READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

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Stock investors rally N75bn gain, market cap hits N21.07trn

Stock investors rally N75bn gain, market cap hits N21.07trn

Stock investors of the Nigerian Stock Exchange on Tuesday, January 12, 2021 smiled to the bank as they rallied a gain of N75bn en evas the bulls regained grip on trading activities.

The market capitalisation of equities grew by N75bn from N20.99tn the previous day to N21.07tn on Tuesday as market sentiment remained in the positive territory.

The Nigerian Stock Exchange All-Share Index appreciated by 0.36 per cent with market breadth closing positive with 27 gainers against 20 losers.

The ASI appreciated by 145.17 basis points or 0.36 per cent to close at 40,295.95bps as against 40,150.95bps recorded the previous trading session.

Meanwhile, a turnover of 1.17 billion shares exchanged in 5,592 deals was recorded in the day’s trading.

The insurance subsector was the most active (measured by turnover volume), with 100.95 million shares exchanged by investors in 415 deals.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

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2020 Finance Act: 20 key amendments that will trickle down to your business

2020 Finance Act: 20 key amendments that will trickle down to your business

The newly signed Finance Act 2020 ensures a balance between broader macro economic strategies to attract investments, grow the economy and fiscal plan for domestic revenue mobilisation in response to COVID-19 pandemic, domestic and global economic downturn.

President Muhammadu Buhari signed the 2020 finance act on December 31, 2020.

The Act, which takes effect from January 1, 2021 amends the provisions of the capital gains tax act; companies income tax act; industrial development (income tax relief) act; personal income tax act; tertiary education trust fund (establishment) act, customs & excise tariff (consolidation) act and value added tax act.

Others include federal inland revenue service (establishment) act; fiscal responsibility act; public procurement act; stamp duties act; Nigeria export processing zones act; oil and gas export free zone act and company and allied matters act.

TheCable highlights some of the amendments introduced by the Finance Act 2020.

1. Car importation has gotten cheaper: Section 38 provides that levy to be paid on imported cars has been reduced from 35% to 5%. Import duty of tractors has been slashed from 35% to 5%; motor vehicles for goods transport and transport of more than 10 persons from 35% to 10%.

2. Individuals earning minimum wage or less will no longer pay personal income tax.

3. No more stamp duty on bank transfers: It however imposed an electronic money transfer levy of N50 on electronic receipts or transfer of money in the sum of N10,000 and above deposited in any bank or financial institution. The levy is to be paid by the receiver.

4. Small companies (businesses with gross turnover of N25 million or less) exempted from payment of tertiary education tax. This is according to Section 34 of the finance act which amended Section 1 of the tertiary education trust fund act.

5. Unclaimed dividends and bank account balances unattended to for at least six years will be available as special credit to the federal government through the Unclaimed Funds Trust Fund to be managed by the Debt Management Office. It added that the original owners of the money can claim it at any time.

6. VAT- exempt items have been expanded to include animal feed, “commercial aircrafts, commercial aircraft engines, commercial aircraft spare parts”, “airline transportation tickets issued and sold by commercial airlines registered in Nigeria” and “hire, rental or lease of tractors, ploughs and other agricultural equipment for agricultural purposes.”

7. Land, building, money and securities are not taxable goods for VAT purposes. This means VAT is not applicable on transfer of land, house rent and purchase, lease of residential/commercial property.

8. Donation made in cash or kind to any fund set up by government in respect of any pandemic or natural disaster or other exigency to be tax deductible subject to 10% of assessable profits after deduction of other allowable donations made by the company.

9. Compensation for loss of office up to N10m to be exempted from capital gains tax: Section 4 of the finance act provides that for amounts above N10m, any person who pays compensation for loss of office to an individual shall be required to, at the point of payment, deduct and remit the tax due to the relevant tax authority within the time specified under the pay-as-you-earn regulations.

10. Minimum tax for companies reduced from 0.5% to 0.25% of gross turnover for financial years ending between January 1, 2021 and December 31, 2021.

11. Introduction of software acquisition as qualifying capital expenditure to improve ease of doing business.

12. Non- resident companies that make a taxable supply to Nigeria are required to obtain tax identification number (TIN) and remit tax regularly to the country.

13. Excise duties will now be paid on services provided by telecommunication companies at a rate to be prescribed by the law.

14. Tax holiday for small and medium sized companies engaged in primary agricultural production (crop, livestock, forestry and fisheries): Section 23 of the finance act amended Section 1 of the industrial development (income tax relief) act.

It states that “Any small or medium sized company engaged in primary agricultural production shall be granted, pursuant to an application to the President, through the Minister, an initial tax- free period of four years which may be extended, subject to the satisfactory performance of such primary agricultural production, for an additional maximum period of two years, and such company cannot be granted similar tax holiday incentive under any other Act in force in Nigeria.”

15. Tax relief for companies operating in the free trade zones hinged on compliance to filing returns with the Federal Inland Revenue Service (FIRS).

16. Accountant general of the federation to open dedicated accounts for each tax type for the payment of tax refunds to be administered by the FIRS and funded based on annual budgets for tax refund for each tax-type as may be approved by the national assembly.

17. Balance of operating surplus of a corporation shall be paid to the Consolidated Revenue Fund of the federation on a quarterly basis. The finance minister may effect a direct deduction from the treasury single account (TSA) or other relevant accounts of such corporation to enforce compliance.

18. Introduction of the concept of significant economic presence (SEP) to personal income tax.

19. Empowerment of the tax appeal tribunal to “conduct its hearing remotely via virtual means, using such technology or application as may be necessary to ensure fair hearing.”

20. Corporations that claim the gas utilization incentive under the companies income tax act would not be entitled to similar incentives under the petroleum profits tax act or industrial development (income tax relief) act.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

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READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

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Nigeria’s Internet users hit 151 million in Q3 2020

Nigeria’s Internet users hit 151 million in Q3 2020

The National Bureau of Statistics (NBS) says the number of Internet subscribers in the country grew to 151.51 million subscribers in the third quarter of 2020.

This is compared to the 143.63 million subscribers recorded in the second quarter.

According to the NBS report on telecoms data for Q2 and Q3 2020 released on Sunday, this represents a 5.48 percent growth quarter-on-quarter.

A total of 205 million voice subscribers were reported to have been active in Q3 2020 compared to 196.24 million subscribers in Q2 2020, representing a 4.59 percent increase.

“MTN has the highest share of subscriptions (both voice and internet). This is closely followed by GLO, Airtel, and emerging markets telecommunications services (EMTS)—9mobile respectively,” the report read.

For states, Lagos had the highest number of subscribers in terms of active voice in Q3 2020 with 25.25 million people, followed by Kano (14.42 million); Ogun (11.82 million); Oyo (10.46 million); and federal capital territory (FCT) with 9.09 million subscribers.

Meanwhile, Bayelsa (1.49 million), Ekiti (1.82 million), Ebonyi (1.83 million), Jigawa (2.58 million), and Gombe (2.65 million) were the states with the least number of active voice subscribers.

Similarly, Lagos state had the highest number of active internet subscribers in Q3 2020 with 19 million people, followed by Kano (10.26 million); Ogun (8.82 million); Oyo (7.95 million); and FCT (6.83 million).

Bayelsa (1.09 million), Ebonyi (1.28 million), Ekiti (1.43 million), Jigawa (1.85 million), and Gombe (1.87 million) had the least number of internet subscribers in Nigeria as at the end of Q3 2O20.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Trump twitter ban: Social media, public safety and free speech

Trump twitter ban: Social media, public safety and free speech

Twitter on Friday permanently banned Donald Trump, US President from its service “due to the risk of further incitement of violence,” highlighting the tight rope technology companies walk in balancing public safety with the right of free speech.

Constitutional democracies guarantee free speech but this right is qualified. Inciting violence or insurrection or printing defamatory materials against a person or an institution attracts grave consequences.

This understanding informed rules drafted by social media companies for users of their platforms. They proscribe posts inciting violence or ones promoting the sexual abuse of minors. Considering their out-sized influence, the potential for harm is ineluctable. With over 2.7 billion users, Facebook has more users than twice the Africa population.

But Trump presented these social media companies with a different set of challenges. His predecessor treated the platform as a secondary means of pushing out his message, relying more on press secretaries, it was Trump’s preferred choice, unfettered by the niceties of good grammar or even propriety.

Soon, his preferred platform Twitter became the source of ‘Breaking News’ and where to get the president’s reaction on any given issue. His press secretaries increasingly saw their roles as walking back the president’s most bizarre claims or threading a semblance of reality into his falsehood.

So how do you enforce your rules against the leader of the world’s most powerful country? Most importantly, how do you shut him out when his most provocative remarks evoke raw passion helping to drive home revenue?

Twitter advertising revenue in 2020 from the United States alone was $1.2billion according to Statista, a leading global provider of market and consumer data.

Against flagrant abuse of their rules, the social media companies demurred. Twitter, Facebook, and other platforms said they were defenders of free speech and that posts of world leaders like Trump should be allowed because they were newsworthy.

However, the storming of the US Capitol on Wednesday, generally seen as the temple of US democracy woke them up from inertia. Facebook banned Trump’s account for the remainder of his presidency, while Twitter placed a 12-hour ban and demanded he deleted controversial tweets.

On Thursday, his account on Twitter was restored but the US president resumed tweeting posts capable of inciting violence in a sign that he was never going to show contrition – he doesn’t even seem capable.

Twitter said in a blog post that Trump’s personal @realDonaldTrump account, with over 88 million followers, would be shut down immediately. The company said two tweets that Trump had posted on Friday — one calling his supporters “patriots” and another saying he would not go to the presidential inauguration on Jan. 20 — violated its rules against glorifying violence.

According to Twitter, these posts were “highly likely to encourage and inspire people to replicate the criminal acts that took place at the U.S. Capitol on Jan. 6, 2021,” when mobs, encouraged by Trump, invaded the Capitol, destroying property and eventually leading to the death of five people.

Thought police?

Following this announcement, some fear that the era when big tech companies like Facebook, Twitter, Snapchat, and Google merely provided a platform for users to express their thought independently without fear of consequences, maybe over.

Mark Zuckerberg, had stated in a Facebook that Trump was being indefinitely suspended for using Facebook to incite a violent riot in Washington, D.C., a day before. The Facebook CEO described the events as “shocking” and a “violent insurrection against a democratically elected government.

Apart from Facebook and Twitter other platforms that have taken action against President Trump include Tiktok which flagged content violations and redirected hashtags like #stormthecapitol and #patriotparty to its community guidelines.

“Hateful behaviour and violence have no place on TikTok. Content or accounts that seek to incite, glorify, or promote violence violate our Community Guidelines and will be removed,” a spokesperson for TikTok said.

Snapchat also disabled Trump’s account on Wednesday because it believes the account promotes and spreads hate and incites violence.

Google-owned YouTube said it is accelerating enforcement of election misinformation and voter fraud claims against Trump and other channels. Channels that receive three strikes in the same 90-day period will be permanently removed from YouTube.

Apple also threatened on Friday to remove right-wing friendly social media app Parler from its App Store if Parler does not lay out a plan to moderate its content.

While the US President Donald Trump may be at odds with the rest of a decent free speech society, but relying on big tech to police speech online raises many questions for many people.

Edward Israel-Ayide, a digital marketing expert agrees with the big techs’ decision to flag Trump’s accounts based on how he used his platform to incite his supporters to attack the US Capitol building which led to death and injuries.

“The risk anyone can see is that he is likely to continue using the platform to incite his followers, given the fact that Molotov cocktails and pipe bombs were discovered during the UC Capitol invasion, who knows what that increment may lead to,” Israel-Ayide said.

He also says Twitter has a moral prerogative to deny anyone the use of their platform to spread ideas which it considers dangerous to society.

“Even we report accounts that promote pedophilia, rape, and racism, are we then censoring those tweeting those ideas?” he asked.

But Emily Ratajkowski, an American actress and model disagree. For her, the move could potentially make Twitter, Facebook the most powerful entities since they have the power to censor anyone.

“This gives Facebook, tech, Zuck the most power. If he can shut the president up and off, he can shut any of us up and off,” she wrote on her Twitter timeline.

Republican party officials have condemned the ban calling for a revocation of legal protections for social media companies. Section 230 of the United States Communications Decency Act shields the companies from liability for what their users post online.

“It is now time for Congress to repeal Section 230 and put Big Tech on the same legal footing as every other company in America,” Senator Lindsey Graham of South Carolina said on Friday according to reports by the New York Times.

What follows

The excision of an American president from his preferred social media platform by a US company will draw more than just scrutiny. It will usher in an era of pressure on the company to apply the same standards on anyone violating its policies, something it often fails to do.

A New York Times review of Trump’s139 Twitter posts from Sunday, May 24, to Saturday, May 30, 2020, found at least 26 contained clearly false claims, including five about mail-in voting that was not flagged, five promoting the false conspiracy theory about Mr. Scarborough and three about Twitter itself. Another 24 were misleading, lacked context, or traded in innuendo.

There are also fears that the role of thought police would further plunge Twitter into gray areas. For example, some will ask how the Hong Kong protesters who tried to breach the country’s parliament were any better than those who overran the US Capitol. Why should protesters seek to dethrone an African country’s unpopular government outside an election get to use the platform for mobilisation?

Already in some countries, speech online comes with grave consequences. Jack Ma, a Chinese billionaire entrepreneur felt the ire of the government after several critical comments against regulators were published online. Governments may take a cue from Twitter and ban some social media platforms altogether. Nigeria is considering a law to regulate social media activities.

Regardless of one’s view on the matter, social media platforms have become an integral part of our lives. This is because they easily adapt to different functions- politics, business, media, and entertainment. And there is only so much Twitter can do to police tweets considering that the platform has over 340million users posting some 500million tweets daily.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

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7 practical things you must do to accomplish your 2021 financial goals

7 practical things you must do to accomplish your 2021 financial goals

The year 2020 was tough as the unexpected impact of COVID-19 hurt the financial goals of many people. As the economy struggled, individuals suffered from weak income following millions of job losses while consumer prices increased significantly (food, electricity and petrol prices rose).

With income and the buying power of money falling, many people had less money to save and some even had to take money out of their savings to support their livelihood in 2020. Early indications are that the impact of the pandemic would still be felt in 2021.

So how would you like your December 2021 to look like? We are only a week into the year and this is the time for goal setting. To support your journey, we at Money Africa take you through some practical steps to achieve your financial goals.

1. Write down your financial goals

A short pencil is better than a long mind. Write down your plans for the year, from the big to the negligible, it serves as a great reminder when you need to measure and track progress. Be very specific about these goals and how you want to achieve them. Doing so forces you to think through and be realistic.

2. Draw up a budget

Your budget is the estimate of your income and expenses for a period. Capture the sources of income available to you, but focus on those that are predictable. Salary from your employment is steady enough to be estimated, also income from your other investments.

Similarly, estimate your spending, with timelines for when they fall due so as to plan for them. For instance, house rent and school fees may need months of saving, meanwhile buying groceries might not.

It is always wise to keep spending below income, especially as you need to save for big expenses. emergencies and the future. A common formula is the 50:30:20 rule that advises allocating 50% of your after-tax income to necessities, 30% to wants and 20% to saving. This is not cast in stone, you can increase the share allocated to saving if you manage your expenses better. If your income is not enough to fund your expenses, think of ways to increase your income (by starting a side-hustle, for instance). When all other means have been exhausted, you can support spending through borrowing or taking money from your savings. Be flexible, in case there are needs for changes, say you lose a source of income or benefit from an increase in income.

3. Build an emergency fund

Emergencies are unexpected events that happen to us. Most of the time, emergencies would require a financial outlay. Hence, it is important to set some money aside to meet these emergencies so that we don’t disrupt our broader financial goals. A situation where we have to liquidate our investments early, bearing costs in the process, to meet emergencies would be avoided. Invest in a way that you can quickly access your funds within hours or a few days at minimal cost.

The rule of thumb is that you should have at least six months of your monthly income in an emergency fund. This could increase but do not commit too much to this fund because you could reduce your opportunity for returns. You can save in dollars to meet emergencies outside the country.

4. Have a diversified investment portfolio

Your investment portfolio should have a long-term focus, seeing as your emergency fund is short-term. Start by determining the type of assets to invest in and how to manage the portfolio. The most common type of assets are fixed income securities (local bonds, treasury bills, Eurobond etc), equities and alternative assets (real estate, commodities, cryptocurrency, etc). As most of these securities have different risk profiles, invest in line with your risk tolerance. For instance, a retiree won’t invest a large share of their portfolio in stocks due to the high risk of losses. This would also mean that your potential returns might be lower because assets with higher risks often offer higher potential return.

In deciding how to invest, you can decide to handle this yourself or speak to investment managers. If you are new to investing, a mutual fund (equities, money market, bonds, balanced etc.) is a great place to start. It is relatively affordable so you don’t have to break the bank and you don’t have to bother yourself with the day to day management of the fund.

Ensure that your portfolio is diversified, meaning that it includes different classes of assets in a bid to manage risks while generating good returns. For instance, you can diversify from Nigeria’s risk by holding assets in dollars. Also, in a low yield environment where treasury bills offer below 1% return, you might want to consider riskier assets with high return potential.

5. Reinvest your returns

If you keep spending the returns on your investment, it’s like planting a seed and then digging the soil. The seed will not do very well. Compounding is a powerful principle.

6. Invest in personal development

Personal development is the biggest investment you can make. The returns are infinite. Take a course, read a book pertaining to your field. Watch a youtube video or listen to a podcast. Don’t end 2020 the same way you began. The better your skillset or knowledge base, the higher your potential earnings and ultimately the larger the amount of money you can save/invest over time.

7. Discipline through an accountability partner

Have you made previous resolutions and failed to keep them? One way to ensure better discipline is to have an accountability partner. An accountability partner is someone who holds you to account regarding your goals, and encourages you to stay on track.

An ideal partner should be someone who understands your goals and weaknesses. They should also have goals they are aiming for as well, so you are motivated too.

Oluwatosin Olaseinde is the founder of Money Africa, a financial literacy company and subscription-based financial edtech platform.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Oil prices exceed $55, highest in 11 months

Oil prices exceed $55, highest in 11 months

Oil prices have exceeded $55 a barrel for the first time since February, equivalent to an 11-month high since the Covid 19 pandemic struck globally.

Brent crude, against which Nigeria’s oil is priced, hit an 11-month high of $55.41 per barrel as of 2:50pm Nigerian time on Friday, trading more than $15 higher than the Federal Government’s benchmark for the 2021 budget.

The 2021 budget, which was signed by the President, Major General Muhammadu Buhari (retd.), on December 31, was based on an oil price benchmark of $40 per barrel and a production level of 1.86 million barrels per day.

The upturn in oil prices was supported by Saudi Arabia’s pledge to cut output and a global stocks rally as investors looked beyond rising coronavirus cases, according to Reuters.

The spreading coronavirus remains a near-term concern though. Accelerating cases across Europe prompted a call from the World Health Organization for stricter measures across the continent.

Also the U.K.’s latest restrictions are already compounding a plunge in fuel sales. China has locked down a city of 11 million near Beijing to contain an outbreak.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

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Infidelity mess: Tunde, not FCMB Boss, fathered my kids – Moyo breaks silence

Infidelity mess: Tunde, not FCMB Boss, fathered my kids – Moyo breaks silence

Mrs Moyo Thomas, the lady at the centre of the infidelity and paternity allegation against Adam Nuru, the Managing Director of First City Monument Bank, who is now on leave, yesterday broke her silence, saying on no occasion did she tell her deceased husband, Tunde that he was not the father of her two children.

The scandal blew open when a group of people, who identified themselves as friends of the deceased alleged that Moyo informed her late husband that their two kids belonged to her boss, Nuru. They also claimed that the trauma led to the death of Tunde.

But In a statement titled, “Tunde is the Father of My Kids” and made available to THISDAY through her childhood friend, Moyo explained that she had decided to remain silent in the face of the heavy accusation of infidelity and alleged paternity scandal in order to preserve the memories of her late husband, who died on December 16, 2020.

“I have refrained from responding to this matter for various reasons, one of which is to preserve the memories of Tunde who departed to be with his maker on December 16, 2020. Memories, not only to me, but to his children, who are still young, and to everybody who had a relationship with him.”

According to her, “Just like any marriage, Tunde and I had a lot of differences in our marriage, some of which even led to police intervention. But I remain committed to keeping only positive memories of him.

“No one can ever understand what transpired between us or what each of us experienced in the marriage; like they say, it is he who wears the shoes that knows where it pinches. In all of it, I never for once wished him bad. His untimely and sudden death is still a shock to me as it is to many others,” Moyo stated.

Dismissing media reports on the alleged controversy over the paternity of her two children, Moyo said: “On no occasion did I ever tell him he was not the father of our two children. It is therefore deliberate falsehood and certainly malicious to allege and insinuate that I informed him that the children are not his.

“The children still bear his name. Only God knows why he died in an untimely period. It is not in my place, or any one’s place to play God and talk with certainty as to the cause of his death, without proven medical facts.

“Despite our separation, we never allowed our differences affect the relationships we respectively have with the children. He still had conversations with the children like any father will, up until his sudden and unfortunate death. It is quite sad and disheartening to see the pictures of these innocent children splashed all over the internet with very disparaging and weird comments.

“I do wish his family and friends the fortitude to bear the unfortunate loss and I ask that we all be allowed to grieve his loss in peace.”

Moyo, pleaded that the family be spared of further media exposure as they mourn the departed husband, ”He has now been laid to rest and we implore all a sundry to please respect our privacy and allow those grieving his loss, including the children and I, to do so in peace.”

The spotlight was beamed on Nuru after supposed friends of Tunde Thomas petitioned the Central Bank of Nigeria and the bank’s board to sanction the FCMB chief for infidelity.

The petition had claimed that Thomas died of depression after discovering that his two children with Moyo, his ex-wife and former employee of the bank, belong to Nuru.

Last week, the management of the bank announced the appointment of Yemisi Edun as its acting managing director after Nuru volunteered to proceed on leave to enable the bank investigate allegations against him.

Thisday




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