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Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Femi Adeoya
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10
Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Tertiary institutions in Lagos State have finally agreed to pay a whopping 7% of their revenue as commission to Payment Technology Limited (PAYTECH), a controversial revenue collector imposed by the State governor, Mr Babajide Sanwo-Olu.

According to a report by Premium Times, all tertiary institutions in the State have enrolled on the platform.

The agreement has been signed by the schools in spite of the clear violation of the state’s procurement law. The management of the Lagos institutions and the education committee of the state’s House of Assembly had earlier kicked against PAYTECH, describing it as exploitative.

The government has argued that it needs such a firm to bring transparency to – and maximise the opportunities in – the collection of the internal revenue generated by the institutions.

The development is similar to the adoption of Alpha Beta Consulting LLP as Lagos State’s tax consultant since 1999. The private tax consulting firm, which is linked to a former governor of the state, Bola Tinubu, has faced a series of corruption allegations, including tax evasion.

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Nigeria’s Oil exports to US plummet by 820,000 barrels in Q3

Femi Adeoya
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0
Nigeria’s Oil exports to US plummet by 820,000 barrels in Q3

Nigeria’s Oil exports to US plummet by 820,000 barrels in Q3

Nigeria’s crude oil exports to the United States plummet by over 820,000 barrels in Q3, according to data from the US Energy Information Administration.

This represent an 11.83% dip in the third quarter of this year to 6.11 million barrels.

The US imported a total of 6.93 million barrels of Nigerian crude in Q2, up from 5.53 million barrels in the first three months of the year, according to the EIA data.

The Northern American country has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations is similar to the light sweet Nigerian crude.

Oil and gas account for about 50 per cent of the Nigerian government revenues and over 90 per cent of export earnings but account for only about 10 per cent of the country’s Gross Domestic Product.

The NBS data also showed that America imported N111.16bn worth of Nigerian crude in Q3; Europe, N1.03tn; Asia, N910.58bn; Africa, N343.46bn; and Oceania, N29.82bn.

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Stock investors rally N375bn gain, capitalisation climbs to N20.28trn

Femi Adeoya
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0
Stock investors rally N375bn gain, capitalisation climbs to N20.28trn

Stock investors rally N375bn gain, capitalisation climbs to N20.28trn

Investors in the Nigerian Stock Exchange (NSE) market are smiling to the bank as this year end as they gain over N375billion on Wednesday, December 23, 2020, as the market capitalisation climbs to N20.28trillion.

The market breadth closed positive with 26 gainers against seven losers.

The ASI grew by 910.13 basis points from 37,893.61 index points the previous day to 38.803.74 while the market capitalisation of equities appreciated by N475bn to close at N20.28tn from N19.81tn.

On the activity chart, the premium subsector dominated in volume terms with 1.13 billion shares exchanged in 1,728 deals. The subsector was enhanced by the activities in the shares of Zenith Bank Plc and Access Bank Plc.

The insurance subsector was boosted by the activities on the shares of Veritas Kapital Plc and AXA-Mansard Plc followed with 155.96m units traded in 287 deals.

In all, investors exchanged a total of 1.497 million shares in 4,319 deals.

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Airtel, other telecom operators get FG licence to process NIN

Skytrend Consulting LTD
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0
Airtel, other telecom operators get FG licence to process NIN

Airtel, other telecom operators get FG licence to process NIN

Mobile network operators (MNOs) say they now have National Identification Number (NIN) enrollment and verification licences from the Federal Government to register citizens in the ongoing programme.

The development followed the stampede that was witnessed at the registration centres of the National Identity Management Commission (NIMC) across the country earlier this week.

Acting under the aegis of the Association of Licensed Telecoms Operators of Nigeria (ALTON), the group says it will continue to work with the Federal Government to ensure the success of the directive to deactivate subscriber identity modules (SIMs) not linked with their owners National Identity Number (NIN).

Airtel Nigeria, one of telecom providers that have been licensed says Nigerians can now complete their NIN registration process at any accredited Airtel outlet nationwide.

Foreign nationals are required to present their international passports only to register a new SIM when the restriction on registration of new sims is lifted, he added.




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.

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JUST IN: ASUU calls off 270-day-old industrial action

Femi Adeoya
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0
JUST IN: ASUU calls off 270-day-old industrial action

JUST IN: ASUU calls off 270-day-old industrial action

The Academic Staff Union of University, on Wednesday, suspended its strike, ending the industrial action that started since March 2020.

ASUU National President, Biodun Ogunyemi, made the announcement during a briefing of the union in Abuja.

The PUNCH had earlier reported that the Minister of Labour and Employment, Chris Ngige, on Tuesday, assured Nigerians that the prolonged strike by the varsity lecturers would be called off before January 15.

Ogunyemi also said the lecturers sympathised with students who were also their children, adding that “no amount of sacrifice would be too much to get the matter resolved as long as the government is consistent with its commitments.”

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While warning that the union would return to strike without notice if the government fails in meeting its part of the agreement reached with the university lecturers, Ogunyemi noted that the reopening of the schools, considering the COVID-19 pandemic, lies with the Federal Government and Senate.
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.

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FG records N1.29trn revenue shortfall in 90 days

Femi Adeoya
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0
FG records N1.29trn revenue shortfall in 90 days

FG records N1.29trn revenue shortfall in 90 days

The Federal government records N1.29trillion shortfall in revenue collection in the 90 days of the 3rd quarter of 2020, which represents a 42% decline in projection.

The deficit spending recorded in the period represents a slight increase when compared with the N1.25 trillion recorded in Q2’20.

Central Bank of Nigeria (CBN) disclosed this in its economic report for Q3’20, saying that the FG recorded N842.09 billion revenue in Q3’20 which is 42.3 percent less than the budget benchmark of N1.458 trillion.

The apex bank blamed the poor revenue performance on the lingering effect of COVID-19 on economic activity, which caused 75 percent shortfall in collection from FG’s independent revenue sources.

CBN stated: “Given declining revenue and relatively high expenditure profile, the fiscal operations of the FGN in the review period resulted in a provisional deficit of N1.289 trillion.

“This represented 3.6 per cent and 47.0 per cent increase above the revised budget benchmark and the level in the corresponding period of 2019, respectively.

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.

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Why Nigeria’s external reserve is plummeting, sheds $567m in 14 days

Femi Adeoya
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0
Why Nigeria’s external reserve is plummeting, sheds $567m in 14 days

Why Nigeria’s external reserve is plummeting, sheds $567m in 14 days

Nigeria’s external reserve plummets by $567 million in the first 14 days of December 2020, according to the latest data obtained from the Central Bank of Nigeria (CBN).

The reserves plummeted to $34.85 billion on Monday December 14th, 2020 from $35.413 billion on Friday November 27th.

The trend indicates that the reserves has lost $1.748 billion since May 29th, 2020, when it peaked at $36.594 billion.

The downward spiral in the reserves, according to analysts at Financial Derivatives Company Limited, is expected to continue due to increased dollar sales by the CBN, coupled with lower foreign exchange earnings from oil and non-oil receipts.

The Apex bank continues its interventions across the various foreign exchange (FX) windows despite declining dollar inflows.

In its Bi-Monthly Economic Bulletin, FDC said: “Gross external reserves are expected to maintain the declining trend in the near term. This will be due to the frequent CBN’s forex sales coupled with lower forex inflows.

“Falling external reserves will undermine the CBN’s ability to intervene in the forex market, thus putting more pressure on the naira.”

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.

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SMEDAN to establish micro-finance bank for SMEs

Femi Adeoya
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0
SMEDAN to establish micro-finance bank for SMEs

SMEDAN to establish micro-finance bank for SMEs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it would soon establish a micro- finance bank to enable operators of Micro, Small and Medium Enterprises (MSMEs) to have unfettered access to funding to run their businesses.

Dr. Dikko Umaru Radda, Director General/Chief Executive Officer of SMEDAN, stated this in Abuja at an interactive session with the Commerce and Industry Correspondents Association of Nigeria (CICAN).

Radda explains that the idea for the establishment of a micro–finance bank was conceived due to the plethora of challenges confronting SMEs operators in Nigeria before they could access funding for their businesses.

He says the high interest rate charged by commercial banks to the operators of SMEs is a major problem as it stifles the growth of the sector.

Radda said commercial and development banks charge interest rate as high as over 20 percent, adding that no SMEs operator will be able to break even and repay loans with this double interest rate.

He also fingers other stringent conditions provided by commercial banks, which have constituted themselves as obstacles before SMEs operators.

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.

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NSE celebrates bullish market, capitalisation climbs to N19trn

Femi Adeoya
-
0
NSE celebrates bullish market, capitalisation climbs to N19trn

NSE celebrates bullish market, capitalisation climbs to N19trn

The Nigerian Stock Exchange (NSE) is celebrating a bullish market, as capitalisation climbs to N19 trillion on Friday, December 18, 2020, made possible by a gain of N296 billion across some blue chips.

Specifically, the market capitalisation which opened at N18.940 trillion rose by N296 billion or 1.56 per cent to close at N19.236 trillion.

Also, the NSE All-Share Index inched higher by 565.13 points or 1.56 per cent to close at 36,804.75 from 36,239.62 achieved on Thursday.

Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., attributed the market rally to reopening of four land borders and low yield environment in the fixed income instruments.

He said that the reopening of four land borders across the country after 15 months, oil price rally, COVID-19 vaccine and expected early passage of 2021 budget were responsible for the bullish market.

Dangote Cement led the gainers’ table with N9.50 kobo to close at N209.50 per share.

It was followed by MTN Nigeria with N5 to close at N160, while Ardova gained N1.05 to close at N14.30 per share.

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.

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Close all money transfer operators’ naira accounts, CBN orders banks

Femi Adeoya
-
0
Close all money transfer operators’ naira accounts, CBN orders banks

Close all money transfer operators’ naira accounts, CBN orders banks

Central Bank of Nigeria, (CBN) has ordered banks (the Deposit Money Banks) to close all naira accounts of International Money Transfer Operators, (IMTO).

It disclosed this on Friday in a circular titled ‘Receipt of diaspora remittances: Additional operational guidelines 2 addressed to all Deposit Money Banks, Payment Service Providers and International Money Transfer Operators.

The circular was signed by the director, banking supervision department; and director, payments system management department.

The circular read, “DMBs are to close all naira accounts for IMTOs. This is to ensure that diaspora remittances are received by beneficiaries in foreign currency only (cash and/or transfers to domiciliary accounts of recipients).

“DMBs are permitted to open new opex accounts for the purpose of the IMTO operations, such as salary payments and other operating expenses excluding diaspora remittance receipts.

“DMBs must ensure that proper audit of IMTO accounts is done to forestall further use of naira accounts for diaspora remittances purposes.”

The Central Bank of Nigeria had warned operators against paying recipients of diaspora remittances in local currency in a earlier circular.

It warned that violators could lose their operational licences if they failed to comply with its guidelines on remittances.

The CBN had stated, “Following the recent policy pronouncement on amendment to procedures for receipt of diaspora remittances, the CBN notes material compliance by majority of market participants as beneficiaries of remittances through IMTOs now receive foreign currency through their designated banks.

“However and regrettably, a few operators continue to pay remittances in local currency contrary to regulatory directive. The CBN frowns on this practice.”

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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