Business Archives - Page 21 of 50

75% of houses in Nigeria are substandard

Vice President, Prof. Yemi Osinbajo, on Monday has said studies indicated that about 75 percent of the houses in Nigeria are substandard. Osinbajo, who stated that...

Business2 years ago

Senate Panel: Wealthy Nigerians Smuggling Jet-A1 to W’Africa

The lawmaker representing Kogi West Senatorial District and the Chairman of the Senate Aviation Committee, Senator Smart Adeyemi, has said that wealthy Nigerians stealing and exporting...

The Nigeria Pension Fund Assets under the Contributory Pension Scheme (CPS) have accumulated N186 billion in five months. This came to the public through a data obtained from the National Pension Commission (PenCom). It shown that as at May 31, 2021, the pension fund assets stood at N12.5 trillion from N12.306 recorded last year December. In the same fold, the number of Retirement Savings Account (RSA) holders as at the end of May, this year stood at 9.35 million from 9.21 recorded as at the same period of CPS. Contributors, under the scheme stand at 14,000, showing a positive growth. Likewise, the Pension Fund Assets (PFAs) as at May had invested N8.34 trillion in Federal Government’s Securities. A closer look at invested fund showed that out of the N8.34 trillion invested in FGN Securities, FGN Bonds got N7.67 trillion followed by the local money market securities which got N1.65 trillion; and Bank Placements, N1.53 trillion. Further breakdown showed Corporate Debt Securities got N836.34 billion; Treasury Bills got N551.6 billion; Agency Bonds got N14.8 billion; Sukuk N91.4 billion and Green Bonds N13.9 billion. Domestic Ordinary Shares got N821.3 billion, Foreign Ordinary Shares N103.6 billion, State Government Securities N117.4 billion; Foreign money market, N18.69 billion; Infrastructure Funds N66.43 billion; Commercial Papers, N156.69 billion and Cash and other assets N122.79 billion. The Contributory Pension Scheme (CPS) was established under the Pension Reform Act of 2004. It mandates a minimum contribution of 10 and eight percent of employees’ monthly emolument by the employer and employee respectively.

Business2 years ago

PenCom okays N13.21bn for annuity retirees

The National Pension Commission (PenCom) has approved a total sum of N13.21bn to fulfil the payment for annuity retirees in the first quarter of 2022. Data...

Business2 years ago

Rite Foods’ MD, Seleem Adegunwa, Engendered Business Growth as Ogun State MAN Chairman, Hands Over to Successor

The Managing Director of Rite Foods, Mr. Seleem Adegunwa, the outgoing chairman of the Ogun State Chapter of the Manufacturers Association of Nigeria (MAN), who is...

Business2 years ago

Nigeria’s Revenue falls by N1.89tn

The gross oil and gas federation revenue for the first four months of 2022 failed to meet the expected target, falling from N3.12 trillion to N1.23...

Manufacturing companies have said they cannot access loans at the Central Bank of Nigeria’s five per cent lending rate under its intervention scheme for manufacturing and other critical sectors. According to them, the loans have structural framework problems and are almost never accessed in banks at five per cent. They added that banks were more open to giving manufacturers loans at their official market rates. Speaking with The PUNCH, the Chairman of Manufacturers Association of Nigeria’s Electrical/Electronic sectoral group, Mrs Ijeoma Oduonye, said efforts made by her firm towards accessing the intervention funds through one of its designated commercial banks had proved abortive. She said, “Before now, we tried to work through one of the banks, but it didn’t materialise, now we are talking with another bank. It is a sector intervention fund that was going for nine per cent before but now they brought it to five per cent. But we as a company have not accessed it because the commercial banks we wanted to process it in could not process it. “I do not understand the details from their end. I don’t know the regulation between the bank and the CBN. But the bank told my firm they won’t be able to process it. Ordinarily, commercial banks would prefer you use their funds, it is at a higher interest rate.” Also, according to the Sectoral Chairman of the Manufacturers Association of Nigeria’s Gas users and the Executive Director of Haffar Industries, Michael Ola-Adebayo, the structural framework of the CBN intervention leading has complexities that limit manufacturers from accessing them through the designated commercial banks. He said, “We have not been getting the loans. Has any manufacturer been borrowing this money? The commercial banks have not provided the facility to borrow money at five per cent, or even 10 per cent. According to a The PUNCH report, the CBN agreed to leave interest rates at five per cent per annum for critical sectors and manufacturing industries until March 2023. This decision followed the resolution of the Monetary Policy Committee to increase the benchmark interest rate to 13 per cent from 11.5 per cent. When contacted, the Director of Corporate Communicatios, CBN, Mr Osita Nwanisobi, disagreed with the position of the manufacturers. Read Also CBN’s rate hike portends harder times for SMEs We’ll no longer route sensitive election materials through CBN – INEC Bank customers to produce indemnity for online transfers above N1m – CBN According to him, more than N1tn has been disbursed under the intervention scheme for the manufacturing sector and others. He said, “I don’t know who the manufacturers are, because if we have a fund, and the payout as of today is over N1tn, is it not manufacturers that collected this money? “If over N1tn has been disbursed, are they ghosts? It couldn’t have been a ghost. Under the Differentiated Cash Reserve Requirement, over N1tn has been given out. The one for manufacturers, we call it the DCCR, and it is also at five per cent.” Nwanisobi added that the manufacturing firms that might have been unable to obtain funds through the scheme were not able to pitch convincing proposals on the projects that the funds would be used for. He stated, “The banks would have to do due diligence on those projects. Somebody else has to carry that credit risk.”

Business2 years ago

CBN panel panics over Nigeria debt repayment capacity

The Monetary Policy Committee of the Central Bank of Nigeria has raised concerns over the nation’s debt sustainability in light of current global uncertainties. The Federal...

Business2 years ago

Amazon sues more than 10,000 Facebook Group Administrators

Amazon said it filed a lawsuit on Tuesday against more than 10,000 Facebook group administrators for allegedly orchestrating fake reviews on Amazon in exchange for money...

Non-Payment: Gencos Lose N1.66trillion over Unused Power

Business2 years ago

National grid collapses again, makes 18th times

The National Grid on Wednesday suffered another system collapse, resulting in blackout in many parts of the country. This current collapse, makes the 18th time a...

Business2 years ago

Twitter Sues Elon Musk, Trial set for October

Twitter Inc (TWTR.N) sued Elon Musk for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the...

Commodity Prices Heighten Inflation to 15.63 Percent in December

Business2 years ago

Nigerians groan as food inflation hits 20.60%

Nigerian traders and buyers have expressed dismay over soaring prices of food items as food inflation hit an upward height, moving from 19.50 percent recorded in...

Earth News

75% of houses in Nigeria are substandard

Senate Panel: Wealthy Nigerians Smuggling Jet-A1 to W’Africa

PenCom okays N13.21bn for annuity retirees

Rite Foods’ MD, Seleem Adegunwa, Engendered Business Growth as Ogun State MAN Chairman, Hands Over to Successor

Nigeria’s Revenue falls by N1.89tn

CBN panel panics over Nigeria debt repayment capacity

Amazon sues more than 10,000 Facebook Group Administrators

National grid collapses again, makes 18th times

Twitter Sues Elon Musk, Trial set for October

Nigerians groan as food inflation hits 20.60%

Soludo Extends Condolences to Families of Okija Stampede Victims

Anambra: Soludo Restates Commitment to Security, Education, Healthcare And Infrastructure

Soludo Felicitates His Chief of Staff, Ernest Ezeajughi, at 54

natnudO Foods Commissions Benin City Processing Plant, Launches natnuPreneur Scheme to Empower Farmers and Entrepreneurs in Edo State

President Tinubu swears in seven new ministers

Nollywood actress Dayo Amusa welcomes first child

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