Business Archives - Page 45 of 51

Commodity Prices Heighten Inflation to 15.63 Percent in December

Nigeria Grew Economy By 5.01% in Quarter Two – NBC

Nigeria’s Gross Domestic Product (GDP) grew 5.01 percent in the second quarter, said the National Bureau of Statistics (NBS) on Thursday. The report from NBS, specifically...

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.

Business4 years ago

Pension Fund Assets accumulate N186bn in Five Months

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...

Tax Evasion Multichoice Nigeria To Pay 50 Percent of N1.8tn

Business4 years ago

Tax Evasion: Multichoice Nigeria To Pay 50 Percent of N1.8tn

A tax appeal tribunal (TAT) sitting in Lagos has ordered Multichoice Nigeria Limited to pay 50 percent of N1.8 trillion to the Federal Inland Revenue Service...

WTTC 770,000 Jobs Lost to COVID-19 In Nigeria’s Tourism Industry

Business4 years ago

WTTC: 770,000 Jobs Lost to COVID-19 In Nigeria’s Tourism Industry

The World Travel and Tourism Council (WTTC) said on Monday, that the tourism industry in Nigeria lost 770,000 jobs as a result of the outbreak of...

US Progressive Twitter accounts lose followers as Elon Musk takeover

Business4 years ago

Tesla to Produce Humanoid Robot to Help Build Cars

After dominating the electric vehicle market and throwing his hat into the billionaire space race, Tesla boss Elon Musk announced the latest frontier he’s aiming to...

Bitcoin Mining Market Recovers after Mass Exit from China

Business4 years ago

PayPal: UK Users to Trade Crypto on Platform

PayPal on Monday said it will this week begin to allow users in Britain to buy, hold and sell cryptocurrency through the online payment platform for...

Foods Imports Gulped $1.04bn in Six Months – CBN

Business4 years ago

Foods Imports Gulped $1.04bn in Six Months – CBN

The foreign exchange supplied by the Central Bank of Nigeria (CBN) for the importation of food products into Nigeria rose to $1.04 billion in the first...

Report Nigeria’s Cryptocurrency Market Grows by 1,200% in One Year

Business4 years ago

Bitcoin jumps above $50,000 for first time since May

Bitcoin broke back above $50,000 on Monday for the first time in three months as investors piled back into the cryptocurrency on bargain-buying. The unit climbed...

Facebook Set to Introduce Novi Crypto Wallet

Business4 years ago

Facebook Set to Introduce Novi Crypto Wallet

Social Media Network, Facebook has announced its plan to introduce cryptocurrency wallet named Novi Digital Wallet on Friday. It also stated that the wallet would be...

AMCON Freezes Jimoh Ibrahim’s Account, Assets Over N70bn Debt

Business4 years ago

AMCON Freezes Jimoh Ibrahim’s Account, Assets Over N70bn Debt

The Asset Management Corporation of Nigeria (AMCO) has withheld all transactions on the bank accounts of Nigerian-born business man and politician, Jimoh Ibrahim and some of...