Business Tips

Market Index Plunges to Sell Pressure

The gains recorded in the Nigerian equities market at the start of the week, have proven to be a “dead cat bounce” as the benchmark index retreated 0.3% on Tuesday to 25,406.72 points while YTD loss increased to -5.5%.

Selloffs in DANGCEM (-1.8%), ETI (-5.0%) and WAPCO (-2.6%) were the major drags to performance while market capitalisation trimmed N27.1bn to N8.8tn. Activity level was mixed as volume traded jumped 63.2% to 916.3m units (majorly due to increased activity in banking counters) while value traded slid 2.5% to N2.4bn.

Nigeria to Issue Visa on Arrival for Foreign Investors

The Nigeria Immigration Service (NIS) has announced the introduction of a liberalised online Visa on Arrival (VOA) facility to the public, especially foreign investors willing to invest in Nigeria.

The Comptroller-General of the NIS, Mr Muhammad Babandede, made the announcement on Thursday in Abuja.

Babandede said that‎ the measure was part of the resolution of the Presidential Enabling Business Environment Council (PEBEC) aimed at attracting foreign investors to the country.

Senate Approves $500m Eurobond

The Senate on Wednesday approved President Muhammadu’s Buhari request for 500 million dollars Eurobond in the International Capital Market to fund 2016 Budget deficit.

The Vice President, Prof. Yemi Osinbajo, who acted on behalf of the President, had on March 15, written to the Senate to approve the amount to fund the deficit.

In the letter, Osinbajo explained that the request was based on new borrowings provided in the 2016 Appropriation Act.

FEC Approves ₦80b for Roads, $1.79b Abuja Rail

The Federal Executive Council (FEC) on Wednesday approved N80 billion for the reconstruction of 12 federal roads across the country and simultaneously also approved contracts for roads and rail in Abuja metropolis.

Both the Minister of Power, Works and Housing, Mr Babatunde Fashola, and the Minister of the Federal Capital Territory, Muhammad Musa Bello disclosed this at the end of the Federal Executive Council (FEC) meeting, with President Muhammadu Buhari presiding.

Petition: Senate to investigate moribund Ajaokuta Steel

The Senate is set to begin hearing on a petition urging it to look into the moribund state of the Ajaokuta Steel Company and the National Iron Ore Mining Company.

Following the directive of the senate at plenary, the Committee on Ethics, Privileges and Public petition has fixed March 22 for the hearing.

Recall that Sen. Ahmed Ogembe (Kogi Central) had brought the petition written by Kogi Stakeholders before the red chamber.

The petitioners had urged the senate to intervene and ensure that the two national assets in the state are revived.

Buhari Urges Governors to Pay Salaries with Paris Fund

President Muhammadu Buhari told Nigerian state governors today that their priority when they receive the second tranche of Paris loan refund should be to pay salaries, pensions and gratuities.

“I will not rest until I address those issues that affect our people. One of these basic things is the issue of salaries. It is most important that workers are able to feed their families, pay rent and school fees, then other things can follow,” Buhari said, according to a statement by the president’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu.

Nigeria’s FX Reserves hit $30b

Nigeria’s foreign exchange reserves rose above $30 billion as of March 8 to its highest level since October 2015, central bank data showed on Friday.

Nigeria’s dollar reserves have increased by 15.02 percent since the start of the year, data showed, but were far off their peak of $64 billion hit in August 2008.

The level of reserve was $26.09billion at the beginning of January, meaning that the Central Bank had built it up with additional $4billion.

Time to re-visit Unclaimed Dividends Bill

The National Institute for Legislative Studies (NILS) has called for the re-visitation of the Unclaimed Dividends Bill which was brought before the National Assembly in 2010.

NILS Legal Adviser, Dr Abdulrameed Yusuf, made the submission in a paper presentation at a Workshop on Companies and Allied Matters Act on Thursday in Abuja.

The title of Yusuf’s paper is: “Proposing Amendment to Companies and Allied Matters Act (CAMA), 1990: Some Random Thoughts”.

Customs Fixes 60% Rebate on Old Cars

The Comptroller-General of Customs, Retired Col. Hameed Ali, has approved placement of 60 per cent rebate across board on vehicles brought from 2015 downward, the News Agency of Nigeria reports.

The customs chief approved the adjustment of points of payment of duty on old vehicles to ease clearing process.

The Acting Public Relations Officer of the service, Mr Joseph Attah, announced the grace period for auto duty payment on Wednesday in Abuja.