Business Tips

₦100b Sukuk proceeds to construct roads across Nigeria

The Federal Government says the N100 billion Sovereign Sukuk bonds proceeds will be used to construct 642.69km roads across the nation.

Mr Babatunde Fashola, Minister of Power, Works and Housing, said this at the presentation of the N100 billion cheque by the Minister of Finance, Mrs Zainab Ahmed, in Abuja.

Fashola said that the money was shared equally among the six geo-political zones, meaning that each geo-political zone would get N16.67 billion for the number of roads to be completed in them.

Economic Growth: Expert Urges NASS to Expedite Passage of 2019 Budget

A former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN) Dr Uju Ogubunka, has urged the National Assembly to expedite the passage of the 2019 budget in order to spur economic growth in the country.

He said accelerating the passage of the appropriation bill by the National Assembly was expedient to enable the Federal Government adequately implement its programmes.

“The Economic Recovery and Growth Plan initiative of the Federal Government will be properly implemented if the budget is passed into law in good time.

Nigeria, India to Sign Bilateral Air Services Agreement

Nigeria and India are set to sign Bilateral Air Services Agreement (BASA) before the end of January that would enable direct flights between the two countries, the Indian High Commissioner to Nigeria, Mr Abhay Thakur has said.

Thakur said this to newsmen at an event to commemorate the World Hindi Day and Pravasi Bharatiya Divas in Abuja on Wednesday night.

The high commissioner said that the BASA was part of pending agreements to be signed between both countries.

Ex-NSITF chairperson Ngozi Olejeme forfeits properties to FG

A Federal High Court, presided over by Justice Ijeoma L. Ojukwu has ordered the interim forfeiture of assets and properties traced to Ngozi Olejeme, a former chairman of Nigeria Social Insurance Trust Fund, NSITF.

Justice Ojukwu granted on 21 December the application for forfeiture made by the Economic and Financial Crimes Commission, EFCC.

He ruled that the assets and properties set out in the schedule attached to the application be forfeited to the Federal Government of Nigeria, pending the hearing and determination of the trial in Charge No. CR/365/17.

UAE seeks closer economic ties with Nigeria

The United Arab Emirates (UAE) has expressed its readiness to deepen economic ties with Nigeria toward promoting investment and trade between both countries.

Amb. Fahad Altaffag, United Arab Emirates Ambassador to Nigeria, expressed the country’s desire at the Dubai-Nigeria Export on Monday in Lagos, South-West Nigeria.

The programme was organized by the Lagos Chamber of Commerce and Industry (LCCI) and the UAE Embassy in Nigeria.

Low Awareness, Threat to Green Bond Investment in Nigeria –Experts

Some financial experts on Monday decried the low level of awareness on green bonds investment in Nigeria.

The experts, in separate interviews with news reporters in Lagos, South-West Nigeria, expressed their concerns while reacting to the launch of green bond rules by the Securities and Exchange Commission (SEC).

Green bonds were created to fund projects that have positive environmental and/or climate benefits.

Tackling Infrastructural Gap: SEC Urges Nigerians to Invest in Green Bonds

The Securities and Exchange Commission (SEC) on Tuesday said the nation’s huge infrastructure gap could be addressed with investments in sustainable finance initiatives such as Green Bonds.

The SEC Acting Director-General, Ms Mary Uduk, stated this in Lagos on the sidelines of the Green Bond issuance rules launch.

According to her, the Green bonds were created to fund projects that have positive environmental and/or climate benefits.

Tax Exemption to Tourism Investors

Nigeria has granted a three-year tax exemption and export incentives to intending tourism investors.

The Minister of Information and Culture, Lai Mohammed, said on Wednesday at the fourth edition of the Tourism Investors Forum and Exhibition (NTIFE).

Mohammed, who was represented by the Permanent Secretary, Mrs Grace Isu-Gekpe, said the incentives would ensure that the sector met the country’s development expectations in line with the National Tourism policy of Nigeria and existing fiscal incentive regime for investment.