Business Tips

Nigeria Expects $700m from International Sources –DMO

Nigeria expects to raise $700 million from international sources as part of a $3.5 billion in borrowing earmarked in the 2017 spending plan, the Debt Management Office (DMO) said on Tuesday.

The DMO gave no details of which sources the government could tap but director general Patience Oniha told Reuters in October the country is talking to the World Bank about concessionary loans.

The government raised $2.8 billion in the international market last year, selling $2.5 billion in Eurobonds in November and another $300 million via Diaspora bonds earlier.

NAICOM Releases Approved Rates for Compulsory Insurance

The National Insurance Commission (NAICOM) as part of efforts to curb the increasing challenge of rate cutting in the industry, on Monday released approved rates for compulsory classes of insurance to the operators.

The approved rates for compulsory classes of insurance were announced in a statement by the commission’s Head of Corporate Affairs, Mr Rasaaq Salam, signed by the Acting Director, Authorisation and Policies, Mr Leonard Akah.

The statement said every operator should be guided by these rates in their various transactions.

Customs Targets ₦1.5 tr in 2018

The Nigeria Customs Service has set a revenue target of N1.5 trillion for 2018.

The Comptroller-General of Customs, Hammed Ali, disclosed this at the first management meeting for 2018 held in Abuja.

A statement by Joseph Attah, Customs PRO on Monday, said that in 2017, the Service generated N1.37 trillion, surpassing the year’s target of N770.57 billion.

According it, promotion of officers, which would soon be approved by the board and the review of salaries, payment of bonus to Customs officials, were discussed.

Lagos Revenue hits ₦504b, says Ambode

Gov. Akinwunmi Ambode of Lagos State on Thursday said that the state generated a total of N503.7billion revenue in 2017 despite the harsh economic climate in the country.

Ambode spoke at the state’s first quarter 2018 Town Hall Meeting in Ikeja. He did not indicate whether the whole amount was for IGR (Internally Generated Revenue).

The governor said that he would vigorously pursue all infrastructure projects and remain focused to the task of building a virile Lagos.

“Despite the harsh economy, our state budget performed at 82 per cent.

Akwa Ibom State Shops for Investors in Deep Seaport

The Federal Government and the Akwa Ibom State Government have reached a critical milestone in the implementation of the Ibom Deep Seaport (IDSP) project.

The procurement process for the project has commenced as the operators of the project begins to shop for reputable private sector port developer for the development of the deep seaport in partnership with the Akwa Ibom State Government and the Federal Government, Voice of Nigeria reports.

Foreign Reserves hit $40.4b –CBN

Nigeria’s foreign reserves reached $40.4 billion as of Jan. 5, an increase of roughly $1 billion from December, the central bank said on Monday.

Successful debt sales, including multiple Eurobond offerings last year, have helped the government accrue billions of dollars in foreign reserves, although they remain far from the peak of $64 billion in August 2008, Reuters reports.

Legacy Pension Managers Reorganises Board: Appoints Ladi Balogun as Chairman, Board of Directors; James Ilori as Non-Executive Director

The appointments of Mr. Ladi Balogun and James Ilori to the Board of Legacy Pension Managers (Legacy Pensions) come in the wake of the acquisition by FCMB Group of 60 percent of the company, raising its interest to 88%. The Central Bank of Nigeria, the National Pension Commission, and the Securities and Exchange Commission approved the transaction in November 2017. The board appointments have also received the approval of the National Pension Commission.