With the capacity to generate N5 billion yearly, stakeholders have blamed the issue of the poor regulatory framework as a factor hindering the gaming industry from optimal performance. For instance, there are reports that the gaming industry in Nigeria, including international stakeholders in 2019, generated about N25 billion, yet revenue to the government did not exceed N1 billion in the same year. They argued that the industry does not look properly organised. They said the amendment of existing lottery laws to provide a legislative and regulatory framework would serve the industry to perform optimally. Minister of Special Duties and Intergovernmental…
Author: Temitope N.
Facebook on Wednesday reported its profit doubled in the recently ended quarter as digital advertising surged, but warned of cooler growth in the months ahead in an update which sent its shares sinking.Profit jumped to $10.4 billion on revenue of $29 billion, a 56 percent increase from last year, mainly from a jump in ad revenues, Facebook said in its second-quarter report. The number of people using the social network monthly climbed to 2.9 billion, a year-over-year gain of seven percent. And some 3.5 billion people used at least one of the company’s apps including Instagram, WhatsApp and Messenger. “We…
•We are formalising, developing, enhancing value- Minister Six months after the Federal Government declared its intention to establish an international gemstones market in Ibadan and stated that it had commenced the process for the construction, The Guardian reports that the site remains bare. This is as the sector continues to be controlled by locals and foreigners who harness the resources for their personal use without paying royalties to the government to boost the country’s economy. Gemstones are one of the key economic and industrial minerals in Nigeria. They are natural organic matter, minerals or stones, which are present in…
After five days of an uptrend, the Nigerian Exchange Limited (NGX) halted its gaining streak as sell pressure in 20 stocks dragged the All-Share Index (ASI) by 0.1 per cent. Specifically, the ASI dropped by 46.93 absolute points, representing a decline of 0.12 per cent to close at 38,802.15 points, while the overall market capitalisation value lost N25billion to close at N20.216 trillion. The downturn was driven by price depreciation in large and medium capitalised stocks among which are, MTN Nigeria Communications (MTNN), UPDC Real Estate Investment Trust, Africa Prudential, Unilever Nigeria and International Breweries. Market sentiments closed at par,…
Foreign transactions in gold-backed Exchange Traded Funds (ETFs) grew by 99.64 per cent, as 10 stockbrokers drove 99.9 per cent of total transaction value and 97.3 per cent of total volumes of ETFs in the second quarter (Q2) of 2021. The NGX quarterly report for Q2 2021 as of June 30, 2021, revealed that NewGold emerged as the most active ETF with its value rising by 99.6 per cent to N4.41 billion, taking the lead in both value and volume traded in the ETF space. The stock traded 524.241 units valued at N4.41billion. Vetiva Griffin 30 was next, trading 501,48…
The National Palm Producer Association of Nigeria (NPPAN) has unveiled plans to empower youths and women across 24 states of the Federation with free 20 oil palm seedlings. The beneficiaries are expected to start generating a minimum of N2 million yearly from each hectare of the palm tree starting from the third year of planting over a period of 50 years. The aim of the association is to plant 10 million palm trees across the 24 oil palm producing states and to achieve this each household would be provided with 20 free oil palm seedlings. The National President, NPPAN, Alphonsus…
• Indicts operators for money laundering • We receive 5,000 fresh BDC applications monthly, says Emefiele • MPR, other monetary parameters retained • Decision a rumour until we see CBN circular, operators insist • Cordros Research: Discontinuation of FX to BDC will affect exchange rate • Nigeria to launch digital currency ‘e-naira’ in Oct The Central Bank of Nigeria (CBN), in a rare courage, yesterday, ended foreign exchange (FX) supply to bureau de change (BDC) operators and registration of new players with immediate effect. Governor of the CBN, Godwin Emefiele, in a media briefing on the outcome of the…
The Federal Government through National Pension Commission (PenCom) has revealed plans to begin the payment of outstanding 2.5 per cent pension contributions to retirees between 2019 to 2020 and also 2014 to 2018. Speaking at a workshop organised by the PenCom in Lagos, the Director-General, PenCom, Mrs. Aisha Dahir-Umar, said, the growth in the pension fund assets under the new pension scheme is an indication of prudent and sincere management of the pension fund by the operators and the regulator. According to her, the number of registered contributors under the Contribution Pension Scheme (CPS) has grown to 9.38 million while…
Bitcoin broke above $40,000 on Wednesday and headed for another attempt at breaking from its months-long range as short-sellers bailed out and traders drew confidence from recent positive comments about the cryptocurrency by high-profile investors. Bitcoin was last up 1.7% at $40,149 while rival cryptocurrency ether rose 1% to $2,328. Bitcoin is within a whisker of rising through its 100-day moving average.
Economy. Photo/financialexpress As the Monetary Policy Committee (MPC) meets, experts have called on the Central Bank of Nigeria (CBN) to keep monetary policy rates at current values while strengthening intervention initiatives in critical sectors of the economy. According to experts, maintaining the status quo and strengthening intervention initiatives would be the most expedient decision to take given the prevailing economic condition in the country. Specifically, a Professor of Capital Market at the Nasarawa State University, Keffi, Uche Uwaleke said against the backdrop of elevated inflation at 17.75 per cent, a reduction in MPR or other policy parameters, though persuasive, will…
Sustained buying interest in the shares of some blue-chip stocks, especially Oando and FTN Cocoa, aided the Nigerian Exchange Limited (NGX) to close on an upward note yesterday, as the All-Share Index (ASI) appreciated further by 0.5 per cent. At the close of trading yesterday, the ASI grew by 181.18 absolute points, representing an increase of 0.47 per cent to close at 38,849.08 points. Similarly, the overall market capitalisation value gained N94 billion to close at N20.241 trillion. The upturn was driven by price appreciation in large and medium capitalised stocks among which are, Airtel Africa, Julius Berger, Ardova, Lafarge…
Amazon on Monday denied a report that the e-commerce giant planned to begin accepting Bitcoin payments by the end of this year, but acknowledged an interest in cryptocurrency. City AM cited as unnamed insider as saying Amazon would start taking cryptocurrency, citing a recent job posting by the company for someone with digital currency and blockchain skills. Contacted by AFP, an Amazon spokesperson said information in the story was “fabricated,” but that the company does have its eyes on the cryptocurrency sector. “Not withstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies…
The Peoples Democratic Party (PDP) Governors’ Forum is meeting today in Bauchi to discuss a number of burning issues, including the parlous state of the economy and the health of Nigeria’s democracy, particularly the amended Electoral Act. The state chief executives would also examine the state of the nation and happenings in the regions. The forum’s Director-General, CID Maduabum, in a statement yesterday in Abuja, hinted that some thorny matters arising from Constitution alteration bills pending before the National Assembly would get adequate attention. Disclosing that the worsening insecurity in the country is to be accorded sufficient interest too, the…
It‘s not victory yet in Anambra State. Less than four months to November 6, 2021 governorship election, intrigues and suspense have continued to take the centre stage regarding the authentic candidates in the three leading political parties. This is threatening the credibility of the coming exercise. As it is, the governorship primaries that were conducted in the All Progressives Grand Alliance (APGA), All Progressives Congress (APC) and the Peoples Democratic Party (PDP) that ordinarily should provide basis for the election proper are now unsettling the parties and raising serious doubts as to whether the will of the electorate would count…
Electionhe Chukwuma Soludo Campaign has been briefed on a publication by the Independent National Electoral Commission (INEC) where Honourable Chukwuma Umeorji has been published as the candidate of the All Progressives Grand Alliance (APGA) in the November 6, 2021 gubernatorial election in Anambra State. The INEC publication is based on a judgment by a High Court in Jigawa State and the electoral body sensibly wrote that its inclusion of Umeorji as a candidate in the election is “By Judgment.” Our millions of supporters in Anambra State and elsewhere in the world are advised not to be dispirited by the publication…
The World Bank’s June 2021 77-page Nigeria Development Update instructs in particular federal economic policy formulators and implementors that “rising prices alone – even without incorporating the direct impact of COVID-19 on welfare – pushed an estimated seven million Nigerians below the poverty line in 2020.” The corollary is focus by the apex bank on attainment of the principal object which mandates it to “ensure monetary and price stability” that alone would have brought about the desirable outcome of successfully keeping seven million Nigerians (who were on or near the border line) from slipping into extreme poverty in 2020. It…
Holds MPC meeting in Abuja Ahead of its Monetary Policy Committee (MPC) meeting holding today and tomorrow in Abuja, the Central Bank of Nigeria (CBN) has reiterated the resilience, safety and soundness of the nation’s deposit money banks (DMBs) and other financial institutions under its supervision. Addressing journalists at the weekend in the Federal Capital Territory (FCT), the apex bank’s Acting Director, Corporate Communications Department, Osita Nwanisobi noted that the Nigerian banking system had proven to be very sturdy in spite of the global challenges posed by the COVID-19 pandemic. He made the clarification following media reports in some quarters…
Lasaco Assurance Plc has paid a total of N364 million as a death benefit to relatives of the late staff of Lagos State Universal Basic Education Board (SUBEB) and local governments in the state. At the presentation of the first batch of the payment, the Commissioner, Ministry of Local Government and Community Affairs (MLGCA), Dr. Wale Ahmed, said the Lagos State Government gave priority to payments of staff and ensured that it owed nobody. Ahmed, who was represented by the permanent secretary of MLGCA, Kikelomo Morenikeji Sanyaolu, added that 159 relatives of the deceased were going to be presented…
Barely two years after the resumption of Value Added Tax (VAT) to the stock market, investors have returned about N30 billion into government coffers. The amount includes the 10 per cent withholding taxes remitted to the government, despite market operators groaning under the weight of double taxation. The Federal Government, had in 2014, granted a tax holiday on all stock market transactions, a deliberate action to reduce the high cost of transactions in the market and make it more attractive to investors. However, at the expiration of the tax exemption on July 24, 2019, dealing members were mandated to charge…
Environmental health scientist, Dr. Umar Kwami says more Nigerians must embrace the culture of good personal and public hygiene to curb the spread of infections. According to Kwami, a cleaner environment is crucial to curbing the spread of diseases in the country. Kwami, an Environmental Health Superintendent and Waste Manager with the Gombe State Environmental Sanitation and Protection Agency, stressed that proper and regular cleaning of the environment will help reduce diseases and sickness. He made this plea on Saturday, in an interview with journalists in Bolari, Gombe, after participating in an environmental sanitation exercise organised by the National Youth…