The Federal Government, yesterday, opened bids for the concession of four international airport terminals in Lagos, Abuja, Port Harcourt and Kano. The request for qualification (RFQ), as part of efforts to run the facilities efficiently and profitably, is open to firms or consortia with track record in airport terminal management and net worth of N30 billion per bidding firm or consortium. The Federal Government earlier proposed 20 to 30 years concession tenure for the facilities, which will enable private investors to own, operate and recoup investments. The Federal Executive Council (FEC) in 2016 approved the concession of the four major…
Author: Temitope N.
The National Identity Management Commission has shut down its Lagos headquarters after one of its staff members tested positive for COVID-19. It was learnt that the worker, who is in the customer care unit, tested positive for the virus last Monday. An official, who spoke to our correspondent on condition of anonymity, said several workers of the agency had also been ill. The source said, “The woman, a nursing mother working in the customer care unit, tested positive on Monday. “Other staff have been reporting one form of illness or the other. I am not feeling well as well and…
Pension Operators Association of Nigeria has said it will help companies and personnel in the pension industry to navigate the new and changing nature of work. The association said this was at its knowledge sharing session held recently, according to a statement. According to the statement, PenOp’s knowledge sharing session is a curated monthly session for C-level executives, human resources and other personnel in the pension industry where various subject matter experts are invited to dig deeper into topical issues that add value to the audience and the industry in general. At the session, the Chief Executive Officer, Learning Impact…
THE equities listed on the Nigerian Exchange Limited saw its their market capitalisation rise by N370.75bn last week amid bullish sentiment. The NGX All-Share Index appreciated by 1.83 per cent to close at 39,522.34 per cent on Friday from 38,810.75bps the previous week while the market capitalisation rose to N20.59tn from N20.22tn. A total turnover of 1.61 billion shares valued at N12.59bn were traded in 18,622 deals last week, compared to 989.59 million shares worth N8.18bn in 19,617 deals in the previous week. As measured by volume, the financial services industry led the activity chart with 584.79 million shares worth…
The House of Representatives’ Committee on Finance will on Monday (today) begin an eight-day public hearing on the 2022-2024 Medium Time Expenditure Framework and Fiscal Strategy Paper. To appear before the committee are heads and officials of Federal Government ministries, departments and agencies totalling 83, according to a notice obtained by our correspondent. On Monday, the committee is to host Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State for Finance, Budget and National Planning, Clement Ike; Director-General, Budget Office of the Federation, Ben Akabueze; Accountant General of the Federation, Ahmed Idris; and Director-General, Debt Management Office,…
A new report by Global Financial Integrity, an American think-tank focused on illicit financial flows, corruption, illicit trade and money laundering, has ranked Nigeria fifth among countries with the most politically exposed persons involved in real estate money laundering schemes in the US. The report titled ‘Acres of money laundering: Why U.S. real estate is a kleptocrat’s dream’, delved into the murky world of global money laundering and demonstrated the ease with which kleptocrats, criminals, sanctions evaders, and corrupt government officials chose the US real estate market as their preferred destination to hide and launder proceeds from illicit activities. A…
The Federal Inland Revenue Service confirmed that companies with untraceable addresses evaded taxes to the tune of N17.69bn, according to a report by the Office of the Auditor General of the Federation for 2015. The Senate has consequently ordered the Executive Chairman of the FIRS, Muhammad Nami, to go after the defaulters, recover and remit the revenue to the Consolidated Revenue Fund within 90 days. The Senate issued the order based on the recommendations by the Committee on Public Accounts in its report on the audit queries issued by the auditor-general for the year under review. Following the consideration and…
Nigeria’s foreign liabilities stood at $187.36bn while the country’s foreign assets amounted to $102.15bn as of December 2020, the International Monetary Fund has said. From 2016, Nigeria’s foreign liabilities jumped by 42.41 per cent from $131.56bn, while foreign assets rose by 13.67 per cent from $89.87bn. Foreign assets are the investment securities owned by the Nigerian government, companies, or Nigerians in foreign countries while foreign liabilities are assets owned by foreign governments, corporations and individuals in Nigeria. This places Nigeria’s Net International Investment Position, which is foreign assets less liabilities at -$85.21bn as of December 2020. Corporate Finance Institute, a…
LandWey’s Isimi Lagos has contributed to the United Nation’s Sustainable Development Goals (SDGs) through its tree farm initiative. The green initiative was created to contribute meaningfully to the UN’s SDG established in 2015 to protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss. Speaking at the Isimi Lagos Project Introduction Festival and Tree Farm Initiative at Epe, Lagos, Olawale Ayilara, Group Managing Director, LandWey investment Limited said the initiative, a key part of the Polo and Wellness City, also helps to largely retain and maintain…
Consumer goods stocks like that of Honeywell Flourmills Plc closed higher at the end of last week’s transactions on the Nigerian Exchange Limited (NGX). It led nine others on the gainers’ chart with 28.93 per cent to close at N2.05 kobo. Following Honeywell was Northern Nigeria flourmills, which added 22.76 per cent to close at N7.55 kobo per share. Other gainers were Airtel Africa, Conoil, Neimeth Pharmaceuticals, adding 15.38 per cent, 9.83 per cent and 9.33 per cent to close at N750, N22.36 kobo and N1.64 kobo respectively. Skyway Aviation Handling Company, Pharmdeko and Academy Press also increased by 9.18…