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Consumers to pay more for cigarettes, alcohol …as FG raises excise duties The Federal Government has approved an amendment to the excise duty rates for alcoholic beverages and tobacco products. Land Use Charge: Real estate professionals call for review Following criticisms that have trailed the introduction of the Land Use Charge Law, 2018 by the Lagos State Government, professionals in the real estate industry have called for a review of the entire legislation. Nigeria losing revenue to IOCs over delayed PSC review International oil companies, which entered into Production Sharing Contracts with the Federal Government more than two decades ago, are still enjoying the generous terms they got as talks of re-negotiation over the past few years have yet to materialise. CBN stress test reveals weak capital signs in banks A Central Bank of Nigeria stress test has shown that only large banks will stay above the regulator’s capital adequacy ratio threshold if the non-performing loans levels of the Deposit Money Banks should rise by 50 per cent. External reserves hit $46bn, says CBN The nation’s external reserves hit $46bn on Friday, the Central Bank of Nigeria disclosed in a statement on Friday. NSE recorded N39.99bn turnover last week The Nigerian Stock Exchange, in the whole of last week, recorded a total turnover of 3.079 billion shares worth N39.99bn in 23,086 deals undertaken by investors on the floor of the Exchange. VANGUARD N453bn inflow to stabilise cost of funds in interbank Turnover in I&E window falls by 50% Analysts project lower inflation rate for February Nestle’s stock limps between depreciation, recovery Investors’ adverse sentiment in the stock of Nestle Nigeria Plc, the most expensive in the Nigerian Stock Exchange, NSE, seemed to have bottomed out, if the significant up-turn last weekend is anything to go by. 9 banks battle decline in interest income As yields on govt securities fall by 330bpts Analysts disagree on impact Banks respond to the threat Shareholders take position on Consolidated Hallmark as share price gains 48% Shareholders seem to be taking position in Consolidated Hallmark Insurance Plc as the share price of the company went up by 40 percent in nine days trading on the Nigerian Stock Exchange, NSE. GUARDIAN CBN tasks risk managers on sustainable growth of economy The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has charged risk managers and practitioners in the country to ensure that their activities in their respective organizations support government’s efforts towards achieving inclusive and sustainable growth in the nation’s economy. NDIC to probe banks as fraud cases rise, loss hits N2.37b The cases of fraud are rising in the nation’s banking industry, prompting a resolve by the Nigeria Deposit Insurance Corporation (NDIC) to investigate affected banks. NPA begins survey for dredging of Calabar Port The Nigerian Ports Authority (NPA), has commenced arrangements to facilitate the dredging of Calabar Port, in Cross River State. AfDB mulls plans for Africa’s $170 billion infrastructure fund The African Development Bank (AfDB) has said it is in talks with its Governors to unravel strategies that are effective and efficient in closing Africa’s $170 billion infrastructure investment gap. THISDAY Poor Asset Valuation Worries AMCON The Asset Management Corporation of Nigeria (AMCON) has expressed concern about the poor valuation of assets under its management. BLOOMBERG Nigeria’s State Oil Company Hasn’t Explained Missing Billions An agency tasked with cleaning up Nigeria’s murky oil industry says even though financial accountability has improved the state oil company still hasn’t explained billions of dollars of missing revenue.
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