financial News

…Budget to be adjusted after virement —Udoma …11% revenue expected from recovered looted funds …N-Delta ex-militants get N76.7bn By Emma Ujah, Abuja Bureau Chief The Federal Government will soon release the first capital budget allocation of N 350 billion, Minister of Finance, Mrs. Kemi Adeosun, has disclosed. Speaking at the 2017 Budget Breakdown in Abuja, yesterday, she said the Cash Management Committee, CMC, was to meet to put finishing touches to the list of Ministries, Departments and Agencies, MDAs, to receive the first allocations. Giving details of the budget, Minister of Budget and National Planning, Sen. Udoma Udo Udoma, said:…
The federal government has recovered N13 billion pension liabilities from NICON Insurance Limited as part of efforts to recover all pension intervention funds paid to insurance companies before the Pension Reform Act, 2014. While signing the Memorandum of Understanding (MoU) with the Pension Transitional Arrangement Directorate (PTAD) on the handover of the legacy pension fund assets, the Executive Director, Finance and Administration of NICON Insurance, Mr Stephen Abiodun Ojo, said the payment done in landed property in lieu of cash was to offset some of its liabilities owed pensioners under the Defined Pension Scheme. “Today, history is made because this…
Nigeria plans to sell a 100 billion naira ($328 mln) debut sovereign sukuk in the local market this month to help fund road projects, the Debt Management Office (DMO) said on Tuesday. The Islamic bond with a 7-year tenor will go on sale on June 28 for three days via book building, the DMO said. The bond will be tradable on the Nigerian Stock Exchange and on FMDQ over-the-counter platform. Nigeria is home to the largest Islamic population in sub-Saharan Africa, with about half of its 180 million people Muslims. It is also home to one of Africa’s fastest-growing consumer…
The National Insurance Commission (NAICOM) on Tuesday said it had approved 32 out of 41 firms’ 2016 financial statements submitted to it. The Head, Corporate Affairs of NAICOM, Mr Rasaaq Salami, told the News Agency of Nigeria (NAN) in Lagos that nine others had queries and the commission was awaiting the response of the affected companies. He said reports that the commission was delaying clearance of insurance firms’ financial statements was untrue. Salami said the onus was on the affected companies to reply to the queries raised so that they could complete the process of getting the approvals. “What do…
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