Volume II, Issue 17

Tax Evasion! Adenuga May Have Problems With Foreign Banks
A feel of public opinion immediately after the publication of the damning news of company income tax evasion by Continental Oil and Gas and Conoil Producing, two upstream oil companies belonging to Otunba Mike Adenuga Jr., was that the $610million (N89billion) tax demand the Federal Inland Revenue [...]

Access Bank in dilemma over N3Million excess bank charges

The controversy generated in consequence of an Access Bank Plc customer accusation of stealing and cheating against the bank in description of what the customer, Messrs Abivico Investment & Promotions Company ascribed to illegal and excess bank charges and the part admittance of the accusation of the customer by Access Bank may provide the basis [...]

CENTRAL BANK NEW NAIRA DEFENCE STRATEGY TO FAIL… FOREX ROUND TRIPPING DEEPENS

Governor of Central Bank of Nigeria, Prof Chukwuma Soludo, may be fighting a lost battle in the foreign exchange segment of the money market. Since November 2008 when the value of the Naira, the national currency commenced a tail spin in a downward spiral that has become unrelenting, the CBN Governor had continued to [...]
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CENTRAL BANK NEW NAIRA DEFENCE STRATEGY TO FAIL… FOREX ROUND TRIPPING DEEPENS

Governor of Central Bank of Nigeria, Prof Chukwuma Soludo, may be fighting a lost battle in the foreign exchange segment of the money market. Since November 2008 when the value of the Naira, the national currency commenced a tail spin in a downward spiral that has become unrelenting, the CBN Governor had continued to [...]

STANBIC-IBTC YEAR END ACCOUNT UNDER INVESTIGATION

The year end financial result of Stanbic-IBTC Bank is reported to have come under the serious scrutiny of officials of the National Accounting Standard Board. Sources at the Alausa, Ikeja office of the body responsible for setting the accounting reporting template of the nation’s corporate and other economic active sectors, said a number of…
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FED GOVERNMENT LAUNCHES N50 BILLION MICRO CREDIT FUND

The Federal Government has affirmed its commitment to micro credit aspect of the economy with the launch of the N50 billion Micro Credit Fund. Dr. Goodluck Jonathan, the nation’s Vice President who represented President Umaru Musa Yar’Adua at the 3rd Annual Microfinance Conference and Microfinance/Entrepreneurship Awards organized by the Central Bank of Nigeria in Abuja, [...]

SUNDAY AKINTOLA: HOW MUSHIN HOME BOY GREW MULTI-MILLION NAIRA BUSINESSES IN MUSHIN, LAGOS

SUNDAY AKINTOLA is specially proud of beating all the odds as a home boy growing up in the densely populated Mushin area of Lagos State to become a successful owner of business chains that span micro finance and telecommunications. In this interview with GOKE OLUWOLE, and TAI ADEWALE SHOFELA, Chairman of Sovereign Micro Finance [...]

Investor Beware! A Preview of the Nigerian Capital Market in 2009

Capital market drivers. The prosperity of the capital market depends on the prosperity of the economy. Thus the capacity of the market to successfully provide long-term funds and a good platform to trade in the accompanying securities will depend on the strength of macroeconomic productivity. A productive economy is invariably one in which economic agents [...]

Millionaire Bank Customers In Dilemma Over EFCC New Rule

As published in the Sept. 28, Issue 33. ULD by ol’Victor Ojelabi.

Until this past July, many commercial banks operating in the country had merely paid perfunctory attention to the demands of the Money Laundering (Prohibition) Act 2004 which require banking institutions to display notice in a conspicuous place directing the attention of customers and the [...]

ATUCHE MAY LOSE BANKPHB DEPOSITORS’ NBILLION IN CONTROVERSIAL SPRING BANK ACQUISITION: CBN, SEC, NSE INVOLVED

There is no concise dictionary definition of a bubble share, yet, this rather strange sounding lingo, has become the issue at the heart of the alleged controversial acquisition of Spring Bank Plc by BankPHB Plc. Roughly, bubble share may mean shares held by an individual investor or body corporate that, however, cannot be classified as [...]