All Posts in "Regulators"

We Are  Still In Charge Of Stamp Duties Collection-FIRS

We're still in charge of stamp duty collection –FIRS
The Federal Inland Revenue Service (FIRS) says it is still the bonafide agency vested with the collection of stamp duty in the country.
The Finance Act 2020 did not  strip FIRS  iof stamp duty collection functions on behalf of the Federal Government,its Director, Communications and Liaison,Abdullahi Ismaila Ahmad, claimed.
“The attention of the Federal Inland Revenue Service (FIRS) has been drawn to false publications in some newspapers and electronic/social media platforms misquoting a recent speech by the Honourable Minister for Communications and Digital Economy on the administration of Stamp Duties in the country.
 “For the avoidance of confusion arising from such publications, the FIRS hereby informs the general public, especially taxpayers, that the Honourable Minister was misquoted as saying that the administration of Stamp Duty was granted to NIPOST by the Finance Act 2020. The speech attributed to the Honourable Minister was definitely, and unfortunately, quoted out of context.
 “For the record, the Honourable Minister merely stated that NIPOST would henceforth produce the Adhesive Stamps   required by FIRS to denote Stamp Duties. This position is in line with Section 2 of the Stamp Duties Act (as amended by Section 46 of the Finance Act 2020).
“The FIRS, therefore, urges taxpayers, tax practitioners and the general public to ignore this unfortunate attempt to cause confusion by twisting the Honourable Minister’s speech. The Honourable Minister for Communications and Digital Economy, Dr. Isa Pantami, is a patriot with unarguable passion for the rule of law and stability of the country.
Online Editor by — March 17, 2021 in Regulators 0
 NSE Completes Demutualisation  From  SEC

NSE completes demutualisation process, receives SEC, CAC application
The Nigerian Stock Exchange (NSE) has received final approvals of its demutualisation plan from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) .
These approvals pave way for the complete  demutualisation process of NSE,according to a statement,which also birth a  new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) .
The Group will have three operating subsidiaries, namely: Nigerian Exchange Limited (NGX Limited), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulation company; and NGX Real Estate Limited (NGX RELCO), the real estate company. All the entities have been duly registered at the CAC.
Speaking on the development,Otunba Abimbola Ogunbanjo, NSE Council President, said: “Successful demutualisation was one of my fundamental objectives when I assumed the Presidency of The Exchange.  The SEC’s decision today to approve the NSE’s demutualisation plans brings this aspiration to a successful conclusion in a process that included the passage of the Demutualisation Act through the National Assembly.
“We are elated that this milestone has been achieved as we celebrate the 60th anniversary of the commencement of trading at the Exchange and now look forward to the future public listing of its shares on NGX Limited. On behalf of the NSE, I would like to warmly thank all those that have worked assiduously to achieve this watershed event on our journey to make the NSE a multifaceted exchange that extends across various markets and geographical regions.”
The approvals by the SEC and CAC signify that the NSE can now activate its Transition Plan to a new operational structure and holding company. The extensive Transition Plan, taking the Group and its subsidiaries through to full Operational Launch, covers legal and practical changes to enable the functioning of the new corporate structure, with no loss of service and a seamless transition for market participants.
The Transition Plan will also see the inauguration of Boards for each of the new entities, staff reallocation to their respective functions within the operating subsidiaries, operationalisation of business plans and budgets, technology systems transfer, and the requisite arm’s length agreements between the entities. Upon Operational Launch, the Group’s new brands, including a new website, will be unveiled and the Group will be in position to execute on its strategic vision. Stakeholders, including our new valued shareholders will benefit from The Group’s enhanced Corporate Governance framework, access to capital to fund strategic developments and a more globally competitive Exchange.
The approvals also enable the shares of NGX Group Plc, which have been registered with the SEC, to be allotted to the membership pursuant to the Court approved Scheme of Arrangement. Ahead of its listing on NGX Limited, the shares of NGX Group Plc will be available for bilateral trades to be executed in line with extant rules and regulations of the Nigerian capital market. Otunba Ogunbanjo will serve as the inaugural Chairman of NGX Group Plc’s Board of Directors.
Oscar N. Onyema, the new Group CEO of NGX Group Plc, said: “The Nigerian capital markets should play a role commensurate with Nigeria’s status as Africa’s largest economy. At the Nigerian Stock Exchange, we have a vision that the new group will become the premier exchange hub for Nigerian businesses and for the African economy. We are implementing a series of measures towards this goal, demutualisation being a critical milestone. The completion of demutualisation is a truly significant moment, and we welcome the new possibilities that have opened up for us today.”
Online Editor by — March 11, 2021 in Regulators 0
NSE’s Indices Resume Week With 0.17% Growth

NSE's indices resume week with 0.17% growth - Vanguard News

The Nigerian equities market resumed trading for week activities yesterday  with key indicators improving by 0.17 per cent.

The All-Share Index garnered 64.96 points or 0.17 per cent to close at 39,396.57 compared with 39,331.61 recorded on Friday.

Besides, the market capitalisation rose by N34 billion or 0.17 per cent to close at N20.612 trillion in contrast with N20.578 trillion posted on Friday.

The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which are: Lafarge Africa, Ardova, FBN Holdings, Access Bank and Champion Breweries. Analysts have expressed optimism that the stock market would witness a rebound in the absence of the Nigerian Treasury Bill auction this week.

They said the absence of an NTB auction this week would calm the surge in yields and provide some temporary respite for equities. A breakdown of the price movement chart indicates that 26 stocks recorded price appreciation in contrast to 15 laggards.

Ardova and Linkage Assurance dominated the gainers’ chart in percentage terms, growing by 10 per cent each to close at N14.85 and 55k per share, respectively.

Champion Breweries followed with a gain of 9.52 per cent to close at N1.84 per share. Oando rose by 9.43 per cent to close at N2.90, while Morison Industries, Cornerstone Insurance and Wema Bank gained 9.09 per cent each to close at 72k, 60k and 60k per share, respectively. Meyer Plc led the losers’ chart in percentage terms, dropping by 10 per cent to close at 45k per share.

Online Editor by — March 9, 2021 in NSE 0
CBN Explains Benefits Of ‘Naira 4 Dollar Scheme’

The Central Bank of Nigeria (CBN) has said that its new “CBN Naira 4 Dollar Scheme”, is aimed at providing Nigerians abroad with cheaper and more convenient ways of sending remittances to the country.
CBN Governor,Mr Godwin Emefiele stated this at the weekend while delivering the keynote address at Fidelity Bank’s Inaugural Diaspora Webinar on the “Implications and Impact of the New FX Policy on Diaspora Investments”.
He  explained that the move was also to increase the transparency of remittance inflows and reducing rent-seeking activities,
He expressed optimism that the new policy measure will encourage banks and financial institutions to develop products and investments vehicles geared towards attracting investments from Nigerians living abroad.
The added that the  the new policy is expected to enlarge the scope and scale of foreign exchange inflows into the country with a view to stabilising the exchange rate and supporting accretion to external reserves.
He explained that the apex bank  introduced the rebate of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Operators (IMTOs) licensed by the Central Bank in order to incentivise the process of remittance.
He explained that the rebate will be provided to the bank accounts of beneficiaries following receipt of remittance inflows.
Emefiele emphasised that the new measure would help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.
Online Editor by — March 8, 2021 in CBN 0