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BUSINESS WRAP: Breeze through major business highlights during the last seven days



Private sector got over N46trn in loans from banks in 9 months –NBS

Welcome to Business Wrap, a featured post highlighting some of the major events that unfolded during the week ended 24th of August, 2019.

Here are the headlines:

  • NSE delists defunct Skye, Fortis banks from its trading list
  • Lagos owes half total debts in S’West as region tops debtors’ list with N1.04tn
  • Court empowers AMCON, UBA to take over Donald Duke’s Ikoyi property
  • TUC takes on govt over planned hike in electricity tariff

Now, the news in brief;

Data obtained from the Debt Management Office (DMO) revealed that the South-West region of the country has more domestic debt than other regions of the country, with Lagos owing N542.23bn which represents 51.92 per cent of the total debt. According to the report, the South-West region accounts for 26.2 per cent of the country’s total sub-national domestic debt.

Justice Chuka Obiozor of the Federal High Court in Lagos on Wednesday ordered the Asset Management Corporation of Nigeria (AMCON) and United Bank for Africa (UBA) to take over an Ikoyi, Lagos property of a former governor of Cross River State, Mr Donald Duke over an alleged debt of N537,334,360.77. Follow this link for the complete story.

The Nigerian Stock Exchange (NSE) on Wednesday delisted two defunct banks- Skye Bank Plc and Fortis Microfinance Bank Plc, formally closing any window of shares exchange for the defunct banks. This follows the approval for the delisting by the National Council of the NSE. Find out why via link.

The Trade Union Congress (TUC) on Friday condemned the Federal Government’s plan to increase electricity tariff by 2020. The union also kicked against the government’s plan to release N600bn to power operators, questioning what they achieved with funds earlier collected. Read complete story.

ALSO, the Debt Management Office (DMO) during the week disclosed that Nigeria’s FGN Bond has continued to attract strong demands from investors. Click here to find out the total subscriptions received from both Competitive and Non-Competitive bids.

Meanwhile, on our editorial Business Review segment;

We examined (on Monday) the consequences of the recent Forex ban policy where our analyst took a deep dive into the FG-CBN Forex ban on food importation. While experts are divided, future eventualities will reveal the implication of such decision.

On Wednesday, we did an explainer article on civic responsibilities attached to running a business in Nigeria with focus on tax remittance using CAC’s “generous” 3-phase reduced registration cost promo as a background.

On Friday, we capped the review up with the heated public exchange between the presidency and the FIRS chairman over the former’s query on the latter, expressing observed discrepancies in the amount remitted by the body. In that review, we covered the event that followed where FIRS aside responding to the query published a list containing over 19,000 alleged tax defaulters with special attention drawn on FIRS’ wrongful allegation of GIG Motors amongst defaulters.

That would be all for now. And, until next weekend when Business Wrap shall come your way again, we are saying: do have a restful, fun-filled weekend.

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