Wednesday, 24 August 2011
Monday, 22 August 2011
OIL: The reason for war in Libya and removal plan on Gaddafi now emerges. Read: http://ping.fm/DPNuB
Sunday, 14 August 2011
How They Share N1.5 Trillion from Federation Account in July 2011 and Still on Islamic Banking
Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidential and http://www.facebook.com/economicmagazine
How They Share N1.5 trillion in July 2011
Though some of the benefiary states are not comfortable with the release of the actual figures of revenue allocation they received in July 2011 at the Federation Account meeting in Abuja, the Economic Confidential magazine has republished the 'triple allocations' that were disbursed to the three tiers of government in July 2011 of over N1.5 trillion. The allocations came from Statutory and VAT disbursement, Budget Differential Bonus and from Excess Crude Account. See the three tables of disbursement from this link: http://economicconfidential.net/new/financial/facts-a-figures/766-federation-account-how-they-share-n15-trillion-in-july-2011
Though some of the benefiary states are not comfortable with the release of the actual figures of revenue allocation they received in July 2011 at the Federation Account meeting in Abuja, the Economic Confidential magazine has republished the 'triple allocations' that were disbursed to the three tiers of government in July 2011 of over N1.5 trillion. The allocations came from Statutory and VAT disbursement, Budget Differential Bonus and from Excess Crude Account. See the three tables of disbursement from this link: http://economicconfidential.net/new/financial/facts-a-figures/766-federation-account-how-they-share-n15-trillion-in-july-2011
More
Power Projects in the North for Completion – VP
The Vice President of Nigeria, Mohammed Namadi Sambo has expressed satisfaction with the progress of work and documentation at the Mambilla, Zungeru and Kaduna Power Projects all in the Northern part of the country.Read: http://economicconfidential.net/new/news/national-news/757-more-power-projects-in-the-north-for-completion-vp
The Vice President of Nigeria, Mohammed Namadi Sambo has expressed satisfaction with the progress of work and documentation at the Mambilla, Zungeru and Kaduna Power Projects all in the Northern part of the country.Read: http://economicconfidential.net/new/news/national-news/757-more-power-projects-in-the-north-for-completion-vp
FIRS
Collects N1.9Trillion in 6 months
The Chairman Federal Inland Revenue Service (FIRS) Ifueko Omoigui Okauru has disclosed that a total sum of N1.974.17 trillion was collected between January and June 2011 by the agency. Read: http://economicconfidential.net/new/financial/tax-matters/763-firs-collects-n19trillion-in-6-months
The Chairman Federal Inland Revenue Service (FIRS) Ifueko Omoigui Okauru has disclosed that a total sum of N1.974.17 trillion was collected between January and June 2011 by the agency. Read: http://economicconfidential.net/new/financial/tax-matters/763-firs-collects-n19trillion-in-6-months
A Muslim's Thought on Christian Banking in Nigeria
It is rather unfortunate that every issue in Nigeria today is debated on the basis of ethnic or religious sentiments, while every action taken is politicised, becoming a weapon for further escalation of animosity among the Nigeria's citizens.Read: http://economicconfidential.net/new/features/761-a-muslims-thought-on-christian-banking-in-nigeria
Sustaining
Competition in Banking Reforms
Over the short period of Nigeria's reform programmes, competition has proven to be the best way to keep prices in our economy lower over time – the telecom sector, aviation and entertainment; particularly the film industry had attest to this. The financial industry, particularly the banking sector had gone through series of reforms aimed at strengthening the economy. Read: http://economicconfidential.net/new/features/760-sustaining-competition-in-banking-reforms
Over the short period of Nigeria's reform programmes, competition has proven to be the best way to keep prices in our economy lower over time – the telecom sector, aviation and entertainment; particularly the film industry had attest to this. The financial industry, particularly the banking sector had gone through series of reforms aimed at strengthening the economy. Read: http://economicconfidential.net/new/features/760-sustaining-competition-in-banking-reforms
Islamic
Banking: Can We Afford Not To Have It?
With presence in over 60 countries, Islamic banking has steadily evolved overtime to dealing with whole gamut of financial services, including: leasing of assets, bonds (Sukuk), structured products and wealth management. It has indeed, grown rapidly in the past five years; total assets of the 500 largest banks grew on year by almost 29% in 2009, to an estimated US$1.3 trillion (EIU, 2011). Read: http://economicconfidential.net/new/features/741-dangote-opening-new-investment-frontiers
With presence in over 60 countries, Islamic banking has steadily evolved overtime to dealing with whole gamut of financial services, including: leasing of assets, bonds (Sukuk), structured products and wealth management. It has indeed, grown rapidly in the past five years; total assets of the 500 largest banks grew on year by almost 29% in 2009, to an estimated US$1.3 trillion (EIU, 2011). Read: http://economicconfidential.net/new/features/741-dangote-opening-new-investment-frontiers
Dangote: Opening new investment frontiers
"I have more confidence in Nigeria than in any other country. I will keep investing" -Dangote
Africa's richest man AlikoDangote arguably knows these simple laws, one of which is never to rest on your oars, as he opens new investment frontiers. Despite making it to the top in Africa with a net worth of $13.8 billion in March 2011, according to Forbes Magazine, the world's 51st richest person is planning to build yet Africa's biggest fertilizer company that will provide additional 7,000 jobs. Read: http://economicconfidential.net/new/features/741-dangote-opening-new-investment-frontiers
"I have more confidence in Nigeria than in any other country. I will keep investing" -Dangote
Africa's richest man AlikoDangote arguably knows these simple laws, one of which is never to rest on your oars, as he opens new investment frontiers. Despite making it to the top in Africa with a net worth of $13.8 billion in March 2011, according to Forbes Magazine, the world's 51st richest person is planning to build yet Africa's biggest fertilizer company that will provide additional 7,000 jobs. Read: http://economicconfidential.net/new/features/741-dangote-opening-new-investment-frontiers
Rescued
Banks Face Uncertain Future OverCbn Threat Of Nationalisation
Panic has gripped depositors in the eight rescued banks while the banks now face uncertain future over threat of nationalisation hanging on them after the September 30 deadline handed over to them by the Central Bank of Nigeria (CBN). The affected banks are Union Bank, Spring Bank, Intercontinental Bank, Oceanic Bank, Bank PHB, Spring Bank, FinBank and Afribank.How the affected banks came about their misfortune is now history as far as the Nigerian financial system is concerned. Read: http://economicconfidential.net/new/features/742-rescued-banks-face-uncertain-future-overcbn-threat-of-nationalisation
Panic has gripped depositors in the eight rescued banks while the banks now face uncertain future over threat of nationalisation hanging on them after the September 30 deadline handed over to them by the Central Bank of Nigeria (CBN). The affected banks are Union Bank, Spring Bank, Intercontinental Bank, Oceanic Bank, Bank PHB, Spring Bank, FinBank and Afribank.How the affected banks came about their misfortune is now history as far as the Nigerian financial system is concerned. Read: http://economicconfidential.net/new/features/742-rescued-banks-face-uncertain-future-overcbn-threat-of-nationalisation
CBN
Endorses Bridge Banks
The Central Bank of Nigeria (CBN) has endorsed the decision of the Nigeria Deposit Insurance Corporation (NDIC), to exercise its statutory powers under the Nigerian Insurance Deposit Corporation Act, to establish Enterprise Bank Limited, Keystone Bank Limited, and Mainstreet Bank Limited as Bridge Banks, and by Purchase and Assumption Agreements, cause all the deposit liabilities and certain other liabilities and the assets of Spring Bank Plc, Bank PHB Plc, and Afribank Nigeria, respectively to be assumed by the 3 Bridge Banks, effective 5th August 2011. Read: http://economicconfidential.net/new/financial/monetary/764-cbn-endorses-bridge-banks
The Central Bank of Nigeria (CBN) has endorsed the decision of the Nigeria Deposit Insurance Corporation (NDIC), to exercise its statutory powers under the Nigerian Insurance Deposit Corporation Act, to establish Enterprise Bank Limited, Keystone Bank Limited, and Mainstreet Bank Limited as Bridge Banks, and by Purchase and Assumption Agreements, cause all the deposit liabilities and certain other liabilities and the assets of Spring Bank Plc, Bank PHB Plc, and Afribank Nigeria, respectively to be assumed by the 3 Bridge Banks, effective 5th August 2011. Read: http://economicconfidential.net/new/financial/monetary/764-cbn-endorses-bridge-banks
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Economic Confidential
Factual, Authoritative and Accesible
Nigeria's Economic Magazine
Friday, 15 July 2011
Facts on Salaries of President, Ministers, Federal Legislators and Judges in Nigeria
The Economic Confidential online, your factual,authoritative and acessible magazine is back after going through technical challenges which made it to upgrade with new and secure features.
While the monthly printed editions remains mostly available by subscription, the online version will continue to provide regular updates with our facts and figures. To read our recent interviews and salaries of President, Vice President, Ministers, Federal legislators and Judicial office holders go to:
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Welcome back to factual reports.
Economic Confidential
Factual, Authoritative and Accesible
Nigeria's Economic Magazine
Tuesday, 4 January 2011
Jumbo Payment to Bayelsa Suspended, CBN Extends Deadline to Bank Customers
Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.
RMAFC suspends Jumbo Concession to Bayelsa from Derivation Funds
The newly appointed members of the Revenue Mobilisation Allocation and Fiscal Commission, at an emergency plenary session in Abuja has suspended special concession granted to Bayelsa State for derivation fund from three oil wells which made it the leading oil producing state in Nigeria. I t has so far earned over N15bn over and above what it could have normally earned from derivation fund... Read:
CBN Extends Deadline on Update of Bank Accounts
The Central Bank of Nigeria (CBN) has extended the deadline it gave customers of banks to update their information with the financial institutions from December 31, 2010 to January 31, 2011. In a press release from the spokesperson of the bank, Mr. Mohammed Abdullahi said that... Read:
Pension fund assets hit N1.8trn
The National Pension Commision (PenCom) has disclosed that the cumulative pension fund's assets stood at N1.8 trillion in 2010. The Director General of the Commission, Muhammad Ahmad who made the disclosure in Lagos at a conference of directors of licensed pension operators, listed the asset classes as equities, government securities, money market, corporate bond and real estate, among others... Read:
More Agitations against Multiple Taxation as Tax revenue hits N2tr
The Chairman of Federal Inland Revenue Service (FIRS), Ifueko Omoigui Okauru has disclosed that multiple taxation are inimical to economic development, just as the said that the economic reforms have pushed tax revenue to N2.2 trillion despite all odds... Read:
Femi Ajayi: An International Civil Servant for NDLEA
The newly appointed Director General and Executive Secretary of National Drug Law Enforcement Agency (NDLEA), Mr. Femi Ajayi is a multi-disciplinary professional who is biochemist, journalist and international law expert. Born July 14, 1957 in Ekiti State, he was before his new appointment... Read:
New Revenue Formula Coming Soon- Chairman RMAFC
The newly appointed Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) recently, after an inaugural meeting of the Commission addressed the press. He was a former Commissioner of Works and Housing in Ebonyi State before becoming Finance Minister of State and Chairman of the Federation Account Allocation Committee (FAAC). He talks about the major issues the Commission would soon addressed. The Economic Confidential was there and presents here the excerpts of the session:
Bomb Blasts and Conflicting Figures
Every figure released after any disaster whether from identified official channels or anonymous official sources are obviously based on one or combination of factors such as security implications, political consideration and factual reality... We should know that politicians have ways of sending positive and negative signals to their supporters as well as opponents in a season of do-or- die politics, we should therefore not play into their hands... Read:
Impacts of Global Meltdown on Mortgage Institutions
About three years ago, President Barak Obama of the United States said "Subprime lending started off as a good idea -- helping Americans buy homes who previously couldn't afford." Opinion of this nature reflects effectiveness in the operations of Mortgage sector. However, the impacts of the global financial meltdown have also affected the sector which is now faced with many shortcomings resulting to the stagnant in its operations... Read:
The good old days
An editor once referred to the 1980's as better than present times. Ironically, the rapid technological advancement of the present time evolved from the desires to make life better and more comfortable. But how much of these truly affect the lives of the ordinary Nigerian... Read:
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Economic Confidential
Factual, Authoritative and Accesible
Nigeria's Economic Magazine
Monday, 3 January 2011
How They Share 1 Billion Dollars Before Parties' Primaries
Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.
New Year Bonus: How a Billion Dollar Was Shared to States Before Primaries of 2011 elections
In what could be considered as Manna from Heaven, the Economic Confidential provides the details of how a total sum of $1 billion was shared from Excess Crude Oil Savings Account among the tiers of government on the eve of New Year 2011. It was at an Emergency Meeting of the Federation Account Allocation Committee (FAAC) on December 31, 2010 were the allocation was shared in a foreign currency, US Dollar... Read:
Economic Confidential and 4 Years After
As the world witnesses another New Year, so also is the Economic Confidential which clocks Fourth Anniversary of its simultaneous online and print editions since January 2, 2007. It is a brainchild of seasoned finance journalists and economic writers. Currently our print edition which is largely by subscription and available in selected distribution's outlets, is monthly circulated to all Federal legislators, Commissioners of Finance, AG of States, members of RMAFC, NNNPC, CBN, PENCOM, NEITI, DMO, NDIC, SEC, PTDF, NPC, BPE, OAGF, FIRS, World Bank, Banks' MDs ...Read:
Again Finance Minister Defends 2011 Budget, Says Overhead Cuts Are to Reduce Deficit
The Federal Government has its decision to cut overheads in the 2011 Appropriation Act by about 30 percent is in line with its Fiscal Consolidation Policy to reduce budget deficit and avoid domestic debt accumulation... Read:
FG to Monitor MDAs on Budget Implementation
In its bid to realize the goals and objectives of attaining Vision 20:2020, the Nigeria's Government has again restates it commitment to ensuring transparency and accountability in the spending of the nation's resources within the scope of a performance based budgeting as espoused in the 2011 appropriation bill presented by the President to the National Assembly recently...Read:
Posting of Federal Permanent Secretaries
The Head of the Civil Service of the Federation, Professor Oladapo Afolabi, has announced the deployment of Permanent Secretaries in the Federal Civil Service as approved by President Goodluck Ebele Jonathan. In the posting circular released in Abuja , three recently appointed Permanent Secretaries received postings; ten have been redeployed while others retained their current postings... Read:
Governor Shekarau presents N109b Budget for 2011
Governor Ibrahim Shekarau of Kano State has presented a budget proposal of N109.5billion for 2011 before the state Assembly which he tagged a 'Budget of Continuity.' He said the 2011 budget is intended to serve as a base for the incoming administration to pursue development objectives based on a long term plan... Read:
Governor Akpabio Presents N309 billion for 2011 budget
Governor Godswill Akpabio of Akwa Ibom State, has presented a total sum of N309.509 billion for the 2011 appropriation bill of to the State House of Assembly with special emphasis on industrialization, security, healthcare, education, completion of ongoing people-oriented projects among others... Read:
Governor Geidam of Yobe Present N64bn for 2011 Budgets
Governor Ibrahim Geidam of Yobe State has presented a total sum of N64, 264, 000, 000 for the 2011 budget, which represents a decrease of N873, 209, 386 or approximately 1.4 per cent compared to what was budgeted for in 2010... Read:
Still on Zero Interest Banking in Nigeria
Nigeria experienced a tremendous lift in its financial sector with the giant strides and people-oriented reforms by the Central Bank of Nigeria (CBN). Although there are mixed feelings about this reforms in some quarters, others opined for a banking regime that will compliment the ills of the commercial banking with a zero interest based banking system also known as the Islamic Banking System... Read:
2011 Election: Working People Must Have Genuine Political Voice
The coming 2011 elections is being heralded by bourgeoisie politicians with public statements canvassing that it is a period in which the history of the country will be rewritten .As matters stand,the mass voters' registration by January is being canvassed as opportunity for working masses to put their electoral rights into use... Read:
Herbs as Healing Spices for Cooking
This column "The Homemaker" in the first month of the News Year 2011, looks at herbs and healing spices for cooking delicious meal at homes. Essentially, spices are dried seeds, fruits, roots, or vegetative substances used nutritionally. Some are leafy in nature in the forms of bay leaves, peppermint leaves among others, and they have their wonderful usages... Read:
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Economic Confidential
Factual, Authoritative and Accesible
Nigeria's Economic Magazine
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