Finance articles

South Africa introduces $260 minimum wage as Nigeria’s remains stuck at $60

South Africa introduces $260 minimum wage as Nigeria’s remains stuck at $60

South Africa will introduce a national minimum wage of 3,500 rand ($261) per month in 2018, Deputy President Cyril Ramaphosa said on Thursday, according to a Reuters report. The announcement follows protracted negotiations between the government and labour unions. Nigeria’s current minimum wage is N18,000 ($60) with organised labour asking it be increased to at

SEC signs MoU with NERDC on introduction of Capital Market Studies

The Securities and Exchange Commission (SEC) is set to achieve another milestone by infusing capital market studies (CMS) into schools curriculum with the signing of a Memorandum of Understanding (MoU) with the Nigerian Educational Research and Development Council (NERDC). This was done weekend at the Commission’s head office in Abuja in an effort to revive

High Court throws out BGL’s suits against SEC for “Incompetence”

The Federal High Court sitting in Lagos has delivered judgment in the three cases filed against the Securities and Exchange Commission (SEC) by BGL Plc, its sponsored individuals and subsidiaries. The cases BGL brought before the Lagos High Court against the Commission include: I. FHC/L/CS/767/2015 BGL PLC & 4 ORS VS SECURITIES AND EXCHANGE COMMISSION

2017 Budget threatened as Senate lays MTEF aside over incompleteness

Hope of the 2017 budget being passed on time dimmed with the Senate casting aside the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP). The MTEF/FSP lays the foundation for the budget and the law requires that it be passed by the National Assembly before the budget is passed. This is regardless of the fact that

Sukuk issuance gets major boost, guidelines for granting liquid assets approved

The Securities and Exchange Commission (SEC) is pleased to notify issuers and investors that the Central Bank of Nigeria (CBN) has approved “Guidelines for Granting Liquid Asset Status to Sukuk Instruments Issued by State Governments”. This is a major milestone for Nigeria as it will catalyze the development of non-interest capital market products. According to

FG, states share N2.53 trillion in 7 months

The federal, states and local governments have shared N2.53 trillion as proceeds of revenues from the Federation Account from January to July, the News Agency of Nigeria (NAN) reports. The figures were derived from documents obtained from the Federal Ministry of Finance, showing that the total revenue generated for the months under review was N2.73

Airport Terminals Counterpart Funding: Adeosun lied-PDP

The Peoples Democratic Party (PDP) on Wednesday said Nigeria’s Finance Minister, Kemi Adeosun is deceiving Nigerians with her lies and falsehood.  The party’s comments came via a statement signed by its National Publicity Secretary, Dayo Adeyeye. The party was reacting to comments made by Adeosun on a national television station on Tuesday wherein she stated