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COVID-19: ACFE Optimistic about Economy

COVID-19: ACFE Optimistic about Economy

Economy
The Association of Certified Fraud Examiners, ACFE, Lagos State Chapter, has expressed optimism about Nigerian economy bouncing back post COVID-19. President of ACFE, Lagos State Chapter, Prof. Godwin Oyedokun, made this position known in Lagos while addressing the press recently. According to the fraud examiner, the event of COVID-19 has changed people’s orientation and opened their eyes to economic opportunities that were hitherto ignored . He noted that the pandemic has brought about innovations, reinvention and creativity that could lift the economy if well managed and sustained. “For instance, before now, Nigerian tailors have never taught of producing facemask, the crisis has opened their eyes to new opportunities that is creating jobs for others. Many organisations are e...
‘Demand for oil may not rebound anytime soon’

‘Demand for oil may not rebound anytime soon’

Energy
Although many economies are looking at easing the lockdowns as part of measures to avoid the long-term effects of a recession, the global energy imbalance is expected to continue for a longer period as demand for oil remains low. According to latest estimates, oil demand is expected to be down by nearly 30 million barrels per day (mb/d) this month, and down by almost 10 mb/d for the entire year, but some forecasts still optimistically assume that demand bounces back in the second half of the year, a scenario that may not come to pass. For many, simply lifting stay-at-home measures does not return the economy to normal, as a lot of people will likely continue to stay home until they feel safe. For oil dependent economies like Nigeria, the challenge of containing community spread a...
Put on Human Face in Dealing with Debtors, Unegbu Tells Banks

Put on Human Face in Dealing with Debtors, Unegbu Tells Banks

Business
The Managing Director of Maxifund Securities Limited, Mr. Okechukwu Unegbu, has advised banks to adopt mediatory process in resolving disputes expected to arise between them and their debtors due to the disruptions by the COVID-19 pandemic. Unegbu, a former President of the Chartered Institute of Banker of Nigeria (CIBN) and a former chief executive of the defunct Progress Bank, said this in a paper he presented at the monthly forum of the Financial Correspondents Association of Nigeria’s (FICAN) webinar titled: “COVID-19 and the Future of Banking,” organised in Lagos at the weekend. He urged banks to put on a human face in dealing with their respective clients. Unegbu explained: “They must add human face to their operation by sitting down with their debtors to find out how to en...
IMF Urges African Countries to Remain Committed to AfCFTA

IMF Urges African Countries to Remain Committed to AfCFTA

Business
The Managing Director, International Monetary Fund (IMF) Mrs. Kristalina Georgieva has advised Africa not to deviate from its plans to enforce the African Continental Free Trade Agreement (AfCFTA). She described the initiative as a catalyst for enhanced growth. Georgieva said this recently at the just concluded Virtual Spring Meetings of the IMF/ World Bank in Washington. Responding to a question on how badly the pandemic has affected African economies, she said: “Sub-Saharan African had a lot of countries stepping up over the last years and it is so tragic to see that momentum being stopped and then a number of countries that have even before the coronavirus had been experiencing very dramatic difficulties, conflicts and natural disasters. “Sub Saharan Africa ought to be the ...
NSE Extends Financial Statements Filling Deadline for Firms

NSE Extends Financial Statements Filling Deadline for Firms

Capital Market
The Nigerian Stock Exchange (NSE) has extended the due date for the submission of the audited financial statements (AFS) for listed companies with 31 March year end by 60 days from June 29, 2020 to August 28, 2020. According to the NSE, the extension is necessary in order to ensure that the operations of companies are affected constrained by the impact of COVID-19 pandemic. The exchange had last month granted listed companies 60 days grace period for the submission of AFS for the year ended 31 December 2019. “Further to the provisions of Rule 17:20 (g): Financial Reporting and Periodic Disclosure, Rulebook of the exchange, 2015, which states that an issuer shall not announce its interim accounts without having first filed its last AFS and any contravention of this provision shall be...
Stakeholders Decry Non-provision of Scanners by NCS since 2017

Stakeholders Decry Non-provision of Scanners by NCS since 2017

Business
Stakeholders in the Nigerian maritime industry and port users have bemoaned the failure by the Nigeria Customs Service (NCS) to provide scanners at the nation’s seaports to facilitate ease of clearing goods despite the promise made by the Comptroller General of the NCS, Col Hameed Alli (Rtd) in February 2017. The NCS boss had during an inspection tour of the ports in Lagos, February, 2017, promised that cargo scanners would be provided in the first quarter of 2018. Specifically, he had said: “New cargo scanners to arrive in Nigeria next year. The new scanners would arrive the ports by the first quarter of 2018, to make cargo examination easier, faster & Surer.” Responding to stakeholders’ demand for the audit of N9.2 billion scanners at the ports, the CGC had noted that: “Aft...
KBL Insurance Assures Customers of Continuous Services, Offers Advise on COVID-19

KBL Insurance Assures Customers of Continuous Services, Offers Advise on COVID-19

Business
Insurance underwriter, KBL Insurance, has assured its customers that their risk management needs will still be met by the Company despite the challenges occasioned by the COVID-19 pandemic. The company, has also advised its customers to stay safe in the face of the COVID- 19 pandemic encouraging them to stick to proper maintenance of good hygiene, regular hand-washing, use of hand sanitisers, keeping hands away from the face, and adherence to social distancing guidelines of the government and WHO. The Company, in a statement by its corporate communications Manager, Mr Ike Nwakerendu to the customers also encouraged them to stay informed and updated by educating themselves and those around them on other precautionary measures to adopt as advised by credible authorities such as World ...
IEA worried about OPEC’s capacity to save oil market

IEA worried about OPEC’s capacity to save oil market

Oil & Gas
Even if the OPEC+ group and other major oil producers in the world were to agree to deep production cuts, they would be unable to prevent what is sure to be an enormous global inventory build this quarter due to unprecedented demand destruction, Fatih Birol, Executive Director of the International Energy Agency (IEA), has said. The measures many countries have taken to try to flatten the curve of the coronavirus pandemic are destroying unprecedented volumes of oil demand as more than 3 billion people—from India to Europe to the United States—remain in lockdown. As a result of restricted commuter travel, grounded flights, and economic slowdown, demand for oil in April is expected to drop by 20 million bpd year on year, and probably more. Even if OPEC+ plus other producers were to ...
Managing Nigeria’s Debt in Season of Despair

Managing Nigeria’s Debt in Season of Despair

Economy
These are not the best of times for Nigeria. Indeed, it is the worst of times. We live in what Charles Dickens defined as “an epoch of incredulity, a season of darkness and a winter of despair.” A despairing economy seems set to finally come to ‘judgement’. Truth be told, the President Muhammadu Buhari administration since its empanelling in May 2015, has never really strong leash over the economy. It has been one capitulation after another as the president and his economic team increasingly portrayed their inscience and lack of erudition in national economic management. The global coronavirus epidemic and its associated crash in oil prices have left Nigeria open to the buffeting vagaries of external and internal shocks. With the price of Nigeria’s bonny light crude at just $20 ...
Nigerian private sectors unite in the fight against COVID-19

Nigerian private sectors unite in the fight against COVID-19

Growth & Insight
It’s no news how the new coronavirus, (COVID-19) is ravaging many countries of the world, Nigeria inclusive. As there’s currently no vaccine to prevent the coronavirus disease, aggressive measures are being taken to curb the spread of the disease and limit its negative impacts on the economy. In this regard, the Nigerian private sector, through the Coalition Against COVID-19 (CACOVID), has risen to support the Nigerian Government efforts in the fight to eradicate Coronavirus from Nigeria. The initiative is led by industry giants, such as Access Bank Group, Aliko Dangote Foundation, Zenith Bank, Guaranty Trust Bank, UBA, First Bank, MTN, KPMG and many others. CACOVID was created as a response of the Nigerian private sector to the outbreak of the coronavirus and their collective desir...