Nigeria’s quest for unified corporate governance code gathers steam

Eighteen months after Nigeria’s former National Code of Corporate Governance was suspended due to controversies surrounding some sections of the document, Nigerians finally have an idea of what its replacement looks like as the Financial Reporting Council (FRC) of Nigeria, last week, unveiled the draft exposure of the Nigerian Code of Corporate Governance (NCCG). Tony Chukwunyem writes   In recent decades, there has been a growing consensus of opinion among stakeholders that the multiplicity of corporate governance codes across the country needs to be unified in order to instill a…

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Ref for Nigeria’s match against Croatia hospitalized

The Brazilian referee that officiated Nigeria’s opening World Cup match against Croatia has been hospitalized, according to reports.   Russian daily sports newspaper Sport Express says the main referee of the World Cup match between the national teams of Croatia and Nigeria, Sandro Meira Ricci, has been hospitalized.   The 43-year-old civil servant has ruptured his ligaments and is presently in the hospital.   Only yesterday, Ricci, who was the Video Assistant Referee for England’s clash with Tunisia, was embroiled in a fresh controversy after he failed to award a…

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Davis Cup: Nigeria whips Rwanda 3-0

Nigeria tennis team began its participation in the Group A of the Europe – Africa Group 111 of the Davis Cup on a bright note by beating Rwanda 3-0 on the first day of the meet. Sylvester Emmanuel puts Nigeria in the lead by outplaying Rwandan Ernest Habiyambere 6-1, 7-5 while his compatriot and national number one, Joseph Imeh, cruised to 6-0, 6-1 victory over Olivier Havugimana in the other singles tie. Both players teamed up to record a 6-1, 6-2 victory over the Rwandans Hamissi Gatete and Etienne Niyigena…

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Nigeria tops African Sovereign Wealth Fund ranking

  Nigeria has been ranked number one in the first edition of the African Sovereign Wealth Fund Index, polling 62.49 per cent to beat Rwanda (62.24 per cent) and Ghana (62 per cent) into the second and third positions respectively, according to the African Sovereign Wealth Fund Index report released at the weekend. The index, which measures the size and other variables of the existing 12 Sovereign Wealth Funds (SWFs) on the African continent, put the total assets of these SWFs at about $89 billion. Launched by the Konfidants Advisory…

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Nigeria, Ghana most attractive bond markets –Report

Nigeria and Ghana have been ranked as the most attractive local and Euro Bond Markets on the continent, according to a new research carried out by South African-based Rand Merchant Bank. Senior Global Market Researcher at the Rand Merchant Bank, Celeste Fauconnier, said: “If they had a portfolio that says you must invest anywhere in the world, Africa would have felt the pinch.” The US and European bond markets, she said, have dedicated African Funds which Nigeria and Ghana are benefiting from it because, “they are the most attractive local…

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Killings: Nigeria is a failed state – Dickson 

Bayelsa State Governor, Henry Seriake Dickson said the wanton killings in the country by Fulani herdsmen is symptomatic of a failed state.  Dickson who spoke yesterday at a National Prayer Conference in Yenagoa, the Bayelsa State capital, stated that Nigeria is seriously bleeding and divided more than ever.  In a statement by his Chief Press Secretary, Francis Agbo, the Bayelsa State governor said Nigerians must unite in prayers and resolve to work together to ensure fairness, justice, equity and equal citizenship.                      …

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$4bn annual imports threaten Nigeria’s wheat plan

Nigeria’s decades-old program to boost wheat production and reduce imports worth more than $4 billion a year has faltered with farmers cutting output because of soaring input costs, leaving foreign suppliers to meet rising domestic demand, officials and farmers’ groups have said, according to Bloomberg. In a report yesterday, the agency reported head of cereals research at the Lake Chad Research Institute, Zakari Turaki, as saying that latest harvest is coming in slowly and output will drop in the current season. Many farmers say that the government of President Muhammadu…

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Nigeria’s poorest, richest, indebted states

31 states can’t survive without federal allocation   The report of the National Bureau of Statistics (NBS) on 36 states’ Internally Generated Revenue (IGR) has unmasked the financial strength of states, putting them in three categories – richest, middle class and poorest. The report, released at the weekend, in addition to grading the states in terms of IGR, unearthed the level of debt stock of each of them and their collection from federation account in 2017. The Bureau put states’ total IGR in 2017 at N931.23 billion, a figure higher…

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World’s Happiest Countries: Nigeria ranks 91, Finland tops rating

Finland is the world’s happiest country, according to an annual survey issued on Wednesday that put Burundi at the bottom of the happiness index and Nigerians at 91st position. The survey also found Americans were getting less happy even as their country became richer. The UN Sustainable Development Solutions Network’s 2018 World Happiness Report ranked 156 countries according to their scores for things such as GDP per capita, social support, healthy life expectancy, social freedom, generosity and absence of corruption. Finland rose from fifth place in 2017 to oust Norway…

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JUST IN: Nigeria’s debt hit N21.7 trn in 2017 – DMO

Nigeria’s total national debt grew to N21.7 trillion ($70.92 billion) at the end of December 2017, the Director-General of Nigeria’s Debt Management Office told a news briefing on Wednesday. It was N17.36 trillion at the end of 2016. Nigeria’s first Eurobond will be repaid when it matures in July, said the head of the DMO, Patience Oniha. The national debt mix is about 30 percent foreign and 70 percent local after a $2.5 billion Eurobond sale in February, she said. Earlier this month, Nigeria paid off about N130 billion worth…

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