Financial services provider, FSDH Merchant Bank has announced that it would begin operations as a Customs Duty Collecting Bank in Nigeria. This is according to a statement released by the company.
Other merchant banks across the country can now follow suit as FSDH has paved the way for them.
FSDH had begun talks with the Nigeria Customs Service Board (NCSB) to obtain a license to operate as a customs duty collecting bank in 2018. However, it wasn’t until May 2019 that the approval was granted.
What this means: FSDH can now collect customs duty payments for imports into the country. As stated on the Customs website, importers are to open a form M as the customs duty payment can only be processed at the bank where it is opened.
What you should know: As stated in the statement, the merchant bank is the first in Nigeria to restructure into a holding company. In November 2012, it also became the first discount house to become a merchant bank in Nigeria.
The statement reads, “With services ranging from corporate banking to investment banking, and prestige banking, FSDH Merchant Bank has over the years become a financial supermarket that delivers expert financial services within Nigeria and to select clientele, in order to create long term sustainable wealth.
“Taking into account the bank’s sustained record over the past year; of good capitalisation, good liquidity, good profitability, and an experienced management team, FSDH Merchant Bank has been rated A and A- for the year 2019 by prestigious agencies like Agusto & Co. Limited, and Global Credit Ratings Co. (GCR).
“FSDH Merchant bank maintains the status quo as being an innovative industry leader. As another decade slowly comes to an end, we celebrate FSDH Merchant Bank for constantly championing and paving the way for innovation in the financial services industry across Nigeria,” the statement added.
NGX lauds Transcorp Hotels over operational efficiency
Transcorp Hotels Plc achieved business continuity by enhancing the organization’s operational efficiency.
The Nigerian Exchange (NGX) Limited has lauded the efforts made by the Board and Management of Transcorp Hotels Plc towards achieving business continuity by enhancing the organization’s operational efficiency.
NGX also congratulated the Group on the successful unveiling of new product lines and efforts towards repositioning the organization, thereby reassuring investor confidence in the company.
This was disclosed by the Divisional Head, Listings Business, NGX, Mr Olumide Bolumole, when the management of the Hotel led by the Managing Director (MD)/Chief Executive Officer (CEO), Transcorp Hotels, Mrs Dupe Olusola, presented its Facts Behind the Figures to capital market stakeholders.
Speaking at the event, Mr Bolumole said, “Recently, NGX hosted the CEO, Transcorp Hotels Plc, Mrs Dupe Olusola to a digital Closing Gong Ceremony to commemorate the formal listing of their ₦10Billion rights issue.
We are pleased that Transcorp Hotels has again chosen to utilise our platform to engage the market about the financial performance as well as strategic and operational developments within the organization.
The Exchange recognizes the efforts made by the Board and Management of Transcorp Hotels Plc towards achieving business continuity by enhancing the organization’s operational efficiency. We congratulate you on the successful unveiling of new product lines and efforts towards repositioning the organization, thereby reassuring investor confidence in the company.”
What Transcorp is saying
Olusola noted that “Despite the adverse effect of the COVID 19 pandemic on all our business segments, Transcorp Hotels Plc remained resilient and took a critical and fundamental decision to remain open and maintain operations at both the Transcorp Hilton Abuja and Transcorp Hotels Calabar.
Our primary goal was to survive as individuals and as a business, to adapt and to thrive in a new, changing, and unprecedented environment. Post-COVID-19 starting from September, we recorded an improvement in all our KPIs as compared with the industry performance.
Today, leisure has become very important to us more than ever. As a hospitality business, we will constantly continue to challenge ourselves to ensure that we meet the diverse customer needs and provide excellent experience across all touchpoints.”
What you should know
Given that information asymmetry affects the decision-making of investors, NGX continues to encourage more issuers to take advantage of its platform to deliver timely, relevant, and accurate information to the market.
Lagos State inaugurates 9-member committee to boost Entertainment & Tourism
The Lagos State Government inaugurated a Committee Chaired by Veteran actor, Richard Mofe-Damijo, to boost tourism and entertainment in the state.
The Lagos State Government inaugurated a Committee Chaired by veteran actor, Richard Mofe-Damijo, to boost tourism and entertainment in the state.
The Committee was inaugurated by Lagos State Governor, Babajide Sanwo-Olu on Wednesday at the Lagos House in Marina, citing that intervention and schemes by the state Committee will boost and fund the sector most affected by the pandemic.
Veteran Nollywood actor, Richard Mofe-Damijo, is the Chairman of the nine-member committee. Other entertainment sector members of the Committee include Tunde Kelani, Mo Abudu, Kunle Afolayan, Peace Anyim-Osigwe; while government representatives in the Committee are Adebukola Agbaminoja, Ferdinand Tinubu, Taju Olajumoke and Mrs Funke Avoseh.
What the State Government said
“The scheme is to support creative ideas of movie and entertainment producers, who are constrained by funds to bring their concepts into reality. Applicants are to be supported with funding based on the financial plans of their projects, the grant may be as much as N40 million for each beneficiary.
This is a signpost of all pockets of intervention we have created for the development of creativity and the tourism sector. This is with the belief that we can further raise the status of our creative output and commercialise the returns to a level where it can compete with Hollywood and Bollywood.
We realised most of our film production experts and directors face a lot of funding impediments. We are intervening to close this gap and bring credible veterans who have the knowledge and have demonstrated capacity in the industry to drive this project,” Sanwo-Olu said.
The Governor added that the State carefully selected five key practitioners in the industry to lead, to be supported by four government officials to limit bureaucracy for the committee to achieve its objectives.
He said the state wants to create entertainment and tourism business leaders who will use their creativity to enhance the market share of the sector.
“We want to support industry practitioners to raise capacity, support development of local content and discourage the action of taking proceeds from the industry out of the country, thereby denying local practitioners the benefits of their talents,” the Governor said.
What you should know
Recall Nairametrics reported last year that the Lagos State Governor, Babajide Sanwo-Olu, announced the approval of a N1 billion seed capital for investment in the tourism and hospitality sector in the state. The N1 billion seed capital is to help drive new growth in that sector.
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