When you prepare a set of accounts to International Financial Reporting Standards (IFRS), one of the things you are required to do is disclose any ‘related party’ transactions. The accounting standard that covers this disclosure requirement is IAS 24.
Here’s what the IFRS website says about IAS 24:
The objective of...
Nigeria’s economic recovery stalled in the second quarter in spite of an improvement in oil production. A sharp decline in telecoms output explains a large part of the weakness in service-sector growth. This should ease in 2H while higher oil revenue may help the construction and real estate sectors...
After a series of vague press releases, Oando Plc and its aggrieved shareholders have revealed the details of their disagreement contained in a petition sent to the Security and Exchange Commission (SEC).
Oando has recently been in the news over a petition sent to SEC by two investors who are...
Nigeria grew 0.5% YoY in 2Q17 vs -1.5% YoY a year earlier. The oil & gas and financial services sectors pulled the economy out of recession. Outside agriculture, the non-oil sector remains weak. This is mainly because real estate and trade, which account for 25% of GDP, are still...
Hurray, we are finally out of recession. The NBS announced this morning that the economy grew by 0.55% year on year in the second quarter of 2017, the first quarterly growth since 2015 and officially ending the deepest recession in maybe 20 years. At least the deepest recession since...
The National Bureau of Statistics confirmed on Tuesday, September 5, 2017 that Nigeria was firmly out of recession, following a second quarter GDP growth rate of 0.5%. Nigeria had before now reported 5 consecutive quarters of negative GDP growth rate.
As expected the government and a section of the business...
Data released by the Nigerian Bureau of Statistics today shows that Nigeria’s economy is finally out of a recession. GDP growth for Q2 of 2017 grew by 0.55%, halting five quarters of negative growth. As expected, there have been mixed reactions to this. Some have celebrated what they consider...
Nigeria is out of recession!!!
Official report of the Second quarter 2017 GDP from the National Bureau of Statistics (NBS) show the Nigerian economy grew by 0.55%. The real GDP growth of 0.55% in the second quarter of 2017 is the first in about 5 quarters confirming that Nigeria is...
The United States state of Texas has in the past one week faced one of its worst floods in about 50 years, after Hurricane Harvey made landfall. The devastation is expected to cost between $70 billion to $100 billion according to a New York Times article.
Included in these costs...
Data from the Central Bank of Nigeria as at August 28, 2017 reveals Nigeria's external reserves stood tentatively at $31.8 billion, the highest since January 2015.
Nigeria's external reserve has staged a rebound since early 2017 after hitting a post election low of about $23.6 billion back in October 31,...
ABC transport is a company involved in the transportation sub sector. The company is famous among everyday Nigerians for their luxury buses and shuttle services across the nation. The company has a chequered record in terms of profits, recording losses in 2016, and barely making a profit in HY...
Data from the National Bureau of Statistics reveal Nigeria has attracted about $2.7 billion in capital importation in the first 6 months of 2017.
Nigeria attracts millions of dollars in foreign investments every year most of which pass through commercial banks. Interestingly, out of the about 88 countries where Nigeria...
Information from DAAR Communications Ltd, owners of AIT, reveals the company is owing its employees about N1.1 billion in accrued (unpaid) salaries. The company has been hemorrhaging cash for the last three years as its business model struggles to contain incessant drop in revenues.
DAAR reported that its employees are...
UBA Nigeria Plc, one of Nigeria's top banks released its 2017 half-year results indicating pre-tax profits rose 65% to N57.5 billion (2016 HY N42.3 billion). The bank also reported gross earnings of N386 billion, representing a 41% increase from the N273 billion reported a year earlier.
UBA's latest results is...
Nigeria President Buhari returned on Saturday after being away in the United Kingdom for over 100 days on medical vacation.
His return has been cheered by a lot of his supporters while his critics still believe he should have been more transparent about his illness and should have even resigned.
He...
Aliko Dangote is known as Africa’s richest man and a big time business man with operations across the contient. According to Forbes, Dangote has an estimated net worth of $13.5 billion. So how was this net worth arrived at ? Forbes uses holdings in publicly listed companies that are...
Seven-months ago, Nestle’s share price hovered around a five-year low of N591.95, which we linked to a combination of fundamental concerns and absence of portfolio flows (See report: Nestle Nigeria plc: Short on foreign love). Fast-forward to current period, the company’s stock price now trades at an unprecedented high...
Last week, the Finance Minister, Kemi Adeosun announced that the Federal Executive Council had approved a plan to refinance $3billion (N1.1trillion) worth of Nigerian Treasury Bills with issuance of 3-year dollar bonds. The aim of the plan, which is still to go the National Assembly for approval, is to...
When the MD/CEO of Guaranty Trust Bank, Nigeria's largest bank by market capitalization, Segun Agbaje, addressed investors on the back of a blistering 2016 FY results, he explained to them that he had one major strategy for 2017. The bank was going to lend less to the private sector...
Data from the Security and Exchange Commission show Nigerian corporates have only been able to raise a total sum of N319 billion in IPO since 1999, when it ushered in democracy.
This is as the country awaits the listing of Africa's largest telecom giant, MTN on the floor of the...
The Central Bank of Nigeria has been attracting much kudos of late especially for its handling of the exchange rate crisis.
Since it introduced a flurry of foreign exchange windows earlier in the year, the exchange rate between the naira and the dollar has remained fairly stable leading to a...
The Nigerian Stock Market has maintained its bullish run which began after the CBN introduced the Investors’ and Exporters’ Window. The window allows forex importers to bring in money into the country at rates purely determined by market forces.
The bullish run has led to a significant appreciation of most...
Nigeria's maximum lending rates topped 30% in June for the fourth consecutive month in 2017. Maximum lending rates in Nigeria tipped 30% in March 2017, the first time since 1999 as a combination of government borrowing and forex policy kept rates high.
Why lending rates remain high
Government borrowing - As...
Zenith Bank reported what is its best half year results in history, after reporting a pre-tax profit of N91 billion, representing a 71% rise from a year earlier. The company also reported earnings per share growth of 112% to N2.40 kobo (PAT of N75 billion).
Despite this blistering results, investors...
The Federal government is to refinance maturing domestic debt with $3 billion treasury bills. Minister of Finance Kemi Adeosun disclosed this at a press briefing after yesterday’s Federal Executive Council (FEC) meeting.
Mrs Adeosun also attempted to allay fears of increased borrowing, insisting that instead of borrowing Naira, we are...
Nigeria’s external reserves surged to $31.2 billion, the highest since July 2015, according to external reserves data from the CBN as at August 8, 2017.
It is also the highest since Buhari was sworn in as President in July 2017, buttressing analysts’ impression that the economy is on a rebound.
Economic...