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With secret new bill, govt. raids profits of Nigeria’s financial sector

...Seeks 10% of banks, insurers, pension funds’ profits...Places 2.5% levy per 50kg cement bag...Overrules Pension Reforms Act, Insurance Act

Ten percent of the profit before tax of Nigerian banks, insurance companies and pension fund administrators could go into a National Housing Fund promoted by lawmakers, according to an exclusive document seen by BusinessDay. The so-called National Housing Fund (Establishment) Act, 2018 was secretly passed by the Senate on November 6, 2018, following its passage…

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