• Saturday, May 25, 2024
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Five things to know to start your Wednesday


CAC to deal with money laundering

The Corporate Affairs Commission (CAC) has introduced a Beneficial Ownership Register (BOR) to combat corruption and money laundering in both the public and private sectors.

This move aims to aid the Federal Government in monitoring money laundering and terrorism financing by organisations in Nigeria.

CAC Registrar-General, Alhaji Garba Abubakar, emphasised the BOR’s role in the fight against terrorism and arms proliferation while promoting transparency in organisational dealings.

The initiative was prompted by former President Muhammadu Buhari’s commitment at the 2015 London Anti-Corruption Conference, leading to the Companies and Allied Matters Act 2020’s amendment.

The CAC, with World Bank support, deployed the National Register of Beneficial Ownership in May 2023, followed by training sessions on its use.

FG rules out fresh taxes in aviation, targets N250m monthly from tollgates

Festus Keyamo, Minister of Aviation and Aerospace Development, clarified that the government’s efforts to enhance revenue generation within the aviation sector do not involve raising taxes or charges.

Instead, the focus is on plugging leaks and maximising government revenue. Keyamo emphasised this during a webinar on repositioning the aviation sector for growth and revenue, organised by Olisa Agbakoba Legal (OAL).

Concerns had arisen about the numerous charges and taxes imposed on airlines and service providers in the industry. Keyamo set a target of N250 million in monthly revenue for the Murtala Muhammed International Airport tollgate, currently generating N100 million monthly.

He also called for collaboration with Nigerian investors to bolster sector growth, citing the aviation sector’s 4 percent contribution to the national GDP in Q1 2022, supporting 200,000 jobs, and paying N8.5 billion in annual taxes.

Keyamo outlined a five-point agenda for progress in the sector, including strict compliance with laws, infrastructure improvement, support for local airlines, human capacity development, and revenue optimization.

Forex unification to affect dividend payments to investors says NGX MD

The Group Managing Director of the Nigerian Exchange Group (NGX), Oscar N. Onyema, expressed concerns about the impact of the federal government’s single foreign exchange window on dividends for listed companies.

He explained that the currency unification and Naira devaluation have eroded the net gains and income of these companies. The consumer goods sector has been particularly affected, potentially leading to reduced dividend payments for investors.

On the other hand, financial institutions like banks have seen revaluation gains on dollar assets. While the unification aims to bring stability and transparency to Nigeria’s currency markets, it has caused disruptions, especially for businesses reliant on imports, leading to short-term challenges.

Experts emphasised the need for astute economic management and effective communication to mitigate these impacts.

Oil prices climb as markets focus on supply tightness

Oil prices saw a nearly $1 increase, driven by concerns about supply tightness as winter approaches and expectations of a “soft landing” for the U.S. economy.

Brent crude futures rose 0.9 percent to $94.82 a barrel, while U.S. West Texas Intermediate crude futures also climbed 0.9 percent to $91.25. U.S. crude stockpiles unexpectedly rose by 1.6 million barrels last week, though worries persisted about low levels at the Cushing storage hub.

Further Cushing drawdowns, combined with OPEC+ supply cuts, could push prices up. However, analysts suggested that support from Russian and Saudi Arabian supply cuts might be limited, and oil prices could exhibit volatility in October without likely exceeding $100 in the short term.

Additionally, the possibility of a “soft landing” for the U.S. economy was mentioned, with some concerns about potential interest rate hikes affecting oil demand.

Hollywood writers’ deal may set a model for talks with striking actors

A tentative deal struck by Hollywood writers with major studios and streaming platforms may set a precedent for resolving the ongoing actors’ strike that began in mid-July.

Both groups share concerns like increased pay and restrictions on the use of artificial intelligence (AI) in entertainment.

The Writers Guild of America (WGA) reached an agreement with studios, offering better minimum pay, increased streaming residuals, and safeguards against AI undermining a writer’s credit.

Striking actors are optimistic about a similar resolution, and negotiations with the Alliance of Motion Picture and Television Producers may resume soon.

Actors aim to protect their work from AI-generated replicas and seek fair compensation, among other demands, as their strike continues.