auditorsun

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CBN’s New ATM Charges: A Direct Attack on Financial Inclusion?

Nigeria’s financial inclusion drive appears to be facing an unexpected setback, courtesy of the Central Bank of Nigeria’s (CBN) latest policy on ATM withdrawal charges. While the government has spent years advocating for a cashless economy and encouraging digital banking adoption, this new directive risks reversing the progress made. The CBN recently announced a significant increase in ATM…

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CBN’s New ATM Charges: A Direct Attack on Financial Inclusion?

Nigeria’s financial inclusion drive appears to be facing an unexpected setback, courtesy of the Central Bank of Nigeria’s (CBN) latest policy on ATM withdrawal charges. While the government has spent years advocating for a cashless economy and encouraging digital banking adoption, this new directive risks reversing the progress made. The CBN recently announced a significant increase in ATM…

[auditorsun]

10 Habits of Broke People Faking Affluence

By Anozie Egole (Chief Correspondent, PUNCH) Common Habits of People Pretending to Be Wealthy 1. Prioritizing Appearance Over Wealth – Spending on luxury items to seem rich rather than focusing on financial stability. 2. Avoiding Money Conversations – Evading discussions on budgeting or savings to hide financial struggles. 3. Chasing Trends – Constantly upgrading gadgets, clothes, and social…

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ICAN and CPA Canada Sign Agreement to Ease Certification for Nigerian Accountants

Nigerian accountants seeking to practice in Canada now have an easier pathway to obtaining certification, thanks to a new agreement between the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Professional Accountants Canada (CPA Canada). Both organizations have signed a Memorandum of Understanding (MOU) that streamlines the process for fully qualified ICAN members to earn the…

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ProvidusBank and Unity Bank Merger: Bold Move or Risky Gamble for Shareholders?

The announcement of the approved framework for the merger between ProvidusBank Limited and Unity Bank Plc by the Central Bank of Nigeria (CBN) signals a significant consolidation within the Nigerian banking sector. This merger is strategically positioned to enhance the footprint of ProvidusBank, leveraging the existing branch network and customer base of Unity Bank to create a more robust…

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Nigeria Withholding Regulations 2024: Key Changes and Impact on Business

Introduction In a significant regulatory update, the Honourable Minister of Finance and Coordinating Minister of the Economy of the Federal Republic of Nigeria, Mr. Adebayo Olawale Edun, has issued the Deduction at Source (Withholding) Regulations 2024. The implementation date for these regulations is set as 1 July 2024, under the powers conferred by Section 81(9) of the Companies Income Tax Act…

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CHANGES TO THE FOREIGN EXCHANGE MARKET OPERATION IN NIGERIA

The Central Bank of Nigeria (CBN) has released a statement signed by Angela Sere-Ejembi, PhD Director of Financial Markets, announcing immediate changes to the Nigerian Foreign Exchange (FX) Market. The press release aims to inform all authorized dealers and the general public about these changes. Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (l&E)…

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Nigeria's President Urged to Sell Oil Assets and Refineries

According to a presidential advisory committee report, a sale of the Nigerian National Petroleum Corporation (NNPC) ‘s assets would help President Bola Tinubu meet an ambitious campaign pledge to nearly triple oil production to 4 million barrels a day by 2030. A recent report recommends that Nigeria’s state energy company sell off assets, such as oil block stakes, to raise billions of dollars.…

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BREAKING: CBN issues new forex guidelines, announces cessation of Naira for dollar, RT200 rebate schemes

The Central Bank of Nigeria (CBN) has announced operational changes to the foreign exchange market. The apex bank, in a statement signed on Wednesday evening by its Director of Financial Markets, Angela Sere-Ejembi, informed all authorised dealers and the general public of the abolishment of segmentation in the operations of the Nigerian Foreign Exchange (FX) Market The CBN new guidelines on…

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Accounting terms to know

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WHY DO PEOPLE COMMIT FRAUD

Understanding the factors that contribute to fraud, including the circumstances that prompt individuals to commit it, is crucial. The Fraud Triangle model developed by criminologist Donald R. Cressey describes the key elements that drive such behaviour in

To gain insight into the motivations behind fraudulent behaviour, one can examine the fraud triangle model created by Donald Cressy, a sociologist and criminologist who studied the actions of white-collar criminals. According to the Fraud Triangle theory, three factors must be present for a person to commit fraud: perceived pressure, perceived opportunity, and rationalization. Let’s take a few…

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How to Deal With Management Override of Internal Control

Dealing with management override of internal controls can be a challenging situation. Here are some steps you can consider taking: 1.     Document the Concern: Keep a record of any suspicious or unethical activity that you suspect may be a management override of internal controls. Include relevant details such as dates, times, people involved, and specific instances of control…

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How to Audit Without Resistance From Auditees

Building trust and fostering open communication between auditors and auditees is crucial for effective auditing. Here are some strategies that auditors can employ to encourage auditees to open up: Establish rapport: Begin by creating a positive and respectful relationship with the auditee. Show genuine interest, listen actively, and maintain a non-confrontational attitude. Be empathetic and…

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Neveah Limited secures N20billion upsize of commercial paper programme

Neveah Limited, a prominent Nigerian export company, has announced its commercial paper programme’s expansion from N10 billion to N20 billion by FMDQ Exchange. The company has successfully issued and repaid N14.54 billion in previous commercial paper issuances. The FMDQ’s approval of this programme upsize is a result of Neveah’s impressive business growth over the past years. The CEO and…

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FT ranking: Neveah Ranks High In 2023 FT Africa’s Fastest Growing Companies

The Financial Times, a leading world business newspaper and renowned digital publication has released its annual ranking list of Africa’s fastest growing Companies. The ranking listed Neveah Limited, an indigenous commodities export company ahead of several top brands in Africa. Neveah ranked high on the list leading renowned companies like Julius Berger, Dangote PLC, MTN, Sterling Bank, Flour…

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Neveah Ranks High In 2023 FT Africa's Fastest Growing Coys

https://leadership.ng/neveah-ranks-high-in-2023-ft-africas-fastest-growing-coys/#

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Guideline on Service Provider Negotiation/Engagement

As a business, it’s crucial to negotiate and engage with service providers effectively. Here are some useful guidelines for service provider negotiation and engagement to assist employees in this area: 1. Identify Your Needs: Before interacting with service providers, you must assess your business requirements and the specific services you need to address them. This will enable you to select the…