Financial Services

Financial Services

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This sector includes companies engaged in the provision of financial services, in investing money in predominantly financial assets, in providing services to lenders, borrowers and investors, and in providing insurance coverage of all types. They are primarily engaged in financial transactions and/or in facilitating financial transactions. Companies represented in this sector are involved in activities such as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, and corporate lending and financial investment. Pension funds are also represented, as are companies that provide services to insurance underwriters. Other financial institutions are primarily engaged in long-term financing. What, in most cases, sets them apart from banks is that their claims and debts predominantly have long maturities. Examples include lease companies, venture capital and development capital companies, holdings exclusively engaged in managing and controlling a group of subsidiaries whose main function is financial inter-mediation and/or the provision of financial assistance, securities brokers, and stock exchange institutions. Collective investment schemes (excluding money market funds) also form part of "other financial institutions'.
 

Latest Updates in Financial Services

PFA ICT Guidelines

This Guideline covers the transfer of amounts contributed by bona fide members of the NSITF scheme into their RSAs maintained with their Pension Fund Administrators (PFAs). It does not cover transfer... Continue Reading...

Capital Gains Tax Act

This is an Act to provide for the taxation of capital gains accruing on disposal of asset.

Federal Mortgage Bank of Nigeria Act

This is an Act to establish the Federal Mortgage Bank of Nigeria to provide long-term credit facilities to mortgage institutions in Nigeria and encourage and promote the developmen... Continue Reading...

Advance Fee Fraud and other Fraud Related Offences Act

This is an Act to Prohibit and punish certain offences pertaining to Advance Fee Fraud and other fraud related offences and to repeal other Acts related therewith.

Economic and Financial Crimes Commission (Establishment) Act 2004

This is an Act establishing the Economic and Financial Crimes Commission (EFCC), and stipulating the functions of the Commission which include, amongst other things, the investigation of all financial... Continue Reading...

Money Laundering (Prohibition) Act, 2014

This Act provides for the repeal of the Money Laundering Act 2004 and enactment of Money Laundering (Prohibition) Act, 2011; makes comprehensive provisions to prohibit the financing of terrorism, the... Continue Reading...

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Capital Gains Tax Act

This is an Act to provide for the taxation of capital gains accruing on disposal of asset.

Company Income Tax Act

Companies are mandated by law to pay Company Income Tax (CIT) in Nigeria based on the profit. The amount charged is 30% o the profit earned in the year preceding assessment.Companies resident in Niger... Continue Reading...

Federal Mortgage Bank of Nigeria Act

This is an Act to establish the Federal Mortgage Bank of Nigeria to provide long-term credit facilities to mortgage institutions in Nigeria and encourage and promote the developmen... Continue Reading...

PFA ICT Guidelines

This Guideline covers the transfer of amounts contributed by bona fide members of the NSITF scheme into their RSAs maintained with their Pension Fund Administrators (PFAs). It does not cover transfer... Continue Reading...

Bills of Exchange Act

This is an Act to codify the law relating to bills of exchange, cheques and promissory notes.

Guideline for Developing a Risk Management Framework for Insurers and Reinsurers in Nigeria

NAICOM within its powers has released a guideline mandating all insurers and reinsurers shall establish and maintain a Risk Management Framework a risk management framework is the... Continue Reading...

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