Business News

CBN Reiterates Commitment To Boost FX Supply

The Central Bank of Nigeria (CBN) yesterday said it was more committed to improving dollar supply in order to meet market demand than worrying over the valuation of the naira. Reuters quoted CBN Director, Monetary Policy Department, Hassan Mahmud, as saying this during a virtual investor conference. Mahmud said, “What we are worried about is …

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Why There’s Hike In Price Of Cooking Gas – NNPC

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, says the challenges in sourcing adequate supply of cooking gas has led to the increase in prices of the commodity. Kyari disclosed this during a working visit to the headquarters of the Department of Petroleum Resources (DPR) in Abuja on Tuesday. …

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AfDB To Spend $700m On Livestock Devt Projects In 2 Years

*As Bogoro bags highest award in animal science The African Development Bank has disclosed plans to spend the sum of $700 million to support livestock development projects across African countries. President of African Development Bank, (AfDB), Akinwunmi Adesina, made this known, on Tuesday, in Uyo, Akwa Ibom State, where the Executive Secretary of the Tertiary …

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NBS: Railway Transport Services Generated N2.1bn Revenue In Six Months

The Nigerian Railway Corporation (NRC) generated N2.1 billion as revenue from passengers and cargo between the first and second quarters of 2021. The National Bureau of Statistics (NBS) stated this in its latest report, titled: “Rail Transportation Data Q2.” According to the report, NRC generated N1.08 billion from passengers in Q2 2021 against N892.47 million …

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IPOB Sit-At-Home: Imo Govt Seals Banks For Allegedly Complying With Order

Hundreds of bank customers were left stranded on Tuesday as the officials of the Imo State Government shut all the banks on Bank Road in Owerri, the state capital. Our correspondent who visited the area around 9am saw hundreds of banks customers waiting at various banks. Some of the banks that were sealed by the …

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FIRS Asks Taxpayers To Continue To Honour Tax Obligations Under VAT Act

*Urges Tax Payers Not To Panic*Says FIRS Has lodged An Appeal The Federal Inland Revenue Service (FIRS) has urged taxpayers not to panic over the recent court ruling by the Federal High Court sitting in Port Harcourt which dismissed its motion for stay of execution of the judgment that Rivers State can collect Value Added …

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Kyari: NNPC Will Not Be Ready For IPO Till 2024

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has said that the proposed successor company of the present entity, NNPC Limited, may not be ready for an Initial Public Offer (IPO) till 2024. Speaking in an interview with Bloomberg Television Monday, the NNPC helmsman noted that a lot of arrangements …

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Telecos To Pay N200,000 For Failing To Verify NIN – NCC

The Nigerian Communications Commission has proposed a fine of N200,000 for mobile communications services providers that fail to verify and validate biometric, National Identity Number and other personal information of each subscriber to their services. This was contained in a proposed draft regulation on registration of telephone subscribers 2020 recently published on NCC’s website. The …

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Exchange Rate: Appetite For Foreign Goods Killing Naira – CBN

The Central Bank of Nigeria (CBN) has said that cutting down on foreign goods, aggressive investment in agriculture and complete diversification would revamp the nation’s economy. Director, Corporate Communications Department, CBN, Osita Nwanisobi, stated this, weekend, at one-day interactive session with the organised labour and civil society on the five-year policy thrust of CBN in …

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African Development Bank, Development Partners To Mobilise $520m To Co-Finance SAPZ First Phase

The African Development Bank (AfDB) and its development partners have announced plans to mobilise over $520 million to co-finance the first phase of the Nigeria Special Agro-industrial Processing Zone (SAPZ). The Director General, Nigeria Country Department, AfDB, Lamin Barrow, said the programme, which will be implemented in phases across six the geo-political zones in Nigeria …

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Lagos, Rivers Begin VAT Collection, FG, North Disagree

Editors Note; Written By By Tunde, Ajaja, Afeez Hanafi, Olaide Oyelude, James Abraham, Chima Azubuike, Dogara Bitrus, Romoke Ahmad, Hindi Livinus and Godwin Isenyo Originally published in Punchng.com The governments of Lagos and Rivers states have expressed their readiness to begin the collection of Value Added Tax in accordance with the judgement of a Federal …

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NCC Shuts Down Telecom Sites In Zamfara State Over Pervading Security Situation

*Directive Is To Last For Two Weeks Exactly six months after declaring Zamfara State a ‘no fly zone’, the Federal Government through the Nigerian Communications Commission has asked some major telecommunications firms to shut down some communication sites in Zamfara State. A leaked memo signed by the Executive Vice-Chairman of the NCC, Prof Umar Danbatta, …

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CAC Grants CCB Access To Database For Speedy Investigation Of Suspected Illicit Dealings

In a bid to boost Nigeria’s fight against Corruption, the Corporate Affairs Commission (CAC) moves to grant the Code of Conduct Bureau (CCB) access to its database to enable it to carry out a seamless investigation of companies suspected to be engaged in illicit activities. Speaking in Abuja on Friday while receiving the Chairman of …

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SEC Set Up Fintech Division To Understudy Cryptocurrency Investments

The Securities and Exchange Commission (SEC) says it has set up a fintech division to understudy cryptocurrency investments and other digital products in order to establish regulations for the sector. Lamido Yuguda, SEC director-general, told Reuters in an interview on Thursday. In April, the commission entered into talks with the Central Bank of Nigeria (CBN) …

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Mining: FG Acquires Two Mini Aircraft For Geophysical Survey Activities

The federal government yesterday took delivery of two small aircrafts that were fitted with sensors earmarked for Airborne Geophysical Survey Activities across the country. During the inspection of the two survey aircrafts with registration number N580kr (ZS-XAR) and ZS-XAS at the Nnamdi Azikiwe International Airport, Abuja, the Minister of Mines and Steel Development, Mr. Olamilekan …

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Price Differentials Fuelling Petrol Smuggling, NNPC Insists

The Nigerian National Petroleum Corporation (NNPC) yesterday maintained that the existing price differential between the amount petrol is sold in Nigeria compared to its neighbouring countries remains a major incentive for smuggling of the commodity across the borders. A statement by the NNPC spokesman, Mr. Garba Muhammad, quoted the Group Managing Director, NNPC, Mallam Mele …

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Nigeria Should Only Borrow For Revenue-Generating Projects – DMO

Patience Oniha, director-general of the Debt Management Office (DMO), has advised that the federal government borrow funds only for revenue-generating projects. She gave the advice on Wednesday, in Abuja, at an interactive session on the 2022- 2024 medium-term expenditure framework/ fiscal strategy paper (MTEF/FSP) committee interactive session. Oniha urged the FG to improve revenue generation …

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Kogi Doesn’t Operate Fixed Deposit Account With Us, Says Sterling Bank

Sterling Bank says the Kogi state government does not operate a fixed deposit account with the lender. The bank made this known in a letter addressed to the commissioner of finance, budget and economic planning on Monday. The letter is in reaction to an investigation by the Economic and Financial Crimes Commission (EFCC) on a …

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