Category: Business
Dangote Cement Plc has sustained its position as a leading contributor to Nigeria’s economy with a tax charge of N173.93 billion for last year. According to the group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 per cent over N97.24 billion paid in […]
The increase in global oil prices has caused the International Monetary Fund to review Nigeria’s economic growth potential to 3.4 per cent in 2022. The IMF disclosed this in its ‘World Economic Outlook: War Sets Back the Global Recovery, April 2022,’ report. In its January report, the Washington-based lender predicted a growth rate of 2.7 […]
The Federal Competition and Consumer Protection Commission (FCCPC) has warned Electricity Distribution Companies (DisCos) to bill consumers per hour amid shortage of power supply in the country. In a statement released on its Twitter account on Tuesday, FCCPC told DisCos to be mindful of their commitments and respect consumers’ rights, as complains piled up against […]
Oil and gas companies have been obliged to seek loans from Nigerian banks as vandalism cuts into their revenues. According to data from the Central Bank of Nigeria (CBN) the total loans to the oil and gas sector jumped from N5.19 trillion in January 2021 to N5.68 trillion as at the end of December 2021. […]
Despite the Central Bank of Nigeria’s restriction on cryptocurrencies-related transactions in the banking sector, a report by a crypto platform has said about 33.4 million Nigerians trade or own crypto assets. In its report, ‘Into The Cryptoverse: Decoding The World Of Crypto Consumers,’ KuCoin, a crypto exchange with over 10 million registered users, said the […]
The World Bank says increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns. The Washington-based lender said this in a new biannual report known as ‘Africa’s Pulse’. According to the bank, Nigeria is projected to have a 3.8 per cent […]
Having much cash within your reach is high risk, but inevitable for some businesses. Business owners must learn to properly account for the cash that they hold at each point in time. In accounting for cash, the fundamental rule that I want you to understand is the keywords are “coming in “and “going out” of […]
The war in Ukraine has pushed up global food prices to historically high levels, intensifying inflation dynamics at a time when global CPI inflation rates are already at multi-year highs, Fitch Ratings says in its latest Economics Dashboard. The conflict has worsened the outlook for the supply of key grains given the destruction of […]
BUA Foods Plc will reward shareholders with a dividend payout of N63 billion translating to N3.50 per share for the 2021 financial year, the company said in a notice on Thursday. Payment is subject to appropriate withholding tax and will be made to shareholders whose names appear in the register of members as at the […]
The Senate, on Tuesday at plenary received a request from President Muhammadu Buhari for the approval of the adjustments to the 2022 fiscal framework. Some of the key highlights of the adjustments include the increase in the oil benchmark from $62 per barrel to $73 per barrel and reduction of the projected oil production volume […]
The Federal Government has declared Friday, (Good Friday) April 15, and Monday, (Easter Monday) April 18, 2022 as public holidays to mark the Easter celebrations. According to a statement issued by the Permanent Secretary, Federal Ministry of Interior, Dr Shuaib Belgore, this was made known by the Minister of Interior, Ogbeni Rauf Aregbesola, on Tuesday. […]
President Muhammadu Buhari has approved the immediate release of 40,000 metric tons of assorted grains from the Strategic Grains Reserve, to assist less-privileged Nigerians to celebrate the forthcoming Easter and Sallah festivities. The action by the president is expected to help reduce the impact of the high prices of grains in the market on the […]
Telecoms equipment maker Nokia has announced that it is pulling out of the Russian market. Pekka Lundmark, the company’s CEO, told Reuters that the decision to quit Russia was “the only option”. The company is going a step further than rival Ericsson which said on Monday it was indefinitely suspending its business in the country. Hundreds of […]
Naira clinched a meagre gain against the U.S. dollar at the official market on Tuesday, a day after the local currency fell. According to data posted by FMDQ where forex is officially traded, naira closed at N416.62 to a dollar at the close of business, translating to a N0.38 or 0.09 per cent appreciation from […]
The Nigeria Customs Service (NCS) has commenced the implementation of the new version of the Economic Community of West African States (ECOWAS) Common External Tariff, (CET) 2022-2026 on imported vehicles. According to the NCS, the migration from the old CET (2017-2021) to the new version, which is in line with the World Customs Organisation (WCO), […]
