Category: Business
The Federal Government has tasked all Ministries, Department and Agencies (MDAs) to aid the successful implementation of reforms under the 7th National Action Plan (NAP 7.0) of the Presidential Enabling Business Environment Council (PEBEC). This was disclosed by Professor Yemi Osinbajo, Vice President of Nigeria, when he received called on Ministries, Department and Agencies (MDAs) […]
To ensure a safer banking sector, seven Nigerian banks were forced to pay over N123.8 billion into the account of Assets Management Corporation of Nigeria (AMCON) in 2021. The amount is a 24.30 per cent increase from N99.6 billion paid in 2020. The money put together is used to help pay liabilities incurred from acquiring […]
Russia’s richest man, Vladimir Lisin, has fallen out of the top 50 wealthiest people in the world, and is set to be overtaken by Africa’s wealthiest man, Aliko Dangote in the coming month, if Lisin’s current loses continues. Lisin fell 40 places on the list, occupying the 88th position, against the 48th spot he held […]
More Nigerian banks have reduced their monthly international spending limit on naira cards. The banks informed their customers they were reducing the limit from $100 to either $20 or $50 a month. It means customers would not be able to use their naira debit cards to pay for any transactions more than $20 or $50 […]
The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that in 10 years the total aggregate financial flows from the oil and gas sector to the Nigerian government‘s account was $394.029 billion. NEITI revealed this in its latest annual report published on its website on Monday. According to the report the remittance to the government […]
Dangote Sugar reports business growth adversely impacted by Apapa gridlock during operation in 2021, although the company managed to pull 28.8 percent increase in turnover for the period. In a statement obtained by Nigeria, Dangote Sugar admitted the impact of Apapa traffic, which has been a challenge to operations of many companies’ operation in Nigeria, […]
Zenith Bank has reviewed the usage of its naira card for international transactions, while also cutting down on web transactions account holders are allowed to perform in the digital market. In a statement to its account holders, Zenith Bank disclosed that it had suspended the usage of its naira card for cash withdrawals on International […]
Why You Should Invest Investing is a way to secure your plans for financial security now and in the future. There will be times when there is an economic downturn and rising inflation. In periods like this, you might want to make extra income to meet your medium to long-term financial goals. However, the ever-increasing cost […]
The Transmission Company of Nigeria (TCN) has attributed the recent low cumulative power generation nationwide to several factors which include poor gas supply, fault in generating units of generating companies as well as scheduled and unscheduled maintenance. These are some of the major challenges that have caused most power generating companies to limit their generation, […]
The International Monetary Fund’s Executive Board has approved a $1.4 billion disbursement under the Rapid Finance Instrument (RFI) to help fulfill urgent financing needs and reduce the war’s economic damage in Ukraine. This was disclosed in a press release titled “IMF Executive Board Approves US$ 1.4 Billion in Emergency Financing Support to Ukraine” The IMF expressed its strong […]
Nigeria was not mentioned among countries Europe will be heavily relying on to help cushion Russia’s threat to withhold supply of crude oil to the international market Russia has threatened to shut down one of its main pipelines to punish Europe and US for sanctions over its war with Ukraine warning that oil price could […]
The Coca-Cola Co. and PepsiCo on stated that they will suspend their business in Russia, joining other leading U.S. brands in boycotting the country amid its invasion of Ukraine. This was disclosed in press statement from both Coca-Cola Co. and PepsiCo. PepsiCo, whose colas were one of the few Western products allowed in the Soviet Union prior to […]
For weeks, Nigerians have faced the worst petrol crisis the country has seen in at least a year. Filling stations across the country have either closed or have been operating intermittent schedules that leave very long queues permanently at their gates. With the country’s erratic electricity supply, many businesses depend on petrol to be able […]
The Senate has called on the Federal Government to sanction security agencies found culpable of vandalising pipeline installations and facilities in the country. This came as it also asked the FG to introduce a pollution tax on those engaging in illegal refining of crude products in oil-producing areas. The chamber made the resolution after a […]
Dangote Cement Plc has sustained its position as one of the highest private sector contributor to Nigeria’s economy with a tax charge of N173.93 billion for the financial year ended 31st December 2021. According to the cement group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an […]
