Category: Business
Banks and other financial institutions generated on behalf of the government, a total sum of N24.77 billion as VAT in 2020. Banks and other financial institutions have generated on behalf of the government, a total sum of N24.77 billion as Value Added Tax (VAT) in 2020, up by 44.4% when compared to N17.15 billion recorded […]
As the second wave of the COVID-19 pandemic continues to impact energy demand and global economic recovery, the Organization of the Petroleum Exporting Countries (OPEC), has said all forms of energy will be needed to support the post-pandemic recovery and address future energy needs. According to the cartel, oil is expected to retain the largest […]
The equity market sustained positive sentiments at the end of yesterday’s transactions on the Nigerian Stock Exchange (NSE), causing market capitalisation to rise further by N260 billion. The MPC at the end of its 277th meeting, unanimously voted to retain the Monetary Policy Rate (MPR) at 11.5 per cent, maintained the asymmetric corridor around the […]
Microsoft said Tuesday profit rose sharply in the recently ended quarter as the coronavirus pandemic reinforced the shift to relying on services hosted in the cloud for work, play and socializing. The US technology stalwart reported net income of $15.5 billion in the final three months of last year, a 33 percent jump from the […]
The Bayelsa Government has received N27 billion approved as refund by FG for federal projects executed by the state. The Federal Government has refunded N27 billion to Bayelsa State as the money the State government spent on federal projects since 2005 to date. This was disclosed by the Bayelsa State government on Sunday, as it said the […]
The Lagos State Government has promised to review planning permit processing time and reduce the lay-out approval process. The Lagos State Government has promised to review planning permit processing time from 28 to 18 days and reduce the lay-out approval process from 90 to 30 days. This is part of measures employed by the state […]
Lagos State Government has assured Badagry residents of plans to transform the area into an industrial and tourism hub. Sanwo-Olu said the transformation would be part of the State’s “administration’s infrastructure drive.” The Governor added that the road would be reconstructed as a dual carriage-way to connect Idale, Povita, Topo and Ajido communities to Lagos-Badagry […]
The AfDB has announced that it will fund climate finance in Africa with an additional sum of $12.5 billion. The African Development Bank has announced that it will fund climate finance in Africa with an additional sum of $12.5 billion. This was disclosed by the President of the AfDB, Dr Akinwumi Adesina, at the online International Climate […]
The Equipment Leasing Association of Nigeria (ELAN) has listed leasing as a major financing tool that can bring the economy out of the woods. This was highlighted in its 2021 outlook released by the association. It stated: “Rebuilding the economy requires huge capital and the growing cost of assets, hinders the capital formation […]
The brewery industry in Nigeria is reeling under pangs of poor consumer spending, induced by the devastating COVID-19 pandemic and recession. The situation has left investors counting and lamenting their losses. The recession has caused the bottom line of the industry’s listed equities to remain subdued with gloomy 2021 outlook. The Vice Chairman […]
The Federal Government has announced that the Central Bank of Nigeria has disbursed a total of N14.35 billion to DisCos to cover the procurement of 263,860 meters under the National Mass Metering Programme (NMMP). “According to the CBN, the facility disbursed is a loan that must be repaid by the DisCos on the basis of the […]
The Federal Government has announced the commencement of a mop-up verification exercise for ex-workers of Nigeria Airways Limited in conjunction with the Presidential Initiative on Continuous Audit (PICA), a department of the Finance Ministry. The FG said, “The exercise, which is the last the Ministry of Finance will carry out, is meant to verify ex-workers of the […]
The Nigerian Insurance sector is critical to propelling income equality and reducing the poverty level of any society, but the industry’s performance has continued to drag amid many factors, such as; low underwriting capacity of players, lack of trust by consumers, poverty and the inadequacy of distribution infrastructure. These factors have jointly contributed to the […]
Access Bank hopes to leverage the markets in eight of the countries on its expansion line-up in exploring the opportunities of the African Continental Free Trade Area (AfCTA) that came into force January 1. The lender will utilise the fewer trade restrictions, removal of a couple of regulatory bottlenecks and other trade liberalisation features that […]
Equity trading on the floor of the Nigerian Stock Exchange on Wednesday closed on a positive note with a gain of N50bn to halt the previous two days’ losses. The NSE All-Share Index appreciated by 0.23 per cent with market breadth closing positive with 55 gainers as against 16 losers. The ASI gained 96.09 basis […]