Business Local Nigerians, operators kick as FIRS plans to impose VAT on sports betting March 5, 2020 Ekemini For a while, the sports betting industry in Nigeria has been rife with the news that the Federal Inland Revenue Service (FIRS) had concluded plans to introduce the 7.5% value-added…
Business Local Pricing, infrastructure imbalance worsening Nigeria’s CNG investments deficit – NIPCO March 4, 2020 Ekemini Inappropriate pricing, infrastructure shortages and absence of a regulatory agency are partly responsible for investment deficit in Nigeria’s Compressed Natural Gas (CNG) industry. Managing Director, NIPCO Gas limited, Sanjay Teotia,…
Banking World Global bankers’ committee reviews banking risks March 4, 2020 Ekemini The Basel Committee on Banking Supervision has concluded a two-day meeting in Basel during which the global bankers’ body reviewed risks impacting the banking system, especially in the wake of…
Local FIRS eyes N4trn tax revenue from oil firms March 4, 2020 Ekemini In its bid to meet government’s 2020 revenue target, the Federal Inland Revenue Service (FIRS) on Tuesday said it hopes to rake in about N4 trillion as tax proceeds from…
Features How Economic Crisis forced 42 Lagos SMEs to shut down March 4, 2020 Ekemini At least 42 Small and Medium Enterprises in Lagos have been forced to shut down due to huge losses resulting from stifling operating environment. National President, Association of Small Business…
World China overtakes Germany as biggest containership nation March 4, 2020 akintunde CHINA has overtaken Germany as the biggest nation in the container shipping sector in terms of total TEU. “The fact that China would overtake us in this respect was quite…
Banking Local Obiora assumes duty as CBN Deputy Governor March 4, 2020 Ekemini KINGSLEY Obiora has assumed duty as Deputy Governor of the Central Bank of Nigeria (CBN). He replaces Okwu Nnanna, who left the bank on February 2. Welcoming Obiora on board,…
Banking Business Local Technology Despite Stamp Duty Charge, PoS Transactions Hit N874bn In 3 Months March 4, 2020 Ekemini Despite the implementation of the stamp duty charge of N50 on Point of Sale transactions above N1,000, the value of transactions on PoS channel increased to N874.91 billion between September…
Business Local Dangote Refinery to employ over 70,000 workers, says CBN March 4, 2020 Ekemini Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said Dangote Refinery will employ over 70,000 Nigerians when it begins operation. He said the various policies of the Federal Government…
Banking Investing Local Unity Bank seeks more investment in creative industry March 3, 2020 akintunde Unity Bank Plc has advocated more investments in the creative industry to drive its contribution to the Nigerian economy. Its Head, Personal SME, Mr. Opeyemi Ojesina, made the call in…
Features Tax compliance in Nigeria laborious – Taxaide boss March 3, 2020 Ekemini The Chief Executive Officer Taxaide, Bidemi Olumide, has said that the process of collecting, computing and paying tax in Nigeria is cumbersome. He noted that the process will make tax…
Business Local Technology Carbon launches USSD service to enhance access to finance March 3, 2020 Ekemini Carbon, the Pan-African digital financial services company, has introduced a USSD service to its platform, making it even easier for individuals that have little or no access to smartphones or…
Investing Local No more reward for bogus investors – Ahmed, Finance Minister March 3, 2020 Ekemini For bogus investors, the honeymoon is over! It is not going to be business as usual in Nigeria as the Minister of Finance, Budget & National Planning, Dr. (Mrs.) Zainab…
Investing Local Sanwo-Olu lauds Afriland’s Investment in Infrastructure March 3, 2020 Ekemini LAGOS State Governor, Babajde Sanwo-Olu has praised Afriland Properties Plc for the renovation and inauguration of the world-class eight-floor office complex – Afriland Towers in Lagos. The ceremony marked the…
Local Equities lose N209b amid panic selloffs March 3, 2020 Ekemini NIGERIAN equities lost N209 billion on Monday as investors overlooked earnings and dividend yields and opened up market orders to close transactions at lower prices. With weak macroeconomic outlook and…
Features NCC empowers students, others March 3, 2020 Ekemini No fewer than 60,000 administrators, students, academics and teachers have been sponsored and trained in various digital and Information Communication Technology (ICT)-related skills by the Nigerian Communications Commission (NCC) through…
Banking NOVA Merchant Bank records N1.65bn profit March 3, 2020 akintunde NOVA Merchant Bank Limited says its profit after tax rose by 44 per cent to N1.65bn at the end of 2019 financial year from N1.15bn in the corresponding period of…
Technology BMW releases details of its new electric car to rival Tesla March 3, 2020 Ekemini BMW released Tuesday the details of an electric concept car, with production of the vehicle expected to start in 2021. In an interview with CNBC Tuesday, CEO Oliver Zipse described…
Africa Zimbabwe in ‘economic and humanitarian crisis’ as IMF sounds alarm March 3, 2020 akintunde Zimbabwe is facing an “economic and humanitarian crisis” amid a lethal cocktail of macroeconomic instability, climate shocks and policy missteps, according to the International Monetary Fund (IMF). The southern African…
Business Local Coronavirus: Cost of Chinese products in Nigeria surge March 3, 2020 Ekemini Prices of Chinese phones imported into Nigeria have reportedly risen exponentially over the past couple of weeks owing to the outbreak of Coronavirus (COVID-19). Findings revealed that within the last…
Banking UBA records 13% earnings growth, N111bn profit March 3, 2020 Ekemini United Bank for Africa Plc, UBA, has announced its audited results for the full-year ended December 2019, recording impressive growth across top and bottom lines. According to the 2019 financials…
Local Consolidated Hallmark opens N1.05bn rights issue March 3, 2020 Ekemini Consolidated Hallmark Insurance says it has received the approval of regulators to raise an additional sum of N1.05bn to increase its capital base. A statement by the firm said the…
Banking Local World Bank’s IFC partners Nigerian bank to boost trade with $40 million March 3, 2020 Ekemini With local businesses often complaining about the availability of credit, Coronation Merchant Bank and International Finance Corporation, an arm of World Bank, have partnered to trades. The partnership entails both…
Local IFRS 17: Insurers should develop business plan — NAICOM March 3, 2020 Ekemini The National Insurance Commission, NAICOM, has charged insurance companies to develop business plan in preparation for transition to IFRS 17 before the implementation date of January 2022. According to NAICOM…
Business Local We’re committed to curbing ponzi schemes – SEC March 3, 2020 Ekemini The Securities and Exchnage Commission has reaffirmed its commitment to ensuring that illegal fund managers in the country are not allowed to operate. This was stated by the acting Director…
Investing Local Investment Alert: The FGN Savings Bond is now open for subscription March 3, 2020 Ekemini The Federal Government of Nigeria, through the Debt Management Office (DMO), yesterday announced the opening of the March Savings Bond Offers. According to a circular that was published on the…
Business Local Petrol subsidy cost drops 22.5% March 3, 2020 akintunde The Federal Government, through the Nigerian National Petroleum Corporation, NNPC, paid N43.09 billion as subsidy on Premium Motor Spirit, PMS, also known as petrol, in the month of January 2020,…
Banking Local GTBank posts N198.85bn profit, declares N2.50 final dividend March 3, 2020 Ekemini Guaranty Bank Trust Plc has declared a profit after tax of N196.85bn for the financial year ended December 31, 2019 as against N184.71bn reported in 2018, representing a growth of…
Local DisCos earn N473 billion in 2019, reveal reason for metering gap March 3, 2020 akintunde A report by the Association of Nigerian Electricity Distributors has shown that the Distribution Companies (DisCos) in Nigeria recorded 8% growth in their revenue collection in 2019. The eleven DisCos…
Banking Local CBN prioritises economic stability with Obiora as the new DG policy directorate March 3, 2020 Ekemini Dr. Kingsley Isitua Obiora, yesterday, in Abuja, formally assumed office as Deputy Governor of the Central Bank of Nigeria (CBN), replacing Dr. Okwu Nnanna, who exited from the Bank on…
