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Business
FG to increase tax on tobacco products from 30% to 50%
The federal government says it will increase excise tax on tobacco products from 30 per cent ad-valorem to 50 per cent as part of measures to control tobacco smoking in the country. Mangai Malau, the head of the federal…
Nigeria defaults in debt repayment to China – DMO Report
NIGERIA has failed to fully service its debt to China which has accumulated to N110.31 billion in the last two years. According to a Debt Management Office (DMO) Report, the China debt stock included the principal and…
40% of failed transactions unresolved as ePayments hit N49.4 trillion
• We have resolved over 60% ePayment challenges, says CIO • USSD platforms still challenged despite over N100b debts owed telcos by banks • CeBIH assures of improved…
Netflix subscribers hit 232 million
Netflix on Tuesday said that its number of subscribers hit 232.5 million in the first quarter of this year and its nascent ad-supported tier is faring well. Netflix shares, however, slipped more than three per cent in…
FMCGs’ profits surge as production costs are passed on to customers
Nigerian FMCGs reported a surge in revenues despite facing a precarious economic environment in 2022. The companies were just recovering from Covid-19 when the…
Higher motor insurance premiums spur Nigerians’ interest in claims
Vehicle insurance The recent increase in motor insurance premium in Nigeria has jolted many motorists and other vehicle owners into paying attention to their rights and benefits. Some policyholders told BusinessDay that…
Burna Boy ranked African artiste with highest single-concert revenue at $1.6m
Burna Boy has been ranked the African artiste with the highest revenue from a single concert. Top Charts Africa, a pop magazine, curated a list of artistes whose reported single-concert revenue stood out. The numbers, it…
Leadway Assurance deploys security measures as hackers threatens to leak customers’ data
Leadway Assurance Company Limited says it has deployed “mitigation measures” after it detected a breach in its system by hackers who…
Nigeria’s textile imports double despite local production push
...hit 15-year high as industry languishes Textile imports into Nigeria have doubled in two years as the industry remains in the doldrums despite the federal government’s protection policies aimed at reviving…
Explainer: What to expect as CBN plans to mop up dormant, unclaimed funds
Naira The Central Bank of Nigeria (CBN) recently released the exposure draft of guidelines on the management of dormant accounts, unclaimed balances and other financial assets in banks and other financial institutions In…
Jite Okoloko Battles NNPC
Chairman of Eroton Exploration & Production Company Limited, Onajite Okoloko is now battling Sahara Energy, and the Nigerian National Petroleum…
Lekki Gardens Repays Subscribers, Redeems N3.48bn Commercial Paper
Lekki Gardens is pleased to announce the successful redemption and repayment to all subscribers of its N3.48 Billion Series 1 (Tranche A)…
BoI Group assets hit N2.38tn
The Bank of Industry Group has said its total asset rose by 39.2 per cent to N2.38tn as of the end of 2022 financial period. It said in a statement on Monday that the growth was achieved following the successful…
Rail transport revenue drops 21% to N4.5bn
Revenue generated from rail transportation fell by 39 percent, year-on-year (YoY), to N4.5 billion in 2022 from N5.6 billion in 2021. The decline in revenue may be attributed to suspension of rail services in parts of the country due…
I’m going to create ‘truthseeking’ AI – Elon Musk
Elon Musk is out to counter Microsoft and Google artificial intelligence efforts with “truth-seeking AI” that shuns political correctness, he said during an interview aired late Monday. The billionaire boss of Twitter…
External reserves slide further to $35bn
The country’s external reserves fell by $112.78m in two weeks to $35.42bn, figures obtained from the Central Bank of Nigeria have revealed. Figures obtained from the CBN’s data on the movement of external reserves…
FG raised N203bn selling 161 marginal oilfield licences — Buhari
…proud regime achieved ‘ease of doing business’ President Muhammadu Buhari on Monday, said the Federal Government had raised over N203bn selling Petroleum Prospecting Licenses to 161 firms in its last Marginal Fields bid…
Sega offers $770 million to buy Angry Birds maker, Rovio
Sega, a popular Japanese video games group, has offered $770 million to buy Finnish company Rovio, the maker of Angry Birds, the company said on Monday. In a statement made today, Alexandre Pelletier-Normand, the CEO…
Malami writes Buhari, admits Nigeria cannot win OPL 245 court cases
Abubakar Malami, attorney-general of the federation (AGF) and minister of justice, wants court cases related to OPL 245 terminated by the federal government because the prospects of a judicial victory are slim, TheCable can…
Naira Redesign: Traders decry sudden disappearance of new N200, N500, N1,000 notes
Barely one month after the reintroduction of old N200, N500 and N1,000 notes, some residents of Anambra have decried the unavailability of the new notes in many banks in the state. Some of them told the News Agency of…
Workers transferred N663bn to other PFAs – PenCom
No fewer than 168,768 workers have changed their Pension Fund Administrators and moved N663.761bn Retirement Savings Accounts since the National Pension Commission opened the…
N7.6bn Loss Throws Ardova’s Reserve Into Deficit
Ardova Plc, the indigenous petroleum marketing company, suffered a net group loss of N7.6 billion in its 2022 operations, which has wiped off the company’s retained earnings of N6.6 billion at the end of the…
Dangote Sugar pays N18.22bn Dividends, to produce 170,000 Tonnes next season
At N1.50 kobo per share, Dangote Sugar Refinery Plc (DSR) will pay N18.22 billion in dividends to shareholders for…
Jim Ovia Tops Banks’ Chairmen, Earns Over N16bn In 2022
Zenith Bank’s chairman, Jim Ovia, earned a total of N16.224 billion from the dividends payout of the bank for the 2022 financial year.…