Business

MTN Nigeria has revealed plans to issue two series of commercial papers worth N52.895bn. In a corporate notice filed with the Nigerian Exchange Limited on Thursday, the company said that Series 8 & 9 Commercial…

Manufacturers have expressed concerns as the price of diesel has risen to N1,275 per litre in Lagos and above N1,300 outside the state, Daily Trust can report. The product is selling for N1, 270 per litre in Kano…

The Central Bank of Nigeria (CBN) says there is sufficient cash for economic activities after reports of scarcity in some locations. In a statement by Isa AbdulMumin, CBN director, corporate communications, on Thursday,…

Femi Otedola, one of Africa’s wealthiest individuals, has seen a remarkable surge in his fortunes, with his stake in Geregu…

Flights to Dubai are expected to resume by December as the federal government has cleared part of the trapped funds for Emirates and Etihad Airlines, BusinessDay’s…

• Lack of supply to Dangote shameful, says FG, minister blames low production The failure to supply crude oil to domestic refineries, including the…

JP Morgan, a US multinational financial services firm, projected the naira would trade at about N850 to the dollar before the end of 2023. The financial institution made the projection on Wednesday in its report…

As the December 31 deadline for the use of the old N200, N500 and N1000 banknotes approaches, scarcity of cash has been noticed in Kano and Borno states, Daily Trust can report. The Central Bank of Nigeria (CBN)…

The Central Bank of Nigeria (CBN) says there are no plans to redenominate the country’s legal tender, the naira. The development is coming amid speculation that the CBN plans to change the naira notes to support the…

The Lagos State Internal Revenue Service (LIRS) has closed down 34 corporate organisations and 23 hotels for failing to remit personal income taxes (PIT) of their employees and consumption taxes, respectively. In a…

Sources have provided reasons why Dangote Refinery missed its diesel and jet (aviation) fuel refining deadline.   These sources have attributed that to the inability of the Nigerian National Petroleum Company (NNPC)…

The Lagos State Government has signed a partnership with the African Export-Import Bank (Afreximbank) and Access Bank for an investment of $1.352 billion investment in long-term infrastructure projects in the state. The…

Consolidating on its recently released second-quarter performance, United Bank for Africa (UBA) Plc, has again announced an impressive performance in its unaudited…

The Southeast Regional Center, LLC (SRC) is offering its sixth (6th) EB-5 Offering! The “Ajin Rural Manufacturing Facility for Hyundai…

MTN Nigeria is taking steps to localise more of its spending in anticipation of further foreign exchange losses in the second half of 2023. The company, which…

Nigeria’s industrial and aviation sectors are grappling with a looming crisis as the costs of diesel and aviation fuel continue to rise. In various regions of the country, including Kano, Ogun, Edo, Delta, Kogi,…

…Payment of taxes in dollars to stop before Dec…Govt proposes Emergency Economic Intervention bill The Nigerian government plans to waive tax penalties, outstanding penalties, and interest for companies, in a move…

Recent naira devaluation has been pointed out as a key reason behind moves by some Nigerian banks to raise funds to upgrade their capital base. Since the last recapitalisation exercise in 2008, the nation’s currency…

Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, says the federal government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading. In an…

• FG seeks more time to fix power • We need cost reflective tariff, N2 trillion capital in DisCos – FG • Tinubu, Adelabu, BPE, Senate in lamentation, say only 15%…

MTN Nigeria has said it would appeal the judgment of the Lagos state division of Tax Appeal Tribunal (TAT) ordering the telecom operator to pay the sum of $72,551,059 (N57.23 billion), in tax default to the Federal…

Nigeria is introducing a rash of policies, including a crackdown on illegal currency trading, as it seeks to close the more-than-45% gap with the unofficial exchange rate of the naira with the hope of a “fair price”…

Retired basketball legend, Magic Johnson, has entered the elite ranks of black billionaires, becoming only the fourth athlete to do so. Forbes reports that his estimated wealth stands at a staggering $1.2 billion (£990…

The war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report Monday. Oil has…