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Court bars 23 lottery firms from selling Ghana Games in Nigeria
A Federal High Court sitting in Lagos on Friday granted interlocutory orders restraining Premier Lotto Limited and 22 other lottery outfits in Nigeria from operating and using Ghana…
Nigerians, operators kick as FIRS plans to impose VAT on sports betting
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 tax to betting activities within the country.…
African airlines face $40 million hit in 2020 from coronavirus
Coronavirus disruption could cost African airlines $40 million in revenue this year, a global industry body said on Wednesday, a potentially devastating hit to often struggling airlines counting on lucrative Chinese routes to fund…
China overtakes Germany as biggest containership nation
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 foreseeable: for one thing, the simple reason is that…
FIRS targets ₦4trn tax from oil, gas companies
The Federal Inland Revenue Service (FIRS) expects to rake in N4 trillion as tax revenue from the extractive sector of the Nigerian economy in the 2020 fiscal…
GTBank Releases 2019 Full Year Audited Results, Reports Profit Before Tax of ₦231.7 Billion
Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2019, to the Nigerian and London Stock Exchanges. A review…
Obiora assumes duty as CBN Deputy Governor
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, the…
The Zero to Hero Story of Abdulsamad Rabiu
Kano-born Rabiu Isyaku Abdulsamad is the head honcho of BUA Group, a business conglomerate with wide influence in Nigeria’s economic and business sector, with a special interest in sugar, cement, ports, real estate,…
Dangote Refinery to employ over 70,000 workers, says CBN
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…
Naira falls N413 to dollar at forward market
The naira on Friday depreciated past N400 to dollar at the forward market after Nigeria recorded its first case of coronavirus. The naira was priced much weaker at N413.55 to the dollar in…
Ecobank faults TAT ruling
Ecobank Nigeria has faulted the Tax Appeal Tribunal (TAT) ruling that it pays tax on the N5.54 billion divided declared by the lender in its 2015 financial year. In a statement, the bank…
Subscriber-base increase pushes MTN Nigeria’s revenue to N1.2trn in 2019
MTN Nigeria says it realised N1.2 trillion from voice call, data and value-added services offered to Nigerians. This is compared to the N1.04 trillion recorded in 2018. In its…
Nigeria: Crude oil sales drop over outbreak of coronavirus
Coronavirus disease is taking a toll on the sales of crude as it has dropped drastically due to companies shutdown. The impact is fast telling back home as the sales of Nigeria’s crude oil in the international market has fallen…
Dangote announces take-off date for world biggest fertiliser plant
The Dangote Group on Saturday said its $2 billion Granulated Urea Fertiliser plant, the biggest in the world, located at Ibeju Lekki, Lagos would begin operation in May. Aliko Dangote, President of…
DANGOTE STRENGTHENS EXPORT TERMINALS
Dangote Cement Plc will soon boost its export sales as it prepares to inaugurate its Apapa, Lagos, export terminal. This will be followed by Onne, Rivers State, export terminal. The company…
Analysts predict naira devaluation to N400/$
The naira has been tipped to depreciate by between 10 and 20 per cent next year as the impact of falling crude oil prices and foreign exchange reserves persist. Local…
FG Flags off Presidential Artisanal Gold Mining Development Initiative
As part of its on-going process to formalize and integrate Artisanal and Small Scale gold mining activities into the Nation’s legal, economic and institutional framework, the Federal Government has launched the Presidential Artisanal…
Dangote Commences Pre-testing of $2bn Fertilizer Plant ahead of Inauguration
Dangote Fertilizer Limited has begun countdown to the inauguration of its $2 billion Granulated Urea Fertilizer complex, with several critical sections of the plant going through various stages of…
Tax avoidance: Tribunal orders ECO Bank to pay N1.6 billion to FIRS
The Tax Appeal Tribunal has declared as illegal, null and void the decision of ECO Bank Nigeria Limited to pay N5, 545,000,000 as dividends to its shareholders in 2016. That…
4 telecom firms bid for France’s 5G Spectrum
French telecoms companies Bouygues Telecom, Free Mobile, Orange and SFR are bidding for France’s new 5G telecoms spectrum, the regulator, Arcep, said on Wednesday. “All four candidates have…
Maersk warns of coronavirus blow to earnings this year
AP Moller-Maersk said that the coronavirus would hit its earnings this year as the world’s largest container shipping company warned of a “very, very weak…
APMT offers 50% discount on overtime cargoes
The Management of APM Terminals Apapa has announced a 50 per cent discount on 1,290 longstanding containers at the port. APM Terminals Apapa said the move is aimed at…
Kano rice production increases to 3m tonnes
Gov. Abdullahi Ganduje of Kano state says his administration has boosted rice production to 3 million tonnes yearly to meet local demand. Ganduje said this…
Central bank clarifies position on operation of domiciliary accounts
The Central Bank of Nigeria (CBN) says it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs). The CBN Director, Corporate Communications, Mr Issac Okorafor made the clarification while…