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World needs to end risky reliance on U.S. dollar – BoE’s Carney
Bank of England Governor Mark Carney took aim at the U.S. dollar's "destabilizing" role in the world economy on Friday and said central banks might need to join together to create their own replacement reserve…
FIRS sets date for start of online transaction VAT
The Federal Inland Revenue Service (FIRS) says it will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, from January 2020.The chairman of FIRS, Tunde Fowler, disclosed…
Kenya joins league of crude oil exporters, Uhuru flags off first shipment
Kenya has joined the league of crude oil exporters in Africa. President Uhuru Kenyatta flagged off the maiden oil shipment today at a ceremony in the port of Mombasa, with a warning…
AFC approves $230 million loan for 9mobile
Efforts by the new Board and Management of Emerging Markets Telecommunication Services Limited (EMTS), trading as 9mobile, to reposition the company have started yielding positive…
Analysis reveals Nigeria’s mortgage lending rate is about the highest in the world
One of the many problems bedeviling Nigeria is that of the housing shortage. In 2017, the Bureau of Public Service Reform (BPSR) warned that Nigeria was facing a housing deficit crisis…
Forex ban on food import has commenced, says CBN
The Central Bank of Nigeria (CBN) has disclosed that the policy to stop Foreign Exchange (Forex) for the importation of food into the country has since commenced. This is contrary to widespread speculation in the…
Meet Abdulwasiu Sowami, the silent billionaire who acquired Forte Oil
Although Femi Otedola’s decision to divest his shares in Forte Oil came as a surprise to many Nigerians, it was more surprising that it was acquired by Nigerian company, Prudent Energy…
Dangote makes about N2.47bn from cement sales every day
Nigerian business magnate, Aliko Dangote, makes about N2.47 billion from cement sales every day. This is according to the Group Managing Director of Dangote Cement Plc, Joseph…
NLC Rejects Hike in Electricity Tariffs
.......Opposes FG’s plan to sell 40% stake in Discos Onyebuchi Ezigbo in Abuja Nigeria Labour Congress (NLC) has rejected the upward review of electricity tariffs being charged by distribution companies (Discos)…
Smarting from $9.9bn P&ID Liability, FG Risks Fresh $3.5bn Judgment Debts
As the federal government tries to wriggle its way out of the failed gas project proposed to be executed by an Irish-owned firm, Process and Industrial Developments (P&ID) Limited, that has plunged the country into…
Diaspora’s $25bn remittance in 2018 equals 83% of national budget — FG
The Federal Government has lauded Nigerians living in the diaspora for the $25 billion it sent to the country in 2018, saying it represents 83 percent of the national budget.Secretary to Government of the Federation,…
Trump jacks up tariffs on China goods to 30%
US President Donald Trump has announced additional tariffs on $250 billion in Chinese goods, jacking up existing 25 percent duties to 30 percent. Another $300 billion in goods due to…
China’s car import move tickles Nigerian market
The Nigerian automotive sector was yet to recover from the defusal to assent to the Auto Policy Bill by President Muhammadu Buhari as news filtered in about plans by China to export used vehicles to African countries,…
Banks Jostle to Unlock N1.5tn for Real Sector Lending
Commercial banks are positioning themselves to attract more customers in the small business segment of the market as the deadline given by the Central Bank of Nigeria (CBN) for the financial institutions to maintain…
N1.8bn debt: Court endorses AMCON, Kola Abiola’s terms of settlement
A Federal High Court in Ikoyi, Lagos, Southwest Nigeria has endorsed terms of settlement filed before it by Asset Management Corporation of Nigeria (AMCON) and the son of Moshood Abiola,…
$17 million fraud rocks Jumia as company battles with several US lawsuit
Jumia is currently involved in some issues which arethreatening its corporate existence. The company is facing class-action lawsuits in the United States as a member of its staff…
Ex-Governor & Presidential Aspirant Donald Duke Loses Property To AMCON Over N537m Debt
The truth dawned on perennial Presidential aspirant, Donald Duke, in a moment of profound terror. He finally understands that status and affluence are ephemeral like the early dew before…
Banks face U.S. sanctions over North Korea, Iran deals
HEAVY fines await banks processing transactions for North Korea and Iran, Adjunct Senior Fellow, Energy, Economics and Security, Centre for a New America Security (CNAS), Peter Harrell,…
Court stops Indians from taking over three ‘Nigerian firms’
A Federal High Court in Lagos on Wednesday restrained three Indians from taking over three firms – Bolawole Enterprises Nigeria Ltd, Lesag Nigeria Ltd and Intermanagement Nigeria Ltd,…
Dwayne Johnson tops Forbes highest-paid actors list
Dwayne Johnson popularly known as “the rock” as the highest-paid actor for 2018, according to the latest annual rankings from Forbes. He climbed from his number two placing last year – despite…
BREAKING: Stock Exchange delists two banks
Authorities at the Nigerian Stock Exchange (NSE) have just delisted two defunct banks- Skye Bank Plc and Fortis Microfinance Bank Plc, formally closing any window of shares exchange for…
Dangote Cement overtakes MTN as NSE’s biggest firm
Dangote Cement Plc has regained its position as the biggest listed firm on the Nigerian Stock Exchange as sell-offs were witnessed in MTN Nigeria Communication Plc’s shares on Tuesday.On Monday, MTN Nigeria…
Davido, Coldstone, Obasanjo Farms… FIRS publishes 19,901 accounts ‘owing’ taxes
Accounts belonging to Iyiola Omisore and Obasanjo Farms are some of the accounts that have been placed under lien for owing taxes. In a list published on Monday, the Federal Inland…
Central bank orders microfinance banks to disburse higher, lower banknotes together
The Central Bank of Nigeria (CBN) has mandated the microfinance banks (MFBs) to mix the lower and higher Naira notes while disbursing it to customers. This is contained in…