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Business
GTCO Shareholders Approve $750m Capital Raising
Shareholders of Guaranty Trust Holding Company (GTCO) Plc on Thursday at the third Annual General Meeting approved the company’s plan to establish a capital raising programme of $750 million either through public…
Debt Service Gulps 70% Of Dollar Outflow In Q1
Nigeria spent about 70% of its dollar payments to service external debts between January and March 2024.
According to data from the Central Bank of Nigeria (CBN), out of the $1.61 billion in total outflows made…
Spotify: Nigerian artists earn N25 billion from streaming in 2023
Music streaming platform, Spotify, has said it paid over N25 billion in streaming royalties to Nigerian artists in 2023.
The company disclosed this in its annual Loud & Clear report focusing on the Nigerian…
Resist Binance’s blackmail – U.S. Mayor urges FG
A United States Mayor, Mr Mike Arnold, has urged the Federal Government to discountenance the allegation by Binance, a Cryptocurrency platform, that an unnamed Nigerian official demanded a $150 million bribe to frustrate the…
Northern Elders oppose CBN’s cybersecurity levy
The Northern Elders Forum (NEF), a prominent socio-cultural organization representing the interests of the Northern region of Nigeria, has strongly condemned the Central Bank of Nigeria’s recent decision to impose a…
BREAKING: Airtel incurs $1.7 billion in foreign exchange loss over currency devaluation in Nigeria,…
Airtel Africa, Nigeria’s second largest telecoms company has reported significant financial setbacks due to currency devaluations in several of its key markets, notably Nigeria and Malawi, resulting in a staggering $1.7…
With Cybersecurity Levy, it will cost about N135 to transfer N10,000
With the addition of the Cybersecurity Levy, it will cost N80.88 to transfer N10,000 and N54 to receive it as per the Central Bank of Nigeria (CBN) policies, reducing the real value exchanged to N9,865.
The fees are…
Speaker Overrules Member Calling For Suspension Of Cybersecurity Levy
The Speaker of the House of Representatives, Abbas Tajudeen, yesterday stepped down a motion calling for the suspension of the cybersecurity levy, which has sparked widespread dissatisfaction.
Daily Trust reports that since…
Naira depreciates further as dollar sales to BDCs wobble
•Speculation, hoarding reemerges •Push Naira to N1,450/$ in parallel market
The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the…
Forex crisis: Damaged vehicle imports soar, say Agents
Licensed customs agents have blamed the foreign exchange crisis for the rising import of damaged vehicles into the country to about 80 per cent.
The agents, who spoke with The PUNCH on Tuesday, added that it was also…
Zenith Bank shareholders approve record N125bn dividend
The shareholders of Zenith Bank Plc have approved the record N125bn dividend proposed by the group’s board of directors.
The approval was given at the 33rd Annual General Meeting of Zenith held at the Civic Centre,…
CAC opens centre for registration of PoS operators
The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.
The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed…
Creditors to commence N1.7bn bankruptcy proceedings against business woman
A Federal High Court sitting in Lagos State has given leave to creditors to commence bankruptcy proceedings against a prominent billionaire businesswoman Chioma Ude in relation to an alleged debt of ₦1,700,000,000:00 (One…
Letters of credit impasse fades as dollar shortage eases
Foreign suppliers are no longer rejecting letters of credit from Nigerian businesses, in a boost for manufacturers who had struggled to import critical inputs and ran the risk of shutting down.
The improved dollar…
‘Unacceptable Extortion’ – CNG Rejects Cybersecurity Levy
The Coalition of Northern Groups (CNG) has rejected the newly introduced 0.5 per cent cybersecurity levy to be charged on all bank transactions.
The Central Bank of Nigeria (CBN) had on Monday, issued a circular to all…
PoS agents frown at CAC’s registration mandate, says customers will pay more
Some Point of Sale (PoS) agents in the FCT, have frowned at the new directive of the Corporate Affairs Commission (CAC) for them to register with the commission.
The News Agency of Nigeria reports that CAC had on Monday…
We need to increase VAT rate, says Taiwo Oyedele
The presidential committee on fiscal policy and tax reforms says there is a need to increase the value-added tax (VAT) rate.
Taiwo Oyedele, chairman of the committee, spoke on Monday while disclosing the VAT…
Shell Company Confirms Paying Over $1billion Tax To Nigerian Government In 2023
Shell Nigeria has said it exclusively paid a total of $1.09billion in corporate taxes and royalties to the Nigerian government in 2023, through the operations of the Shell Petroleum Development Company of Nigeria Limited…
Five levies Nigerians pay for electronic transactions
The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions.
A circular from the apex…
Abandoned 4,837 export containers at Apapa port causes stir
* Shippers’ Council to expedite clearance of trapped export containers* Shipping lines to evacuate 2,752 containers in five days
The Nigerian Shippers’ Council (NSC) has vowed to take urgent actions to streamline…
200 jobs at risk as Microsoft shuts down innovation centre in Lagos
There are indications that Microsoft African Development Centre (ADC) may shut down its West Africa operation, located in Lagos, Nigeria.
Industry sources in the know revealed this to The Guardian on Tuesday, though…
AccessCorp CEO, Access Bank MD, others vested with N427m shares
The acting Group Chief Executive Officer of Access Holdings, Bolaji Agbede, Managing Director of Access Bank, Roosevelt Ogbonna and six other directors of the bank have been vested with about 23,883,790 units of…
Dollar speculation: FG rubbishes Binance CEO’s bribery allegation
The Federal Government on Tuesday vowed to pursue the criminal case against the crypto platform, Binance, and its officials, to a logical end.
Speaking against the backdrop of a bribery allegation made by the Binance…
NLC rejects CBN’s cybersecurity levy
The Nigeria Labour Congress (NLC) has rejected the recent directive by the Central Bank of Nigeria (CBN) of 0.5 (0.005) per cent Cybersecurity Levy on electronic…