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PROFILE: Ebenezer Onyeagwu, the ND graduate from Auchi Poly who is now Zenith Bank MD
Tales of humble beginnings are not hard to come by in Nigeria and the story of Ebenezer Onyeagwu definitely fits the description. Onyeagwu was announced on Monday as the new chief executive officer of…
FIRS, NLRC begin process to collect VAT on lottery, gaming
The Federal Inland Revenue Service (FIRS) and the National Lottery Regulatory Commission (NLRC) have commenced process to automate the collection of Value Added Tax (VAT) on lottery and gaming businesses in…
US Sanctions, Libyan Crisis Push Oil Price to $70
United States’ sanctions against Iran and Venezuela, fighting in Libya and production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) yesterday pushed crude oil price to a five-month high of $70 per…
NSE tightens rules on banks’ insider dealings
The Nigerian Stock Exchange (NSE) has launched a comprehensive review of its rules to block loopholes being exploited for surreptitious trading in shares by directors and other insiders of quoted…
My refinery will transform Nigeria’s economy, eliminate fuel scarcity – Aliko Dangote
The President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, says his refinery will eliminate fuel scarcity and transform Nigeria’s economy for decades when it comes on stream.…
Ambode performs pre-launch of $50m factory in Lekki Free Zone
Lagos State Governor Akinwunmi Ambode yesterday performed the pre-launch of a $50 million manufacturing plant in Lekki Free Zone. The governor expressed optimism that the facility would go a long way to…
Banks’ Impairment Charges Drop Further as Loan Repayment Improves
The provisions for loan losses by commercial banks in the country have continued to drop, thereby raising hopes of higher returns on investments for shareholders, THISDAY has learnt.Loan loss provisions had in 2016 and 2017…
₦344m debt palaver: Stanbic IBTC bank engages Company in legal battle
In a bid to recover a debt of ₦343,895,137, Stanbic IBTC bank Plc has renewed its legal battle against a shipping company, Enegas Power limited and two Directors of the company, Mr Frank karkite and…
RMAFC to recover N100b stamp duty funds from banks
COMMERCIAL banks are to be probed over stamp duty collections, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said. A statement by the Commission’s spokesperson, Ibrahim Mohammed,…
Finance, DMO approve N195bn to exporters for EEG settlement
The Nigerian Export Promotion Council (NEPC) disclosed at the weekend that the Export Expansion Grant (EEG) is being resuscitated as the minister of Finance has directed the Debt Management Office for…
Multichoice unveils Whatsapp self-service
Multichioce Nigeria has launched a Whatsapp self- service that enables DStv subscribers to their subscription, fix error codes, make payment and rent Box Office movies. The Whatsapp self-service…
Court nullifies sale of 9mobile to Teleology
ALL steps taken from April 25, 2018 in respect of ownership transfer of Etisalat International Nigeria Limited (9mobile) to Teleology Nigeria Limited were yesterday voided by a Federal High Court in Abuja…
FEC okays N3.4trn promissory note to offset local debts, salaries
THE Federal Executive Council, FEC, yesterday, approved the establishment of a Promissory Note Programme worth N3.4trillion for the settlement of inherited local debts and contractual obligations of the Federal…
Malabu oil block award ‘illegal’
A consultant hired by Italian prosecutors, Dr. Dayo Ayoade, yesterday in Italy, said award of Malabu Oil Block (OPL 245) to Shell and ENI was illegal. Ayoade spoke at the resumption of the case…
Nigerian economy on right track – IMF
The International Monetary Fund (IMF) has expressed a renewed confidence in the Nigerian economy. Its Executive Directors also hailed the economy’s recovery signs, such as reduced inflation and…
FG to review alcohol taxes after companies struggle to make profit
The federal government says it is carrying out a review of the excise duties imposed on wines and spirits. This review is coming nine months after President Muhammadu Buhari approved the 17% increase in tariff on…
Tax default: FIRS extends ‘account freeze’, plans to recover N750bn by June
Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says the service plans to recover N750 billion from 55,000 defaulting taxpayers by extending its account substitution…
Bata Back in Nigeria, Builds $1m Plant in Abuja
Stakeholders of Bata shoe accessories have launched a $1m fund for the building of an Abuja factory to tackle shoe importation problem in the country. Mr Tobe Eze who spoke on behalf of the stakeholders said Bata…
Shell pays Fed Govt, agencies $6.397b
Over $6.397 billion was paid to the Federal Government and its agencies in 2018 by Shell exploration and production companies in Nigeria, The Nation has learnt . In the group are Shell Petroleum…
Lagos retains Fitch’s B+ rating despite Visionscape payments default
GLOBAL credit rating agency Fitch Ratings has affirmed the positive economic ratings of Lagos State despite the missed contracted services payment by Visionscape Sanitation Solutions. The waste…
Federal government to set up cashew processing plants in four states – Audu Ogbeh
The Federal Government says it plans to set up cashew processing plants in four states of the country to add value to the produce and create employment, wealth in the country. Chief Audu Ogbeh, the…
Ogbeh appeals for speedy clearing of agricultural export in ports
Chief Audu Ogbeh, the Minister of Agriculture and Rural Development, has appealed to the Nigerian Ports Authority (NPA) to ensure speedy evacuation and clearing of agricultural produce for export.Ogbeh made the appeal in an…
Nigerian economy set to gather momentum in Q2
There are higher expectations for Nigeria’s economic recovery after the fastest growth since 2015 was recorded during the fourth quarter of last year. As the nation draws further away from the worst…
FG Commended For Uninterrupted Petroleum Products Distribution
The Federal Government has been commended for ensuring effective distribution of petroleum products across the country in the last two years.The Chief Executive Officer of ENYO Retail and Supplies Ltd., Mr Abayomi Awobokun,…