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VAT, Withholding Tax must be remitted every 21st – FIRS
COMPANIES got a fresh directive yesterday from Federal Inland Revenue Service (FIRS). They must remit Value-Added Tax (VAT) and Withholding Tax by the 21st day of…
Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs
Nigerian freight logistics startup Kobo360 has raised a $20 million Series A round led by Goldman Sachsand $10 million in working capital financing from Nigerian commercial…
CBN to implement ban on FX for food import ‘in phases’
The Central Bank of Nigeria (CBN) is happy with President Muhammadu Buhari’s latest directive on restricting forex for food importation, TheCable understands. Insiders at the apex bank told TheCable that the…
Edo’s 6,000 bp/d modular refinery set to begin operation
The Edo Refinery and Petrochemicals Limited, says it will soon commence operation at its 6,000 barrels per day (bpd) modular refinery before the end of the year. The project which is…
Senate wants FG’s 40% share in DisCos sold to foreign investors
The senate has advised the federal government to divest its 40% stake in electricity distribution companies (DisCos) to foreign investors. Senate President Ahmed Lawan gave this advice in Abuja when he…
Nigerians spend N730bn on sports betting annually – Report
Nigerians spend over N730bn annually on sports betting and at least two billion naira is generated daily, recent research data shows.Data also revealed that over 60 million Nigerian punters spend over N3,000 daily…
Naira to depreciate further in I&E as CBN intervenes with $540m
The declining fortune of the naira in the Investors and Exporters (I&E) window is expected to continue this week even as the Central Bank of Nigeria (CBN), in a bid to defend the…
Waiting for Dangote refinery
Many are waiting to see the effect the massive Dangote refinery will have on the economy and job creation. But they have to wait until the end of next year, according to this report by…
BAD NEWS: US shale oil runs Nigeria’s crude out of market
Nigerian crude has suffered its slowest sales of the year in August, traders said, as U.S. exports of competing light, sweet grades flood traditional markets in Europe and Asia. It is…
Zenith Bank boss Jim Ovia loses $64m
Jim Ovia, founder and chairman of Zenith Bank has lost close to $64 million in paper net worth over the last 6 months as the stock price of his bank shed 33% in value within that period,…
Apple offers $1m reward to anyone who can hack an iPhone
Apple, American multinational tech company, is offering the sum of $1 million to anyone who can hack into their iPhones and tell the company how they did it. The iOS bug bounty was announced by…
Nigeria sells the cheapest petrol in West Africa — recipe for smuggling – Report
The Nigerian government has been subsidising the price of petrol for decades. This has ensured that petrol has remained cheap and affordable for citizens of Africa’s most populous…
Dangote Refinery suffers supply hiccups… Completion shifted till 2020
Africa’s largest oil refinery will not be finished until the end of 2020 due to problems importing steel and other equipment, executives at Dangote, which is building the facility in Lagos said.…
We’ve disbursed N9.6 billion to MSMEs – Fidelity Bank
Fidelity Bank Plc says it has disbursed N9.6 billion to Micro-Small and Medium Enterprises (MSMEs), from the Development Bank of Nigeria (DBN) fund being administered by…
EFCC Vows To Recover N5trn Debts
To lessen the burden on AMCON, the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has vowed to assist the corporation to recover the…
India Increases Crude Oil Demand From Nigeria
India has increased crude oil demand from Nigeria after it stopped imports from sanction-hit Iran as new data from the country’s commerce ministry showed that New Delhi has…
Outrage as China ships used vehicles to Nigeria
Automakers, dealers and other stakeholders have expressed anger over China’s resolve to push its used vehicles to Nigeria and other global markets as a strategy to shore up its income from automobile.Although no…
Investors await interim dividends of major banks
Investors have stepped up demand for shares of the largest banks amidst expectations that the lenders will declare interim dividends on their half-year results. Four leading…
Zimbabwe legalises growing of hemp
Zimbabwe will change its laws to allow farmers to grow industrial hemp for export, cabinet ministers said on Tuesday, adding that the government saw the plant as a future substitute for tobacco,…
Berger Paints Opens New Colour World in Ikoyi
Berger Paints Nigeria Plc., one of Nigeria’s leading manufacturers of paints and allied coatings has opened a new Colour World outlet at Awolowo way, Ikoyi, Lagos as part of its commitment to meet the…
FCMB Introduces Revamped Agro-Commodity Trade Finance Facility to Boost Agriculture
Leading financial services provider, First City Monument Bank (FCMB), has introduced an enhanced agro-commodity trade finance facility for agribusiness operators. The…
AfDB identifies 14 sites for Agro-Industrial Processing Zones in Nigeria
The African Development Bank (AfDB), says it has identified 14 sites for the proposed Special Agro-Industrial Processing Zones (SAPZs) in Nigeria. Prof. Banji Oyelaran-Oyeyinka,…
Olam Reduces Acquisition Price for Dangote Flour from N130bn to N120bn
Olam International Limited, a Singaporean agro-allied company, which had offered to acquire Dangote Flour Mill (DFM) Plc for N130 billion yesterday announced a reduction of the bid price to N120 billion.DFM had in…
Keystone Bank appoints new Executive Directors
The Board of Directors of Keystone Bank Limited has announced the appointment of three new Executive Directors. This is in line with strategic business intent and corporate…