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CBN restricts forex for importation of cassava products
The Central Bank of Nigeria has said it will no longer provide foreign exchange for the importation of cassava, starch, ethanol and all other derivatives into Nigeria.The CBN Governor, Mr Godwin Emefiele, said this…
Cashless policy: LCCI seeks more time, enlightenment
THE Lagos Chamber of Commerce and Industry (LCCI) has asked for more time for the implementation of the cashless policy. In a statement, its Director- General, Muda Yusuf said…
Customers to pay more for PoS transactions
BANK customers are to pay more for Point of Sale (PoS) transactions. This follows a Central Bank of Nigeria’s directive to banks to charge N50 Stamp Duty on individual transactions. The…
Group lauds removal of VAT on cooking gas
Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), says the removal of Value Added Tax (VAT) on cooking gas by the Federal Government will deepen…
N1.5m bank charge on N50m deposit… CBN’s cashless policy is back
The Central Bank of Nigeria (CBN) has re-introduced charges on the deposit and withdrawals of sums above N500,000 to promote a cashless economy. In a circular released on…
Andela sacks 400 employees in Nigeria, others
Andela, an Africa-focused company that builds talented software engineers, has announced the disengagement of about 400 junior engineers and workers in Nigeria, Uganda and…
CBN’s charges on cash deposit in banks begin
Bank customers making cash deposits or withdrawals will pay charges from today in line with the Central Bank of Nigeria’s new policy. The objective of the…
Osinbajo inaugurates committee to recover N5trn AMCON debts
Vice President Yemi Osinbajo on Tuesday inaugurated an inter-agency committee to recover the N5 trillion debts owed the Asset Management Corporation of Nigeria (AMCON). A statement by…
VAT: What you need to know about ‘proposed increase’ from 5% – 7.5%
After 26 years, the Federal Government has made the proposal to increase the rate of Value Added Tax (VAT) from five per cent to seven point five per cent with effect from 2020. Here is…
Tax battle: Apple challenges $14 billion court case
Technology giant, Apple has challenged a $14 billion tax charge from the European Commission. The Commission had accused the company of paying taxes at a low rate to the Irish…
Pension asset increases to N9.33 trillion – PenCom
The National Pension Commission ( PenCom) has disclosed that the worth of pension assets has increased from N7.44 trillion in January 2019 to N9.33 trillion as at the end of…
MTN Nigeria to raise N100 billion through commercial paper
Telco giant, MTN Nigeria is seeking to raise a N100 billion through Commercial Paper (CP). The Head, Frontier Research at EFG Hermes, Kato Mukurudisclosed this during…
P&ID $9.6bn: Experts, others react as Addax Petroleum continues to flare gas in OML123
THE inability of Process and Industrial Development Limited, P&ID, to execute its controversial gas pipeline project, targeted at harnessing 100 million standard cubic feet of associated gas, offshore Akwa Ibom…
U.S returns to Nigerian Oil, imports N349 billion crude oil in three months
Having consistently dropped Nigeria’s crude oil in recent quarters, the United States (U.S) has returned to become one of Nigeria’s top trading partners after importing crude…
Oil price hike: Nigeria to gain N1.3trn in 3 months
Nigeria is set to gain N1.3 trillion between now and December following the current oil price of $71 per barrel. But Minister of Finance, Budget and National Planning, Mrs…
Dangote shuts Kano tomato plant again
Dangote Tomato plant in Kano has been shut again, six months after it resumed operations from an almost three-year shut down. Reports said the 1,200-ton-a-day…
Nigerian ports filled up, running out of space – NPA cries out
The Managing Director/CEO of the Nigerian Ports Authority (NPA), Hadiza Bala Usman has warned that Nigeria’s ports are currently running out of space due to increasing numbers…
Kaduna: Steel plant worth $600m to be completed by December 2020
The Kaduna state Governor, Nasiru El-Rufai, says a six hundred million dollar steel plant will be completed by December 2020 in Kagarko Local Coucil. El-Rufai who disclosed this in an…
Anchor Borrowers’ Programme: BOA’s N84bn reached 500,000 farmers directly ― MD
The Managing Director of Bank of Agriculture (BOA), Malam Kabir Adamu has said that the Bank disbursed N84 billion to farmers during the Anchor Borrower Programme (ABP) of the Central Bank of Nigeria (CBN).The…
Eko Disco recorded highest remittance efficiency in Q1 – NERC
The Nigerian Electricity Regulation Commission says Eko Electricity Distribution Company recorded the highest remittance efficiency of 43 per cent in the first quarter of 2019.…
Saudi fire could push oil price to $100 — and that’s some good news for Nigeria
Two drone strikes on Saudi Arabian oil facilities by Yemen rebels have reduced the country’s production by half and threatened to push up crude prices. Some experts have warned…
Despite shale boom, Nigerian crude is on honeymoon with Californian refiners
Major refineries in the West Coast of the United States of America, including California, have chosen Nigerian crude as their preferred raw material. This is despite the…
$9.6Billion Judgment Debt: How former CJN helped P&ID to defeat Nigeria
For the former Chief Justice, it was all business.It did not matter that he was providing an expert legal opinion against his country whose judiciary he once headed. It did not matter that Nigeria stood to lose…
Private sector operators kick against FG’s plan to increase VAT
The Manufacturers Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry (LCCI), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of…