Business

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,…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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,…

Waheed Olagunju, executive director, small and medium-scale enterprises of the Bank of Industry, says money for any potentially viable enterprise is not a problem in Nigeria. Speaking during his…

The Federal government has revealed that it would soon be giving loan to Nigerians at a 6% interest rate to encourage the purchase of made in Nigeria vehicles as a way of boosting local production in the country. Disclosing…

Africa’s downstream sector has seen an injection of $30 billion in investment, as the continent is one of the few regions where oil demand is expected to grow steadily for the next two decades, the African Refiners and…

Nigeria plans to spend $20 billion on infrastructure over the next 10 years and will introduce an infrastructure bond in 2019 as Africa’s biggest oil producer seeks to address challenges in revenue generation.“Our target is…

The recently created Payment System Department of the Central Bank of Nigeria (CBN) has been charged with the responsibility of regulating the activities of the financial Technology Companies (Fintechs) and…

The Lloyd’s of London insurance market recorded a loss of one billion pounds ($1.32 billion) in 2018 due to major natural catastrophes such as hurricanes and wildfires, it said on Wednesday. Lloyd’s,…

Lukman Otunuga, research analyst at FXTM, says the Central Bank of Nigeria (CBN) would likely cut interest rates further if macro economic conditions in the country improve. Otunuga was reacting to an…

Two financial experts, Samuel Nzekwe and Titus Okurounmu, on Wednesday commended the Central Bank for reducing the benchmark lending rate from 14 per cent to 13.5 per cent. The News Agency of Nigeria…