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Business
95% of informal sector should be exempted from ALL taxes, says Taiwo Oyedele
Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says the federal government is working on a system that will provide tax relief to 95 percent of the informal sector. Oyedele…
SERAP, Agbakoba, CSOs head to court as FG quietly withdraws cybersecurity levy
The resentment that greeted the Federal Government’s 0.5 per cent cybersecurity levy appears not to have abated, despite the reported quiet withdrawal of the policy. The likes of Senate Chief Whip, Ali Ndume, had praised…
NNPC, NOS hit first oil in OML13, eye 40,000bpd
The Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd), an upstream subsidiary of NNPC and Natural Oilfield Services Ltd (NOSL), a subsidiary of Sterling Oil Exploration & Energy…
United States Government and First City Monument Bank (FCMB) Enter Partnership to Strengthen…
At a ceremony held at the First City Monument Bank (FCMB) Headquarters in Lagos, Nigeria, the U.S. Agency for International Development (USAID) Mission Director Melissa Jones…
Why Tinubu suspended cybersecurity levy policy implementation – Report
Details have emerged over the weekend on why President Bola Tinubu instructed the Office of National Security Adviser (ONSA) to suspend the implementation of the cybersecurity levy policy. A reliable presidency…
FX rate for customs duty collection rises to N1457/$, highest in six weeks
The exchange rate for import duties collection by the Nigerian Customs Service (NCS) has risen to N1457/$, the highest in just over six weeks, according to checks on the exchange rate portal of the NCS. According…
Seven bank CEOs to earn N797 million in 2023 final dividend payout
Chief Executive Officers (CEOs) and Group CEOs of seven Nigerian banks will earn approximately N796.6 million in final dividends for 2023. The seven banks are United Bank for Africa (UBA), Access Bank, GTCO Holdings,…
Naira Defies CBN’s Interventions, Regresses To 1,510/$
The depreciation of the naira continued over the weekend as the currency traded at N1,510 to a dollar at the parallel market…
Binance CEO alleges SEC ignored several registration attempts
The Chief Executive Officer of Binance, Richard Teng, said the Securities and Exchange Commission did not respond to several attempts by the cryptocurrency exchange on licensing processes and regulatory…
Nigeria no longer safe haven for cryptocurrency traders
With the latest clampdown on the operations of cryptocurrency operators by the different financial regulators and law enforcement agencies, patrons of the now infamous trade, especially within the country are living in…
Court orders ExxonMobil to pay $725.5 million in leukemia case involving mechanic
A Pennsylvania jury in the United States of America has ruled that ExxonMobil must pay $725.5 million to an ex-mechanic who alleged his cancer was caused by toxic chemicals in the company’s gasoline and solvents, as stated…
EFCC accuses Banks and POS operators of colluding to limit ATM cash availability
The Economic and Financial Crimes Commission (EFCC) has accused banks of colluding with Point-of-Sale(POS) operators to limit cash availability at Automated Teller Machines(ATM). According to the EFCC, it amounts to…
FG’s plan to issue domestic dollar bond may pressure naira – IMF
The International Monetary Fund (IMF) has expressed concerns over the Nigerian government’s strategy to issue domestic dollar-denominated bonds, according to the recently published IMF staff country report for Nigeria.…
EFCC stops dollar transactions, asks embassies to charge in naira
The Economic and Financial Crimes Commission has read the Riot Act to foreign missions based in Nigeria, banning them from transacting in foreign currencies, and mandating the use of Naira in their financial businesses.…
Binance Saga: Rep Threatens Legal Action Over $140m Bribery Allegation
The member representing Aguata Federal Constituency of Anambra State, Rep. Dominic Okafor, has threatened to take legal action over a media report that he collected a bribe of $140 million from Binance. He stated this…
Don’t use telecoms sector as palliative for economic woes – ALTON tells FG
–Laments existence of 45 charges, levies on operators Chairman of the Association of Licensed Telecom Operators of Nigeria, ALTON, Gbenga Adebayo, has told the Federal Government not to use the…
With N3 difference, parallel/official FX rates near convergence
The naira depreciated to N1,470 per dollar at the parallel section of the foreign exchange (FX) market on Friday. The current FX rate represents a 1.38 percent…
Donald Trump’s net worth rises to all-time high as stocks rise
Former President of the United States of America, Donald Trump is now worth a hefty $8.84 billion, marking an all-time high for his net worth. This is all thanks to Trump Media shares which rose by over 10% as of…
Canada fines Binance $4.38 million for money laundering violations amid probe in Nigeria
Canada’s anti-money laundering agency announced that it had imposed a fine of nearly C$6 million ($4.38 million) on cryptocurrency exchange Binance for violating money laundering and terrorist financing laws. This comes…
IMF asks CBN to stop waivers for banks
The International Monetary Fund has strongly urged the Central Bank of Nigeria to unwind the regulatory forbearance granted to Deposit Money Banks during the COVID-19 pandemic. It also cautioned against the Federal…
Ebenezer Becomes FirstBank Chairman As Odukale Retires After 12-Year Tenure
The Board of FirstBank of Nigeria Limited has appointed Ebenezer Olufowose, a Non-Executive Director, as the new Chairman of the Board of Directors of the bank. This follows the successful completion of the 12-year…
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…