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Tag Archives: Business

Buhari signs Amended Companies and Allied Matters Bill

President Muhammadu Buhari on Friday assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly. The Special Adviser to the President on Media and Publicity, Femi Adesina, confirmed this in a statement in Abuja. The statement reads: “The President’s action on this important piece of ...

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Major fuel price increase looms in Nigeria

The approved price of petrol in Nigeria for August will increase, by up to 18 per cent according to estimates, as consumers await the release of the new retail price for the commodity by the Petroleum Products Pricing Regulatory Agency (PPPRA). The current approved petrol price, as announced by the ...

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FIRS, NIPOST battle over stamp duties charge

The Federal Inland Revenue Service (FIRS) has denied depriving the Nigeria Postal Service (NIPOST), of discharging its duties. This was disclosed in a statement signed by the agency’s spokesperson, Abdullahi Ahmad, on Tuesday. The chairman of the NIPOST, Maimuna Abubakar, in a series of tweets, accused the FIRS of stealing ...

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70% of revenue shared between federal govt, states in July from tax — FIRS

Earnings from taxation accounts for 70 per cent of the monthly statutory revenue allocation from the Federation Accounts, the Federal Inland Revenue Service (FIRS) has disclosed. The Executive Chairman of the agency, Muhammad Nami, said on Monday that with the negative impact of COVID-19 on other sources of revenue, tax ...

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Digital Disruption: How Nigerian capital market leverages technology to battle Covid-19 challenges

In the early hours of April 16, Ademola Adeoye walked leisurely across different sections of his living room in Oluyole area of Ibadan, Oyo State, completely unperturbed by the chaos of events happening outside of his immediate environment. A Lagos-based stock analyst and policy expert, Mr Adeoye moved to his ...

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Malabu Scandal: Shell ‘writes down’ OPL 245 licence

Royal Dutch Shell has said that its second-quarter writedowns include the controversial OPL 245 licence at the centre of corruption trials in Nigeria, Italy and the UK. Reuters reports that the oil giant on Thursday listed the controversial licence for an offshore oilfield in Nigeria, which it holds alongside Eni, ...

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COVID-19: CAC adopts new document filing process, other reforms

The Corporate Affairs Commission (CAC) has reviewed its system of filing applications and other forms of transactions by members of the public, its Registrar-General, Garba Abubakar, announced on Saturday. Mr Abubakar told reporters at the CAC headquarters in Abuja that the Commission has introduced a mailing system for applications to ...

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Nigerian regulators trade blame as killer fuels dominate country’s oil business

While various scientific research results have linked annual deaths of more than 100,000 Nigerians to air pollution, partly caused by the dirty fuel imported into the country by commodity dealers, the various regulatory bodies saddled with the responsibility of ensuring quality fuel sales have continued to engage in buck-passing. The ...

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CBN retains monetary policy rates, says Nigerian economy strong despite COVID-19 pandemic

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday said it has retained all the monetary policy parameters unchanged. The CBN governor, Godwin Emefiele, said during an online briefing at the end of the committee’s meeting in Abuja. He said the monetary policy rate (MPR), ...

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Nigeria refines own gold, starts stockpiling in reserve

Nigeria has for the first time refined its own gold and purchased the refined product into a new gold reserve. On Thursday, the Central Bank of Nigeria (CBN) presented a cheque of N268 million for the country’s first artisanally-mined and refined gold. The cheque was presented to the Presidential Artisanal ...

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