Business

The Nigerian government has drafted a plan to reintroduce the telecommunications tax previously suspended and other revenue-generating measures to secure a $750 million World Bank Loan. This is according to the recent Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms programme between Nigeria and the World Bank. The document posted on the World […] More

The Central Bank of Nigeria, CBN, on Monday, mandated all banks in Nigeria to collect and remit a 0.5 per cent cyber security levy to the office of the National Security Adviser. DAILY POST reported that it gave this notice public through its directors of Payment System Management and Financial Policy and Regulation Departments, Chibuzor […] More

Chairman of the Federal Inland Revenue Service, FIRS, Zacch Adedeji, has challenged tax administrators in Africa to look inwards for local solutions to challenges rather than turning to the Western world for salvation. Adedeji, according to a statement by his Special Adviser on Media, Dare Adekanmbi, spoke at a three-day council meeting of African Tax […] More

Turkish President, Recep Tayyip Erdogan has said that the country’s decision to stop trade with Israel had one singular purpose, to compel the Israeli government into a ceasefire in the Gaza Strip. In the presidency’s website, Erdogan made the remarks on Friday during a meeting with the board of directors of the Independent Industrialists and […] More

The Naira yesterday depreciated to N1,365 per dollar in the parallel market, from N1,320 per dollar on Tuesday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,402.67 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,402.67 per dollar from N1,390.96 per dollar on Tuesday, […] More

The Naira yesterday depreciated to N1,340 per dollar in the parallel market, from N1,300 per dollar last week Friday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,419.11 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,419.11 per dollar from N1,339.23 per dollar last […] More

President Bola Tinubu says the removal of fuel subsidy was needed to reset Nigeria’s economy. Tinubu made the statement while speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia, on Sunday. DAILY POST reports that the World Economic Forum meeting focuses on Global Collaboration, Growth and Energy for […] More

The Economic and Financial Crimes Commission, EFCC, has slammed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele. According to the charge, EFCC accused Emefiele of approving the printing of N684,590,000 at N18.96 billion. In a four-count charge sheet […] More

Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024. Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022. Alebiosu brings to the […] More

Plan further price increases Our cost of sales jumped 64% — BUA Foods Economy grappling with cost-push inflation — Adonri NB, Dangote, others intensify backward integration Manufacturers of consumer goods are counting their losses to high cost of raw materials due to inflation and exchange rate volatility, which resulted to N266 billion loss in 2023, from […] More

The Nigerian Ports Authority has secured a $700 million loan from Citibank and funded the United Kingdom Export Finance to rehabilitate the Apapa and Tincan Island Ports in Lagos. The Managing Director of the NPA, Mohammed Bello-Koko, disclosed this in a statement on Wednesday, noting that the loan mandate letter would be sent to the […] More