Business

The Lagos State Internal Revenue Service (LIRS) has issued a reminder to all employers in Lagos State to fulfill their statutory obligation to file annual tax returns for the 2024 financial year on or before January 31, 2025. This requirement is in line with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended). In an official statement,…

The Federal Government has reiterated its commitment to strengthening the capital market to promote wealth creation for Nigerians and support national development. The Minister of State for Finance, Dr. Doris Uzoka-Anite stated this during a meeting with members of the board of the Securities and Exchange Commission in Abuja, over the weekend. Uzoka-Anite said the Ministry has been given the…

Group CEO of Nigerian Exchange Group Plc (NGX Group), Temi Popoola reiterated the transformative potential of Africa’s capital markets at the launch of the Ethiopian Securities Exchange (ESX). Speaking at the event, Popoola emphasized the need for stronger regional collaboration, government-private sector synergy, and innovative market solutions to unlock the continent’s economic potential. NGX Group’s strategic investment in ESX underscores…

The market capitalisation of 10 Deposit Money Banks (DMBs) rose to N7.87 trillion in 2024 despite investors trading the financial institution stocks with caution.  The overall market capitalisation of the Nigerian Exchange Limited (NGX) increased to N62.76trillion on the stock market The NGX banking Index that witnessed mixed reactions in 2024, however, closed positive amid impressive corporate earnings by listed…

The Central Bank of Nigeria (CBN) on Friday announced the introduction of the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA) with the aim to drive foreign capital inflows into the country through investments and remittances from the diaspora. While the NRNOA enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in…

Nigeria stands out globally for its affordable mobile data costs, offering cost-effective connectivity services to data users nationwide. With an average data cost of $0.38 for a gigabyte, mobile data in Nigeria is one of the cheapest in the world and one of the lowest in Africa. This position was affirmed by the International Telecommunications Union (ITU) and revealed in…

The Central Bank of Nigeria (CBN) has revealed that the Federal Government spent N8.9 trillion on debt servicing in the nine months of 2024, accounting for 47per cent of total expenditure during the period. The quarterly statistical bulletin of the CBN showed that the amount represents a 56.8per cent increase from the N5.69 trillion spent in the same period of…

The Chairman of General Hydrocarbons Limited (GHL), Prince Nduka Obaigbena, has accused First Bank of Nigeria of serious breaches of contract and misconduct in their joint oil exploration deal. In a detailed letter addressed to the Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, dated November 7, 2024, Obaigbena outlined the origin of the dispute and accused…

The Dangote Petroleum Refinery is building eight new storage tanks with a combined capacity to hold 6.3 million barrels of crude oil to store imported crude. According to an exclusive report by Africa Report, the 650,000-barrel-a-day capacity refinery struggles to get an adequate local supply of crude, hence it is increasing its crude import this year. The Vice president for…

By Kunle Sanni The National Bureau of Statistics (NBS) has announced that its upcoming rebased gross domestic product (GDP) data, set to be unveiled by the end of January, will incorporate modular refineries, illegal activities, and other previously excluded sectors. The rebased GDP will also capture contributions from the Nigerian Social Insurance Trust Fund (NSITF), digital economic activities, pension fund…