Business

The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso yesterday affirmed that the Federal Government is prepared to deploy all tools to rein in inflation. The CBN, Cardoso said, is prepared to use whatever “tools at our disposal” to manage inflation. Annual inflation in Africa’s most populous country accelerated in September for the first time in three months, reaching…

Value Added Tax (VAT) is to be shared based on derivation and consumption, according to the proposal in the Tax Bill before the National Assembly, Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Mr. Taiwo Oyedele, clarified on Tueesday. He defended the proposal in the Bill, saying it will guarantee fairness and long-standing criticisms of the existing distribution…

…calls for revenue reforms In its 2024 State of States Report, civic-tech organization BudgIT has revealed a stark fiscal disparity across Nigeria’s states, identifying only Lagos and Rivers as financially self-sustaining. The report highlights that these two states boast impressive internally generated revenue (IGR) ratios—118.39% for Lagos and 121.26% for Rivers—enabling them to fully cover their operating expenses without federal…

Boeing said it has been working with several banks in Nigeria and Africa Trade Investment Development Insurance (ATIDI) to develop a Credit Enhancement product specifically for Nigeria to facilitate operating leases by providing an additional layer of security to global lessors who may have shown interest in the region. “We envisage a forum that will include the Ministry, AON representatives,…

The local equities market on Tuesday sustained negative position as investors’ investments went down by N394 billion, propelled by the loss in Aradel Holdings Plc and 31 others. The All-Share Index (ASI) lost 650.83 basis points or 0.66 per cent to close at 98,058.07 basis points. Also, market capitalisation depreciated by N394 billion to close at N59.418 trillion. The downturn…

The Federal Competition and Consumer Protection Commission (FCCPC) said it is deeply concerned about the continuing disruptions in online banking services of Guaranty Trust Holding Company Plc, (GTCO), among other banks in across the country. Executive Vice Chairman/ Chief Executive Officer, FCCPC, Mr. Tunji Bello in a statement said the disruptions, which have hindered customers from accessing their funds, making…

By Kunle Sanni Africa’s richest man, Aliko Dangote, has urged fuel marketers to rely on his refinery’s domestic production rather than imported fuel. Following a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Tuesday, Dangote revealed that over a billion liters of refined fuel are currently stored in his tanks, available to address the country’s energy…

The Nigeria Civil Aviation Authority (NCAA) today granted an accreditation certificate to the Aerodrome Emergency Training School of the Nigerian College of Aviation Technology (NCAT), Zaria, officially endorsing it as Nigeria’s designated provider for Aircraft Rescue and Firefighting (ARFF) training. The award ceremony, held at the NCAA’s corporate headquarters in Abuja, was presided over by Acting Director General of Civil…

The management of Dangote Cement’s Ibese Plant has reaffirmed its commitment to advancing its local content policy, aiming to stimulate the economies of its 17 host communities through skills development and increased business opportunities for local enterprises. During a one-day capacity development workshop for local vendors, themed “Leveraging DCPI’s Processes and Procedures to Build Viable Local Businesses,” Acting Ibese Plant…

A South African grocery retailer, Pick n Pay said it will exit Nigeria by selling its 51 per cent stake in a joint venture. According to Reuters, Sean Summers, chief executive officer of Pick n Pay, said the move is part of its plans to restructure outside of its home market. The retailer has two stores in Nigeria, having entered…