Economy
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Nami, FIRS win ICAN Merit Award
…also named winner BusinessDay Newspaper Excellence in Public Service Award 2022 Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami has been named winner of the Institute of Chartered Accountants of Nigeria (ICAN) Merit Award 2023 in its Non-Members Category at the Institute’s 2023 Annual Dinner Awards. Mr. Nami, who received the Award at the Monarch Event Centre, Lagos,…
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Buhari to inaugurate Dangote Refinery May 22
Efforts by the Federal Government to make the country self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery is set for inauguration on May 22 by President Muhammadu Buhari. A source at the refinery confirmed to a…
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South Africa’s revamped local currency unveiled
South Africa has unveiled upgraded banknotes and fourth decimal coin series. The new currencies have new designs and enhanced security features utilising the latest technology to protect the integrity of the currency. The South African Reserve Bank (SARB) said the upgraded banknotes and coins have now been released into the South African market. The new denominations are now available effective…
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Stock market appreciates by N45bn on investors buy interest Ardova, 31 others
The stock market on Thursday recovered as investment in the market rose by N45 billion on a bullish sentiment in Ardova Plc and 31 others. The All-Share Index (ASI) gained 82.98 basis points or 0.16 per cent to close at 52,290.75 points. Also, market capitalisation rose by N45 billion to close at N28.472 trillion. The upturn was driven by price…
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Court restrains Seplat from holding AGM
The Abuja Division of the Federal High Court has restrained Seplat Energy Plc from holding its annual general meeting (AGM) fixed for May 10, pending the hearing and determination of a substantive matter before it. Justice Inyang Ekwo, in a ruling, directed parties in the suit not to tamper with the subject matter until the issues before the court were…
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N30bn suit: Court grants ARCON power to summon Facebook owner, Meta
The Abuja Division of the Federal High Court has granted the Advertising Regulatory Council of Nigeria (ARCON) leave to serve a writ of summons on Meta, the owner of Facebook. The court gave the nod pursuant to an application by ARCON in a pending N30 billion suit against the social media giant for violation of the extant advertising laws of…
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FG excludes finance ministry from TSA
The Federal Government has partially excluded the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA), according to a statement by Femi Adesina, the Special Adviser to the President on Media and Publicity. The statement said that President Muhammadu Buhari granted the request of the MOFI Board to charge management and transaction fees, and to include the Minister…
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NLC, TUC hail FG for suspending petrol subsidy removal
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have hailed the Federal Government for suspending the removal of petrol subsidy. The decision was postponed due to “high inflation and economic hardship”. Earlier, the government had planned to stop subsidy payments on petroleum products from July. Benson Upah, Head of Information at NLC, said: “The removal of petrol…
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NEC recommends temporary suspension of planned petrol subsidy removal
The National Economic Council (NEC) has recommended the temporary suspension of the planned removal of petrol subsidy, according to a statement by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed. Speaking to journalists after the Valedictory NEC meeting, Ahmed revealed that the council agreed that the timing for the removal of subsidy should not be now, but…
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Elumelu commends Femi Otedola’s investment in Transcorp
Billionaire businessman Femi Otedola’s recent acquisition of a 5.52 percent stake in Transnational Corporation Plc (Transcorp) has been commended by the conglomerate’s Group Chairman, Tony Elumelu. Otedola has become the second-largest shareholder in Transcorp Plc, and reports suggest that he has upped his stake to 6.3 percent. Speaking in an interview with Arise TV, Elumelu expressed his excitement about Otedola’s…
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