Economy
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Abiodun warns against illicit activities at the border
By Kolawole Olayinka, Abeokuta Ogun State Governor, Prince Dapo Abiodun has called on the youths and the people of the state not to see the reopening of the nation’s borders as an avenue to engage in illicit activities capable of damaging the country’s economy. Abiodun gave the charge in his address at the 10th year coronation anniversary of the Olu…
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Court grants order restraining CBN, INEC from frustrating Emefiele’s presidential ambition
Justice Daniel Maidoh of the Delta State High Court, Kwale Division has ordered the board of the Central Bank of Nigeria (CBN) and the Independent National Electoral Commission (INEC) to refrain from hindering Mr. Godwin Emefiele from running for the office of the president. The judge granted the order following an ex-parte motion filed by one Nkwo Augustine Eddiego against…
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MTN, Airtel customers spend N1.15tn on data in one year
The customers of two telecommunication giants, MTN Nigeria Communication Plc and Airtel Africa Plc in one year spent a total of N1.15trillion on data. This represents an increase of 41.4 per cent from N812.5billion data revenue generated by the telecommunication companies. According to MTN Nigeria audited result and accounts for the period ended December 31, 2021, it reported 55.3 per…
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Dangote allegedly broke, can’t meet 2023 refinery completion target- Report
Fitch Ratings, the world’s biggest global rating agency has alleged that Africa’s wealthiest man, Aliko Dangote is broke. A report by thestreetjournal.org stated that it alleged that his company, Dangote Industries has limited financial flexibility with which to complete its refinery. Fitch is basing its allegation on the timely completion or lack thereof of the project, adding that only limited…
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Market capitalisation appreciates by N557bn to close at N28.49trn
Recovering from losses of the previous session, the stock market of the Nigerian Exchange Limited (NGX) on Wednesday posted strong gains as the market capitalisation crossed N28 trillion mark. Precisely, the NGX All-Share Index inched higher by 1,033.04 basis points or 1.99 per cent to close at 52,838.45 basis points, while the overall market capitalisation value gained N557 billion to…
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Non-performing loans ratio decline further to 4.8%, says CBN
A member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has disclosed that the banking sector’s non-performing loan ratio declined further to 4.8 per cent in February 2022, from 4.94 per cent in December 2021. The Deputy Governor, Financial System Stability, CBN, Ahmad, Aishah in her personal statement during the March 2022 MPC meeting, noted…
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Aviation fuel never sold at N700 per litre, oil marketers refute airline operators’ claim
The Major Oil Marketers Association of Nigeria (MOMAN) has refuted claims by airline operators in the country that aviation fuel was selling for N700 per litre. Airline operators in the country had on Friday, announced a shutdown of operations starting from Monday over high cost of aviation fuel. According to the airline operators, they were buying aviation fuel for as…
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FIRS calls for increased collaboration in Africa to effectively tax digital businesses
Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has called on African countries to collaborate with the aim of exploring alternative rules that will enable market jurisdictions to effectively subject digital businesses to tax. Nami said this on Friday at a Technical Assistance Programme organised by African Tax Administrators’ Forum’s (ATAF) with the theme “Member’s Needs and…
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AMCON takes over assets of Aeroland travels limited over N1.8bn debt
Sequel to the order of Justice D.E. Osiagor of the Federal High Court, Lagos Division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Aeroland Travels Limited, and its directors over an indebtedness of N1.8billion. It would be recalled that Justice Osiagor gave the ruling on February 7, 2022, and in compliance to the enforcement order…
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SEC proposes full digital capital market
In a bid to fully digitalise operations of the Nigerian capital market, the Securities and Exchange Commission (SEC) is proposing some guidelines that will enable investors in the capital market to be able to do virtually everything they need to do on their internet-enabled appliances and at their convenience. This was contained in a guideline on Minimum Operating Standards for Information…
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