Economy
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FCMB suspends naira debit, credit cards for international transactions
Following scarcity in the foreign exchange market, First City Monument Bank (FCMB), a member of FCMB Group Plc, said it suspended Naira debit and credit card for international transactions. The bank in a statement to its customers encouraged application for foreign currency card (USD or GBP Domiciliary account required) that comes with higher access to $5,000 monthly. The Bank said:,…
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Non-oil sector grows by 6.08% in Q1 2022, Says NBS
Nigeria’s non-oil sector grew by 6.08 per cent (year-on-year) in real terms in the first quarter of 2022, an increase of 5.28 points from the preceding quarter which recorded a growth rate of 3.58per cent, compared to the rate recorded same quarter of 2021 and 1.34 per cent points higher than the fourth quarter of 2021. According to the Nigerian…
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Nigeria’s GDP grows by 3.11% in 2022 Q1
Nigeria had a 3.11% growth in the Gross Domestic Product in the first quarter of 2022. This was disclosed in the new data released by the National Bureau of Statistics. According to the report, the growth was for the sixth consecutive quarter. “Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022,…
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Nigeria didn’t endorse OECD minimum corporate tax agreement in country’s best interest – FIRS
Nigeria’s cautious approach to the endorsement of the Organization for Economic Cooperation and Development (OECD)/ G20 Inclusive Framework two-pillar solution to the taxation of the digital economy is in the best interest of the country, and to ensure that Nigeria does not lose out on potential revenue from the digital economy. This was explained in a statement issued to the…
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SPOTLIGHT: Alpha Beta, future of Africa’s revenue collection, generation
Right from inception, Alpha Betta has continued to set the pace in innovations across the country and even outside. The company with revenue maximasation strategy, Alpha Beta is the pioneer developer, proprietor and provider of the technology-based Electronic Banking and Internal Controlled Revenue Enhancing System that helps clients to flawlessly monitor and enhance revenue collections, promote accountability, transparency and good…
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UPDATE: After plane crash in Cameroon, Chevron kicks out Caverton Helicopters
In what appears to be additional trouble for the already bad situation, Chevron has fired Caverton Helicopters from its offshore aviation logistics contract at a time the Nigerian company is battling hard to be reinstated to its Shell contract. Shell Petroleum Development Company suspended Caverton from its offshore aviation logistics contract late 2021 for safety concerns following mass resignation of…
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Set automatic antivirus updates to avoid vulnerabilities, NCC advises
The Nigerian Communications Commission (NCC) has advised telecom consumers and other Information and Communications Technology (ICT) end users on the need to always enable automatic update features for AVAST and AVG antiviruses to prevent potential cyber vulnerabilities. This was contained in a new advisory released by the Computer Security Incident Response Team (CSIRT), the cybersecurity centre for the telecom sector…
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Osinbajo drums support for FIRS digitisation agenda
Vice President Yemi Osinbajo has urged the Chartered Institute of Taxation of Nigeria (CITN) to support the Federal Inland Revenue Service (FIRS) in its drive towards full digitalisation of tax administrative processes. He made this call in his speech at the Chartered Institute of Taxation of Nigeria’s (CITN) 24th Annual Tax Conference held at the International Conference Centre, Abuja. The…
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Oyo inaugurates Human Capital Development Council
By Richard Thomas, Ibadan Oyo State government on Wednesday inaugurated it’s Human Capital Development (HCD) Council for sustainable development in the state. The inauguration held at the Governor’s Office was convened by the Secretary to the State Government and Chairperson of the Council, Mrs. Olubanwo Adeosun on behalf of the Governor Seyi Makinde. Speaking at the event, the state Focal Person…
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Osinbajo calls for focus on gas as transition fuel
Vice President Yemi Osinbajo has restated the need to designate gas as a transition fuel in the global net-zero emissions target by 2060 even as he observes that Africa is now winning that argument. Prof Osinbajo spoke while receiving a delegation of Executive Directors of the African Development Bank, AfDB, led by the Dean of the Board, Mrs Mmakgoshi Lekhethe,…
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