Economy
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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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BREAKING: Airline operators suspend planned operational shutdown
Airline operators in the country have suspended their planned shutdown of operations across the country starting from Monday. The airline operators announced the suspension in a joint statement they signed on Sunday. They said the suspension was hinged on the government’s intervention and the promises to dialogue in seeking lasting solutions to the rise in the price of aviation fuel.…
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Passengers stranded, scamper for tickets as airlines begin shutdown Monday
Plans by airlines to shut down operations starting from Monday, May 9, 2022 has left passengers scampering for tickets at airports across the country. WesternPost had earlier reported that the airlines in a letter to Minister of Aviation, Hadi Sirika announced a shutdown over the rise in price of aviation fuel. Sirika in his response to the airlines however appealed…
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Ogun seals cashew nut factory for environmental infraction
By Kolawole Olayinka, Abeokuta Ogun State government has shut down a cashew nut producing company, SONATA Agri International Limited, located at Km 51, Lagos/Ibadan expressway, Mowe, for causing air and water pollution in the area. The directive for the closure of the company was handed down by the Special Adviser to the Governor on Environment, Mr. Ola Oresanya, to the…
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Airline operators announce shutdown over high aviation fuel cost
Airline Operators of Nigeria (AON) has announced a shutdown starting from Monday over the high cost of aviation fuel. This was disclosed in a letter by the AON President, Alhaji Abdulmunaf Yunusa Sarina, sent to the Minister of Aviation, Senator Hadi Sirika and endorsed by chief executives of domestic airlines. The price of aviation fuel has reached an all-time high…
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Equities market appreciates by N382bn to sustain positive momentum
The equities market of the Nigerian Exchange Limited (NGX) on Thursday continued on a positive momentum with a gain of N382 billion due to busying interest in MTN Nigeria Communications (MTNN) and 31 others. The All-Share Index inched higher by 709.54 absolute points, representing an increase of 1.42 per cent to close at 50,835.95 points, while the overall market capitalisation…
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