Business

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has urged the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), as an independent arbiter, to ensure recovery of revenues borne by the corporation on behalf of the Federal Government. Baru, who spoke yesterday during a courtesy visit by the Acting Chairman of RMAFC, Shettima Abba-Gana, to the …

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…Declares N4.4bn Balance For July Bayelsa State Government has decried illegal deduction of revenues from the Excess Crude Account without by the federal government. The state government described the deductions as unconstitutional saying monies domiciled in the ECA are proceeds from the 13% derivation meant for oil producing states. Deputy Governor, Rear Admiral Gboribiogha John-Jonah, made the comment during the …

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Crude oil prices dropped by over one per cent wednesday with the global benchmark crude, Brent slumping by $1.7 or 1.2 per cent, while the United States crude declined by $1.07 or 1.7 per cent after data showed that the United States’ crude inventories rose unexpectedly. While the US West Texas Intermediate (WTI) dropped 1.2 per cent to $67.60 per …

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Pan-African Financial Institution, United Bank for Africa (UBA) who recently clinched the Euromoney awards as the Best Digital Bank in Africa, is once again asserting itself as a pace setter, moving in leaps and bounds in unchartered territory. UBA’s chat banker, Leo has launched in pilot mode on WhatsApp and will be fully available to customers by September 1st, 2018. …

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A federal high court sitting in Ikoyi south west Nigeria has ordered First bank of Nigeria limited to pay a human right lawyer Olisa Agbakoba SAN who is a customer of the bank the sum of N266, 368,454.85 as general damages against the bank for mismanaging the lawyer’s  share portfolio investment account. The verdict of the court was as a result …

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The Department of Petroleum Resources (DPR) in Niger has sealed six filling stations over alleged sharp practices. The Operations Controller,  Alhaji Isah Abdulahi, revealed in Minna that the stations were sanctioned for hoarding, under dispensing and overpricing of the products. Abdullahi said the defaulters would be made to face the penalty as stipulated in the regulations. “Every offence has its …

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Ghana has imposed introduced a tax on luxury vehicles and the collection of the taxes would commence on Wednesday, (today), August 1. According to a statement issued by the Ghana Revenue Authority, the taxes will only affect cars with engine capacity above 2950 or 3.0 and above, reports Citinewsroom. The new tax initiative states that vehicles with engine capacity of 2950 to …

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Residents of Calabar and environs who attended this year’s edition of City of Friends have commended the Nigerian Breweries Plc, brewers of the “33” Export Lager Beer, for its thoughtfulness in promoting friendship around the country. City of Friends, a two-day funfair and merriment for friends, was created by “33” Export Lager Beer as part of a series of events …

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WorldRemit customers in over 50 countries can now send money instantly to Fidelity Bank accounts from their mobile phones. The money transfer firm has joined Fidelity Bank, one of Nigeria’s top financial services providers, for instant money transfers to four million accounts in Nigeria. The new partnership expands WorldRemit’s footprint in the country and allows the 15 million-strong Nigerian diaspora …

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The Central Bank of Nigeria (CBN) yesterday injected $210 million, to meet customers’ requests in various segments of the foreign exchange market. The CBN, in its quest to meet customers’ needs in the various segments of the market offered $100million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted …

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