Business

The Federal Government has mandated all Ministries, Departments and Agencies of government (MDAs) and the Federal Inland Revenue Service (FIRS) to authenticate all Tax Clearance Certificates (TCCs) presented by companies and individuals engaged in public procurement processes. 2.  This directive is in response to the proliferation of forged TCCs purportedly issued prior to the automation of the certificates from 22nd August, 2017. …

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The Fiscal Responsibility Commission (FRC), says out of the N1.58 trillion allocated for capital expenditure in 2016, only N1.219 trillion was cash backed. According to the commission’s 2016 Annual Report and Audited Accounts obtained on Tuesday in Abuja, the cash backed amount indicates 97.75 per cent performance. It said that in comparison to the 2015 capital budget, the N1.58 trillion appropriated in …

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The Federal Government’s subsidy on fuel has risen to N2.4 billion daily in May, from N774 million in March 2018. This rise in subsidy payment is as a result of the high price of crude oil in the international market. Unlike in March, this year, when the price of crude oil hovered at $66 per barrel, it hovered between $75 …

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A total of 5,212 jobs were lost in the manufacturing sector in the second half of 2017, bringing the total for the year to 10,291, a new survey released by the Manufacturers Association of Nigeria has revealed. The second half figure is against the 5,079 job losses recorded in the first six months of the year, according to the report. …

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The auditing work of one of the world’s “Big Four” accounting firms has been sharply criticised by the industry’s watchdog. KPMG audits had shown an “unacceptable deterioration” and will be subject to closer supervision, the Financial Reporting Council said. The FRC added all the Big Four – which also include PwC, EY and Deloitte – needed to reverse a decline. …

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There is no respite yet for Senator Stella Oduah -Ogiemwonyi,representing Anambra North Senatorial district, at the National Assembly,as a Lagos lawyer Barrister Ken Ahia has filed an application before a Federal high court on behalf of Union Homes Savings and loans Plc to join as an intervener in the on going debt recovery suit filed against the Senator and her …

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The Federal Government says it will shut down the land border between Nigeria and a neighbouring country in a few days time to avoid smuggling of foreign rice into the country. The Minister of Agriculture and Rural Development, Audu Ogbeh,  made the disclosure in Abuja on Monday while speaking with youths in a leadership clinic under the auspices of Guardians …

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Heritage Bank Plc, Nigeria’s Most Innovative Banking Services Provider; has said it is committed to innovative banking services through its transparent MasterCard. Head of Corporate Communications of the bank, Mr. Fela Ibidapo disclosed this in a statement over the weekend, remarking that; “that is the philosophy behind the bank’s e-payment offerings.” According to him, there is more to e-payment than …

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Nigeria’s foremost telecommunications company, Globacom has congratulated Nigerian men on the occasion of this year’s edition of Father’s Day. The third Sunday of June every year is set aside by many countries, including Nigeria, for celebrating fathers and their sterling contributions to the family units. Globacom in a press release from its head office in Lagos said, “The occasion of …

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Despite the mixed signal coming from the global economy, the Central Bank of Nigeria (CBN) and bankers committees on Thursday June 14, 2018 has assured Nigerians and the investing community that the CBN has enough reserve to withstand any external shock. CBN director of banking supervision Ahmad Abdullahi disclosed this to financial journalist in Lagos. Abdullahi noted that the bankers …

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