Business

Prof. Yemi Osinbajo, Nigeria Vice President, on Thursday said that the country’s tax revenue has increased to 51 per cent in 2017. Osinbajo made the disclosure at the FT Nigeria Summit on “Dispelling Uncertainty and Building Resilience’’ in Lagos. He said that the 51 per cent growth year- on-year was due to aggressive tax policies introduced by the Federal Government. …

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The Nigerian Army has intercepted 300,000 live cartridges smuggled into Nigeria from Benin Republic. The trucks carrying the bullets were intercepted in Ogun State. The seizure is coming barely eight months to the 2019 general elections. Investigations have commenced on the seizure. Security agencies yesterday morning intercepted 300,000 cartridges that were smuggled into Nigeria through the Benin Republic border. The …

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Shareholders of May & Baker Plc on Thursday May 31, 2018, at its 67th Annual General Meeting (AGM) in Lagos, approved the board of directors’ request to increase the company’s authorized share capital to N3 billion by the creation of 2,200,000,000 ordinary shares of 50 kobo each ranking in all respects pari passu with the existing ordinary shares of the company. …

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FMDQ Clear Limited and Frontclear have signed an agreement to jointly enhance Nigeria’s first central clearing house structure, with the support of a settlement guarantee fund. The collaboration is the culmination of a long-standing working relationship focused on improving how the Nigerian OTC financial market functions and follows-on an initial introduction via the International Capital Market Association (ICMA), of which …

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Photo Caption: From Left; The Director General of Debt Management Office, Patience Oniha (second left); Honourable Minister of Finance, Mrs. Kemi Adeosun (fourth left); Executive Vice President, China Development Bank, Mr Zhang Xuguang (middle); Honourable Minister of Power, Works & Housing, Mr Babatunde Fashola SAN (fourth right);Permanent Secretary, Power, Mr. Louis Edozien (2nd right) in a group photograph shortly after a meeting on …

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The Minister of Budget and National Planning, Senator Udo Udoma, has restated that Nigeria’s economic outlook for 2018 and over the medium-term is very positive. He indicated that the government was rolling out initiatives, such as the Economic Recovery and Growth Plan focus labs, aimed at attracting sufficient private sector investments to ensure that the country would achieve the growth …

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President Muhammadu Buhari has formally accepted the disengagement of the Deputy Governor, Operations, Central Bank of Nigeria, Mr. Adebayo Adelabu, with effect from July 15, 2018. In a letter dated May 24, 2018, and personally signed by him, Buhari thanked Adelabu for his services to the country and wished him the best in his future ambitions. The President’s letter also …

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The nation’s foreign exchange reserves have declined further, losing $99m to close at $47.65bn on Monday, latest data from the Central Bank of Nigeria showed on Wednesday. Industry analysts have attributed the recent decline in the external reserves to the exit of foreign portfolio investors. It will be recall that on May 17 that the external reserves slipped to $47.793bn on …

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Chairman of Wapic Insurance Plc, Mr Aigboje Aig- Imoukhuede on Wednesday May 30, 2018 said the delay in declaring dividends to shareholders was due to signals they are getting from Nigeria and Ghana on capital raising, making it impossible for them to pay dividends. He disclosed this to shareholders at the company’s 59th Annual General Meeting (AGM) in Lagos. According to …

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The Lagos State Government says plans have been put in place to stop the issuance of roadworthiness certificate without examination of the vehicle. Governor Akinwunmi Ambode made this known at the inauguration of eight computerised vehicle inspection centres spread across the state recently. The eight centres inaugurated are located in Oko-Oba, Ayobo – Iyana-Ipaja, Oko-Afo, Badagry, PWD, Gbagada, Agric-Isawo and …

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