Business

The Central Bank of Nigeria (CBN) has boosted the inter-bank foreign exchange market with $210 million  to meet customers’ requests in various segments of the market. The Bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, in a statement on Monday in Abuja said the fund would ensure that legitimate demands for foreign exchange are met. He said that the CBN offered $100 …

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Over N4.03 trillion was collected as revenue in 2017 as the Federal Inland Revenue Service (FIRS) recorded 82.38 percent success in its projected income of N4.89 trillion for the year. However, the revenue is N720 billion more than the 2016 total collection figure of N3.3 trillion. Details of sectorial contributions showed that taxes from non-oil sources accounted for 63 per …

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Nigerian National Petroleum Corporation (NNPC) is to build more depots across the Country. NNPC Group Managing Director, Dr. Maikanti Baru who disclosed this Monday in Abuja while inaugurating the board of one of its downstream Companies, NNPC Retail limited, said the addition to the corporation’s existing 23 depots nationwide would ease products supply and distribution in the country. Dr. Baru …

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After several months of controversy that trailed the shares ownership in Oando Plc, Alhaji Dahiru Mangal, a shareholder who had claimed majority of the shares in the company on Thursday, agreed to settle the shareholding structure matter amicably. Dahiru Mangal has since withdrawn his petition to the Security and Exchange Commission (SEC) against the company, thereby paving way for the …

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…As Dangote Cement,Access, UBA, Zenith Bank Others Retains Rating The Steering Board of the Corporate Governance Rating System (CGRS) has announced the names of 25 companies that have successfully passed its rating test, having scored the required pass mark of 70% whilst 87 others are at various stages of completion of the process. These 25 successful companies join 8 companies …

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The elevated public debt-service cost in Nigeria and some other countries in Africa calls for concern, Moody’s Investors Service stated in a report at the weekend. The region’s debt-servicing cost on weighted-average basis increased to almost to 12.3 per cent of revenue in 2017 from seven per cent in 2013, and was expected to hover at around 13per cent in …

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The National Insurance Commission is set to begin the enforcement of third party insurance on owners/operators of motorcycles nationwide under the Insurance Act. NAICOM also stated that N1,000 would be paid as an annual premium by each motorcycle operator to secure the compulsory insurance cover. The commission said, in a circular obtained by our correspondent on Friday, “All insurance operators …

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Sterling Bank Plc have praised the Nigeria Deposit Insurance Corporation (NDIC) for its immense contribution to the safety and soundness of the Nigerian banking system since its inception. The Management of the bank expressed the opinion during a courtesy call and formal introduction of its new Managing Director / Chief Executive Officer Mr. Abubakar Suleiman to the NDIC. Just as …

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The Nigerian National Petroleum Corporation (NNPC) has clarified a statement wrongly attributed to the Managing Director of Petroleum Products Marketing Company (PPMC), Mr. Umar Ajiya, suggesting that NNPC does not require the National Assembly’s nod to subsidize Premium Motor Spirit, otherwise called petrol. For the avoidance of doubt, Mr. Ajiya who was a guest at the Channels Television programme, Sunrise, …

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Long queues of desperate motorists and other users of Premium Motor Spirit returned to many filling stations in Lagos and Ogun states on Saturday and Sunday after a brief relief from the severe scarcity of the product that rocked the country from December to early this month. Many of the stations in the two states were shut on Sunday, while …

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