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FG, States, LGAs Share N693.529bn For September

 FG, States, LGAs Share N693.529bn For September The Federation Account Allocation Committee (FAAC) on Thursday in Abuja, shared a total of N693.529 billion to the three tiers of government for the month of September, 2019. The News Agency of Nigeria (NAN) reports that the N693.529 billion comprised revenue from Value Added Tax(VAT), Exchange Gain and Gross Statutory Revenue...... more

2020 Budget: Fuel Subsidy To Gulp N450bn

2020 Budget: Fuel Subsidy To Gulp N450bn   Fuel subsidy, otherwise technically called ‘under-recovery of premium motor spirit (PMS)’ would gulp a whooping N450 billion in 2020 according to the Minister of Finance, Budget and National Planning, Zainab Ahmed. She stated this at the public presentation of the 2020 budget proposals in Abuja on Monday. The Cable reports...... more

NNPC Strikes Hydrocarbon Deposits In Benue Basin

NNPC Strikes Hydrocarbon Deposits In Benue Basin The Nigerian National Petroleum Corporation (NNPC) exploratory activities North of the country has yielded  some cherering news as it announced the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-Eastern part of the country. The drilling of the Kolmani River...... more

Nigeria In World Bank’s Top-20 “Improvers In Doing Business”

 Nigeria In World Bank’s Top-20 “Improvers In Doing Business” The World Bank Doing Business (DB) team has announced Nigeria as one of the top-20 improvers in doing business out of 190 countries. The News Agency of Nigeria (NAN) reports that Dr Jumoke Oduwole, Special Adviser to the President, Ease of Doing Business, disclosed this a statement  in Abuja. She said...... more

$9.6bn P&ID Fine: Stay Of Execution Order Excites FG

$9.6bn P&ID Fine: Stay Of Execution Order Excites FG The Federal Government is excited with the UK Court’s “Stay of Execution Order” on the controversial $9.6bn judgment it delivered in favour of Process and Industrial Developments in August. It is seen as a huge moment of respite. ChannelsTV reports that the FG through the Attorney General of the Federation, Abubakar...... more

Charges: CBN Gives Clarifications

Charges: CBN Gives Clarifications   The Central Bank of Nigeria (CBN) says the transaction charges on deposit and withdrawal in furtherance of implementation of its cashless policy is on the amount in excess of the set limits. The News Agency of Nigeria (NAN) reports that the Director, Corporate Communication Department, Mr Isaac Okorafor, made the...... more

Agbakoba Commends FG Over EAC, Identifies Key Legal Steps To Economic Recovery

Agbakoba Commends FG Over EAC, Identifies Key Legal Steps To Economic Recovery By Dr. Olisa Agbakoba SAN Nigeria legal luminary and human rights and democracy crusader, Dr Olisa Agbakoba on Thursday commended the Federal Government for the constitution of an Economic Advisory Council (EAC). He went on to point out necessary legal steps to be taken to ensure that the country comes out...... more

Petroleum Ministry’s Ex-Director Remanded In Prison Over P&ID Deal

Petroleum Ministry’s Ex-Director Remanded In Prison Over P&ID Deal A former director in the ministry of petroleum resources, Grace Taiga, has been remanded in Suleja prison, Niger state, over the controversial Process & Industrial Development Limited (P&ID) deal. TheCable reports that a high court in the federal capital territory (FCT), Abuja, remanded Taiga in prison after she pleaded “not guilty”...... more

FG In Talks With World Bank Over Another $2.5bn Loan

FG In Talks With World Bank Over Another $2.5bn Loan The Federal Government is currently in talks with the World Bank for a fresh $2.5bn loan, Bloomberg has reported. World Bank Vice President for Africa, Hafez Ghanem, disclosed this in an interview in Abuja on Thursday Nigeria received $2.4bn from the World Bank in the past year, according to Ghanem. “We are...... more

Jack Ma, Alibaba’s Chairman, Retires Today At 55

Jack Ma, Alibaba’s Chairman, Retires Today At 55  With Agency Reports Jack Ma, the billionaire who ushered e-commerce into China, is officially stepping down as Alibaba's executive chairman on today, handing the role over to the company’s current CEO Daniel Zhang. He's celebrating his retirement with a big bash at an Olympic-sized stadium in the company's hometown of Hangzhou....... more

U.S. court discharges NNPC of $2.7bn debt to ESSO

  U.S. court discharges NNPC of $2.7bn debt to ESSO Mother luck smiled on Nigeria escaping another huge debt to be paid to an offshore company again after the P&ID $9.6billion recently incurred as a U.S. Southern District Court of New York delivered judgment in favour of the Nigerian National Petroleum Corporation (NNPC) against ESSO Exploration and Production Nigeria Limited and...... more

Ghana overtakes Nigeria as West Africa’s largest FDI recipient in 2018

Ghana overtakes Nigeria as West Africa’s largest FDI recipient in 2018 A new report by the United Nations Conference on Trade and Development (UNCTAD) has placed Ghana as largest recipient of foreign direct investment in 2018 in West Africa. The report titled ‘UNCTAD Global Investment Trends Monitor’, was released on Monday. It ascribed a 36% decline to Nigeria in FDI in 2018....... more

IMF Lowers Nigeria’s 2019 Growth Projection to 2%

 IMF Lowers Nigeria’s 2019 Growth Projection to 2% The International Monetary Fund (IMF) has cut Nigeria’s Gross Domestic Product (GDP) projection for 2019 to two per cent, from the 2.3 per cent it had predicted for the country previously.  The fund stated this in its World Economic Outlook (WEO) update titled, “A Weakening Global Expansion,” released Monday.  It noted...... more

Food security: Groups train 500 on meal distribution

Food security: Groups train 500 on meal distribution As part of measures to address food security challenges in the country, about 500 people have be trained on meal distribution mechanism. Organisers of the programm, the National Council of Women Societies (NCWS) and My Food Bank (MFB) Nigeria, said the idea is to equip participants on how to effectively improve...... more

Vodafone to lay off more than 1,000 workers

Vodafone to lay off more than 1,000 workers More than 1000 Vodafone workers will lose their jobs the telco has said. Vodafone said Thursday it planned to cut up to 1,200 jobs in Spain as it streamlines its organisation to cope with a drop in revenue and profits in a fiercely competitive telecommunications market. In a statement, the group...... more

Minimum Wage: FG bows to pressure, to send bill to NASS

Minimum Wage: FG bows to pressure, to send bill to NASS The federal government has promised to send a bill on the N30,000 new national minimum wage to the National Assembly on or before January 23. This development is coming after several pressure by organised labour. The latest being the national protest organised labour embarked on Tuesday to press home the demand....... more

FIRS eyes N8tr revenue in 2019

FIRS eyes N8tr revenue in 2019 The Federal Inland Revenue Service (FIRS) is targeting to generate N8 trillion this year. FIRS Executive Chairman Tunde Fowler said this on Monday. Fowler, who spoke in Lagos at the opening of the 2019 FIRS Management and Stakeholders Retreat tagged: “Parliamentary support for effective taxation of the digital economy”, said the...... more

World Bank gets interim successor as Jim Yong Kim resigns

World Bank gets interim successor as Jim Yong Kim resigns From February 1, 2019, the World Bank Group will get an interim successor in Kristalina Georgieva, following the resignation of the president, Jim Yong Kim on Monday. Kim had said in a statement that he will be stepping down from his position after more than six years, just a little over...... more

2019: FG budgets N2.3tr for debt service, N28,908,625m for Villa ranch

2019: FG budgets N2.3tr for debt service, N28,908,625m  for Villa ranch The Federal Government has budgeted to spend over N2,264,014,113,091 for debt service in 2019, even as it allocated N28,908,625 million in the 2019 budget for the upgrade of Villa ranch and construction of wildlife, The Sun has reported. The paper also said that, about N65,431,205 million has been earmarked for wildlife...... more

$2.8m: Court refuses to vacate interim forfeiture order

$2.8m: Court refuses to vacate interim forfeiture order A Federal High Court sitting in Port Harcourt has refused to vacate the interim forfeiture order it granted on December 28, 2018 in respect of $2.8 million. Justice A.T. Mohammed gave the position on Thursday, January 4, 2019. The Economic and Financial Crimes Commission (EFCC), Enugu Zonal Office had on Thursday,...... more

New Abuja airport terminal opens for business

New Abuja airport terminal opens for business The new terminal at the Nnamdi Azikiwe International Airport, Abuja, is now being used, with Asky Airlines leading the way. Asky Airlines’ B737-700 aircraft with flight number ET-AVP, which landed at the airport at 3:30 p.m from Lome in Togo, had 91 persons on board comprising 85 passengers and six crew...... more

FG to meet labour unions Friday over minimum wage

FG to meet labour unions Friday over minimum wage The Federal Government says it will meet with Organised Labour January 4, to prevent the threat of national industrial action over non transmission of the New National Minimum Wage bill to the National Assembly. Sen. Chris Ngige, Minister of Labour and Employment, said the meeting is to nip in the bud...... more

NCC faults Falana’s claims on N600b yearly loss

NCC faults Falana’s claims on N600b yearly loss The Nigerian Communications Commission (NCC) on Sunday faulted Lagos lawyer Mr. Femi Falana’s (SAN) claim that the country was losing about N600 billion due to the failure of the commission to issue “contract award letter” to a firm that allegedly won the contract for the implementation of “Revenue Assurance Software”. Falana...... more

Tax evasion: Radio, petrol station shut in Kogi

Tax evasion: Radio, petrol station shut in Kogi A private radio and petrol station operating in Kogi state were over the weekend shut down by the State Internal Revenue Service (KIRS) for alleged non-compliance with the state’s Registration of Business Premises Law. Both in Okene, Tao FM which transmits across Kogi Central Senatorial District and beyond, was said to...... more

Nigerian tax payers hit 35m

Nigerian tax payers hit 35m The ongoing database consolidation of the Joint Tax Board (JTB) has seen Nigeria’s data base of tax payers expanding from 20 million to 35 million. The Executive Secretary of the Board, Mr Oseni Elamah, told the News Agency of Nigeria (NAN), on Sunday in Abuja that database consolidation of JTB was...... more

Aviation regulators sanction 4 operators for violation

Aviation regulators sanction 4 operators for violation Four operators in the country’s aviation industry, have been sanctioned for violating the Nigerian Civil Aviation Regulations (NigCARs), the Nigerian Civil Aviation Authority (NCAA) has said. Mr Sam Adurogboye, General Manager, Public Relations, NCAA, who made the disclosure on Sunday in Lagos, said that those sanctioned included both scheduled and non-scheduled...... more

Hyundai Motor announces world’s first smart fingerprint technology to vehicles

Hyundai Motor announces world’s first smart fingerprint technology to vehicles A new technology that allows drivers to not only unlock doors but also start the vehicle is being introduced by Hyundai Motor Company. The auto firm plans to implement the technology initially in Santa Fe SUV model that is to be released in select markets on the first quarter of 2019....... more

Why we introduced Consumer Complaint Management System to banks- CBN

Why we introduced Consumer Complaint Management System to banks- CBN The Central Bank of Nigeria (CBN) has said that it introduced the Consumer Complaint Management System (CCMS) to ease the process of addressing issues. According to the News Agency of Nigeria (NAN), the apex bank made the disclosure in a circular on its Website on Friday, saying the automated system would...... more

Edo govt wants BEDC operational licence revoked

Edo govt wants BEDC operational licence revoked Edo state government wants the operational license of the Benin Electricity Distribution Company (BEDC), revoked. State Governor, Godwin Obaseki, appealed to President Muhammadu Buhari to revoke the operational licence of BEDC for being unable to provide stable electricity for residents of the state during Christmas period. Speaking with journalists in Benin...... more

Forte Oil confirms Otedola’s divestment move

Forte Oil confirms Otedola’s divestment move Forte Oil on Saturday confirmed that its Chairman, Femi Otedola is selling his “full 75 per cent direct and indirect shareholding in the company’s downstream business”. The downstream business accounts for more than three-quarters of the Forte Oil Group, although the power generation business has consistently delivered higher margins. The 75...... more

 

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Rochas Okorochas Declare War On Buhari, Tinubu & Oshiomohole

 

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