Business

Nyesom Wike, Minister of the Federal Capital Territory FCT, on Monday, ordered the enactment of the 2015 Personal Income Tax and FCT Internal income Service Acts as part of measures to increase the territory’s income profile. The minister in an October 4, 2023, memo had directed all ministries, departments and agencies, MDAs, commercial banks, as well as FCT secretariats, departments …

On May 22, 2023, the Dangote Refinery was inaugurated in Lagos, Nigeria, with former President Muhammadu Buhari officiating the ceremony. The event marked a significant milestone for Nigeria, as it showcased the country’s commitment to achieving energy self-sufficiency and fostering economic development. The Dangote Refinery is a remarkable feat of engineering and cutting-edge technology. With a daily capacity of 650,000 …

The stocks to watch list this week consists of Fidelity Bank, Dangote Sugar and Associated Bus Company (ABC), after the capital market reacted negatively to their operational decisions. Ripples Nigeria stocks watchlist is a selection of stocks monitored for viable trading or investing opportunities. An investor may casually generate a list of equities for investment purposes. But we have taken …

President Bola Tinubu said on Monday his government has taken steps to improve foreign exchange liquidity in the country. The president, according to a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, stated this at the 29th Nigerian Economic Summit (NES) held in Abuja. He expressed that the government would achieve the planned $3 trillion national …

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, said on Saturday the agency has paid insured deposits of over N1.7 billion to customers of failed Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) in the country. He stated this at the 2023 NDIC Editors Forum in Lagos. The MD said: “Recall earlier this year the …

The Central Bank of Nigeria (CBN) on Friday released fresh guidelines for the sale of foreign exchange by Bureau De Change (BDC) operators in the country. The development came years after the apex bank banned the sale of forex to BDC operators in a bid to safeguard the value of the naira. The suspended governor of CBN, Godwin Emefiele, who …

The Nigerian National Petroleum Company Limited (NNPCL) has signed a landmark Memorandum of understanding with Indorama Eleme Petrochemicals Limited on gas supply in a bid to promote the use of natural gas by large-scale gas utilization industries. According to the company, on September 2023, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) said …

The three tiers of government on Friday shared a total sum of N1.088.783 trillion as revenue allocation for November. The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its meeting in Abuja. According to the committee, the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax (VAT) revenue of N335.656 billion, …

The Nigerian National Petroleum Company Limited (NNPCL) has appointed new executive vice presidents for its upstream, downstream, gas and power operations. NNPC made changes to its leadership role with the appointment of Oritsemeyiwa A. Eyesan as the Executive Vice President, Upstream and Olalekan Ogunleye taking the position of Executive Vice President, Gas, Power, and New Energy. Also, Adedapo Segun was …

Nigeria’s inflation rate for the eleventh consecutive month rose higher, reaching 28.2 percent in October 2023, according to the National Bureau of Statistics (NBS). The NBS which made this known on Friday in its CPI report for November said the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 28.2 percent …