Business

The Nigerian National Petroleum Corporation (NNPC) Limited has announced the signing of an agreement with Chevron Nigeria Ltd (CNL), its joint venture (JV) partner, for the conversion of five oil mining licenses (OMLs) into four oil exploration licenses (PPLs) and 26 oil mining licenses (PMLs). This comes despite the conversion being expected to significantly increase crude oil production — with …

The National Bureau of Statistics (NBS) said on Monday revenue generated from Value Added Tax (VAT) rose to N1.56 trillion in the second quarter of this year. The figure shows a 9.11% growth in VAT revenue when compared to the N1.43 trillion recorded in the first quarter. The agency revealed that revenue generated from Corporate Income Tax (CIT) for the …

The renewed deal signaled a strong relationship between the two governments and their historic partnership. Monday, September 9, 2024/ The Liberian Maritime Authority, the world’s largest Open Registry, has announced the renewal of its historic partnership in a maritime agreement with the People’s Republic of China. A dispatch from Chian says the maritime agreement is designed to foster strong relations …

The Nigerian equity market started the week on a negative note on Monday, September 9, 2024 as investors lost N111 billion at the end of the trading session. This follows a decline in share prices such as JBerger, Transpower, and UPL among others on the trading floor. After five hours of trading in the capital market, equity capitalization dropped to …

Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun, said on Monday that the Federal Government has not increased the Value Added Tax (VAT) to 10%. Former Vice President Atiku Abubakar on Sunday slammed the planned VAT hike as deliberated by the chairman of the presidential committee on fiscal policy and tax reforms, Taiwo Oyedele. In his recent …

The Securities and Exchange Commission (SEC) has warned that it will soon initiate enforcement action against all individuals and entities, including crypto exchange platforms, that operate outside its regulations. This follows the recent In-Principle Approval granted to two crypto exchanges Quidax and Busha by the commission. SEC Director-General Dr. Emomotimi Agama in a statement released on Sunday, reiterated the commission’s …

In an effort to stabilize the Nigerian naira, the Central Bank of Nigeria (CBN) has announced the sale of dollars to Bureau De Change (BDC) operators. The move comes after the naira suffered a significant drop in value on the official and parallel markets, depreciating to around 1,670/$ on Friday. According to a statement signed by the Acting Director of …

Investors in the Nigerian equity market experienced a mixed trading session on the floor of the Nigerian Xchange Group (NGX) as equity capitalization fell to N55.39 trillion from N55.47 trillion the previous week. This follows a gain of N348.34 billion in the previous week. The exchange recorded gains on three of the five trading days of the week. Market capitalization …

The EPA closed China Union Iron Ore Mines late last month due to numerous environmental violations. Monrovia, September 6, 2024: Liberia’s Environmental Protection Agency (EPA) has reopened the China Union by granting it a temporary permit a few days after the company was closed for numerous environmental violations. On August 28, 2024, the EPA closed the China Union Iron Ore Mines …

The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has denied claims made by Muslim Rights Concern (MURIC) that it is harming Dangote Refinery Limited (DRL) by controlling prices and being the sole buyer of its products. In a statement released on Saturday by Olufemi Soneye, Head of Corporate Communications of NNPC Ltd, the company stressed that the prices of petroleum …