Business

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 …

Nigeria’s equity market closed the week with a gain of N128 billion for investors on Friday. This follows the increase in the prices of shares such as NSL TECH, OANDO, and UACN among others on the trading floor. After five hours of trading in the capital market, equity capitalization jumped to N55.3 trillion from N55.2 trillion recorded by the bourse …

The Nigerian National Petroleum Company Limited (NNPCL) has revealed that Premium Motor Spirit or petrol from the Dangote Refinery will start flooding the market from September 15, 2024. This comes even as the state oil company said product prices would be determined by market forces. This was conveyed by Chief Corporate Communications Officer, Olufemi Soneye on Thursday in Abuja. He …

Several State-Owned Enterprises here have refused to submit to management and compensation packages review amid huge salaries and bonuses. By: Kruah Thompson  Monrovia, September 5, 2024—Dozens of State-owned Enterprises here are said to have refused to submit their entities to the management and compensation package review conducted by the Bureau of State-owned Enterprises (BSE) as mandated by President Boakai. BSE Director-General …

He is soft-spoken yet highly prolific. He cannot be caught indulging in banality. He does not engage in any form or shade of falsehood. This disposition is rooted in his background: with a father who was the first university graduate in his village of Ewatto in Edo State and a mother who was a headmistress, his upbringing was predictably spartan. …