By MBAFAN ADE, Abuja- Nigeria’s Finance Minister, Wale Edun, has dismissed reports of a Value-Added Tax (VAT) rate increase from 7.5% to 10%. In a statement on Monday,Edun affirmed that the VAT rate remains 7.5% as stipulated in tax laws and applicable to various goods and services. “The current...
BUSINESS
The Nigerian National Petroleum Company Limited (NNPC Ltd.), says it has no intention of becoming the sole offtaker of Dangote Refinery Limited (DRL) or any entity in a free market environment. The NNPC Ltd. said the refinery and any other domestic refinery were free to sell directly to marketers...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has approved 20,000 dollars each for eligible Bureaux De Change (BDCs) at the rate of N1,580 to a dollar. The Acting Director, Trade and Exchange Department, Dr. Williams Kanaya, disclosed this in a statement on Saturday in Abuja....
Nigeria has signed a $3.3 billion agreement with China to develop the Brass Industrial Park and Methanol Complex. This was disclosed by the Ministry of Finance in a statement singed by the Director, Information and Public Relations, Mohammed Manga, on Friday. According to the statement, the agreement was signed...
The (NNPC Ltd. says foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) ocassioned by unrestricted free market forces. According to the national oil company, this is provided for in the Petroleum Industry Act (PIA 2021). The Executive Vice...
Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said Oando’s acquisition of Eni’s Subsidiary, Nigerian Agip Oil Company (NAOC) would ramp up crude oil production to two million barrels per day (bpd). The minister said the Oando company has already increased production to more than 30,000 bpd...
The Securities and Exchange Commission (SEC) on Wednesday, explained that it granted approval-in-principle to two crypto exchanges recently to give Nigerian youths the opportunity for capital market participation. The News Agency of Nigeria (NAN) reports that SEC, on Thursday, granted Busha Digital Ltd., and Quidax Technologies Ltd., “approval-in-principle” to...
The Nigerian stock market, on Wednesday, reversed gains from previous sessions with a loss of N193 billion. Selloffs in Tier-one banking stocks namely, Zenith Bank, Access Corporation, Guaranty Trust Holding Company (GTCO), among other declined equities were the primary drivers of the market’s relapse. The Nigerian Exchange Ltd. (NGX)...
No fewer than 6575 people benefitted from an eyecare outreach held in Bariga Local Council Development Area (LCDA) of Lagos State, August 26—30, as part of the Vision First Plus programme of the Nigerian National Petroleum Company Limited (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo). Beneficiaries from within and outside the...
Dangote Refinery has finally launched its Premium Motor Spirit (PMS), also known as petrol, after over a year of its inception in May 2023. The refinery’s 650,000 barrels per day facility rolled out its first batch of high-quality petrol, promising a new era of fuel efficiency and engine longevity...
The Nigerian stock market on Friday closed the week on a positive note, with investors adding N99 billion to their portfolios. Notably, the market capitalisation of listed equities increased by N99 billion or 0.18 per cent from an opening of N55.379 trillion to settle at N55.478 trillion. The All-Share...
The Nigerian National Petroleum Company (NNPC) Limited has said it is seeking to engage reputable and credible Operations and Maintenance companies, to operate and maintain the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company. This was disclosed in a statement on Friday on its official...
Fidelity Bank Plc and Mastercard have partnered to unveil a new initiative tagged “Fidelity Send”, to enhance swift cross-border payments and remittances in Nigeria. The Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, at the launch on Friday in Lagos, said that Fidelity Send would allow...
The Nigerian equity market rebounded from its previous session’s loss on Thursday with N118 billion gain. Investors’ interest in Guaranty Trust Holding Company (GTCO), Nigerian Breweries, Julius Berger, Oando Plc, among other advanced equities pulled the market performance up. Notably, the market capitalisation which opened at N55.261 trillion, added...
NIPCO Gas Ltd. and its Joint Venture Partner, NNPC Gas Marketing Ltd. (NGML), on Wednesday inaugurated a gas supply project for the Lekki Free Zone Development Company (LFZDC) in Lagos. The project is delivering over 100 Million standard cubic feet (MMscf) of gas daily. During the inauguration, the Managing...
As the inflation occasioned by weak naira inflation, a wide dollar gap and high energy cost impacts on Nigeria’s economy the Federal Government of Nigeria (FGN) is conceiving various means to ameliorate the situation. Improving the volume of Foreign Exchange (FX) into the economy as means of moderating the...
Opening the week, investors interest in the stocks of BUA Foods, FBN Holdings, Zenith Bank, among others advanced equities boosted the overall market index by 0.07 per cent. Specifically, the market capitalisation which opened at N55.129 trillion, gained N37 billion or 0.07 per cent to close at N55.166 trillion....
The profit declared by the Nigerian National Petroleum Company Limited (NNPC Ltd.) will spur major investors to take advantage of its Initial Public Offer (IPO) when announced. An economic expert, Dr Sand Mba-Kalu, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja....
Corporate blackmail is fast becoming the fancy of some netizens, corporate bodies, individuals, especially fly-by-night persons who target the rich and their businesses for diverse reasons. It’s not restricted to Nigeria, though. The likes of Aliko Dangote, Leo Stan Ekeh, Mike Adenuga have at one time or another faced...