The Kaduna Internal Revenue Service (KADIRS) on Wednesday sealed the United Bank for Africa (UBA) branches in the state metropolis over alleged N14.3million unpaid tax. Speaking to newsmen after the excercise, Hajiya Aysha Ahmad, the KADIRS Board Secretary/Legal Adviser, said the enforcement was to ensure tax compliance in...
BUSINESS
By OLA MUDOPE, Lagos – Dana Air has apologised to its passengers and is re-timing flight operations following the incident of one of its aircraft skidding off the Murtala Mohammed International Airport runway in Lagos State. It would be recalled that an aircraft belonging to Dana Airline,...
The African Export-Import Bank (Afreximbank) has bagged six awards at the recently concluded 2024 Bonds, Loans and ESG Capital Markets Africa Awards in South Africa. This is contained in a statement signed by Vincent Musumba, Manager, Communications and Events, Afeximbank, in Abuja on Tuesday. Musumba said the awards...
The Naira on Tuesday depreciated at the official market, trading at N1,300.15 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N65.66. This represents a 5.3 per cent...
Trading activities on the floor of the Nigerian stock market on Tuesday declined, making investors to lose N200 billion. Specifically, the market capitalisation shed N200 billion or 0.35 per cent to close at N56.167 trillion, in contrast to N56.367 trillion recorded on Monday. Also, the All-Share Index also...
Dangote Petroleum Refinery has announced a further reduction in the prices of diesel and aviation fuel to N940 and N980 per litre, respectively. The Head of Communication, Dangote Group, Mr Anthony Chiejina, on Tuesday in Lagos, said the development was in consonance with the company’s commitment to cushioning...
An oil expert, Mr Joe Nwakwue, has commended the Federal Government for the significant achievement in growing the oil reserves to 37.50 billion barrels. Nwakwue, the Lead partner, Zera Advisory & Consulting, made the remarks in an interview with the News Agency of Nigeria (NAN) on Tuesday in...
By MBAFAN ADE, Abuja – Keen on optimising production from the nation’s hydrocarbon assets to boost revenues and meet the nation’s OPEC production quota, the Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd, have restarted...
The Naira on Monday slightly depreciated at the official market, trading at N1,234.49 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N64.50. This represents a 5.51 per...
The Board of Directors of First Bank has announced Segun Alebiosu, Executive Director and Chief Risk Officer of First Bank, as the acting Managing Director and Chief Executive of the bank to replace Adesola Kazeem Adeduntan, who resigned suddenly. He is expected to take the job for an...
The Minister for Communications, Innovation and Digital Economy, Dr Bosun Tijani has announced strategic partnerships with Cisco, 21st Century Technologies like Awarri and DataDotOrg. Tijani made the announcements while speaking at a dinner to mark the end of a four-day National Artificial Intelligence Strategy (NAIS) Workshop...
The National Bureau of Statistics (NBS), says the average price of 5kg cooking gas increased from N6,154.50 recorded in February 2024 to N6,591.62 in March 2024. This is contained in the Bureau’s “Cooking Gas Price Watch’’ for March 2024 released on Friday in Abuja. The report said the...
The International Monetary Fund (IMF) says economic growth in Sub-Saharan Africa (SSA) is projected to rise from 3.4 per cent in 2023 to 3.8 per cent in 2024. Abebe Selassie, Director, African Department, IMF, said this at a news briefing on the IMF’s Regional Economic Outlook for SSA...
By MBAFAN ADE, Abuja – The Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production from the asset also known as Madu Field. This is contained in a statement...
Nascon Allied Industries Plc (NASCON) has suspended its proposed merger with Dangote Sugar Refinery Plc and Dangote Rice Ltd. Mr A. A. Samuel, Company Secretary, NASCON, disclosed this in a notification sent to the Nigerian Exchange Ltd.(NGX) on Thursday in Lagos. Samuel said that the move was in...
The Central Bank of Nigeria (CBN) has reduced the Loan-to-Deposit Ratio (LDR) of deposit money banks from 65 per cent to 50 per cent. This is according to a letter by Dr Adetona Adedeji, CBN’s Acting Director, Banking Supervision Department, addressed to all banks. Adedeji said that the...
The Nigerian Exchange Ltd. (NGX) rebounded on Wednesday, gaining N57 billion to close at N56.504 trillion. This increase follows eight consecutive sessions of losses. The market capitalisation, which opened at N56.447 trillion, rose by 0.10 per cent to reach N56.504 trillion by the close of trading. Similarly, the...
By PATRICK ABANG, Calabar – Recognizing the under-representation of women in the technology sector, leading innovative and sustainable building solutions company, Lafarge Africa Plc, has launched the Girls in Tech Program NATIONAL ACCORD reports that the pioneering initiative is aimed at empowering young women in technology. Meticulously crafted...
A former chairman of the Manufacturers Association of Nigeria (MAN), Ogun Chapter, Dr Wale Adegbite, has lauded Dangote Petroleum Refinery for reducing the price diesel from N1,200 to N1,000 per litre across the country. Adegbite gave the commendation in an interview with the News Agency of Nigeria (NAN)...
Trading activities on the Nigerian Exchange Ltd.(NGX) ended on a negative note on Tuesday as the capitalisation dropped by N1.11 trillion. Notably, the market capitalisation, which opened at N57.560 trillion, shed N1.11 trillion or 1.93 per cent to close at N56.447 trillion. The All-Share Index also dropped by...