Business News

Sunday, 22 September 2019 05:54

Daily petrol consumption reduces by 11m litres after border closure - FG

Petroleum Products Pricing Regulatory Agency (PPPRA) disclosed yesterday that the country’s daily petrol consumption dropped from about 61 million litres to 50.22 million litres following the partial closure of Nigeria’s western border with Benin Republic. PPPRA said between August 5 and September 8, it observed a marked reduction in the volume of petrol trucked out from inland depots to various parts of the country, where they were needed. “Petroleum Products Pricing Regulatory Agency (PPPRA) has observed with keen interest the Premium Motor Spirit (PMS) supply trend since the partial closure of the country’s border, as indicators point to the gradual…

Sunday, 22 September 2019 05:52

Euphoria as Access Bank opens new branch in Osun

There was profound jubilation among the people of Ipetu-Ijesha, in Oriade Local Government of Osun State, as Access Bank opened its new branch in the sleepy community. Speaking at the event, which was graced by many dignitaries across the country, Group Managing Director/CEO of the Bank, Mr Herbert Wigwe reiterated the commitment of the Bank to the welfare of many inhabitants of the town through inclusive banking system. He promised to positively engage the people of the community in terms of provision of credit facilities for small scale businesses as well as employment for the youths. According to him, such…

Saturday, 21 September 2019 06:03

FG to reduce shares in oil JVCs - Minister

Minister of State for Petroleum Resources, Mr Timipre Sylva, on Friday outlined the deliverables of his ministry on which Nigerian National Petroleum Corporation and other departments and agencies under his watch should take a cue. In a presentation at the commencement of a two-day retreat of the minister for directors of Federal Ministry of Petroleum Resources and heads of agencies under his purview, Sylva listed the priority areas he would focus on. They include the implementation of reduction of Federal Government’s equity stakes in joint venture participation to 40 per cent and curbing petroleum products cross border leakages. Others are…

Wednesday, 18 September 2019 05:58

Nigeria loses 150,000 barrels per day oil export due to pipeline shut down

The 150,000 barrels of oil per day Nembe Creek Trunk Line (NCTL), which exports Nigeria’s Bonny Light crude oil, has been shut down and placed under force majeure since last week, a spokesman for operator of the line, Aiteo, told Reuters on Tuesday. The Trunk Line, situated in the Niger Delta region, is one of Nigeria’s major oil transportation arteries that evacuate crude from Niger Delta to the Atlantic coast for export. The spokesman did not give a reason for the shutdown. The pipeline is one of two that exports Bonny Light, so the terminal is currently loading only from…

Wednesday, 18 September 2019 05:57

CBN begins charges on deposits, withdrawals above N500,000

Central Bank of Nigeria on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020. The apex bank said this in a circular to all Deposit Money Banks in the country. It said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals. According to the circular, the charges, which take effect from Wednesday (today) will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts. For corporate accounts, the apex…

Wednesday, 18 September 2019 05:56

Andela restructures as it lays off 250 software engineers

Tech firm and talent accelerator, Andela, has announced that it will lay off over 250 junior engineers across Kenya, Uganda, and Nigeria. Mr Jeremy Johnson, Chief Executive Officer and Co-Founder of Andela, made this known Tuesday in a statement titled “The Future of Andela”. The layoffs come as the company announced its plan to hire another 700 experienced engineers by the end of 2020 in order to keep up with demand from its partners. To continue creating junior engineering talent at scale, it also said it will invest in the Andela Learning Community, through which it has already trained more…

Wednesday, 18 September 2019 05:55

All set as Lagos awaits Zenith Bank’s Aspire Music Festival

All is now set for the “Zenith Bank Aspire Music Festival” holding on Saturday, September 21, 2019 at Harbour Point Event Centre, Victoria Island, Lagos by 5pm. Dubbed as the most anticipated entertainment event of the year, the breathtaking festival promises to be a night to remember, as it’ll feature captivating and thrilling musical performances by some of Nigeria’s biggest artistes including Olamide, Flavour, Phyno, Niniola, Mayorkun and Rema. Also on hand to anchor the event and trill the audience with rib-cracking jokes is Kenny Black, while celebrity hypeman, Do2dtun, will be revving up the crowd throughout the night. The…

Tuesday, 17 September 2019 05:12

Gov insists Fulani herdsmen from Niger, Chad, other countries will benefit from FG’s livestock scheme

Fulani herdsmen from Chad, Niger and other neighbouring countries will benefit from National Livestock Transformation Plan, Bauchi State Governor, Mr Bala Mohammed, has said. Mohammed, who was a guest on Channels Television’s Sunrise Daily on Monday, said since Fulani herdsmen are nomadic, it would be inappropriate to deprive them from benefitting from the livestock plan just because they are not from Nigeria. The initiative will be 80 per cent funded by Federal Government while states would provide 20 per cent counterpart funding and the grazing land. The governor, whose state is among those that will be part of the initiative,…

Monday, 16 September 2019 05:41

Oil prices soar after attacks on Saudi facilities

Oil prices hit their highest in four months after two attacks on Saudi Arabian facilities on Saturday knocked out more than 5% of global supply. At the start of trading, Brent crude jumped 19% to $71.95 a barrel, while the other major benchmark, West Texas Intermediate, rose 15% to $63.34. Prices eased back slightly after US President Donald Trump authorised the release of US reserves. It could take weeks before the Saudi facilities are fully back on line. State oil giant Saudi Aramco said the attacks cut output by 5.7 million barrels per day. The drone attacks on plants in…

Monday, 16 September 2019 05:38

Nigeria’s biggest tomato facility idle again as farmers shun crop

Nigeria’s biggest tomato plant is counting on the government’s restriction of food imports to sustain operations after going idle again six months after it resumed operations from an almost three-year shut down. When Aliko Dangote, Africa’s richest man, decided to set up the plant, it was with the clear goal of supplanting imports of tomato paste mostly from China but that has suffered setbacks. Currently, the 1,200-ton-a-day tomato-processing factory near the West African nation’s northern city of Kano is closed, unable to get its required feed stock as farmers have switched to other crops at the beginning of the rainy…

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Saturday, 14 September 2019 05:36

VAT increased by 50 percent, not 44% – FG

The proposed increase of Value Added Tax (VAT) rate from 5 to 7.5 percent (50 percent increase) by the federal government is subject to review and approval of the National Assembly, Minister of Finance, Budget and National Planning, Mr Zainab Ahmed, has said. Also, the minister clarified that the increment will be to 7.5 per cent and not 7.2 percent (44% increase) she announced on Wednesday at the end of the meeting of Executive Council of the Federation in Abuja. The minister said in a statement on Friday by her spokesperson, Mr Yunus Abdullahi, that the proposed increase followed the…

Friday, 13 September 2019 05:38

VAT increase will wipe out minimum wage gains - NECA

Moves by Federal Government to increase Value Added Tax (VAT) from five per cent to 7.2 per cent would neutralise benefits of the recently signed national minimum wage of N30,000, Organised Private Sector (OPS) has said. Nigeria Employers’ Consultative Association (NECA), an arm of OPS argued that the proposed increase will further reduce the purchasing power of the citizens, leading to increase in prices of goods and services as well as resulting in upward movement of the inflation rate, and further contraction of the economy. Director-General of NECA, Timothy Olawale, who lamented its negative impact on businesses, stressed that since…

Thursday, 12 September 2019 05:50

FG approves 44 percent increase in VAT

Federal Executive Council on Wednesday approved an increase in the Value Added Tax (VAT) payable in Nigeria. Minister of Finance, Mrs Zainab Ahmed announced the approval while briefing journalists after the FEC meeting presided by President Muhammadu Buhari. Ahmed said the VAT was increased from the current 5 per cent to 7.2 per cent, an increase of 44 percent. “We also reported to council and council has agreed that we start the process towards the increase of the VAT rate. “We are proposing and council has agreed to increase the VAT rate from 5 per cent to 7.2 per cent,”…

Thursday, 12 September 2019 05:43

Fowokan takes over leadership of women in taxation

Mrs Titilayo Fowokan takes over leadership of Society of Women in Taxation (SWIT) as the third Chairperson of Lagos state chapter. An investiture was held in her honour in Lagos to mark the commencement of the new executive committee members. Mr Albert Folorunsho, Managing Consultant in Pedabo with over 20 years of professional experience in Taxation insolvency practice and management consultancy, was the guest speaker of Fowokan's investiture. He spoke on “Global Tax Drive: Compliance For Foreign Direct Investment in Nigeria.” In the keynote address, Folorunsho explained that global tax drive had become a necessity because multinational enterprises (MNE) are…

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