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Reps probe alleged tax evasion by Multichoice group
News

Reps probe alleged tax evasion by Multichoice group

Multichoice Group, a South African entertainment corporation, is allegedly not paying taxes, and the House of Representatives has ordered its Committee on Finance to look into this matter. According to The PUNCH, the motion “Need to investigate the alleged unremitted N1.8tn and $342m tax revenues owed the Federation by Multichoice Group” was adopted before the […]

Price of satchet water may rise to N100 - Producers
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Price of satchet water may rise to N100 – Producers

Citing high manufacturing material costs, the Nigerian Association of Table Waters Producers has stated that N100 might be the price at which sachet water, also known as pure water, is marketed. The PUNCH reported that, the association’s members bemoaned the difficulties they encounter, citing high production costs, power outages, and the expense of petrol as […]

Chairman of Zip-Tech Energy, Dr. Adebowale Ologbenla, said compressed natural gas is too costly in Nigeria.
Oil and Gas

Zip-Tech Energy laments cost of CNG in Nigeria

Chairman of Zip-Tech Energy, Dr. Adebowale Ologbenla, said compressed natural gas is too costly in Nigeria. According to The PUNCH, he claimed that charging N250 for a kilogram of CNG was not reasonable and that the going cost should be N50/kg. Ologbenla claims that “the nation has been flaring the same natural gas for a […]

NLNG begins naira sale, LPG output hits 1.5m tonnes
Oil and Gas

NLNG begins naira sale, LPG output hits 1.5m tonnes

The Nigeria Liquefied Natural Gas Limited declared that it has reached a record-breaking 1.5 million metric tonnes of output per year of Liquefied Petroleum Gas, or cooking gas on Wednesday. It stated that the whole 1.5 million tonne production was being sold in Nigeria and that the business had begun to provide LPG in naira […]

Reps reject 178bn NPA bad debt petition
News

Reps reject 178bn NPA bad debt petition

The Nigerian Ports Authority’s managing director, Mohammed Bello-Koko, has been cleared of all charges of bad debt totaling N178 billion that were reported in the authority’s 2019 audited financial statement by the House of Representatives. According to The PUNCH, the accusations were refuted by the Chairman of the House Committee on Public Petitions, Mike Etaba, […]

Monthly petrol import drops by 990m litres - Minister
Oil and Gas

Monthly petrol import drops by 990m litres – Minister

The Minister of Information and National Orientation, Mohammed Idris said that importation of Premium Motor Spirit, or petrol, into Nigeria has decreased by 50% since the commodity’s subsidies were removed on Wednesday. Economic Confidential reported that, President Bola Tinubu announced the elimination of gasoline subsidies in his inauguration speech on May 29, 2023. The Nigerian […]

FG's 1,068 oil projects to generate $22.8bn investments
Oil and Gas

FG’s 1,068 oil projects to generate $22.8bn investments

By Melvin Onwubuke   The Federal Government has announced that 1,068 oil and gas projects approved between 2022 and 2023 are expected to generate a total of $22.8 billion. This was disclosed by Gbenga Komolafe, Chief Executive, Nigeria Upstream Petroleum Regulatory Commission, during the panel session at the ongoing 7th Nigeria International Energy Summit in […]

Banks increase lending rates after CBN’s MPR hike
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Naira increases to 1609/$ at official market

On Wednesday in the official market, the value of the naira slightly increased in relation to the US dollar, reaching N1,609 from N1,615.94 the day before.This suggests a 0.37 percent, or N6, rise. The PUNCH reported that, the Central Bank of Nigeria released a set of foreign exchange recommendations in recent weeks, which preceded the […]

Binance working with Nigeria govt to resolve exec's detention, CEO says
Crypto

FG arrest two Binance executives

By Alex Omenye   The Federal Government has arrested two Binance executives in Nigeria this week, The Financial Times reported. Last week, both executives had flown to Nigeria in response to a website ban and were subsequently arrested by the office of the National Security Adviser, as outlined in the same report. In a tumultuous […]

New expatriate levy sparks concerns over regional integration
News

CPPE urges CBN to peg custom duty FX rate at N1000/$1

By Melvin Onwubuke The Centre for the Promotion of Private Enterprise has urged the Central Bank of Nigeria to take bold steps in mitigating the challenges faced by businesses and citizens, by pegging the customs duty exchange rates at N1000/$1. In a statement by Mr Muda Yusuf, Chief Executive Officer at CPPE , according to […]

MTN Nigeria explains widespread outage as calls, data disconnect
Tech

MTN Nigeria explains widespread outage as calls, data disconnect

MTN Nigeria has officially acknowledged and addressed a disruptive glitch that reverberated across the country, significantly impacting users’ endeavors. The glitch, eliciting an uproar from numerous customers, created hindrances, preventing them from conducting essential business activities using their SIM cards. In a comprehensive statement diss on social media, the telecommunications provider reassured the public that […]

Russia blocks Telegram in two regions over security concerns
Tech

Telegram rolls out ad revenue sharing

Telegram CEO Pavel Durov revealed on Wednesday that the company is set to launch its ad platform next month, enabling channel owners to earn financial rewards. The rewards will be distributed in toncoin on the TON blockchain, with channel owners receiving 50% of the revenue generated by displaying ads in their channels. While Telegram’s broadcast […]

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