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Seven banks paid N392.53bn in taxes in first half of 2024
News

Speaker sets three-week deadline to tackle double taxation issue

The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has given the Committees on Finance and the Federal Inland Revenue Service a three-week deadline to identify and eliminate double taxation affecting low-income Nigerian earners. Abbas made this disclosure on Thursday, October following the adoption of a motion concerning revenue generation and tax obligations amid […]

Supreme Court awards N225bn against Fidelity bank to Ibadan firm
News

NUP apologises to Fidelity Bank over false stability claim

The Nigeria Union of Pensioners has issued a formal apology to Fidelity Bank Plc for a false story published earlier this year by one of its members, Comrade Abiodun Michael, concerning the bank’s stability. The union expressed regret not only for the inaccurate claims but also for its failure to promptly refute the story when […]

News

Dangote, Grenada’s PM discuss potential Caribbean trade deal

The Chairman and CEO of the Dangote Refinery, Aliko Dangote, recently met with Grenada’s Prime Minister, Dickson Mitchell to discuss a potential trade deal aimed at strengthening trade relations between Nigeria and Grenada, as well as the broader Caribbean region. The meeting occurred on Thursday at the Dangote Refinery’s $20 billion petrochemical plant in Lagos, […]

Naira closes week stronger at N1,534.72/$ 
News

Retailers struggle to restock as inflation, FX issues escalate

Nigerian retailers are expressing significant concerns over the escalating difficulties they face in restocking their shelves, attributing these challenges to foreign exchange instability and rising inflation rates across the country. As inflation continues to climb, the cost of commodities has surged, further impacting retailers. In August 2024, Nigeria recorded a core inflation rate of 27.60%, […]

News

MAN forecasts worse performance for manufacturing sector in 2024 Q4

The Manufacturing Association of Nigeria has projected a bleak outlook for the country’s manufacturing sector in the fourth quarter of 2024. The Director General of MAN, Segun Ajayi-Kadir voiced concerns that current economic conditions offer no relief for manufacturers, who are grappling with increasing production costs and declining sales, according to The Punch. Ajayi-Kadir painted […]

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Keyamo, Lokpobiri to unveil largest aviation fuel depot Oct 17

The Minister of Aviation and Aerospace Development, Festus Keyamo, and the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, are set to unveil a 15 million-litre aviation fuel depot near the Murtala Muhammed International Airport road in Lagos. Scheduled for launch on October 17, 2024, the Joint User Hydrant Installation 2 will be the […]

News

New bill to require tax ID for opening bank accounts

A new bill has been proposed in Nigeria mandating that individuals involved in banking, insurance, stock-broking, and other financial services must provide a Tax Identification Number to open new accounts or operate existing ones. According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue […]

FG lauds Savannah Energy for investment in Nigeria's energy sector
News

FG lauds Savannah Energy for investment in Nigeria’s energy sector

The federal government has commended Savannah Energy, a British independent energy company, for its significant investment in Nigeria’s energy sector. During a recent visit to the Uquo Gas Central Processing Facility in Akwa Ibom State, Minister of Petroleum Resources (Gas) Ekperikpe Ekpo highlighted the government’s strategic focus on developing the gas sector to bolster the […]

The Nigerian equities market closed in positive territory on Thursday, with investors pocketing a gain of N239bn in market capitalisation
News

Nigerian exchange continues decline, loses N6bn

The bearish trend on the Nigerian Exchange persisted on Thursday, with the market losing N6 billion. The All Share Index fell by 0.1 percent, closing at 97,477.19, while market capitalization slipped to N56 trillion. This downturn moderated the market’s year-to-date performance to 30.36 percent. Investors traded 277,745,152 shares across 7,091 deals, amounting to N4.65 trillion. […]

MTN, Airtel generate N3.67trn data, voice revenue in 2024 H1
News

MTN, Airtel generate N3.67trn data, voice revenue in 2024 H1

MTN Nigeria Communications Plc and Airtel Nigeria collectively reported revenues of approximately N3.67 trillion from their data and voice services in the first half of 2024, according to an analysis of their financial results. MTN, Nigeria’s largest telecom operator with nearly 80 million subscribers, generated N1.27 trillion during this period, fueled by a substantial increase […]

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Petrol price hike: IPMAN threatens to halt operations nationwide

The Independent Petroleum Marketers Association of Nigeria has announced a potential nationwide shutdown due to the high prices at which the Nigerian National Petroleum Company Limited is selling petrol to its members. IPMAN revealed that petrol is currently being supplied to independent marketers at N1,010/litre, while the cost from the Dangote Petroleum Refinery is approximately […]

Seven banks paid N392.53bn in taxes in first half of 2024
News

Seven banks paid N392.53bn in taxes in first half of 2024

Seven major banks in Nigeria reported a combined tax payment of N392.53 billion for the first half of 2024, according to an analysis of their second-quarter financial results filed with the Nigeria Exchange. These tax expenses encompass various levies, including corporate tax, minimum tax, information technology tax, tertiary education tax, and the Police Trust Fund […]

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