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Anger as customs sell seized vehicles as scrap
News Ports and Airports

Maritime lawyers oppose 15% imported vehicle levy

AS the controversy surrounding the introduction of 15 per cent National Automobile Council levy on imported vehicles lingers, some maritime lawyers have demanded court intervention as a way of resolving the matter. The Nigeria Customs Service had recently introduced a 15 per cent NAC levy on used imported vehicles, a decision which didn’t go down […]

Banking News

10 banks lend customers N2.9tn in 12 months

Between December 2020 and December 2021, the combined loan portfolio of 10 Deposit Money Banks in Nigeria rose by N2.9tn, data collated from their audited financial statements show. The banks are Stanbic IBTC, Fidelity Bank Plc, Sterling Bank, Wema Bank, First City Monument Bank, Access Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa […]

Appointments

Temple Group appoints subsidiaries’ MDs

THE Group Managing Director of Temple Group Limited, Segun Obayendo, has announced the appointment of Mrs Ifeoma George-Oji as the managing director of Temple SYC Limited; and Mrs Chinwe Uwaegbute as managing director of Drivers Testing Resources Limited. Their appointments took effect on April 14, 2022. The firm said the announcement signalled the end of […]

Appointments

Abbey Mortgage gets acting MD

Abbey Mortgage Bank Plc says its Managing Director/Chief Executive Officer, Mr. Madu Hamman,  has been appointed as the new Managing Director of Federal Mortgage Bank of Nigeria, the apex mortgage bank in the country, by the President, Major General Muhammadu Buhari. As a result, the company said its board had also named Mr Mobolaji Adewumi, […]

Banking News

BoI Group records N62.28bn profit

The Bank of Industry Group on Tuesday said its profit before tax rose by 75 per cent to N62.28bn at the end of December 31, 2021, from N35.54bn recorded in the corresponding period of 2020. A statement from the bank on its financial performance said discounted for tax, the profit for the year under review […]

Why Nigeria must save oil revenues - IMF
Economy News

IMF upgrades Nigeria’s economic growth forecast to 3.4%

The increase in global oil prices has caused the International Monetary Fund to review Nigeria’s economic growth potential to 3.4 per cent in 2022. The IMF disclosed this in its ‘World Economic Outlook: War Sets Back the Global Recovery, April 2022,’ report. In its January report, the Washington-based lender predicted a growth rate of 2.7 […]

FG to end fuel subsidy in 2023 - Minister
Economy

Paris Club: States write FG, kick against $418m deduction

State governments have asked the Federal Government to refrain from deducting from funds accruing to them and all local government councils as liquidation for the alleged $418 million London/Paris Club loan refund-related judgment debts. The governors stated this in a letter dated April 4 in response to a November 11, 2021 letter from the minister […]

Banking Oil and Gas

Vandalism, others push oil firms’ bank borrowing to N5.68tn

The combined bank borrowing of oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry rose from N5.19tn in January 2021 to N5.68tn in December 2021, showing an increase of N490bn. Operators in the downstream, natural gas and crude oil refining subsectors had borrowed N290bn from Nigerian banks in […]

News Ports and Airports

Imported vehicles: Dealers threaten shutdown over 15% levy

As controversy continues to surround the introduction of 15 per cent National Automobile Commission levy imposed on imported used vehicles by the Nigeria Customs Service, car dealers have threatened to close their stores this week. The NCS had recently introduced a 15 per cent National Automobile Commission levy on used imported vehicles, a decision which […]

World Bank punishes Nigerian firms, individuals for corruption
News Oil and Gas

Fuel subsidy puts Nigerian economy at high risk –World Bank

The World Bank says increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns. The Washington-based lender said this in a new biannual report known as Africa’s Pulse. According to the bank, Nigeria is projected to have a 3.8 per cent […]

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