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FG borrowed ₦11.9tn in 31 months, says Oyedele

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Ekiti approves ₦3bn for new high court office complex

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MultiChoice Nigeria’s subscriber revenue drops 30% amid price hikes

MultiChoice Group, the parent company of MultiChoice Nigeria, reported a 30.77 percent decline in subscriber revenue from Nigeria for the fiscal year ending March 2024. Despite two price hikes, revenue fell to $341.72 million (6.3 billion rands at 18.44 rands to the dollar), down from $493.59 million (9.1 billion rands) the previous year. The firm […]

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Free zones remits ₦11.11tn to FG in 2023 – NEPZA

The Nigeria Export Processing Zones Authority an organization under the Federal Ministry of Industry, Trade, and Investment, has said that remittances from the country’s Free Zones to the Federation Account reached ₦11.11 trillion in October 2023. This was disclosed by the Managing Director of NEPZA, Olufemi Ogunyemi, while speaking at the visit of members of […]

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Tinubu addresses economic challenges in Democracy day speech

Alex Omenye In a Democracy Day message celebrating 25 years of uninterrupted democratic governance in Nigeria, President Tinubu acknowledged the economic challenges facing the nation. “I understand the economic difficulties we face as a nation,” he stated, attributing these issues to decades of mismanagement and an over-reliance on oil revenues. President Tinubu emphasized that the […]

FG deducts N256.5bn for gas projects in six months
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FG reduce signature bonus from $200m to $10m

Ahead of the 2024 Oil Licensing Round, President Bola Tinubu has decreased the signature bonus payable by successful bidders from around $200m to $10m. This was disclosed by the Chief Executive of the Nigerian Upstream Regulatory Commission, Gbenga Komolafe, on Tuesday during the pre-bid conference held in Victoria Island, Lagos, according to The Punch. According […]

Equity market loses N92bn as stocks tumbles
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Equity market loses N92bn as stocks tumbles

The Nigerian equity market suffered a loss of N92.32 billion on Tuesday, driven by dips in the stocks of the National Salt Company, Thomas Wyatt Nigeria, May and Baker Nigeria, and 16 other companies. The market capitalisation and the all-share index decreased by 0.16 per cent, closing at N56.36 trillion and 99,630.51 points, respectively. This […]

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Guinness share price jumps 8% amid proposed Toklaram takeover

Guinness Nigeria’s share price closed at N54.80 on Monday, up approximately 8.41% from its opening value of N50.55. This follows the earlier report of the acquisition of over 50 per cent shares of Guinness Nigeria, by Tolaram, according to Nairametrics. Ambusiness had earlier disclosed that Tolaram would buy Diageo’s 58.02% share of Guinness Nigeria and […]

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Nigerians paid N1.43tn in value added tax in Q1 2024 – NBS

Nigerians paid N1.43 trillion in value-added tax in the first three months of 2024, up from N1.20 trillion in Q4 of 2023. This was disclosed in the National Bureau of Statistics’ most recent report on VAT collection. Nigeria levies a VAT rate of 7.5% on several products and services. This shows an increase of 19.21% […]

Crypto

Blum cryptocurrency airdrop hits 20 million users

Blum, the newest cryptocurrency airdrop initiative that is popular in Nigeria, has revealed that it had more than 20 million members, up from more than 10 million just 11 days prior. This was disclosed by Blum via its official X handle, thanking its users for the achievement while encouraging them to keep engaging in the […]

News

Banks, others probed for data breach

The Nigeria Data Protection Commission has said that investigations are presently being conducted into over a thousand financial institutions, educational institutions, insurance providers, and consulting firms for varying degrees of citizen data breaches. This was disclosed by the National Commissioner of the commission Vincent Olatunji, in his address to press men to mark the first […]

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Companies’ tax payments to FG decline 12% in Q1

Tax payments from Nigerians and international companies fell by 12% in the first quarter of this year, according to the most recent Company Income Tax report. In the latest CIT report released by the National Bureau of Statistics on Tuesday, its revenue to the Federal Government decreased to N984.61 billion in Q1 from N1.13 trillion […]

Dangote Refinery loses N32.5bn after petrol price cut
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Dangote Refinery shifts petrol production to mid July

Dangote Refinery has advanced the production date of premium motor spirit, also known as petrol, from June to the middle of July. The President and CEO of the refinery, Aliko Dangote, the refinery’s President and CEO, announced the new production date to reporters at the $20 billion facility in Lagos on Monday, according to Nairametrics. […]

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