Business

PDP Reacts To Increase Of VAT From 5% To 7.2%

Why Buhari Govt Increased VAT From 5 to 7.2 Percent

The President Muhammadu Buhari administration has approved an increase in Nigeria's Value Added Tax (VAT) from five per cent to 7.2 per cent effective next year.

Shell Loses N73b To Oil Thieves

Shell Petroleum Development Company of Nigeria (SPDC), has revealed that it loses about N202 million daily in revenue to activities of criminals in the Niger Delta.

FIB: Orji Kalu Reacts To Selling Issued Shares Capital Of His Bank

Chief Whip of the Senate, Orji Kalu, has denied selling the issued shares capital of his banking group, First International Bank (FIB), Concise News reports. It...

Nigeria Loses N2 Billion Daily To Petrol Smuggling

The Nigerian National Petroleum Corporation (NNPC) has confirmed that the nation’s economy loses N2 billion daily to fuel smuggling.

Jack Ma To Leave Alibaba

Jack Ma, Chinese business magnate, will step down next week as chairman of Alibaba, but the start-up he built into online retail, Behemoth.

$9.6b Judgment: Court Orders P&ID To Forfeit All Assets To Nigeria

US Court Rejects $1.8b Arbitration Award Against Nigeria

A U.S. judge on Wednesday rejected Exxon Mobil Corp’s and Royal Dutch Shell Plc’s effort to revive a $1.8 billion arbitration award against the Nigerian National Petroleum Corporation (NNPC).

NNPC Negotiates $2.5b Gas Pipeline Deal With China

Why NNPC Redeployed NPDC’s Management Staff

The Nigerian National Petroleum Corporation (NNPC) on Tuesday said the redeployment of the top management staff of the Nigerian Petroleum Development Company (NPDC) is to reposition the company to meet its production and national reserve targets.

Nigeria Stock Exchange: Market Indicators Drop Further

Stock Market: NSE Lifts Ban On Shares Of Royal Exchange

The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on the shares of Royal Exchange Plc, Concise News reports.

What Will Happen To ‘Bad’ Naira Notes From Today – CBN

The Central Bank of Nigeria (CBN) has said mutilated or bad notes would continue to be in use even after the expiration of September 2nd 2019 deadline.

TICAD: What Tony Elumelu Asked Japanese Govt. To Do For Nigeria

Business mogul Tony Elumelu has urged the Japanese Government to use 5% of its $50bn pledge to Africa on empowering entrepreneurs, Concise News reports.

Delta Ports Generates Over $45.2m In Six Month -NPA

Apapa: Warri Port Now Berthing Over 200 Vessels – NPA

More than 200 vessels now berth in the Warri ports, Delta, according to the Nigerian Ports Authority (NPA).

Manufacturing Index Grows In August

Despite headwinds in inflation, the manufacturing sector has continued to grow, according to the latest central bank of Nigeria's PMI report.

Milk Importation: CBN Halts Banks From Taking Bills for Collections

The Central Bank of Nigeria (CBN) on Tuesday halted commercial banks and other authorised dealers from taking 'Bills for Collections' as means of payment for milk importation and its related products but only Letters of Credits (LCs).

Senate To Summon Finance Minister, FIRS Chairman Over VAT Increase

FG Generates N312bn From VAT In Q2 2019

Latest data from the National Bureau of Statistics revealed that the Federal Government through the Federal Inland Revenue Service (FIRS) generated N311.94 billion in Value Added Tax (VAT) between April and June 2019.

Nigeria Does Not Have Debt Problem – Ahmed

Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that Nigeria does not have a debt problem, rather a revenue problem.

Is FG Giving Out Loans To Small-Scale Businesses Via CBN?

The Central Bank of Nigeria (CBN) has denied reports that it is giving out loans to small-scale businesses, Concise News reports.

PenCom: 4,657 Employers Gets Compliance Certificates

N250bn Invested In Real Estate By Pension Operator – PenCom

Latest data from the National Pension Commission (PenCom) has shown that a total of N250.02 billion pension assets have been invested by operators in the country

FIRS Reveals Date To Begin Imposition Of VAT On Online Transactions

Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, says the agency will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, with effective from January 2020.

CBN Issues Lending Limits Directive To Financial Institutions

The Central Bank of Nigeria (CBN) on Friday issued a lending limit directive to financial institutions in Nigeria, in order to reduce their exposure to risk as regards lending to the public.

CBN Injects $297.92 Into Secondary Market

297.92 million dollars has been injected into the retail Secondary Market Intervention Sales (SMIS) by the Central Bank of Nigeria (CBN), Concise News reports.