Category: Business

NNPC Advises Tanker Drivers To Shelve Planned Strike

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The Nigerian National Petroleum Corporation (NNPC) on Sunday in Abuja called on petroleum tanker drivers to call off its planned strike in the interest and welfare of Nigerians. “The strike is about the condition of roads in various parts of Nigeria used for the distribution of goods and services including petroleum products. “While it is not the responsibility of the NNPC to build or rehabilitate roads, any disruption in the distribution of petroleum products will adversely affect the business of the NNPC. “It will also endanger energy security, which the…

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Infractions: NGX Fines Mutual Benefits, Lasaco, Others N325.7m

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.Trading in Royal Exchange, Niger Insurance’s shares suspended For failing to adhere to regulatory rules and regulations instituted by the stock market regulator, at least seven underwriting firms have been fined a total of N325.7 million between 2020 and 2021, according to the latest X-Compliance report released by the Nigerian Exchange Group (NGX). According to the September 17 report cited by New Telegraph, Mutual Benefits Assurance Plc received the highest chunk of the fine, amounting to N256.3 million for unauthorised publication of notice of annual general meeting and problem with…

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Tax Fraud: FG Reneges On Global Pact To Curb Investments In Tax Havens

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Despite recent outcry over Nigerian public and private officials’ criminal investments in countries, which exempt them from paying taxes, the Federal Government has refused to join about 140 other countries to curb the fraud through a 15 per cent corporate minimum tax. According to the report released over weekend, nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big, multinational companies are taxed in order to deter them from stashing their profits in offshore havens where they pay little or no tax. The…

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Indian hemp good for the body, says Gov. Akeredolu

Gedion Myek

…seeks research into benefits Ondo State governor, Mr. Rotimi Akeredolu, on Thursday restated his belief that outlawed weed, cannabis sativa, which is also known as Indian hemp, is beneficial to the human body. Akeredolu thus charged pharmacists in the country to conduct an in-depth research into the various uses of the weed, for medicinal purposes. The governor stated this at the 40th anniversary and the 2021 Association of Community Pharmacists of Nigeria National Scientific Conference, held in Abeokuta, Ogun State capital. Akeredolu was the Special Guest of Honour at the…

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Passengers frown at airlines free reign at official extortion

Gedion Myek

…seek govt’s intervention Passengers making use of local airlines for domestic flight have called on the Federal Government to intervene and put a halt to airlines attempts at official extortion. Some of the passengers, who spoke to our correspondents last expressed frustration over deliberate moves by the operator to push passengers into tight corners in an attempt to make them pay more for trips that have already been paid for. They pointed out that some of the operators were in the habit of closing the counter hurriedly, especially with regard…

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Wema Bank commended for SMEs Business School

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Beneficiaries of the maiden Wema Bank SME Business School have commended the novel and impactful initiative, disclosing that they have gained immensely from it. The Wema SME Business School equipped Micro, Small and Medium Enterprises with the basic management knowledge required to effectively run their businesses and respond to challenges in an ever-demanding business environment. The five-day free training programme was held recently in Lagos featuring 50 participants. They were trained using a robust curriculum spanning the broad areas of finance, marketing and sales, leadership, technology, branding, strategy, innovation and…

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Digital currency: CBN picks technical partner

JUSTINA EMMANUEL OKPARA

Preparations for the unveiling of digital currency ( e-Naira) by the Central Bank of Nigeria (CBN) has commenced in earnest with the engagement of Bitt Incorporated, a Fintech company, as technical partner by apex bank. This comes as CBN Governor, Mr. Godwin Emefiele, listed benefits of the proposed digital currency billed to take off before end of 2021, to include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection. A…

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Transfer: CBN Pegs Limits As e-Naira Takes Off October 1

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The Central Bank of Nigeria (CBN) has set an initial transaction limit of N50,000 for non- account preparatory to the take-off of its digital currency set for October 1. In a guide released by the apex bank to Deposit money banks, the CBN stipulated a transaction limit for customers, non-interest-bearing Central Bank Digital Currency (CBDC) status, and an account value limit. There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1, 2021, deadline. As a means to transact value, the wallet doesn’t compete with…

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Again, Emirates Extends Suspension Of Flights To Nigeria

JUSTINA EMMANUEL OKPARA

The Dubai, United Arab Emirates (UAE) flag carrier, Emirates, has further extended suspension of its flights to Nigeria till September 5, fueling uncertainty on resumption of travels between the two countries. The extension of flight cessation is coming despite the decision by the United Arab Emirates (UAE) to open its borders to welcome fully vaccinated tourists from all countries. Flights between both countries have been halted since March this year following diplomatic spat fueled by the COVID-19 protocols. Since then, efforts to reinstate the flights have not yielded results as…

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Power: NERC faults report on ECR suspension

Dorothy Ewa

Following reports making the rounds that the Eligible Customer Regulation (ECR) has been suspended, the Nigerian Electricity Regulatory Commission (NERC) said that it was not true and that at no time had the commission issued a directive for discontinuation of service to any customer. In a statement made available to journalists yesterday, the commission said that its attention was drawn to the report in both electronic and print media that the ECR issued by the commission in 2018 had been suspended. The ECR was designed to provide a very simple process…

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