Author: Temitope N.

Nigeria’s House of Representatives has claimed that the Nigerian customs service is losing the sum of $8.810 billion annually due to the non-implementation of a Customs modernisation project. This was made known by Rep. Leke Abejide, Chairman, House Committee on Customs and Excise at the public hearing of the Joint Committees on Customs and Excise, Finance and Banking and Currency with the Minister of Finance, Mrs Zainab Ahmed, represented by Director, Home Finance, Stephen Okon. The Ministry disclosed that a pending court case had delayed the implementation of the project. The lawmaker stated that the project is expected to generate…

The controversy on who has the responsibility of the collection of stamp duties between the Federal Inland Revenue Service (FIRS) and the Nigeria Postal Service (NIPOST) has lingered unattended as there are indications of a fresh crisis brewing between the Federal Government and labour union over the issue. President Muhammadu Buhari, in the recently signed Finance Act, had given the responsibility of collecting stamp duties charges to the FIRS, instead of NIPOST, that before now performed the function. The stripping of NIPOST of the responsibility of collecting stamp duties charges has not gone down well with Senior Staff Association of…

The Covid-19 pandemic led to a contraction in many sectors globally, however, countries are learning to accelerate digital transformation to achieve economic recovery. According to a report by IBM; an IT technology and consulting firm, 43% of global businesses accelerated their rollout of AI over the last year as organisations looked to virtual assistants to automate workflows while 80% have plans to roll out some form of automation software over the next 12 months. Like many sectors in the country, Nigerian agriculture suffered a huge blow due to the pandemic which saw a lot of farmers on lockdown thereby leading…

Lagos State has unveiled new health insurance products in line with its drive to ensure Lagos residents have access to affordable, quality healthcare. According to Babajide Sanwo-Olu, the governor of Lagos State, represented by Dr. Ibijoke Claudiana Sanwo-Olu, the First Lady of Lagos State, the creation of the new range of plans and expansion of the Lagos Health Insurance Scheme – ILERA EKO – was borne out of the need to cover more health challenges in addition to accommodating prevalent medical conditions whilst addressing economic realities of residents, especially those in the informal sector. He also disclosed that the development…

The Infrastructure Concession Regulatory Commission (ICRC) has stated that the Federal Government is expected to generate the sum of N5 billion from the planned Fisheries Coastal Terminal Concession project. This was made known in a statement by Manji Yarling, Acting Head, Media and Publicity of the ICRC on Friday, according to the News Agency of Nigeria. She added that the FEC has approved the rehabilitation of the Federal Fisheries Coastal Terminal, at Ebughu Mbo Local Government Area of Akwa Ibom State and is expected to operate and maintain a Public Private Partnership (PPP) model. The ICRC stated that the project…

The cost of diesel in major filling stations across Lagos surged past N400 per litre in recent days as fuel scarcity, rise in oil prices trigger general price increases in the cost of goods and services. Reports have it that most filing stations now sell diesel between N400 and N420 across Lagos up from an average of N350 per litre in late January. Diesel prices closed the year (2021) at under N300 per litre. This time last year, Diesel sold for under N250/litre. The price is as high as N600 per litre in the Federal Capital City Abuja. Data from the…

Nigeria’s telecommunication sector recorded a slow growth rate in the fourth quarter of 2021 as its GDP grew by 5.31% year-on-year in real terms, according to the Gross Domestic Product report of the NBS. According to the report, the sector’s 5.31% growth in the review period represents a 10.59% depreciation when compared to 17.64% recorded in the corresponding period of 2020. In the same vein, Nigeria’s information and communication sector recorded a 5.03% growth in real terms in the same period. The telecommunications sector had recorded significant growth in 2020 during the pandemic as Nigerians adoption of internet services surged…

African startups raised a sum of $4.65 billion in funding in 2021, despite the effect of the pandemic on world economies, surpassing its record in previous years. This is contained in a report titled Africa Investment report released by Briter Bridges. According to the report, financial technology companies accounted for 62% of the total funds raised in the reference period, with the health and biotech sector being a distant second with 8%, while logistics companies accounted for 7% of the total. The report also highlighted that there were more than 740 announced deals in the review period, which is 2.5…

The number of Internet subscribers in Nigeria grew astronomically by 14.03 million in the fourth quarter of 2021 to 154.3 million compared to 140.28 million recorded in the previous quarter. This is contained in the recently published telecoms report by the National Bureau of Statistics (NBS). The internet subscriber base increased by 10% quarter-on-quarter, with MTN Nigeria boasting the highest customer base with 58.8 million subscribers, followed by Globacom with 39.53 million. Also, Airtel recorded a total internet subscriber base of 37.53 million as of the end of 2021, 9mobile with 5.75 million, SMILE (314,674), and NTEL with 27,799. Meanwhile,…

Twitter has announced that its tipping feature is now available to its Nigerian users. As an added bonus, along side Bitcoin and Ethereum wallet address support, Twitter has added pan-African payment solutions Paga and Flutterwave as payment providers for its new feature. Twitter started its tipping feature in September of 2021, supporting Bitcoin via the lightning network, as a way for people to send money through cryptocurrency and other means on its social media platform. Although criticized, the feature is used by a large number of the people in the country the feature is supported. The inclusion of additional African-focused…

The National Drug Law Enforcement Agency (NDLEA) has established that it has no reason to shield anyone who may be indicted in the course of the ongoing investigation of a 25kg cocaine deal involving a gang led by the suspended Deputy Commissioner of Police, Abba Kyari. This is as the drug agency has revealed details of how the drug mules contacted Abba Kyari’s team in the drug deal. The detail of the deal was made known in a statement issued by NDLEA’s Director of Media and Advocacy, Femi Babafemi, on Wednesday, February 16, 2022, days after the 25kg cocaine deal…

CEC Africa Investment Limited and KANN utility company have agreed to settle the matter regarding the takeover of AEDC outside the court. They had both instituted a suit against the Attorney General of the Federation (AGF) and Central Bank of Nigeria (CBN) over a directive for the companies takeover. They sought an order of the court restraining the AGF and others from interfering with the operations of AEDC. However, at the resumed hearing on Wednesday, the plaintiffs informed the court that the parties have agreed to settle between themselves out of court. When the matter was called up, counsel to…

The Lagos authorities has proclaimed the introduction of a replacement resident card with utile functions for residents. The new card that is substitution the previous card, has additional embedded options and functions which will alter the cardholders get pleasure from and have access to quicker and higher services. This was created well-known by the final Manager of the Lagos State Residents Registration Agency (LASRRA), Engr. (Mrs.) Ibilola Kasunmu, well-known throughout a 2-day workshop unionized for media personnel at its workplace in Ikeja, Lagos.

The Lagos State Governor, Babajide Sanwo-Olu, has established the state’s interest in collaborating with the Nigerian Exchange Limited (NGX) as it will explore capital raising through the exchange to fund infrastructure projects through equities, Green, Sukuk and Blue Bonds. The remark was made by Sanwo-Olu, when the board and management of NGX led by its Chief Executive Officer, Mr Temi Popoola, paid him a courtesy visit at Governor’s office, on Thursday, February 10, 2022. Other board members of NGX present at the meeting with the Lagos State Governor include Mr. Kamarudeen Oladosu, Mr. Seyi Osunkeye, and Mr. Yomi Adeyemi. According…

The Central Bank of Nigeria (CBN) has revealed that interest rates on its various intervention facilities had been extended till March 1, 2023. This was made known  by the Governor of the Central Bank of Nigeria, Godwin Emefiele at the Bankers’ Committee press briefing, on Thursday, February 10, 2021. According to Emefiele, the top bank would assess these intervention programs in the future to ensure that they continue to produce the desired results. He stated that the promising trajectory the CBN has established in economic growth and job creation would be aided by the extension of the Interest rate for…

The Bureau of Public Enterprises (BPE) has disclosed it earmarked 42 transactions in different sectors for the year. This was made known in a statement in Abuja on Friday by Mr Ibeh Chidi, Head, Public Communications, according to the News Agency of Nigeria. He stated that the transactions are part of the 2022 work plan of the bureau, while also adding that the Senate Committee on Public Accounts has cleared the BPE of allegations of financial impropriety brought against the agency by the Office of the Auditor General of the Federation. On projects for 2022 approved by the National Council…

The recent e-invoicing policy that was launched by the Central Bank of Nigeria will worsen Nigeria’s already bad international trade transactions process, increase transaction cost, entrench red tape, increase uncertainty, escalate business disruption, weaken investors’ confidence and heighten corruption risk. This was made known in a statement sent to Nairametrics by Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise and former President of the LCCI. He warned that there is no compelling justification for their introduction in the first place and urged the CBN to collaborate with the Nigeria Customs to address any gaps in…

Okomu Oil Plc has confirmed incidence of a gunmen attack on the company’s rubber plantation on the 1st of February 2022. The notice which was signed by the Company’s secretary, Chukwuebuka Omerole, and filed with the Nigerian Exchange Limited, was addressed to shareholders and the investing public. The company specializes in the cultivation of oil palm and in the extraction, refining, and processing of fresh fruit bunches into crude palm oil for resale. According to the notice, the incidence occurred in the early hours of Tuesday, 1st February 2022, in which a number of gunmen armed with rifles stormed the…

Africa needs $484 billion over the next three years to address the socio-economic impacts of the Covid-19 pandemic and support economic recovery. This was made known by Dr Akinwumi Adesina, African Development Bank Group President at the opening of the 35th African Union Assembly in the Ethiopian capital. He stated that investing in health is investing in national security, citing that the most important lesson of the Covid-19 pandemic for Africa is the need to build a defense mechanism against external shocks, especially in healthcare and financial security. Adesina warned that Africa cannot afford to outsource the healthcare security of…

Massive anxiety and confusion in Lagos as fuel scarcity appears to have hit some parts of the state, especially the island axis. There were unusual long queues of vehicle at various filling stations in Ikoyi, Victoria Island and Lekki, over the weekend trying to buy the Premium Motor Spirit (PMS), otherwise known as petrol, which was thought to have been caused by increased demand of the product due to power blackout. The long queues at the filling stations which has been causing traffic in those locations seem to have persisted on Monday morning despite improved power supply. However, the situation…