The Central Bank of Nigeria (CBN) has established the introduction of e-evaluator and e-Invoice to replace hard copy final invoices as part of the documentation required for all import and export transactions. With these new regulations, imports and exports with unit prices that are more than 2.5% of the verified global checkmate prices would be queried and will not be allowed for successful completion of either Form M or Form NXP. This disclosure was made by the CBN in a circular titled, “Guidelines on the introduction of e-evaluation, e-invoice for import and export in Nigeria” addressed to all authorised dealers…
Author: Temitope N.
The Central Bank of Nigeria (CBN) has established that its intervention in the Nigerian agricultural sector has led to the massive reduction in imported rice from Thailand from 2014 when Thailand exported 1.3 million metric tons of rice to Nigeria to just 58,000 metric tons at the end of 2021. This was made known by CBN Governor, Godwin Emefiele, today at the unveiling of the FCT mega rice pyramids under the RIFAN-CBN Anchor Borrowers’ Programme. The CBN’s Anchor Borrowers’ Programme (ABP) was started in November 2015 to provide aid to farmers and influence the value chain of various commodities in…
At the Facts Before the Listing of BUA Foods held on Tuesday, January 18th 2021, the Acting. Managing Director of the company, Ayodele Abioye, established that the BUA Rice division will resume operation before the end of the year. He stated this while emphasizing the structure of the business and the different divisional operations under the company. In addition to this, he also confirmed the company’s intention to commence production of edible oil as well. He said, “Highlighting once again that three of our five business division namely Sugar, Flour and Pasta, are currently and fully operational and are contributing…
The Lagos State Government and transportation stakeholders, which includes the National Union of Road Transport Workers (NURTW) and Road Transport Employers Association of Nigeria (RTEAN), on Tuesday, January 18, 2021, introduced and signed a consolidated levy of N800 daily for transporters in the informal transport sector in the state. The harmonized levy which is outside the normal statutory dues collected by these unions was introduced in order, not to over-burden transporters with exorbitant levies. This was disclosed by the Lagos State Commissioner for Finance, Dr Rabiu Olowo, who at the signing ceremony and ticket unveiling at Ikeja, said that there…
The Lagos State Internal Revenue Service (LIRS) has established January 31, 2022, as the deadline for the filing of annual tax returns by employers of labour. The LIRS said that the filing of the annual income tax returns in the state can only be done through the e-Tax portal, which has been built for the convenience of the taxpayers. According to a press statement issued and signed by the Head, Corporate Communications of LIRS, Monsurat Amasa, this was made known by the Executive Chairman of LIRS, Ayodele Subair, who urged employers of Lagos residents to comply with the January 31…
The Senate President, Ahmed Lawan, has established that President Muhammadu Buhari has not directed anyone in his administration to implement the removal of petroleum subsidy. This is coming just after the statement made in October 2021, by the Minister for Finance, Budget and National Planning, Zainab Ahmed, that the federal government would only make provision for petroleum subsidy for the first 6 months of 2022 as the administration moves towards the complete deregulation of the downstream sector of the oil industry. This was made known by Lawan, while briefing State House Correspondents after meeting with President Buhari at the Presidential…
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has publized for individual and cooperate organizations to respectively file their tax returns by March 31 and January 31 in its bid to meet up with the N200 billion revenue target for the year. Haruna Abdullah, FCT-IRS Acting Chairman said this during the week while leading the tax sensitization drive on Tuesday, in Abuja to create awareness on the existence of the body, according to NAN. The chairman also established that FCT-IRS has a call centre that helps in addressing challenges such as language barrier which could arise in the process of…
Nigeria’s central bank governor has chipped that Nigeria’s wheat production is expected to rise as 100,000 hectares of wheat was planted in the 2021 dry season. The CBN Governor, Godwin Emefiele disclosed this at the unveiling of the CBN rice pyramids by President Muhammadu Buhari on Tuesday. He also added that Nigeria’s rice production increased 2.4 metric tons per hectare in 2015 to about 5 metric tons per hectare in 2021. Emefiele stated that “CBN in collaboration with the Wheat Farmers’ Association had concluded the first major wet season wheat farming in Plateau State and planted over 100,000 hectares of…
Socio-Economic Rights and Accountability Project (SERAP) has instituted a legal action against the Senate President, Dr Ahmad Lawan and Speaker of House of Representatives, Mr Femi Gbajabiamila over their inability to probe, and to refer to appropriate anti-corruption agencies fresh allegations that N4.1 billion of public money budgeted for the National Assembly is missing, misappropriated or stolen. The suit followed the publication of the annual audited report for 2016 in which the Auditor-General of the Federation raised concerns about alleged diversion and misappropriation of public funds and sought the recovery of any missing funds. The Statement was made in a…
The Federal Government established that its focus is on improving access to power and infrastructure for manufacturers to improve Nigeria’s manufacturing capacity in Africa. This was made known by Nigeria’s Trade Minister, Niyi Adebayo in an interview with Channels TV on Sunday. He also stated that with Nigeria being 200 million of Africa’s 1.3 billion target market, the FG wants to make Nigeria the most attractive market to do business. The Minister stated that the major challenge right now is security, and there is the issue of power and then, there is the issue of general infrastructure. “There are also…
The Economic and Financial Crimes Commission has disclosed that the anti-graft agency recovered N152 billion, $386 million in 2021. This was disclosed in a statement on the EFCC’s verified Facebook page on Monday. The report showed that the Commission recovered several currencies and digital currencies. Abdulrasheed Bawa, the Executive Chairman of EFCC assured Nigerians that looted funds will be recovered, he said there is no hiding place for looters of the nation’s treasury. The commission said the figure was released in the continuation of the review of its operational activities for 2021. While one hundred and fifty-two billion was recovered…
Experts in the commerce industry have requested that the Federal Government widen its tax net in movement to increase its revenue and ease the burden on the nation’s economy. The experts, established that beyond the technicalities around the assessment, rates, and computation of taxes, the government at all levels should ensure the creation of an enabling tax environment where the tax system is fair, equitable. The President, Lagos Chamber of Commerce and Industry (LCCI), Michael Olawale-Cole, advised the Federal Government to widen its tax net in order to increase its revenue and ease the burden on the country’s predominantly oil-based…
TotalEnergies EP Nigeria Limited has disclosed the appointment of Mr. Frederick Asasa as Chief Financial Officer and member of the company’s Corporate Executive Committee (EXCOM) with effect from January 1st, 2022. He succeeds Mrs. Tai Oshisanya who will retire from the Company at the end of March 2022. Asasa brings to the position over three decades of extensive experience in finance. He joined TotalEnergies in 1999 as Head of Accounts and has since held several senior positions within the Company in Nigeria and at its headquarters in France. Until his appointment, Mr. Asasa was the Finance Controller responsible for group…
Over 7,000 small-scale business owners and artisans are in line to benefit from the Federal Government’s COVID-19 intervention fund in Ogun State. The beneficiaries, according to the Coordinator of Ogun State Coordinating Units (Ogun SOCU), ‘Tunde Adebiyi, would get N5,000 each for six months to augment their capital. Adebiyi disclosed this, yesterday, in an interview with journalists in his office in Abeokuta, the state capital. He explained that the programme, which was tagged, ‘Rapid Response Register’ is a social intervention by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development. Adebiyi added that the register would capture small-scale…
The National Action on Sugar (NASR), a health advocacy coalition, has encouraged the Federal Government to channel revenues realised from taxes on carbonated and sweetened beverages towards addressing challenges in the health sector. The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday, announced new excise duty on sugar-sweetened beverages. She stated at a public presentation of the 2022 budget in Abuja that an excise tax of N10 per litre would now be imposed on non-alcoholic, carbonated and sweetened beverages. Reacting to the new tax, on Thursday in Abuja, a member of the coalition, Dr. Alhassan Umar, commended…
The Nigeria Commodity Exchange (NCX) Plc has restrategized its board with the appointment of new members. The appointees are Aishah Ahmad, Dr. Angela Sere Ejembi and Phillip Yila Yusuf. NCX, in a statement, said the appointments are in line with the provisions of the Companies and Allied Matters Act (CAMA) 2020, following an extraordinary general meeting (EGM) held on January 4, 2022, at which all shareholders unanimously endorsed the retirement of some directors. Following the meeting, Ahmad was appointed chairman of the board at the inaugural new board meeting, which was also held on January 4, 2022. The NCX informed…
June was the toughest month for most borrowers. Then, the maximum interest rate, the statistics said, was 29.05 per cent as against prime borrowing cost of 11.67 per cent. Prime borrowers are individuals and organisations whose perceived credit risks are below average. The categories of borrowers are likely to make full payments on time. Facilities to such individuals are often priced lower than the market rate. While the prime-lending rate is lower than the maximum loan price globally, the difference between prime and non-prime credits is often far wider than the global average. Last year, non-prime borrowers, including small and…
The world’s largest smartphone maker forecast 2021 fourth-quarter operating profits at around 13.8 trillion won ($11.5 billion), up from 9.05 trillion won in the same quarter last year. The firm was boosted by record sales in the quarter, estimated at 76 trillion won, up 23.5 percent on-year, according to the statement, which added that the forecast reflected a one-time bonus payment to employees. A spokeswoman told AFP annual sales in 2021 were also expected to be the highest ever. The operating profit estimate was below analysts’ estimate of 15.2 trillion won, according to Bloomberg News. “A continued price growth…
As investors move to restructure ahead of full-year earnings results and dividend declarations, transactions on the equities sector of the Nigerian Stock Exchange (NSE) reopened the year on a positive note yesterday, as market capitalisation appreciated by N887 billion. At the close of trading, the All-Share Index (ASI) increased by absolute points, representing a growth of 0.7 per cent to close at 43,026.23 points. Similarly, the market capitalisation gained N886.9 billion to close at N23.18 trillion. The positive performance was triggered by gains recorded in medium and large capitalised stocks, including BUA Cement, Stanbic IBTC, Zenith Bank, Flour Mills of…
Naira opened trading for the year at the Investors and Exporters’ (I & E) window on an upswing yesterday. It was quoted at N422.67 per dollar, gaining N8.75, as against last year’s closing rate of N435/$. The Guardian reported earlier that the local currency fell to a record low at the spot market on the last trading day of 2021, closing at $435/$. The quote was the lowest naira had plugged at the official market. With the closure quote, the naira traded at a discount of over 15 per cent against the dollar at the official Nigerian Autonomous Foreign Exchange…