Author: Temitope N.

The Central Bank of Nigeria (CBN) has stated categorically that it has no intention of converting forex in domiciliary accounts of bank customers to naira as a way of checking the shortage of US dollars in the country. This is according to a press release put out by the apex bank and seen by Nairametrics. In the press statement titled: CBN Categorically Denies, and Strongly Condemns Peddlers of Rumor on Domiciliary Account Holdings,’ the apex bank stated as follows: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake circulation, in social media circles, of…

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Payment giant, Mastercard seems to have its eyes set on cryptocurrencies as the company just acquired CipherTrace, a blockchain intelligence firm with crypto forensics capabilities. According to a business wire publication, the global payments giant has reached an agreement to acquire CipherTrace, founded in 2015 as the world’s first blockchain forensics company with insight into more than 900 cryptocurrencies. As part of the acquisition, Mastercard says it plans to integrate CipherTrace’s operations into its own cyber security solutions for digital assets. According to the announcement, Mastercard will combine its cyber capabilities with CipherTrace technology to differentiate its card and real-time…

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Nigerian-based startup, OurPass, has closed a $1 million pre-seed round to scale their one-click checkout platform across the country. The round was led by Tekedia Capital and angel investors from Fortune 500 companies Founded by Samuel Eze, OurPass provides a mobile application that enables consumers to shop with one click. The e-commerce checkout problem is a major challenge when it comes to shopping online both for users and merchants. Yearly, about 75% of shopping carts are abandoned due to how cumbersome the checkout experience can be with long forms and re-log-ins. Eze told TechCrunch , “We built an identity layer…

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The market capitalization of the top five banks, referred to as the Tier-1 banks decreased to N2.41 trillion at the close of business on the 10th of September 2021 as investors in these banks lost N30.02 billion during the trading week. According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined to N2.41 trillion, a depreciation of 1.2% during the week. The loss can be attributed to the sell-off witnessed in the share prices of most of the banks, during the five trading days. A summary of the performance of each bank is…

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The Nigeria Customs Service (NCS) has said that more scanners would be deployed in three ports and they would arrive in the country this month. The disclosure was made by the Zonal Coordinator of Customs, Zone A, ACG Modupe Aremu during a working visit to Apapa, Tincan Island and the Port Terminal Multiservices Limited (PTML) commands. Aremu said that the arrival and deployment of the scanners in Apapa, Tincan and Onne port would help strengthen the fight against smugglers. She said, “The scanner is a pictorial of everything that is in the container and that is why the scanner is very important and government…

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The Court of Appeal sitting in Abuja has ordered all the contending parties to maintain the status quo on the collection of Value Added Tax (VAT) pending the determination of the appeal filed before the Federal Inland Revenue Service (FIRS). The appellate court, in its order, which is the latest twist in the series of legal tussles over who has the responsibility to collect, asked the parties to refrain from taking action that would give effect to the judgement of the Federal High Court in Port Harcourt, which states that Rivers State government and not the FIRS should collect VAT.…

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The Lagos State Governor, Babajide Sanwo-Olu, has just signed into law a bill empowering the state government to collect Value Added Tax (VAT) within the state. This is coming barely a day after the Lagos State House of Assembly passed the VAT and open grazing prohibition bills despite the appeal of the Federal High Court Judgment by the Federal Inland Revenue Service (FIRS). This also makes Lagos the second state to sign the VAT collection bill into law, after Rivers State, who initiated the first legal process. This disclosure is contained in a statement issued by the Lagos State Commissioner…

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The tax dispute between the different tiers of government appears to be worsening as the 36 state governments have sued the Federal Government over the latter’s alleged failure to remit funds generated from stamp duties into the state accounts. In a new twist, the state governments, through their Attorney-Generals, are contending that they, and not the Federal Government should collect the stamp duties. In a suit filed before the Supreme Court on Thursday, they asked the court to determine whether or not they are the sole authority to administer and collect stamp duties on all transactions involving individuals and persons…

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The Central Bank of Nigeria (CBN) has instructed banks and payment service providers (PSPs) to begin processing end-to-end bulk payments or transfers on their platforms and to keep a breakdown of the accounts that get credits in the sender’s bank’s custody. This was disclosed in a circular to the banks titled: “Disaggregation of Bulk Payments”, signed by Director, Payments System Management Department, CBN, Musa Jimoh, The bulk payment mechanism now in use by banks and other payment providers, according to the apex bank, impedes transparency and audit trail. The originating bank or PSP sends a single debit entry through the…

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The Independent National Electoral Commission (INEC) revealed that the introduction of the INEC Voter Enrolment Device (IVED) will eliminate acts of fraud with Permanent Voter Cards (PVCs), making Nigeria’s electoral process more efficient. This was disclosed by INEC Chairman, Prof. Mahmood Yakubu in a meeting with media executives on Tuesday in Abuja, reported by the News Agency of Nigeria. INEC revealed the IVED system will be the new voter verification device, adding that despite the ongoing voter registration process, the commission is working round the clock to improve service delivery and credible voter accreditation during elections in Nigeria. The INEC…

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The Department of Petroleum Resources (DPR) has said that it is willing to still play its support role to the Nigerian National Petroleum Corporation (NNPC) as a business enabler to deliver value to Nigerians. This is as the oil and gas regulator has expressed its commitment to oil exploration in the country and appreciates the effort of NNPC to ensure that more volumes were out to help the country make more money through royalties. This was made known by the Director/Chief Executive Officer of DPR, Mr  Sarki  Auwalu, when a delegation of NNPC management team led by the Group Managing…

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The Nigerian National Petroleum Corporation (NNPC) posted a profit after tax of N287.23 billion in 2020, representing a significant growth compared to a loss of N1.76 billion recorded in the previous year. This is contained in the recently released audited financial statements for the group, published on its website. According to the result, NNPC recorded profit growth despite a 20% decline in its revenue for the year. Specifically, its revenue declined from N4.63 trillion recorded in 2019 to N3.72 trillion in 2020. This could be attributed to the downturn caused by the covid-19 pandemic, which affected global crude oil prices.…

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One research has it that there are about 1,308 operational gas pipelines in the world. These pipelines are used to transport natural gas across cities, countries, and continents. Yet, with the rapid energy transition happening, it is important to rethink the future of gas pipelines. And while that rethinking has been happening amongst business leaders, opting to abandon all natural gas pipelines does not seem like a viable solution, especially considering the critical role gas plays as a transition fuel for many developing economies and even how key it is for heating, transportation, and power supply in more developed economies.…

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A recent report has revealed that up to 98% of Nigerians operating in the informal economy pay taxes daily, with some businesses paying taxes 3 times a day. In Lagos, for instance, some bus drivers pay as much as N3,000 a day in taxes to different groups. This report by socioeconomic research firm, SBM Intel, titled “Under the Hood: A look into Nigeria’s informal sector,” states that the informal sector plays a crucial role in many economies and accounts for 60% of the global workforce. Taxes were predominantly received by four different groups, according to the report — state governments,…

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As part of the state’s efforts to improve the ease of doing business, the Manufacturers Association of Nigeria and other stakeholders have commended the Ogun State Government’s establishment of an online business premises registration system. The state administration said that registration would be free until the end of the year and that permission backlogs would be waived. This was disclosed during the virtual and physical opening of the portal at Ogun TechHub in Abeokuta. The launch, he said, was the result of the state government’s reforms and digitisation initiatives aimed at creating an enabling environment for businesses in the state.…

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The Federal Government has announced that it has reached a truce deal with the Joint Health Sector Unions (JOHESU) over demands. This was disclosed in a statement by the FG after the conciliation meeting at the office of the Minister of Labour and Employment, Senator Chris Ngige. This comes after JOHESU had earlier issued a 15-day ultimatum to the Federal Government to meet their demands or face strike. The Labour Minister revealed that both sides held fruitful discussions, assuring that the Memorandum of Understanding would be signed next week. Ngige said they discussed in a fraternal way and reached an…

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The Nigerian National Petroleum Corporation (NNPC) has expressed its desire to partner with the Nigerian Exchange (NGX) Limited on exploring several financing options in the capital market for the corporation. This is coming after NNPC announced plans to get listed in the capital market and sell its shares to the public following the recent signing of the Petroleum Industry Act (PIA) by President Muhammadu Buhari. According to NAN, this disclosure was made by the Group Managing Director of NNPC, Mr Mele Kyari, while receiving the NGX team, led by its Chairman, Alhaji Abubakar Mahmoud. Kyari in his statement said, “The recent…

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MTN Nigeria Communications Plc has paid over N71.9 billion to the Nigerian Communications Commission (NCC) to renew its Unified Access Service (UAS) license and Spectrum license for wireless local loop in the 900MHz and 1800MHZ band. This was disclosed by MTN Nigeria via a statement issued and signed by its Company Secretary, Uto Ukpanah, on Wednesday. According to the company, the licenses, which expired on August 31, 2021, have now been renewed for a further ten-year period, starting on September 1, 2021. The regulator (NCC) acknowledged the receipt of the sum of N71.6 billion for the spectrum licence, and N374.6…

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The demand for industrially processed food has also seen a similar hike, with 2021 half-year import standing at N541 billion, contributing 3.57% to the total imports. The import expense surpassed the N393 billion spent in 2019. Meanwhile, Nigeria imported N767 billion worth of industrially processed food in 2020 while 2021 is still poised to maintain this upward trend. Nigeria exported total products worth N7.99 trillion during the review period, while importing total merchandise worth N13.8 trillion, resulting in a trade balance of -N5.81 trillion between January and June 2021. This follows prior periods of recurring trade deficits of N2.25 trillion…

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The Federal Government has set in motion the National Policy on Fifth Generation (5G) networks for Nigeria’s Digital Economy. This was approved by the Federal Executive Council following the presentation by the Minister of Communications and Digital Economy, Isa Ali Ibrahim Pantami. The implementation of the National Policy is set to take effect immediately. The minister explained that the benefits that accrue from employing such network include larger capacity, higher data rates among other economic, health, security, and educational opportunities. According to the Minister, the radiation from the 5G has proven to be lower than the 4G, televisions or microwaves,…

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