Muhammad Nami, the Executive Chairman of the Federal Inland Revenue Service, has actively criticized the current stamp duty and capital gain tax collection system for its inefficiency. Nami disclosed this at the 2021 tax week opening event of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday. Insecurity, a high currency rate, and the impact of COVID-19 have all hampered the government’s efforts to increase revenue, according to the FIRS boss. On his part, the Accountant General of the Federation, Ahmed Idris, who was represented by Salawu Zubair, stated that there was a need for the country to…
Author: Temitope Nlewemchi
Nigeria’s headline inflation in the month of September 2021, slides down further to 16.63% compared to 17.01% recorded in the previous month. This is in line with the recently released CPI report for the month of September, by the National Bureau of Statistics (NBS) In this report, the consumer price index, which measures the rate of inflation rose by 16.63% year-on-year in the review month. This represents 0.38% point decrease compared to 17.01% recorded in August 2021. Food inflation, which is a closely watched index also dropped to 19.57% in September from 20.3% recorded in the prior month while…
Apple is expected to cut its anticipated iPhone 13 production targets for 2021 by up to 10 million units due to ongoing chip shortages, according to Bloomberg. The company was Initially expected to produce 90 million units of the new iPhone models by the end of this year. Because chip suppliers like Broadcom Inc and Texas Instruments are having trouble delivering components, Apple informed its manufacturers that the number of units will be reduced. Apple’s capacity to supply new models to consumers has already been hampered by the shortages. The iPhone 13 Pro and iPhone 13 Pro Max were released…
Nigerian property technology startup, Rent Small Small has been chosen to join the prestigious Techstars Toronto accelerator, beginning in October making it the first African property technology platform selected to join the program. The 13-week accelerator program, which will select early-stage startups from around the world, will begin on October 18, 2021, and will conclude with a demo day pitch to Techstars investors. It gives businesses access to a vast pool of global talent and investors, as well as essential skills, resources, and connections. Meanwhile, the Techstars Toronto Accelerator Program provides early-stage startups from across the world with mentorship and…
Sparkle, a Nigerian digital bank has raised $3.1 million in a seed funding round to scale operations. The round was led by Leadway Assurance with participation from Trium Network and a few unnamed high-net-worth individuals. The investment comes after Sparkle closed a friends and family pre-seed round of $2 million within the past year. Since its inception last year, the neobank has amassed over 40,000 personal banking users and 2,000 businesses. The company began collecting small fees to individual users to keep their accounts operating and aims to charge companies for most functions except taxation services. In April, the company…
The Federal Government has disclosed that December 1, 2021, is the deadline for civil servants to take their Covid-19 vaccine. This is as the Nigerian government has also revealed that it has cancelled South Africa, Brazil and Turkey from the list of countries where travellers have been restricted from coming into the country due to the Covid-19 pandemic. This announcement was made by the Chairman of the Presidential Steering Committee (PSC) on Covid-19, Boss Mustapha, who disclosed this during a press briefing about the activities of the committee on Wednesday in Abuja. Mustapha, who is also the Secretary to the…
Nigerian Exchange Limited (NGX or The Exchange) has disclosed the resignation of Mr. Oscar N. Onyema, OON, as Non-Executive Director, effective immediately. Consequent upon this resignation by Mr. Onyema, NGX will uphold Rule 184(2)(a) of the Securities and Exchange Commission Consolidated Rules 2013 which states that “A securities exchange shall have a code of conduct for its council members or board which shall be approved by the Commission, and shall contain amongst others the following provisions, to wit, that the council members or board shall: (a) not be a staff of a quoted company and its subsidiaries.”
.This was made known by Vice President, Yemi Osinbajo at the Ekiti State Fountain Summit, in the state’s capital, Ado-Ekiti, on Thursday. Osinbajo stated that the government of the state under Governor Kayode Fayemi should see itself as a nation, as that would expedite the growth of its economy. Speaking at the summit, Osinbajo said, “Ekiti State has a friendly business environment that is helping and promoting the operations of SMEs in the state. The state within the nation is not a necessarilly a nation but must think and act like a nation. It derives some resources from the federal…
Currency traders under the guide of the Association of Bureau De Change Operators of Nigeria (ABCON) have contributed some measures aimed at curbing the continued depreciation of the naira. This is in line with the current crisis in the foreign exchange market which is characterised by dollar shortages, speculative trading, hoarding and other illegal activities by currency traders. These measures were contained in the ABCON Quarterly Economic Review for the 3rd quarter of the year (Q3’21), and seen by Nairametrics. ABCON noted that recent developments in the foreign exchange market have proved that the suspension of dollar sales to…
The government of Ekiti State plans to hold its maiden economic development and investment summit, hosting major dignitaries from different areas of the Nigerian economy. Ekiti State is setting itself as an attractive destination for investors. According to the governor of the state, Kayode Fayemi, the state is gearing for recovery from the economic downturn and is assured of a positive outlook for its econom “We are on a mission of recovery and economic restoration together, and I assure you of our firm commitment to the ideals of a safe, secure, and prosperous Ekiti State. The resources may be limited,…
Access Bank Plc has finalized the acquisition of a majority stake of about 78.15% in African Banking Corporation of Botswana Limited (‘BancABC Botswana’). The was made in line with the Bank’s commitment to expanding its presence in the African continent was announced through a notice signed by its Secretary, Sunday Ekwochi, and filed with the Nigerian Exchange Limited (NGX). Remember that Access Bank had reached an agreement to acquire a majority stake in BancABC earlier in April this year. According to the reports, the deal would see Access Bank acquire the latter for an undisclosed cash amount of about…
Eden Life, the go-to platform for home service needs, has Finalized a $1.4 million Seed round. This brings Eden Life’s total investment to date to $2 million following pre-seed backing from all of Andela’s original co-founders, and additional accelerator support over the last 18 months. The new capital raised will be deployed to build Eden Life’s in-house technology and develop its own world-class kitchens and operations hubs, as it builds a new tech-based platform to improve and grow Africa’s service industry.
The Central Bank of Nigeria, CBN, has Instructed banks to apply exchange rates in the Investors and Exporters (I&E) window for outbound payments through the Pan African Payments and Settlement System (PAPSS). The CBN made this known in a circular introducing the Guidelines on Operations of PAPSS in Nigeria, signed by the Director, Trade and Exchange Department, CBN, Dr Ozoemena Nnnaji. The CBN circular read: “All authorised dealers are required to ensure that prevailing exchange rate at Investors and Exporters Forex Window as advised by Financial Markets Department, FMD, should be used in cross-rates conversion between Naira, United States Dollars…
First Bank Plc traded over 148 million units of its shares after today’s trading session valued at N1.67 billion making the Tier-1 bank the highest traded shares, in volume and value, on the exchange today. The buy-interests in the shares of the bank drove the price higher by 2.82% from the previous day’s closing price of N10.65, to close the day at N10.95, although the shares traded at N11.70 during the trading session. The Nigerian Exchange market closed on a positive note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) appreciated by 38 basis points. We saw…
OPEC in its new report said that the global demand for crude oil in the current year is expected to increase by an average of 5.8 million barrels per day as against the initial forecast of a growth of 5.96 million barrels per day as suggested by OPEC experts. According to NAN, this disclosure is contained in OPEC’s monthly report which was published on Wednesday in Vienna. OPEC in the new report, came up with the assumption that 99.82 million barrels of crude oil per day will be needed globally in the fourth quarter. OPEC experts in their analysis of…
Champion Breweries Plc share price appreciated by 10.00% to close at N2.53 per share, taking the Market capitalization from N18.01 billion to N19.81 billion following today’s trading session. Champion Breweries Plc, today recorded a gain in share prices which can be attributed to investors’ positive sentiment which triggered buy-interests in the shares of the company supporting a gain of N1.80 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange. The shares of the quoted brewery advanced from N2.30 per share at the start of trading day, to N2.53 per share, the highest price traded…
The U.S. Embassy Chargé d’Affaires (CDA), Kathleen FitzGibbon, has arranged a Mission Nigeria interagency team to Abia State to establish the re-engagement of U.S. assistance to the State through the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) and support renewed efforts towards HIV epidemic control. This was made known by the U.S Mission in Nigeria via a statement issued on Tuesday. CDA FitzGibbon and the delegation met Governor Ikpeazu, where they stated the U.S. government’s commitment to Abia State in its efforts to achieve HIV epidemic control and encouraged the Governor to build on his commitment to the health…
Vice President, Yemi Osinbajo disclosed that under the Social Housing Scheme of the Economic Sustainability Plan, thousands of jobs have been created with the use of local building materials in the country. The Vice President made this statement on Monday, at the two-day Mid-Term Ministerial Performance Review retreat, presided over by President Muhammadu Buhari, where the Vice President delivered the progress report on the ESP implementation. Osinbajo also disclosed that the social housing scheme has so far seen151.689 hectares of land made ready for development
Vice President, Yemi Osinbajo established that the negligence of the Central bank of Nigeria to disburse funds is slowing down the progress of some sectors of the Economic Sustainability Plan (ESP) including the 5 million Solar Connection Scheme, and agriculture plans for the ESP. The Vice President made this known on Monday, at the two-day Mid-Term Ministerial Performance Review retreat, presided over by President Muhammadu Buhari, where the Vice President delivered the progress report on the ESP implementation. He also disclosed that only N14 billion of the N471 billion as loans has been disbursed to farmers across 14 crop…
The year has already been plagued with high inflation and insecurity, which have amounted to a shaky business environment. This is in addition to the aftermath of the lockdown due to the pandemic. Investors are increasingly wary as they navigate these turbulent waters, seeking more stable ground to secure their financial futures. Lastly, do not underestimate the power of continuous learning and adaptation in your investment journey. The financial landscape is constantly evolving, and staying abreast of new developments, tools, and platforms can enhance your investment strategy. Online courses, financial literature, and investment forums are excellent resources for expanding your…