The senate has ordered the Federal Inland Revenue Service (FIRS) to go after companies that failed to pay their taxes in 2015. A report by the office of the auditor general of the federation (AuGF) said the FIRS lost up to N17.69 billion in 2015 to some companies whose addresses it claimed could no longer be traced. The senate ordered Muhammad Nami, the executive chairman of the FIRS, to go after the defaulters, recover and remit the revenue to the consolidated revenue fund (CRF) within 90 days. It added that all companies that failed to file their annual returns should…
Author: Temitope Nlewemchi
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances has ballooned to N15.51tn, rising by 2,286 per cent in six years, data collated from the CBN have shown. The N15.51tn owed by the Federal Government to the central bank is not part of the country’s total public debt stock, which stood at N33.11tn as of March 2021, according to the Debt Management Office. The public debt stock comprises the debts of the Federal Government of Nigeria, the 36 state governments and the Federal Capital Territory. Ways and Means Advances is a loan facility…
The Federal High Court Abuja has frozen the bank accounts of some investment and trading platforms that Nigerians have been using to transact online. Justice Ahmed Mohammed made the order on Tuesday while delivering his ruling in an ex parte application filed by the Central Bank of Nigeria through its lawyer, Micheal Aondoakaa (SAN). Justice Mohammed stated that persons who were aggrieved by the order could approach the court for redress. The CBN told the court that the financial activities of the defendants were being probed for operating without obtaining licence as asset management companies and utilizing FX sourced from…
Following investors’ appetite for some high-capitalised stocks, the Nigerian stock market reversed previous losses to close on an upward note yesterday, as market capitalisation appreciated by N24 billion. Specifically, at the close of transactions yesterday, the market capitalisation of the Nigerian Exchange Limited (NGX) rose by N24 billion from N20.582 trillion recorded on Monday to N20.606 trillion. Similarly, the All-share index appreciated by 44.96 points or 0.1 per cent from 39,505.40 points to 39, 550.36 points. Analysts at Investdata Consulting Limited said: “We note that some stocks are trading within their buy ranges to become more attractive at this point…
The headline inflation slowed for the fourth consecutive month in July from a year-on-year (YoY) growth of 17.75 per cent reported in June to 17.38 per cent. This was contained in the consumer price index (CPI) released by the National Bureau of Statistics (NBS) yesterday. The CPI measures the changes in prices of goods and services over time using a weighted average. July’s headline inflation rate is 0.37 percentage points lower than the rate reported in June, showing that the inflation rate increased at a slower speed. The month-on-month inflation rate stood at 0.93 per cent against 1.06 per cent…
The Central Bank of Nigeria (CBN) has disclosed that it is working with the Nigeria Police Force (NPF), Federal Inland Revenue Service (FIRS), Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) to bring to justice individuals who abuse the naira. The CBN warned those involved in such actions to desist as it was working closely with the NPF and others to enforce a provision of its activities, which prohibits “spraying of, dancing or matching on the naira”. Section 21(3) of the CBN Act 2007 (as amended) stipulates that “spraying of, dancing or matching on the…
The Regional Chief Operating Officer of the African Export-Import Bank (Afreximbank), Eric Monchu Intong, has reiterated the bank’s commitment to the full implementation of the African Continental Free Trade Area [AfCFTA] as it remains the guaranteed strategy for the continent to propel economic recovery. Intong, who is also the bank’s Chief Operating Officer, Anglophone West Africa, disclosed that given the commitment, Afreximbank recently launched a $1 billion adjustment facility as mandated by the African Union to enable States and the private sector to adapt to new trading environment established under the AfCFTA. He stated this yesterday, in his remarks at…
New Zealanders must brace for additional Covid-19 cases from an outbreak that has plunged the previously virus-free country into a snap lockdown, Prime Minister Jacinda Ardern warned Wednesday after nine more positive tests. Ardern confirmed New Zealand was dealing with the highly transmissible Delta variant linked to the outbreak in Australia that authorities have so far been unable to contain. Ardern said the rapid rise, taking the total number of cases to 10, justified her decision to issue nationwide stay-at-home orders Tuesday when just one case had been identified. “It demonstrates, at this stage, Level 4 (hard lockdown) is the…
Britain’s annual inflation rate slowed sharply last month as clothing retailers slashed prices in the pandemic-hit sector, official data showed Wednesday, but economists warned it will likely rise again. The Consumer Prices Index stood at 2.0 percent in July, the Office for National Statistics said in a statement. The rate had soared in June to a near three-year peak of 2.5 percent as prices had accelerated on easing coronavirus restrictions. “Inflation fell back in July across a broad range of goods and services, including clothing, which decreased with summer sales returning after the pandemic hit the sector last year,” said…
The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with the Risk Management Association of Nigeria (RIMAN) in its quest to make more products available in the capital market as well as deepen the market. Mr Lamido Yuguda, the Director-General of the SEC, stated this in a goodwill message on RIMAN 20th International Conference held virtually. Yuguda disclosed that from the outbreak of the pandemic to the subsequent lockdown, the Commission had worked with Capital Market Operators and other industry stakeholders to ensure that the market experiences minimal destruction. “We have supported and acquired the emergence of…
The prices of crude oil plummeted more than 1 per cent on Monday for a third session, after official data revealed refining and economic activity slowed in China. Brent crude was down 90 cents, or 1.3 per cent, at $69.69 a barrel by 0649 GMT. U.S. oil dropped by 97 cents, or 1.4 per cent, to $67.47 a barrel, Reuters reported. In July, factory output and retail sales development slowed sharply in China, losing prospects as fresh outbreaks of COVID-19 and flooding disrupted business activity. Reuters quoted Commerzbank as saying “Concerns about the spread of the Delta variant in China…
The federal government says the Nigerian National Petroleum Corporation (NNPC) will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA). Speaking with Arise TV on Monday, Mele Kyari, group managing director of NNPC, said the national oil company would be transformed into a private company that would pay taxes and dividends to its shareholders. He said the new company would be incorporated under the Company Allied Matters Act (CAMA). On Monday, President Muhammadu Buhari signed the Petroleum Industry Bill (PIB) into law . Kyari explained that all liabilities and assets of the NNPC…
The Federal Government is set to begin the fourth round of the Micro, Small and Medium Scale Enterprises (MSMEs) survey. The disclosure was made on Thursday in Abuja at a news conference jointly addressed by the office of the Statistician-General of the Federation and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Mr Adeyemi Adeniran, Director, Real Sector and Household Statistics Department at the Nigerian Bureau of Statistics, represented Mr Yemi Kale, Statistician-General of the Federation, at the news conference. Adeniran said that the survey would begin on Monday with a train-the-trainers workshop, while field work would start…
The Ogun State Government has called on prospective investors to open their businesses in the state, assuring them of a flawless collaboration which would enhance their investments. A statement issued at the weekend quoted the state Governor, Prince Dapo Abiodun, to have given the assurance during the unveiling of a new plant at Eat and Go Limited in the Magboro area of the state. Represented by the state Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, the governor noted that the state was in the front line for investment with conducive environment. “We welcome prospective investors to come on…
The bears upstaged the bulls at the reopening of transactions on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as sell-off in most blue-chip stocks, especially ABC Transport and Lasaco insurance dragged market capitalisation by N9 billion. Specifically, at the close of transactions yesterday, market capitalisation of listed equities declined by N9 billion or 0.04 per cent to N20.582 trillion from N20.591 trillion reported on Friday. The NGX All-Share Index also depreciated by 16.94 basis points to 39505.40 points from 39522.34 points traded previously. Investors traded 141.282 million shares valued at N1.635 billion in 3393 deals against 188.838…
The Federal Government has unveiled the Plant Variety Protection Act (PVP) so that farmers can have access to quality seeds to boost food production in the country. The government also tasked the Nigerian Agricultural Seed Council (NASC) to ensure full implementation of the law. The Minister of Agriculture and Rural Development, Sabo Nanono at the unveiling of the Act stressed that although the country is good at making laws but implementation has been a huge challenge, adding that it is important that the PVP Act is fully implemented and stakeholders are engaged in reviewing its implementation. The minister who maintained…
Chief Consultant of B. Adedipe Associates Limited, Dr. Biodun Adedipe and Director, Monetary Policy Department of the Central Bank of Nigeria (CBN), Dr. Hassan Mahmud, said the prospect of the country’s economy is getting better but warned the speed of growth could be stalled by persisting headwinds. The economists spoke at the Mid-year Economic Review and Outlook 2021, organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates. They noted that the pessimists take figures out of context. Adedipe noted that the demand for hydrocarbon would continue to improve as…
The Securities and Exchange Commission (SEC) has once again, bemoaned the proliferation of fraudulent investment outfits in the capital market, urging investors to desist from patronising of such illegal operators. he Director-General of SEC, Lamido Yuguda, while speaking at the second post-Capital Market Committee (CMC) virtual media briefing held at the weekend, urged Nigerians to stay away from fake financial experts who promise to double their money within a short time. He said the commission would intensify efforts to clamp down on promoters of these illegal investment outfits in the capital market, in addition to its commitment to zero tolerance…
The Federal Government, yesterday, opened bids for the concession of four international airport terminals in Lagos, Abuja, Port Harcourt and Kano. The request for qualification (RFQ), as part of efforts to run the facilities efficiently and profitably, is open to firms or consortia with track record in airport terminal management and net worth of N30 billion per bidding firm or consortium. The Federal Government earlier proposed 20 to 30 years concession tenure for the facilities, which will enable private investors to own, operate and recoup investments. The Federal Executive Council (FEC) in 2016 approved the concession of the four major…
The National Identity Management Commission has shut down its Lagos headquarters after one of its staff members tested positive for COVID-19. It was learnt that the worker, who is in the customer care unit, tested positive for the virus last Monday. An official, who spoke to our correspondent on condition of anonymity, said several workers of the agency had also been ill. The source said, “The woman, a nursing mother working in the customer care unit, tested positive on Monday. “Other staff have been reporting one form of illness or the other. I am not feeling well as well and…