The Kano State Internal Revenue Service (KIRS) has sealed the regional office of Max Air, citing an outstanding tax liability of ₦197 million. The closure, which occurred earlier this week, is part of the state’s intensified efforts to recover unpaid taxes from businesses operating within its jurisdiction. Tax Evasion Allegations According to KIRS, Max Air failed to remit its statutory taxes over several years, despite repeated notices and attempts at dialogue. The agency emphasized that the action aligns with its mandate to ensure compliance with tax laws and generate revenue for the state. “This enforcement action is a last resort…
Author: Temitope N.
The Central Bank of Nigeria (CBN) has extended the recapitalisation deadline for Bureau de Change (BDC) operators by an additional six months. The decision, announced by the Association of Bureau De Change Operators of Nigeria (ABCON), provides BDCs with more time to meet the new capital requirements set by the apex bank. Initially slated for December 2024, the recapitalisation deadline will now fall in June 2025, granting operators relief amid challenging economic conditions and exchange rate volatility. Increased Capital Requirement The CBN had earlier mandated a significant increase in the minimum capital base for BDC operators as part of its…
A group of prominent Nigerian celebrities has embarked on a visit to India, focusing on exploring the potential of compressed natural gas (CNG) as a cleaner and cost-effective alternative fuel. The trip, organized in collaboration with industry stakeholders and environmental advocates, aims to raise awareness about sustainable energy solutions and their applications in Nigeria. The delegation, comprising actors, musicians, and influencers, toured key CNG facilities in India, including vehicle retrofitting centers, refueling stations, and manufacturing plants. India, recognized for its widespread adoption of CNG in transportation, serves as a model for countries seeking to transition to cleaner energy sources. Promoting…
In a development that has sparked widespread concern, electricity distribution companies (Discos) across Nigeria are reportedly considering moving approximately three million customers back to estimated billing. The move comes as the power firms grapple with delays in upgrading infrastructure and deploying prepaid meters under the government-backed National Mass Metering Program (NMMP). The proposed shift to estimated billing could affect millions of households, raising concerns about transparency and fairness in electricity billing. Behind the Move Discos have cited supply chain disruptions, funding challenges, and logistical issues as key factors stalling the deployment of prepaid meters. Despite government efforts to enhance metering…
Nigeria’s equity market continued its upward trajectory as investors’ confidence pushed the market capitalization to gain ₦77 billion, nearing the ₦60 trillion mark. The strong performance is attributed to sustained positive sentiment across key sectors, buoyed by a mix of favorable corporate earnings and macroeconomic developments. At the close of trading on Wednesday, the All-Share Index (ASI) rose by 0.13% to settle at 113,750.43 points, marking a new high for 2024. This brought the total market capitalization to ₦59.91 trillion, driven by gains in blue-chip stocks across banking, industrial, and telecommunications sectors. Key Drivers of the Rally Corporate Earnings Strong…
The Federal Government’s electricity subsidy expenditure surged to ₦1.91 trillion in the first 11 months of 2024, according to industry reports. This significant financial outlay underscores the challenges of maintaining affordable energy tariffs amid rising generation costs and inefficiencies in the power sector. The subsidy, aimed at bridging the gap between the cost of electricity production and what consumers are charged, has drawn criticism from economists and stakeholders who view it as unsustainable. Despite the substantial spending, millions of Nigerians continue to grapple with inadequate power supply and frequent outages. Mounting Costs Amid Sector Inefficiencies The increasing subsidy burden is…
A prominent furniture manufacturer has unveiled a state-of-the-art luxury furniture gallery, showcasing an array of high-end designs aimed at redefining elegance and sophistication in interior spaces. The new gallery, located in a prime area of Lagos, serves as a one-stop destination for premium furnishings tailored to the discerning tastes of upscale clientele. Speaking at the grand opening ceremony, the company’s CEO emphasized the brand’s commitment to excellence, innovation, and craftsmanship. “This gallery represents our vision to bring world-class furniture designs closer to Nigerians who appreciate quality and style,” the CEO remarked. The gallery features an extensive collection of bespoke pieces,…
The Nigeria Deposit Insurance Corporation (NDIC) has assured customers of the defunct Heritage Bank that their deposits remain secure and will be reimbursed in accordance with the country’s deposit insurance framework. The announcement follows the Central Bank of Nigeria’s (CBN) recent revocation of the bank’s operating license due to insolvency issues. NDIC Managing Director, Bello Hassan, addressed concerns during a press briefing, emphasizing the corporation’s commitment to protecting depositors. “We want to reassure customers of Heritage Bank that their deposits are fully insured, and the NDIC has mechanisms in place to ensure timely payment within the insured limits,” Hassan stated.…
Nigeria’s economy recorded a growth rate of 3.46% in the third quarter of 2024, according to data released by the National Bureau of Statistics (NBS). This marks a notable improvement compared to the 2.99% growth recorded in the same quarter last year, reflecting a sustained recovery in key sectors of the economy. The growth was primarily driven by strong performances in the non-oil sector, which expanded by 4.21%. Agriculture, manufacturing, and telecommunications contributed significantly, bolstered by government policies aimed at diversifying the economy. The agricultural sector, which remains the largest contributor to GDP, grew by 3.9%, supported by favorable weather…
The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to consider alternative funding options for the 2025 budget amid growing concerns over Nigeria’s rising debt profile. With borrowing making up a significant portion of the proposed budget’s financing plan, stakeholders are calling for a more sustainable approach to bridge fiscal deficits. In a statement, LCCI President Michael Olawale-Cole highlighted the risks associated with Nigeria’s current borrowing strategy, particularly the increasing burden of debt servicing, which already consumes a significant percentage of government revenue. “Relying heavily on borrowing to fund budgets is unsustainable and poses long-term risks…
Economic analysts have warned that Nigeria’s inadequate infrastructure could undermine the country’s ability to fully benefit from the African Continental Free Trade Area (AfCFTA). Despite the trade pact’s promise of fostering economic integration and boosting intra-African trade, Nigeria’s infrastructure gaps remain a significant obstacle to achieving these objectives. At a recent economic forum, experts highlighted key deficiencies in transport, energy, and logistics infrastructure that could limit Nigeria’s competitiveness under AfCFTA. Poor road networks, congested ports, unreliable power supply, and inefficient rail systems were cited as critical issues affecting the ease and cost of doing business. “AfCFTA provides immense opportunities for…
An upcoming summit is set to honor Oba Saheed Ademola Elegushi, the Elegushi of Ikate Kingdom, and the renowned Nike Art Gallery, alongside other distinguished contributors to Nigeria’s cultural and artistic heritage. The event, which aims to spotlight and celebrate cultural excellence, will bring together dignitaries, artists, and thought leaders from across the nation. Organizers of the summit highlighted the importance of recognizing individuals and institutions that have played pivotal roles in preserving and promoting Nigeria’s rich cultural legacy. Oba Elegushi, known for his dynamic leadership and advocacy for cultural preservation, is being celebrated for his efforts to sustain traditional…
Economic stakeholders have expressed concerns that the 2025 national budget may fall short of its targets, citing structural deficiencies, revenue challenges, and implementation bottlenecks. The caution comes as the government finalizes the proposed spending plan, which aims to address critical issues such as infrastructure, security, and economic recovery. During a recent budget review session, analysts and industry leaders pointed to unrealistic revenue projections as a primary factor that could derail the budget’s performance. Nigeria’s dependence on oil revenues, coupled with fluctuating global crude prices and declining production levels, poses a significant risk to meeting financial targets. “The budget appears overly…
The Nigeria Customs Service (NCS) has attributed the rising incidence of fuel smuggling in Borno State to widespread insecurity in the region. This revelation highlights the challenges of maintaining border integrity and combating illicit trade in an area plagued by insurgency and weak security infrastructure. Speaking at a press briefing, the Comptroller of Customs in the Maiduguri Command, Usman Bello, explained that fuel smuggling activities have become rampant due to the unstable security situation, which creates opportunities for smugglers to operate with minimal resistance. “The ongoing insecurity in Borno State has significantly hampered our ability to effectively monitor and control…
The Dangote Refinery has raised concerns over the inability of the Nigerian National Petroleum Company Limited (NNPCL) to meet agreed crude oil supply volumes, a situation that could hinder the refinery’s operations and planned contributions to Nigeria’s energy sector. This revelation comes as the country anticipates the refinery’s full-scale operation to reduce reliance on imported petroleum products. Speaking at a recent energy stakeholders’ forum, representatives from the Dangote Refinery disclosed that the shortfall in crude supply is affecting the facility’s ability to achieve its projected refining targets. The refinery, which is expected to process 650,000 barrels of crude oil daily,…
The Organized Private Sector (OPS) has emphasized the need for a more business-friendly environment to attract increased diaspora remittances and spur economic growth. This call comes as Nigeria continues to experience a significant inflow of funds from its diaspora, which remains a vital source of foreign exchange and economic support. Speaking at an economic summit, representatives of the OPS highlighted that creating a stable and conducive business climate would encourage Nigerians abroad to invest more in the country. They stressed that policies fostering transparency, ease of doing business, and investment security are crucial for leveraging diaspora funds effectively. “Remittances from…
Telecommunications companies in Nigeria have reported that operating base stations in rural areas costs 35% more than in urban locations. This disparity, attributed to infrastructural challenges and logistical complexities, is a key factor deterring telcos from expanding network coverage to underserved communities. A representative of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) explained that the higher operational costs in rural areas stem primarily from unreliable electricity supply, which necessitates the use of generators and expensive diesel to power base stations. Additionally, poor road infrastructure increases the expense and difficulty of transporting equipment and conducting maintenance. “Providing connectivity in…
Africhange CEO Tope Ajala has raised concerns over the floating of the naira, describing it as a high-risk strategy that could have far-reaching economic consequences for Nigeria. Speaking at a recent financial forum, Ajala emphasized that while the move is aimed at aligning the naira with market realities, its implementation comes with significant risks that require careful management to avoid destabilizing the economy further. Floating the naira, a policy introduced earlier this year, allows the currency’s value to be determined by market forces rather than being pegged at a fixed exchange rate. Proponents argue that this approach attracts foreign investment,…
The National Insurance Commission (NAICOM) has joined forces with the Nigeria Data Protection Commission (NDPC) to bolster data protection practices within the insurance industry. The collaboration is part of a broader effort to ensure compliance with Nigeria’s data protection regulations and to strengthen the security of personal and financial information in an increasingly digitized economy. With the insurance sector heavily reliant on customer data for operations such as underwriting, claims processing, and risk assessment, safeguarding this information has become a top priority. The partnership between NAICOM and NDPC aims to establish robust frameworks and guidelines for data governance, ensuring that…
The Federal Institute of Industrial Research Oshodi (FIIRO) and Nigerian breadmakers have intensified efforts to promote the use of locally sourced alternatives to wheat in bread production. This move aims to reduce the country’s heavy reliance on wheat imports, which account for a significant portion of foreign exchange expenditure, and to boost local agriculture by utilizing indigenous crops. Wheat, a staple in bread production, is largely imported into Nigeria due to insufficient domestic production. This dependence has made the bakery industry vulnerable to global price fluctuations and supply chain disruptions, driving up production costs and, consequently, bread prices. To tackle…