Monday, February 17, 2020

Oluseyi Awojulugbe

    Emirates cancels Monday, Tuesday flights to Lagos over bad weather

Emirates cancels Monday, Tuesday flights to Lagos over bad weather

Emirates Airlines, the national carrier of the United Arab Emirates, has cancelled its flights scheduled to fly to Lagos on Monday and Tuesday. In a notice published on its website, the airline said the flights were cancelled because of bad weather in Lagos. Flight operations were disrupted at the Murtala Mohammed International Airport with British Airways and Delta Airways diverting Lagos-bound flights [...]

0 comment Read Full Article
    Seven things we now know about Mele Kyari’s seven months in NNPC

Seven things we now know about Mele Kyari’s seven months in NNPC

Mele Kyari assumed office as the group managing director of the Nigerian National Petroleum Corporation (NNPC) on July 7, 2019, taking over from Maikanti Baru who held the position for three years. Upon assuming office, Kyari said his goal was to bring transparency to the operations of the national oil company. TheCable examines Kyari's activities since he assumed office. 1. PH Refinery phase [...]

0 comment Read Full Article
    1,050 graduate trainees join NNPC in major recruitment drive

1,050 graduate trainees join NNPC in major recruitment drive

The Nigerian National Petroleum Corporation (NNPC) says it has employed 1,050 graduate trainees. The employment is the result of the recruitment exercise announced in March 2019. The corporation said it ensured that national spread was reflected in the recruitment process. "We are pleased to announce the successful completion of the #NNPC 2019/2020 recruitment exercise for graduate trainees (GTs)," a statement released on [...]

0 comment Read Full Article
    LIRS shuts down 16 companies for allegedly owing taxes

LIRS shuts down 16 companies for allegedly owing taxes

The Lagos State Internal Revenue Service(LIRS) says it has closed 16 companies over an alleged failure to remit about N126.19 million consumption tax. Seyi Alade, the organisation’s director of legal services, told NAN in Lagos that the companies’ tax liabilities were from 2014 to 2016. Speaking during LIRS state-wide tax law enforcement exercise, Alade said the companies are prohibited from operation until [...]

0 comment Read Full Article
    FIRS: Tax waivers, illicit flows responsible for low revenue

FIRS: Tax waivers, illicit flows responsible for low revenue

The Federal Inland Revenue Service (FIRS) says it has not been able to meet its revenue target in recent times because of non-discretionary tax waiver grants, illicit financial flows abroad and high overhead costs. Muhammad Nami, the FIRS executive chairman, was quoted to have made this remark on Thursday at a senate interactive session with revenue-generating agencies. "Nigeria loses a lot of [...]

0 comment Read Full Article
    You’re wrong, AfDB replies World Bank on ‘worsening’ Africa’s debt

You’re wrong, AfDB replies World Bank on ‘worsening’ Africa’s debt

The African Development Bank (AfDB) has refuted claims that it contributes to the debt problems of countries in Africa. The bank was reacting to a statement credited to David Malpass, the World Bank president, that mutilateral development banks have the tendency to lend too quickly thus worsening the debt problems of the affected countries. In a statement signed by Victor Oladokun, its [...]

1 comment Read Full Article
    FIRS launches tracker system for tax evaders

FIRS launches tracker system for tax evaders

The Federal Inland Revenue Service (FIRS) says it has inaugurated a national intelligence gathering system to gather data and track tax evaders and defaulters across the country. According to a statement released by Abdullahi Ismaila, the FIRS director of communications and liaison department, the tracking system will be used in collaboration with financial institutions and anti-corruption agencies including the Independent Corrupt [...]

0 comment Read Full Article
    AIB: Max Air operated Hajj flights without safety approval

AIB: Max Air operated Hajj flights without safety approval

A report published by the Accident Investigation Bureau (AIB) has shown that Max Air may have acted in contravention of civil aviation regulations by flying an aeroplane without a serviceable cockpit flight recorder. The report, although preliminary, was published by the bureau on Tuesday. In September 2019, a Max Air flight conveying pilgrims from Saudi Arabia drifted slightly right of centerline during [...]

0 comment Read Full Article
    NCAA: Flight delays, cancellations are unavoidable

NCAA: Flight delays, cancellations are unavoidable

Adamu Abdullahi, the director of consumer protection directorate at the Nigerian Civil Aviation Authority (NCAA), says flight delays and cancellations are unavoidable in the aviation industry. NAN quoted Abdullahi to have made this remark on Tuesday while briefing aviation correspondents at the Murtala Muhammed International Airport (MMIA), Ikeja on incessant flight delays by airlines. He explained that some of the delays were [...]

0 comment Read Full Article
    CBN restricts forex for milk importation, exempts six companies

CBN restricts forex for milk importation, exempts six companies

The Central Bank of Nigeria (CBN) has added milk and dairy products to the list of items not eligible for forex. However, the bank exempted six companies from the restriction. "As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria has engaged with some companies in the industry who have keyed into [...]

0 comment Read Full Article
    World Bank: 87% of poor Nigerians are in the north

World Bank: 87% of poor Nigerians are in the north

The World Bank has estimated that 87% of all the poor people in Nigeria are in the north. In a report titled, 'Advancing social protection in a dynamic Nigeria', the Bretton Wood institution said the south-south zone recorded the most significant drop in poverty between 2011 and 2016. "Poverty in the northern regions of the country has been increasing especially in the [...]

0 comment Read Full Article
    Coronavirus: Nigeria’s oil revenue at risk as OPEC mulls more production cuts

Coronavirus: Nigeria’s oil revenue at risk as OPEC mulls more production cuts

[...]

0 comment Read Full Article
    PPPRA finance director admits not remitting N501m to FG in 2014

PPPRA finance director admits not remitting N501m to FG in 2014

[...]

0 comment Read Full Article
    FG: 5.4m poor Nigerians now receiving N5,000 monthly

FG: 5.4m poor Nigerians now receiving N5,000 monthly

The federal government through the National Social Safety Nets Coordinating Office (NASSCO), says a total of 5,433,394 Nigerians are now on the conditional cash transfer programme. According to an infographic shared on its Twitter page, the beneficiaries are drawn from 1,080,240 households across 32 states. This was as of January 31, 2020. Also, the office said it has captured 9,458,160 individuals on the [...]

1 comment Read Full Article
    Fuel stations shut as NUPENG suspends petrol distribution to Badagry

Fuel stations shut as NUPENG suspends petrol distribution to Badagry

Some fuel stations in Badagry have been shut after the National Union of Petroleum and Natural Gas Workers of Nigeria (NUPENG) suspended petrol distribution to the area. Tayo Aboyeji, chairman of the south-west chapter of the union, told NAN on Saturday that the suspension was due to harassment of its members by men of the customs and the army in the [...]

0 comment Read Full Article
    FIRS: We’ll block $10bn revenue lost to multinationals’ profit shifting

FIRS: We’ll block $10bn revenue lost to multinationals’ profit shifting

The Federal Inland Revenue Service (FIRS) says it is working towards blocking about a leakage that has led to the country losing $10 billion. This loss, the tax agency said, is due to illicit profit shifting by multinationals. Profit shifting is the process where multinational companies move profits to low-tax countries to avoid paying taxes on those profits in high-tax jurisdictions. Speaking on [...]

0 comment Read Full Article
Advertisement
Advertisement
Advertisement

Advertisement

Exchange Rates

February 04, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement