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    ICYMI: You will now pay stamp duty on ATM printouts, some WhatsApp messages, says FIRS

ICYMI: You will now pay stamp duty on ATM printouts, some WhatsApp messages, says FIRS

The Federal Inland Revenue Service (FIRS) says Nigerians will now pay stamp duties on WhatsApp messages, SMS, and messages via any electronic platform acknowledging receipt of funds.  The revenue service also stated that stamp duties will be paid on  "POS receipts, fiscalised device receipts, Automated Teller Machine (ATM) print-outs". According to an information circular published by the agency, and seen by TheCable, Nigerians will [...]

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    Nwunelis become first couple to deliver the keynote on Harvard Business School class day

Nwunelis become first couple to deliver the keynote on Harvard Business School class day

Ndidi Okonkwo Nwuneli and Mezuo Nwuneli have become the first couple to deliver the keynote address on Harvard Business School (HBS) class day.  The couple took the baton from Michael Bloomberg, the founder of Bloomberg LP and former Mayor of New York, who delivered the class day speech for 2019. Mezuo Nwuneli is the managing partner, Sahel Capital Agribusiness Managers Ltd., which manages [...]

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    ‘N300 ticket now N500’ — BRT increases fares on all routes

‘N300 ticket now N500’ — BRT increases fares on all routes

Primero Transport Services Ltd., operator of the Lagos Bus Rapid Transit (BRT), says it has secured approval to increase its fares across all routes with effect from Friday. The BRT operator had withdrawn its services since Monday over losses occasioned by new COVID-19 transport guidelines that mandated it to commute only 20 passengers per trip instead of 70. Earlier on Thursday, Fola [...]

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    Abacha Loot: FG opens technical bid to monitor spending

Abacha Loot: FG opens technical bid to monitor spending

The federal government has opened technical bids for the monitoring and implementation of the $311m Abacha Loot recently repatriated to Nigeria. Nigeria had on May 4, announced the receipt of $311 million from the United States and the Bailiwick of Jersey. Abubakar Malami, attorney-general of the federation, had said the fund is specially dedicated to the construction of the Lagos-Ibadan expressway, Abuja-Kano [...]

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    CBN MPC cuts benchmark interest rate to 12.5%

CBN MPC cuts benchmark interest rate to 12.5%

The monetary policy committee of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate to 12.5% from 13.5%. Godwin Emefiele, governor of the apex bank, announced the committee's decision on Thursday at the end of the committee's meeting. Emefiele said the committee was of the opinion that tightening would be "inappropriate" given the economic disruptions caused by the COVID-19 [...]

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    AfDB says no decision yet on fresh probe, denies asking Adesina to resign

AfDB says no decision yet on fresh probe, denies asking Adesina to resign

Niale Kaba, chairperson of the board of governors at the African Development Bank (AfDB), has denied reports that Akinwumi Adesina, president of the bank, has been asked to resign. In a statement seen by TheCable on Thursday, Kaba said the board has not reached a decision on a request by the US to carry out an independent investigation into allegations of [...]

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    Revised 2020 budget passes second reading at senate (updated)

Revised 2020 budget passes second reading at senate (updated)

The senate has passed the revised 2020 budget of N10.52 trillion for second reading. The passage of the appropriation bill for second reading -- just about an hour after it was introduced -- followed a motion moved by Yayaha Abdullahi, senate leader, on Thursday. In his motion, Abdullahi asked the senate to suspend its relevant rules so they could debate on the [...]

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    ‘Nearly $11m paid as ransom in four years’ — report examines Nigeria’s kidnap industry

‘Nearly $11m paid as ransom in four years’ — report examines Nigeria’s kidnap industry

Families and friends of kidnap victims paid $18.34 million to secure the release of their loved ones between June 2011 and March 31, 2020, a new report by SBM Intelligence has shown. According to the report, seen by TheCable, a large proportion of the amount (just below $11 million) was received between January 2016 and March 2020. The report is titled Nigeria's [...]

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    CBN suspends repayment on intervention loans in OFIs, cuts interest rate to 5%

CBN suspends repayment on intervention loans in OFIs, cuts interest rate to 5%

The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities in other financial institutions (OFIs) from nine to five percent per annum for one year, effective from March 1, 2020. The CBN announced the reduction in a circular signed by Kevin Amugo, director of the financial policy and regulation department. The apex bank said the move is part of [...]

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    Buhari approves funding for first phase of Siemens power deal

Buhari approves funding for first phase of Siemens power deal

President Muhammadu Buhari has approved the release of funds for the first phase of the Siemens electricity deal. In 2019, the president had signed a power project deal with Siemens AG, Germany-based firm, to deliver 7,000 megawatts (MW) of electricity to the national grid by 2021. In a series of posts on the Twitter handle of the presidency on Wednesday, Buhari asked [...]

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