Here are the seven top business stories you need to track this week — October 6 to October 10.
CRISIS HITS PENGASSAN AS MEMBERS ACCUSE FESTUS OSIFO OF ‘UNDEMOCRATIC CONDUCT’
Some members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have accused Festus Osifo, the group’s national president, of “undemocratic conduct and constitutional violations”.
In a petition addressed to the registrar of trade unions, ministry of labour and productivity seen by TheCable, the members also raised concerns about the conduct of Lumumba Okugbawa, the general secretary of PENGASSAN.
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The “concerned members” identify with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) branch of PENGASSAN.
They complained about the unresolved and persistent issues concerning the duo’s “conduct and violations”.
‘OVER 90% OF INFORMAL SECTOR OPERATORS HAVE NO CAPACITY TO PAY TAXES’
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Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says more than 90 percent of Nigeria’s informal sector operators do not have the capacity to pay taxes.
Oyedele spoke during an interactive session with journalists, influencers, and public analysts on the new tax laws.
He said data available to the committee does not support the widespread narrative that government revenue lies untapped in the informal sector.
‘EVERYBODY IS REQUIRED TO DECLARE THEIR INCOME UNDER NIGERIA’S TAX LAW’
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Oyedele also said every Nigerian who earns an income has a responsibility to declare it.
Answering questions during the interactive session, Oyedele said the obligation to “self-declare” income has always existed in law and is not a fresh imposition.
“Sex workers, agberos, you know what I said is, everybody has the responsibility to self-declare. That is the first obligation in the law,” he said.
‘CLEARING OF FX BACKLOG CONTRIBUTED TO FOREIGN RESERVES INCREASE ’
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Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the clearing of the foreign exchange (FX) backlog contributed to the increase in foreign reserves.
Cardoso spoke at the CBN governor’s annual lecture series held at the Lagos Business School (LBS) on October 3.
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Cardoso said the clearance was part of his commitment, upon assuming office, to uphold the credibility of the apex bank.
‘CBN WORKING WITH SEC ON FRAMEWORK FOR CRYPTO REGULATION’
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Cardoso also said the apex bank is collaborating with the Securities and Exchange Commission (SEC) to develop a sustainable framework for digital currencies in the country.
He said cryptocurrencies, fintech, and blockchain innovation will play a role in shaping the future of currency policy — but the extent remains to be seen.
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The governor recalled how Nigeria was thrust into global crypto prominence two years ago when regulators struggled to manage coin exchange markets, with the country ranking among the largest crypto trading hubs worldwide.
‘NIGERIA NOW HAS SECOND-HIGHEST NUMBER OF POOR PEOPLE GLOBALLY’
Yemi Kale, former statistician-general of the National Bureau of Statistics (NBS), says approximately 89 million people, or 40 percent of Nigeria’s population, live below the poverty line.
Kale, currently the group chief economist and managing director of research and trade intelligence at Afreximbank, spoke at The Platform Nigeria’s Independence Day event, themed ‘Rebuilding Our Nation’.
The economist said Nigeria is the country with the second-highest number of poor people globally after India.
IOCS’ DIVESTMENT ADDED 200,000BPD TO NIGERIA’S CRUDE OUTPUT
Heineken Lokpobiri, minister of state for petroleum resources (oil), says recent divestments by international oil companies (IOCs) have added about 200,000 barrels per day (bpd) to Nigeria’s crude production.
Heineken spoke in Cape Town, South Africa, while delivering a keynote address on behalf of President Bola Tinubu at the Africa Energy Week.
The minister said the recent IOCs’ asset divestments have also unlocked over $5.5 billion in final FIDs within months.
