Thursday, April 26, 2018

Tag "Business"

    CAC no longer requires proficiency certificate to register your business

CAC no longer requires proficiency certificate to register your business

The Corporate Affairs Commission (CAC) says it has removed proficiency certificate from its list of requirements for business registration.The commission said the removal is part of its reform initiatives and review of its checklist and guidelines."Under the new arrangement, members of the public do not have to submit proficiency certificate to the commission for registration of companies, business names and [...]

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    Oando shareholders demand Adeosun’s sack

Oando shareholders demand Adeosun’s sack

Shareholders of Oando Plc have demanded the sack of Kemi Adeosun, minister of finance, for allegedly interfering with the stock market.In a statement which Trusted Shareholders Association of Nigeria (TSAN) issued in conjunction with the Proactive Shareholders Association (PSA), the stakeholders accused the minister of shielding Oando from being probed by the Securities and Exchange Commission (SEC).They insisted Adeosun was [...]

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    DMO: N400bn injected into the economy to service debt

DMO: N400bn injected into the economy to service debt

Patience Oniha, director-general, Debt Management Office (DMO),  says the federal government has injected N400bn into the economy to service its debt and improve liquidity.Oniha, who spoke in Lagos, said the fund was government’s strategy to reduce its debt profile and reduce interest rate on government’s lending from 18 per cent to 14 per cent.She said this would improve the ability [...]

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    Private sector accounts for 90% of Nigeria’s GDP, says Osinbajo

Private sector accounts for 90% of Nigeria’s GDP, says Osinbajo

Vice-President Yemi Osinbajo says Nigeria’s private sector accounts for 90 percent of the nation’s gross domestic product (GDP).Consequently, he said the federal government will build a vibrant economy for the sector to flourish.He said this on Thursday at the launch of the Nigerian Economic Diplomacy Initiative (NEDI)."In the case of Nigeria, the private sector is particularly important because it accounts [...]

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    Kaduna needs $65.5bn for infrastructure

Kaduna needs $65.5bn for infrastructure

Naisr El-Rufai, governor of Kaduna state, says the state requires $65.5 billion to address its infrastructure challenges over the next 30 years.While unveiling the Kaduna infrastructure master plan (2018-2050), El-Rufai said the long-term infrastructure master plan summarised the infrastructure target of the state aimed at providing job opportunities and making lives better for the people.“The breakdown of the future infrastructural developments between [...]

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    ‘Taxes not to increase revenue alone’ — Saraki calls for review

‘Taxes not to increase revenue alone’ — Saraki calls for review

Senate President Bukola Saraki says Nigeria’s tax laws must be reviewed to allow ease of doing business.Speaking at the inauguration of the technical committee on reforming Nigeria’s tax system at the national assembly, Saraki said the federal government’s target should not only be increased revenue but also how to encourage ease of doing business.He lamented the existing duplications in the current [...]

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    NCC to fund world-class infrastructure project in Edo

NCC to fund world-class infrastructure project in Edo

The Nigerian Communications Commission (NCC) has promised to establish a world-class ICT infrastructure across Edo state.Sunday Dare, NCC’s executive commissioner for stakeholder management, made this promise when the Edo state governor, Godwin Obaseki, visited him at the NCC headquarters in Abuja.Dare said the commission was impressed with the "forward-looking policies" of the governor and assured him of the NCC’s readiness to [...]

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    Fowler: Nigeria’s tax revenue recorded N700bn increase in 2017

Fowler: Nigeria’s tax revenue recorded N700bn increase in 2017

Tunde Fowler says the Federal Inland Revenue Service (FIRS) recorded four million new taxpayers, resulting in N700 billion increase in revenue in 2017The FIRS chairman said this at the 13th general assembly of the West African Tax Administration Forum (WATAF).The chairman said in the past two years, the service has scaled up its use of ICT to facilitate taxpayers’ compliance.He [...]

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    MAN: Why Nigeria must approach African free trade agreement with caution

MAN: Why Nigeria must approach African free trade agreement with caution

The Manufacturers Association of Nigeria (MAN) says Nigeria must be cautious before rushing into a free trade agreement with other African countries.Frank Jacob, president of MAN, urged the federal government to renegotiate trade conditions that will impede economic growth in its review of the Africa Continental Free Trade Area (AfCFTA) agreement.He said MAN is apprehensive that the rules of origin (ROO) [...]

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    Fraud perpetrated by bank staff on the rise, says NDIC

Fraud perpetrated by bank staff on the rise, says NDIC

Nigeria Deposit Insurance Corporation (NDIC) says the number of fraud cases attributed to internal abuse by staff of banks increased from 231 in 2016 to 320 in 2017.Mohammed Ibrahim, head, communications and public affairs of NDIC, said in a statement that the figure was in the organisation’s recent report on off-site supervision of the Deposit Money Banks (DMBs).He said: "The [...]

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    Nigeria to raise N150bn from green bonds in 2018

Nigeria to raise N150bn from green bonds in 2018

Nigeria will issue green bonds worth N150 billion to the public in 2018 as a means of increasing climate funding.Ahmad Salihijo, a technical assistant to the minister of environment, made this known while speaking at a panel discussion on climate finance work for women and non-state actors in Lagos.Nigeria issued its first green bond, which was worth N10 billion, in [...]

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    LCCI worried over ‘grey areas’ in the new Lagos land use charge law

LCCI worried over ‘grey areas’ in the new Lagos land use charge law

The Lagos Chamber of Commerce and Industry (LCCI) plans to hold a round-table to renegotiate grey areas in the new land use charge law of Lagos State.In a statement signed by its director-general, Muda Yusuf, the LCCI said the March 9 dialogue would examine the provisions of the recently-passed law viz-a-viz its implications for residents and businesses operating in Lagos [...]

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    UNIMAID: We’re sending freed lecturers back to Chad basin

UNIMAID: We’re sending freed lecturers back to Chad basin

The University of Maiduguri (UNIMAID) says the lecturers who recently regained freedom from the captivity of Boko Haram will return to oil exploration activities in the Chad basin.The lecturers are Solomon Yusuf, Yusuf Ibrahim and Haruna Dashe.They were abducted in July while carrying out a research commissioned by the Nigerian National Petroleum Corporation (NNPC).In a statement, Ndu Ughamadu, NNPC spokesman, said [...]

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    Ghana vows to account for ‘every single bar of gold’ leaving the country

Ghana vows to account for ‘every single bar of gold’ leaving the country

In a bid to bring accountability and transparency to economic management of resources, the Ghanaian government has vowed to account for every single bar of gold leaving the country.It also promised to end smuggling by tightening controls, and ensure that 50% of total gold output is locally refined in the next five years.Mahamudu Bawumia, Ghana’s vice-president, told a regional meeting [...]

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    DMO: American investors are largest buyers of Nigeria’s Eurobond

DMO: American investors are largest buyers of Nigeria’s Eurobond

The Debt Management Office (DMO) says American investors are the largest buyers of Nigeria’s $2.5bn Eurobond.New data released by DMO indicated that for Eurobond notes with a 12-year tenor, American investors purchased 55%, while British investors bought 32%; European investors took 11% of the Eurobond.For Eurobond with 20-year tenor, American investors bought 59% while British and European investors purchased a combined [...]

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    Nigeria, Ghana disagree on single currency for ECOWAS

Nigeria, Ghana disagree on single currency for ECOWAS

Nigeria and Ghana have taken different positions on the introduction of a single currency for the Economic Community of West African States (ECOWAS).Both countries failed to agree on the initiative at the just-concluded meeting of the Presidential Task Force on the ECOWAS single currency programme, which held in AccraNana Akufo-Addo, Ghanaian president, argued that member states should ensure that the single [...]

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Exchange Rates

April 26, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS360495436
KANO360494435
PH361494430
ABUJA360495430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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