CPC Ordered N2.5b Compensation to Consumers in 2016

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya The South African division of Anheuser-Busch InBev has cancelled a further 2.5 billion rand ($165 million) investment after the government banned alcohol sales for the third time to control a resurgence of coronavirus cases. The move brings the amount of spending called off by South African Breweries (SAB) to 5 billion rand since the COVID-19 pandemic began to take off in the country 10 months ago. SAB, the country’s biggest brewer, recently said it would challenge the prohibition in court, describing the government’s action as unconstitutional. Recently, South Africa’s President, Mr Cyril Rampahosa banned alcohol sales as

By Modupe Gbadeyanka A popular online news platform in Nigeria, Sahara Reporters, has leaked details of the ailments President Muhammadu Buhari have been hiding from Nigerians since he assumed office in 2015. According to the report, Mr Buhari is allegedly suffering from prostrate cancer, dementia, Crohn’s disease and sickle cell anaemia. In the confidential study on the President’s health made available to SaharaReporters, it was revealed that the prostate cancer afflicting him “may have become incurable”. To reach its conclusions, the report examined a string of issues, including the timeline of the President’s international travels alongside medical assessment, the travel

Following the success of the second edition of Agrofood & Plastplack Nigeria 2016, the German trade fair specialists, Fairtrade, has announced dates for third edition of the programme. According to a statement issued on Wednesday, the 2017 edition of the fair would take place from March 28 to 30 at the Landmark Centre in Lagos. It was stated that for the first time, there would be an official German Pavilion with more than 20 German exhibitors at the event. Also, it was disclosed that the French Pavilion is already in for the third time to again present a French Live

By Nneka Okumazie The case against Christianity for those who don’t like its discipline is often about questions. There are tons of questions that people are convinced is enough to discredit the Christian faith – if they cannot find answers that don’t satisfy. Yes, there are questions, but how about considering the limitations of humans, when thinking that all that is possible is all the capacity available? There is no point when all that is known is made available by the memory. There is no point where all that can be seen is possible by sight. There is not point

By Modupe Gbadeyanka Investors in the Nigerian treasury bills market would be expecting the debt instrument worth N372.88 billion to maturing via the secondary market this week. These inflows would be expected to moderate the interbank rates at the money market during the trading week. Also, the N372.88 billion maturing treasury bills should sufficiently sustain liquidity given anticipated primary auctions for bonds, analysts at the Lagos-based investment company, Cowry Asset, said in their weekly report. Last week, the Central Bank of Nigeria (CBN) auctioned treasury bills worth N147.63 billion via the primary market. In line with expectations, the stop rate

By Dipo Olowookere Investors have a lot to gain if they partake in the N100 billion infrastructure fund, Stanbic IBTC Asset Management Limited has assured. At an investors webinar series held last Friday, the Chief Investment Officer of Stanbic IBTC Infrastructure Fund, Mr Dolu Olugbenjo, disclosed that apart from helping Nigeria bridge the infrastructure gap, the initiative provides many opportunities for investments beyond the traditional investment propositions by enabling them to achieve their investment goals whilst boosting confidence in the Nigerian capital market. “Nigeria, like most African countries, struggles with infrastructural deficits and for a nation striving to achieve development,

By Adedapo Adesanya Oil prices were relatively stable on Friday as the market balanced a weaker US Dollar and mixed jobs reports from the world’s largest oil economy and producer, the United States. Brent futures fell 12 cents or 0.2 per cent to settle at $78.57 per barrel, while the US West Texas Intermediate (WTI) crude rose by 10 cents or 0.1 per cent to settle at $73.77 per barrel. Despite the outcome, both crude benchmarks ended the first week of the year lower due to global recession concerns. The US economy added jobs at a solid clip in December,

By Dipo Olowookere One thing shareholders of listed companies always look out for is the payment of dividend. There is virtually nothing that excites them more than this announcement because it is a form of reward from the company for their support and investment. Like it was rightly said in the Bible, a labourer is worthy of his rewarded. The Nigerian Stock Exchange (NSE) is presently at the earnings season, with most companies having till March 31, 2019 to release their financial statements for the year ended December 31, 2018. While some have already released their results, not all proposed