Customs Exceeds 2020 Revenue Target by 8.7%

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

Forex trading is an exciting and money-making venture, whether you do it as a hobby or a full-time job. In this article, Traders Union (TU) experts will talk about becoming a full-time trader and its advantages and disadvantages. They will also explain how much you can earn. Main steps to become a full-time trader So how to become a full-time trader? There are different options. TU’s analysts will explain each one: Forex prop company Pros: Access to funding: you can get funding from the company to increase your capital. Zero risk: your risk is low because the company provides the

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

Retirement is one of the biggest life transitions but often the least celebrated due to many being unsure how best to mark the event. As a milestone occasion, the retirement of a friend or family member should be marked with a gift. Whilst a traditional retirement gift is a watch, necklace, plaque or another object that represent the years of service to the company or in the industry, there are surprise gifts for a retiree you may want to consider here: Classic retirement gift The most classic of all retirement gifts is a gold carriage clock or pocket watch. These

By Dipo Olowookere The Central Bank of Nigeria (CBN) has announced changes to the dates for maturity of the bills it sells to market participants via the Open Market Operations (OMO). Business Post reports that the CBN regularly auctions the debt instrument to investors as part of its function to monitor the level of cash in the financial system as well as curb inflation. When these bills are sold, they are usually redeemed or paid back to subscribers on Thursdays, but the apex bank has changed dates for payment of the OMO bills at their full cycle. At the market

By Modupe Gbadeyanka There are strong indications that the Nigerian economy will begin to crawl back into stability after spending last year in recession. A latest report by FSDH Research indicates that Nigeria, one of the biggest economies in Africa, is already showing signs of positive outlook and recovery. Recall that in 2016, Nigeria was severely hit by the drop in the crude oil price and crude oil production, which depleted its external reserves and foreign earnings. The economy officially entered into a recession in Q2 2016 following the release of the Gross Domestic Product (GDP) figures showing two consecutive

By Modupe Gbadeyanka Africa’s largest mezzanine fund manager, Vantage Capital, has announced providing a funding support of $12.5 million to a prominent Nigerian real estate company and financial service provider, Purple Capital. The Nigerian firm is the developer of the iconic 6,000m² Maryland Mall tucked in the Ikeja area of Lagos State. Chief Operating Officer of South African Vantage Capital, Warren van der Merwe, stated that, “The Purple team epitomizes the best of Nigeria’s entrepreneurial spirit with its ability to navigate a demanding operating environment to create market-leading developments. “Maryland Mall is one such development, a uniquely inviting family destination

By Dipo Olowookere The Economic and Financial Crimes Commission (EFCC) has arraigned the quartet of Tamuno Tonye Ogolo, Donald Ndifreke Dickson, Godspower Chukwudi Okoro and TamGold Energy Services before Justice Binta Nyako of the Federal High Court, sitting in Maitama, Abuja. The suspects were docked on Wednesday, on October 26, 2016, on a 5-count charge of criminal conspiracy, forgery and obtaining by false pretence. It was alleged that Mr Okoro, in connivance with other accused persons sometime in September 2015, contacted one Bloom Faith Petroleum Limited, and promised to supply the company with crude oil through a vessel, MT OCEAN

By Dipo Olowookere Investors in the nation’s equity market have been assured all the necessary skills and knowledge required to meet their investment objectives. This assurance was given by the Nigerian Stock Exchange (NSE) when it hosted a Retail Investors Workshop on Thursday, March 11, 2021 themed Value Investing vs. Growth Investing. The event was hosted in collaboration with ARM Securities Limited and it was put together in response to the participants’ and the investment public’s growing demand for a better understanding and appreciation of investment products. “At the exchange, we will continue to make it a priority to not

By Adedapo Adesanya The Lagos State Government has launched the Lateef Jakande Leadership Academy, a leadership and mentorship programme. As part of activities commemorating Worker’s Day, Governor Babajide Sanwo-Olu announced that the state government was introducing the programme with the vision to develop tomorrow’s leaders today for public service and governance in Africa by equipping them with the requisite skills to influence the public service and instilling the ethics and values of purposeful leadership through direct mentoring and on-the-job training. The one-year non-partisan and meritocratic fellowship will offer first-hand experience in the process of governance at the state government level

By Modupe Gbadeyanka Yokogawa Electric Corporation has announced the acquisition of Soteica Visual Mesa (SVM), a leading energy management technology provider, further delivering on a number of key objectives of Yokogawa’s Transformation 2017 mid-term business plan, namely, expansion of Yokogawa’s advanced solution business, focusing on customers and creating new value. This announcement marks completion of the SVM acquisition as a wholly-owned subsidiary and initiation of the integration of SVM and the cloud-based Data-as-a-Service (DaaS) provider Industrial Knowledge (IK) into KBC Advanced Technologies (KBC), which was acquired by Yokogawa in April 2016. The IK business unit was established to enhance the