Connect with us

Economy

Edo Plans POS for Revenue Collection

Published

on

edo Revenue Collection

By Dipo Olowookere

Governor Godwin Obaseki of Edo State has set up a modality for the employment of 10,000 persons in the first phase of his 200,000 job promise, in fulfilment of his electioneering campaigns.

Besides, government says it would establish an electronic platform that will collect revenue by the means of Point of Service (POS) or revenue scratch cards for those who do not have ATM cards.

It was learnt that Governor Godwin Obaseki had directed Heads of Local Government administration in the state to forward names of contractors initially contracted as revenue collectors to government house to jumpstart the job scheme.

A government statement on Friday said the submission of the contractors’ names was in furtherance of government’s avowed commitment to streamline tax collection in the state

The statement said government’s decision followed Governor Obaseki’s meeting with stakeholders in Government House on Friday.

Speaking to newsmen after the meeting, Chairman of Edo State Internal Revenue Service, Mr Oseni Elamah, said the concerned contractors are those previously selected to collect revenue on behalf of the local governments.

Mr Elema disclosed that the concerned contractors were also required to supply the names of their staff, phone numbers and passport photographs respectively adding that, “this is with a view to capturing their details in our employment database”.

Continuing, he said, “in addition to this, the MDs of all those that were engaged as consultants or contractors have also been directed to supply the names of those people that were involved, the staff they used, their numbers and their photographs so that we can consider them for employment under the first 10,000 youths’ employment programme that the government is already working on.”

To complete this process, Mr Elamah noted that a portal will be opened where their biometrics will be captured and they will be given first offer under the new programme as a result of experience which they must have gained in their previous assignment of manually collecting revenue, which they were given.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Economy

FrieslandCampina Lifts NASD Index by 0.03%

Published

on

FrieslandCampina

By Adedapo Adesanya

FrieslandCampina Wamco Nigeria led the NASD Over-the-Counter (OTC) Securities Exchange to a 0.03 per cent growth on Friday, June 20.

During the session, the NASD Unlisted Security Index (NSI) went up by 24.15 points to close at 3,320.91 points, in contrast to the previous day’s 3,319.78 points while the market capitalisation added N670 million to finish at N1.944 trillion compared with the N1.943 trillion quoted at the preceding session.

Business Post reports that the share price of FrieslandCampina Wamco Nigeria Plc was up by 34 Kobo yesterday to N69.38 per unit from N69.04 per unit.

In the final trading day of the week, the volume of securities decreased by 14.9 per cent to 223,039 units from the 262,134 units traded a day earlier, but the value of securities soared by 233.2 per cent to N15.2 million from N4.6 million, and the number of deals slumped by 16 per cent to 21 deals from 25 deals.

At the close of transactions, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units sold for N524.7 million, followed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and Geo-Fluids Plc with 268.5 million units worth N475.8 million.

Okitipupa Plc was also the most traded stock by value on a year-to-date basis with 153.7 million units valued at N4.9 billion, trailed by Air Liquide Plc with 507.2 million units traded at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 40.5 million units sold for N1.7 billion.

Continue Reading

Economy

Naira Appreciates to N1,547/$1 at NAFEM, N1,580/$1 at Parallel Market

Published

on

Domiciliary Accounts to Naira

By Adedapo Adesanya

The Naira improved its value against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, June 19 amid forex liquidity strain.

During the trading session, the domestic currency gained N2.84 or 0.18 per cent against the greenback in the official market to settle at N1,547.71/$1, in contrast to the N1,550.55/$1 traded in the previous day.

In the same vein, the Nigerian Naira gained N2.76 against the Pound Sterling at NAFEM yesterday to quote at N2,081..36/£1 versus Thursday’s closing price of N2,084.12/£1 and closed flat against the Euro to finish at N1,799.35/€1.

Also, in the parallel market, the Naira appreciated against the Dollar on Friday by N5 to sell for N1,580/$1 compared with the N1,585/$1 it was exchanged a day earlier.

This week, the Naira performed well due to continued investor confidence and market optimism boosted by better non-oil exports over the last few months and offshore FX inflows, which eased forex pressure.

In the week, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025 from the 23.71 per cent recorded in April 2025.

In addition, the Central Bank of Nigeria (CBN) signalled that the health of the country’s banking system was okay amid fears of dividend pause for banks facing possible distress.

Meanwhile, the cryptocurrency market turned bearish on Friday following escalating geopolitical tensions — triggered by Israel launching airstrikes on Iran last Thursday — caused cryptos to drop.

The tensions have only been mounting since, with US President Donald Trump calling for Iran’s “unconditional surrender” and threatening Iran’s supreme leader, Ayatollah Ali Khamenei.

Ethereum (ETH) lost 3.8 per cent to sell at $2,424.38, Solana (SOL) fell by 3.5 per cent to close at $140.31, Dogecoin (DOGE) slumped by 2.8 per cent to $0.1630, and Cardano (ADA) declined by 1.3 per cent to trade at $0.5836.

Further, Bitcoin (BTC) tumbled by 1.1 per cent to close at $103,555.63, Ripple (XRP) went down by 0.6 per cent to $2.12, Litecoin (LTC) shrank by 0.6 per cent to $83.97, and  Binance Coin (BNB) slid by 0.3  per cent to $643.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

Continue Reading

Economy

Oil Market Falls as US Sanctions Ease Israel-Iran Conflict Escalation

Published

on

global oil market

By Adedapo Adesanya

The oil market closed lower on Friday after the United States imposed new Iran-related sanctions, marking a diplomatic approach that raised the possibility of a negotiated agreement, with Brent losing $1.84 or 2.33 per cent to trade at $77.01 per barrel and the US West Texas Intermediate (WTI) crude declining by 21 cents or 0.28 per cent to quote at $74.93 per barrel.

The administration of President Donald Trump issued fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions a day after he said it could take two weeks to decide the involvement of his country in the Israel-Iran conflict.

According to a notice, an escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to oil at being traded at $100 a barrel.

In the last weeks, Israel bombed nuclear targets in Iran, while Iran, which is the third-largest producer under the Organisation of the Petroleum Exporting Countries (OPEC), fired missiles and drones at Israel as neither side showed any sign of backing down.

As the conflict entered a second week, there was no indication that either side was looking to stand down, and that kept traders on edge.

Although oil exports so far have not been disrupted and there is no shortage of supply, traders will continue to watch possible threats to close the Strait of Hormuz, a vital route for Middle East oil exports.

Each day, about 18 to 21 million barrels of oil and petroleum products move through the strait, roughly one-fifth of the world’s oil supply.

Market analysts warned that an escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to oil selling at $100 – $130 a barrel.

Elsewhere, the European Union has abandoned its proposal to lower the price cap on Russian oil to $45, to stop it from funding its three year aggression against Ukraine.

According to energy services firm, Baker Hughes, US energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since September 2023.  The oil and gas rig count, an early indicator of future output, fell by one to 554 in the week to June 20, the lowest since November 2021.

Continue Reading

Trending

https://businesspost.ng/DUIp2Az43VRhqKxaI0p7hxIKiEDGcGdois8KSOLd.html