FG Pays N157.35bn PAYE Tax Liabilities to States

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Dipo Olowookere The Nigerian Stock Exchange (NSE) recorded its first loss of the week on Tuesday as investors peruse the few already released 2017 full year financial earnings of firms quoted on the NSE. Business Post reports that at the close of business today, the stock market went down by 0.66 percent with the year-to-day return shrinking to 10.61 percent. This loss came on a day the National Bureau of Statistics (NBS) released figures of the nation’s Gross Domestic Product (GDP) for the fourth quarter of 2017 as well as the full year. In the data released by the

By Adedapo Adesanya Aiteo Group has expressed its readiness to ramp up its oil production to 100,000 barrels per day in line with the Ministry of Petroleum Resources target of increasing the national crude oil production to 3 million barrels per day by 2023. This was disclosed by the Group Managing Director of Aiteo, Mr Victor Okoronkwo, when he led top management staff of the energy firm to a meeting with the Minister of State for Petroleum Resources, Mr Timipre Sylva, at his office in Abuja recently. Mr Okoronkwo affirmed that the group was ready to toe the line, assuring

By Adedapo Adesanya Oil prices fell on Wednesday, October 27 after industry data showed crude stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer. Brent crude oil fell by 2.67 per cent or $2.31 to trade at $84.09 per barrel after closing at the highest in seven years on Tuesday. The US West Texas Intermediate (WTI) futures depreciated by 2.35 per cent or $1.99 to $82.66 a barrel after gaining 1.1 per cent in the previous session. Crude oil prices retreated after the Energy Information Administration (EIA) reported

By Dipo Olowookere Children’s favourite fruit juice drink, Capro-Sonne, has launched a new promo aimed at fortifying its leadership position in the market. The promotion, tagged ‘Fun Alarm Promo,’ is another platform to make the product more available to children as they go to school. The company explained that the promo gives consumers the opportunities to win free gifts inside every carton of all variants of Capri-Sonne purchased. According to Managing Director, Chi Limited, Deepanjan Roy, “We are confident that the Capri-Sonne Fun Alarm Promo will resonate with children across Nigeria, will create the excitement and fun that Capri-Sonne is

By Dipo Olowookere A total of N6.4 billion has been disbursed to the Kwara State government and the 16 local government areas of the North Central state of Nigeria. The amount was shared to the two tiers of government from the federation account for the month of January 2020. According to a statement issued on Saturday by the Commissioner for Finance in Kwara State, Ms Olasumbo Florence Oyeyemi, while the state government received the sum of N3.7 billion, the local councils got N2.7 billion She said the N3.7 billion shared to the state government excludes N610.8 million deductions for budget

By Dipo Olowookere A global leader in the design, manufacture and distribution of agricultural machinery and solutions, AGCO, has announced the launch of the AGCO Agriculture Foundation. “The AGCO Agriculture Foundation is a testament to our commitment to support farmers feeding the world. Our objective is to support non-profit initiatives that contribute to global food security, support sustainable agriculture development and have an economic impact in developing countries,” said Martin Richenhagen, AGCO’s Chairman, President and CEO. The new philanthropic focus demonstrates AGCO’s strong commitment to specific Sustainable Development Goals developed by the United Nations that seek to end hunger and

By Modupe Gbadeyanka The Debt Management Office (DMO) has introduced a 15-year bond, which it intends to sell to investors on Wednesday, March 25, 2020. On Tuesday, the agency saddled with the responsibility of managing Nigeria’s debt released a revised calendar for bond issuance for the first quarter of this year. In the circular obtained by Business Post, the DMO said it would auction from N10 to N20 billion worth of the new bond maturity in two weeks’ time but did not disclose the interest rate. This would be unveiled before the exercise takes place. In the calendar, the debt

By Dipo Olowookere The training and accreditation of bus conductors in Lagos State has commenced. The programme, which kicked off on Monday, is aimed at imparting professional skills in bus conductors in the state as well as improve public confidence and perception among them. It was put together by the Lagos State Drivers’ Institute (LASDRI). Business Post gathered that 55 executive members of the Bus Conductors Association of Nigeria (BCAN) participated in the exercise which began with medical checks. The Chief Executive Officer of LASDRI, Mr Philip Ogunlade, urged the bus conductors to be civil in their dealings with commuters