FG Reconstitutes Tax Appeal Tribunals

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

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

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 Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Kester Kenn Klomegah Amid multifold theories and disinformation spreading around the COVID-19 in Africa, it is important for African governments to consider strengthening the existing health systems and infrastructures, and allocate substantial funds for health research and production of basic equipment, for attaining sustainable development goals set in the African Agenda 2063, according to experts. Over the years, most African countries with the exception of South Africa, Botswana and a few others have not improved much on their healthcare system since independence, partly as a result of pure negligence on the part of senior officials who prefer to be

By Dipo Olowookere The Nigerian Army Council has approved the promotion of 227 senior officers from various ranks to the next higher ranks in the Force. Those promoted include 21 Brigadier Generals to Major Generals, 93 Colonels to Brigadier Generals and 113 Lieutenant Colonels to Colonels. Also included are Brigadier General CM Abraham Acting General Officer Commanding (GOC) 2 Division, Brigadier General OU Obono, Acting Corps Corps Commander, Nigerian Army Artillery Corps, Brigadier General PJ Dauke Acting GOC 3 Division and Brigadier AA Nani Acting GOC 8 Task Force Division, as well Brigadier General JB Olawunmi, Acting Coordinator, Nigerian Army

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has been asked to review it foreign exchange policy amid the free fall of the local currency at the forex market. The Naira, since the inception of this present administration in 2015, has continued to perform woefully against the Dollar and other major currencies. As at Friday, February 17, 2017, the Naira was exchanged at N516 to the Dollar at the parallel market. Worried by this, the National Economic Council (NEC) on Thursday asked the apex bank to urgently review its foreign exchange policy to save the Naira. Addressing newsmen at

By Dipo Olowookere Fidelity Bank Plc has said it is not expecting to get higher foreign exchange (FX) income in the second half of 2020. This disclosure was made by the financial institution during its analyst call last week in Lagos, where the MD/CEO of the company, Mr Nnamdi Okonkwo, also stated that much is not anticipated from the net interest margin (NIM) for the rest of the financial year. Business Post reports that the NIM measures the difference between the interest income generated by a bank and the amount paid as interest to other banks. The NIM mainly shows

By Dipo Olowookere The Nigerian Exchange (NGX) Limited further depreciated by 0.02 per cent on Wednesday on the back of profit-taking in some equities, including Honeywell Flour Mills. The company closed the session as the heaviest price loser as some traders sold off their stake in a panic over news that Ecobank has warned the new buyers of the firm of an existing court case involving a huge debt. The boards of Honeywell Flour and Flour Mills of Nigeria, which is taking over the company, had to release statements to calm nerves. However, the damage was already done during the

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has said no fewer than 35 commercial motorists have had their vehicles impounded for not installing speed limit devices. This was disclosed in an interview by the Lagos State Sector Commander of the Corps, Mr Olusegun Ogungbemide. Mr Ogungbemide, speaking at a sensitisation, said that motorists plying the Lagos-Ibadan expressway need to install “speed governors’’ in their vehicles. He said the operation was in line with the directive of the Corps Marshal, Mr Boboye Oyeyemi, who had noticed an increase in the number of fatalities during the festive period. “We are

By Dipo Olowookere The recently introduced digitally-led retail banking services by Standard Chartered have commenced operations in Ghana and Tanzania. The South Africa-based financial institution launched the services in the two West African nations over the weekend, giving residents of the countries the opportunity to enjoy seamless banking services. In January 2019, Standard Chartered launched similar services in Uganda, while in 2018, the digital banking operations launched in Côte d’Ivoire. The expansion is part of the Bank’s overarching digital transformation strategy for the African continent. The most recent roll-outs provide Tanzania and Ghana with access to the mobile-led digital bank

By Dipo Olowookere Not less than 1,000 DiamondXtra customers will be rewarded on Wednesday, July 15, 2020, by Access Bank Plc. A statement from the lender on Monday disclosed that the lucky customers would be rewarded at its quarterly draw fixed for that day in Lagos. According to the leading retail lender in Nigeria, the beneficiaries will be rewarded with various grants and cash prizes. At the second DiamondXtra quarterly draw of Season 12, the winners will also smile home with business grants, family health insurance, rent advance and other exciting rewards. A breakdown of the things to be won