FG to Make N75bn Available to Young Entrepreneurs

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

Mobile betting has never been so thrilling and effective in Nigeria as it is now with the 1xBet application. The state of the wagering experience on your gadget sometimes seems to be even smoother compared to the desktop version. The bookmaking company has invested tons of money and time in application development, and now the whole effort pays off with satisfied Nigerian customers and a large, loyal 1xBet playerbase. In this article, we’re going to take a closer look at the undertaking of downloading a 1xBet mobile app and highlight the advantages of the app. 1xBet, the bookie that was

By Dipo Olowookere Gains in the energy sector lifted the local equity market on Wednesday, though marginally by 0.06 percent. The growth was enough to lift the spirits of investors, who have had to endure losses for three consecutive sessions. The energy index appreciated by 2.66 percent and this was boosted by bargain hunting in Mobil Nigeria and Total Nigeria. The insurance sector appreciated by 1.92 percent, the banking counter gained 0.63 percent, the consumer goods grew by 0.39 percent, while the industrial goods space closed flat. The All-Share Index (ASI) increased by 13.54 points at the midweek session to

By Modupe Gbadeyanka The importation and production of cough syrups with codeine have been banned by the Nigerian authorities. This ban followed a documentary filmed by BBC, outlining the illegal sale and abuse of codeine used in the production of cough syrups. Minister of Health, Prof Isaac Adewole, who gave this directive on Tuesday, said Pharmaceutical Council of Nigeria, (PCN) and National Agency for Food and Drug Administration and Control (NAFDAC), should supervise the recall for labelling and audit trailing of all codeine containing cough syrups in the country. According to him, this move became necessary to tackle drug abuse

By Dipo Olowookere The board of Transcorp Hotels Plc has filed a notice to the Nigerian Stock Exchange (NSE) on its intention to commence a closed period ahead of the release of its financial statements from the third quarter of this year. In the disclosure on Friday, the hospitality firm said the closed period will commence from Monday, September 30, 2019 till 24 hours after the release of the nine-month earnings. After the commencement of the closed period, which prohibits the trading of company’s shares by members of the board and top management team, a meeting of the board would

By Adedapo Adesanya The Lagos State government has unveiled a portal to register all estate agents in the state in order to curb real estate frauds. The Special Adviser to Governor Babajide Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka, said the portal, www.lasrera.lagosstate.gov.ng, would be used to register all real estate businesses. Mrs Benson-Awoyinka said this was with a view to monitoring activities of estate agents and prosecution of the fraudulent ones. She said that the portal would end the era of fraudulent practices in the real estate sector. According to her, the state government will no longer tolerate activities of

By Nkem Ndem When you are planning a visit to Nigeria, a trip to a local pub is likely high on your list of things to do. Nigerians love beer and as such, you are sure to find a number of local bars and drinking joints, generally referred to as “beer parlours” that will offer great and affordable beer. Before you go in seeking any of these beer parlours though, it is important that you do your homework to know how best to act – what to do and not to do- when you visit one. To give you a

By Modupe Gbadeyanka Muslims intending to travel to Saudi Arabia for the 2023 Hajj through the Oyo State government have been given till Monday, April 17, for the payment of about N3 million as the fare for the journey and others. Recall that the Oyo State Pilgrim Welfare’s Board (Muslim Wing), while waiting for the final announcement by the National Hajj Commission of Nigeria (NAHCON), had earlier directed the pilgrims to pay the sum of N2.600 million as an initial deposit for the 2023 Hajj fare. But after getting the final approval, they have been asked to add N399,000 to

By Adedapo Adesanya Capital importation, which measures the total number of foreign investments into a country, plunged in Nigeria in 2022 by 20.5 per cent to $5.33 billion from $6.7 billion in 2021. This was contained in the Nigeria Capital Importation (Q4) Report published by the National Bureau of Statistics (NBS) on Tuesday, where it was revealed that foreign direct investments (FDIs), portfolio investments, and other investments were heavily impacted last year. The report showed that FDIs dropped to $468.08 million from $698 million in 2021, indicating a 33 per cent decline, while portfolio investment dropped to $2.4 billion, with