FIRS Appeals Rivers VAT Collection Court Ruling

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Aduragbemi Omiyale One of the leading brokerage companies in Nigeria, Meristem Securities Limited, has introduced a new fixed-income investment package known as Meristem Dollar Fund. Business Post gathered that this open-ended mutual fund was designed to help investors hedge against the local currency, especially at a period when the Naira is witnessing high volatility amid rising inflation in the country. Meristem disclosed that funds taken from investors would be invested in investment-grade sovereign and corporate Eurobonds, and other qualifying USD instruments issued by Nigerian entities as may be determined by the investment committee. The company put the offer size

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Modupe Gbadeyanka Reports reaching the news desk of Business Post have it that a popular Yoruba actor, Murphy Afolabi, has died from an injury he sustained from a domestic accident. The actor, who has produced and directed some movies, was said to have fallen from a bathroom and sustained an injury. However, he died from the incident, according to reports we gathered on Sunday. His death has come as a rude shock to many, including his friends, associates, fans and colleagues in Nollywood. He was aged 49 before his demise.

By Precious Olisa A notable news platform, Bizwatch Nigeria, is organising a virtual seminar on Tuesday, October 24, 2023, themed Literacy in Digital Spaces. The webinar aims to discuss the importance of digital literacy in the current digital age, providing insights into how digital literacy skills can be developed across all age groups and the importance of staying safe online. Attendees will also learn about the various digital literacy tools and resources available to enhance their digital literacy skills. The event will hold between 11 am and 1 pm and will feature the Director of Special Programmes at the Nigerian

By Dipo Olowookere There were 27 price gainers and nine price losers at the local equity market on Tuesday as bargain hunters intensified their activities, cherry-picking strong stocks trading at low value. At the end of the day, they boosted the All-Share Index (ASI) by 86.63 points to 25,413.76 points from 25,327.13 points and grew the market capitalisation by N45 billion to N13.258 trillion from N13.213 trillion. During the session, a total of 1.1 billion equities worth N2.1 billion were traded on the floor of the Nigerian Stock Exchange (NSE) in 3,221 deals as against the 302.0 million shares worth

By Modupe Gbadeyanka Minister of State for Environment, Mr Ibrahim Usman Jibril, will today, Monday, June 19, 2017, commission the state/zonal office of National Environmental Standards and Regulations Enforcement Agency (NESREA) in Owerri, the Imo State capital. Ahead of the commissioning, the Minister arrived Owerri on Sunday alongside some members of the Ministry. On arrival, Mr Jubril led his team to the Government House in Owerri to meet with the Governor, Mr Rochas Okorocha. NESREA, a parastatal of the Federal Ministry of Environment, was created to ensure a cleaner and healthier environment for Nigerians. It has the responsibility for the

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Thursday conducted the first primary market auction for the month of May 2019. During the exercise, the apex bank offered N109.71 billion worth of the debt instruments for sale to investors. The auction was oversubscribed to by market players by N122.20 billion, with more of the offers on the short and long dated tenors. However, the stop rates for the short and mid-dated maturities were reduced by the central bank, while the long-dated bill had its rate slightly increased. At the last exercise in April 2019, the 91-day instrument cleared

By Adedapo Adesanya Oil prices ended higher on Tuesday as weather fears in the United States sparked concerns that millions might curb travel plans during the holiday season. As a result, Brent crude futures grew by 19 cents or 0.2 per cent to $79.99 per barrel, and the US West Texas Intermediate (WTI) crude futures expanded by 90 cents to close at $76.09 per barrel. According to the US National Weather Service, the Midwest and Great Lakes region could see a major blizzard beginning Thursday, while cold air moving east could bring a flash freeze causing a rapid temperature drop

By Modupe Gbadeyanka Secondary schools in Nigeria have been directed to resume from Tuesday, August 4, 2020, only for exit classes writing external examinations. This directive was contained in a press statement issued on Monday by the Director of Press and Public Relations in the Federal Ministry of Education, Mr Ben Bem Goong. Mr Goong said the federal government agreed to reopen the schools following a meeting it held with stakeholders in the sector today. Present at the gathering, which was virtual, were officials of the Federal Ministry of Education, Commissioners of Education of the 36 states, the Nigerian Union

By Dipo Olowookere The International Monetary Fund (IMF) has advised the federal government of Nigeria led by President Muhammadu Buhari to give priority to revenue mobilisation. Speaking at an IMF virtual spring meetings on Wednesday, the Director of African Department at the IMF, Mr Abebe Aemro Selassie, stated that doing this will help the country overcome some of the challenges posed by the coronavirus pandemic in the medium-term. He said government needs to pool resources together to provide infrastructure and health facilities in the country as well as human development. “The government has enough resources that it can devote, really,