Fuel Crisis Looms as Tanker Drivers Commence Strike Monday

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

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 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 Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya   Nigeria’s economy is expected to grow by 2.5 percent this year (2020) and the next (2021), according to the International Monetary Fund (IMF). The projection was contained in the IMF’s January World Economic Outlook (WEO) titled Tentative Stabilization, Sluggish Recovery, signed by Ms Gita Gopinath, an Economic Counsellor and Director of the Research Department at the Fund, which was released on Monday and covers a two-year time period (2020-2021). In an earlier report released last year October, there had been projection that the country’s real Gross Domestic Product (GDP) will grow by 2.3 percent in 2019

Nigeria has the largest economy and the third most developed financial market in Africa. This impressive record comes with no surprise as the country boasts of one of the world’s strictest and most secure financial systems. While that’s the case, its strictness means the extensive regulation of all participants dealing in its financial markets. At the same time, the financial markets leave endless possibilities open to investors. Aside from forex trading in Nigeria, there are many other legal and well-regulated mediums for investment. Although certain instruments and assets like cryptocurrency are illegal in the country, many legal choices are just

By Adedapo Adesanya The Nigerian Shippers’ Council has disclosed that freight forwarders charged demurrage fees by shippers will be refunded for payments made during the lockdown period from March 30 through May 3, 2020. For five weeks, Lagos, alongside Abuja and Ogun state, was under a lockdown following the directive of President Muhammadu Buhari. The restriction was only lifted effective May 4. Business Post had reported last month that the Shippers’ Council met with the Shipping Association of Nigeria and reached an agreement to suspend demurrage charges collected during the lockdown. However, despite the suspension, some affiliates of shipping lines

By CardinalStone Capital markets are an essential component of an operating contemporary economy because they serve as a conduit for the transfer of money from those who possess it to those who require it for productive use. It has been repeatedly discussed that there is a positive relationship between the economic development of a nation and the degree of sophistication of its capital market structures. For instance, while the United States of America boasts of a world-leading $23 trillion economy, its different capital markets have a combined valuation estimated at double that figure. In contrast, Burundi, one of the world’s

By Adedapo Adesanya On Thursday, the National Bureau of Statistics (NBS) announced that inflation in Nigeria surged to a 49-month high as it rose to 18.17 per cent from 17.33 per cent recorded in February 2021. The last time Nigeria recorded an inflation rate higher than 18.17 per cent was in January 2017, when headline inflation stood at 18.72 per cent. In the report released by the NBS yesterday, the inflation numbers for last month were 0.82 per cent higher than the February figures. On a month-on-month basis, the headline index increased by 1.56 per cent in March 2021, this

By Modupe Gbadeyanka Committed to stimulating economic development by championing and supporting market-driven initiatives, the FMDQ OTC Exchange, through its Board Listings, Markets and Technology Committee, has approved the listing of the Stanbic IBTC Money Market Fund 10,000,000 Units of N100 each under N1 billion (Money Market Fund), Stanbic IBTC Bond Fund 10,000,000 Units of N1 each at N1 per unit, under N1 billion (Bond Fund) and Stanbic IBTC Dollar Fund 5,000,000 Units of $1 each, under $5,000,000 (Dollar Fund) on its platform. The listing of these Funds on FMDQ’s platform validates its conscious drive to support the goals of

By Modupe Gbadeyanka Executive Director of Jos Business School, Mr Ezekiel Gomos, has disclosed that with the tough operating environment in Nigeria, Small and Medium-scaled Enterprises (SMEs) can never survive to propel national development. Mr Gomos, speaking on Tuesday in Abuja at the 22nd Annual Conference of Certified National Accountants organised by the Association of National Accountants of Nigeria (ANAN), stated that small businesses were failing at the moment due to tough operating environment, including infrastructure, regulation, policy and taxes. In his presentation titled ‘SMEs as Engine of Economic Development in Nigeria,’ the business school boss urged government to create

By Adedapo Adesanya The Association of Bureaux de Change Operators of Nigeria (ABCON) has charged the Central Bank of Nigeria (CBN) to establish a voluntary offshore asset repatriation window to allow more foreign capital inflows into the economy. In a statement by its president, Mr Aminu Gwadabe, the foreign exchange traders said the proposed policy plan would be a monetary instrument of the apex bank backed by an Act of the National Assembly for non-disclosure of the sources or basis of proceeds of the funds to be repatriated. The ABCON boss also called for stricter measures by fiscal and monetary