How FG, States, Others Shared N610.3bn in January

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

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 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 Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya Facebook has announced that it will be opening an office in Lagos, Nigeria, making it the company’s second office on the African continent after Johannesburg. Aimed at supporting the entire Sub-Saharan Africa region, the office is expected to become operational in the second half of 2021 and will be the first on the continent to house a team of expert engineers building for the future of Africa and beyond. Facebook’s office will be home to various teams servicing the continent from across the business, including sales, partnerships, policy, communications as well as engineers. Commenting, Ms Ime Archibong,

By Adedapo Adesanya The federal government has declared free train rides for citizens from December 24, 2021, to January 4, 2022, as part of Yuletide celebrations. This was disclosed by the Managing Director, Nigeria Railway Corporation, Mr Fidet Okhiria, who was quoted by the News Agency of Nigeria (NAN) on Friday as saying that, ”The decision which was made in collaboration with the Ministry of Transportation, is to ease movement of citizens during the yuletide.” ”This is to help ease the cost of transportation and enable citizens to move easily enjoy the festive period. ”Passengers are, however, advised to ensure

By Dipo Olowookere Two joint winners have emerged at the inaugural edition of East Africa Com Awards, where six awards were presented recently at Radisson Blu Hotel in Nairobi, Kenya. East Africa Com Awards celebrate the achievements of the people and companies at the forefront of digital transformation in East Africa. The award recognizes individuals and organizations that have innovated to bring digital disruption and benefit the people of the region. Cassava Fintech and Comviva won in ‘Fintech Innovation Award’ category for EcoCash Merchant Payments powered by mobiquity® Money. EcoCash Merchant Payments extends the success of EcoCash beyond money transfer

By Adedapo Adesanya The Naira depreciated by 1.4 per cent or N10 against the United States Dollar on Monday, August 28 at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market. The local currency was exchanged for the US Dollar at the market window yesterday at N710/$1 compared with the N700/$1 it was transacted at the preceding session. Also, in the black market, the domestic currency traded against the greenback on the first trading session of the week at N702/$1 compared with the previous session’s rate of N692/$1, indicating a decline by N10 or 1.45 per cent. However, at

By Aduragbemi Omiyale The Chairman of the Senate Committee on Capital Market, Mr Ibikunle Amosun, has appealed to the Securities and Exchange Commission (SEC) to think outside the box and come up with ways the federal government can generate more funds and improve the economy. The current administration under President Muhammadu Buhari has plunged the nation into huge debts, and despite earning from crude oil sales and raising taxes, the country is unable to fund its budget without borrowing. This has put the economy under pressure as most revenues generated are used to service debts, making many citizens worry about

By Modupe Gbadeyanka The much-awaited forensic audit of Oando Plc by a consortium auditors led by Akintola Williams Deloitte is about to begin. This is because the Securities and Exchange Commission (SEC) has written to the firm to commence the exercise as soon as possible. Addressing newsmen on Tuesday in Abuja, Acting Director-General of SEC, Mr Abdul Zubair, explained that the audit can now begin since Oando has withdrawn the two suits filed against the apex capital market regulator. “Following the dismissal and striking out of the suits, SEC has duly informed the firm of [Akintola Williams] Deloitte to proceed

By Modupe Gbadeyanka Commissioner for Finance in Kwara State, Mr Demola Banu, disclosed on Friday that the state government was yet to receive a second tranche of the London-Paris club loans refund from the Federal Government. While briefing journalists in Ilorin after the meeting of the State Joint Accounts Allocation Committee (JAAC), Mr Banu stated that although President Muhammadu Buhari has authorized the release of the funds to the 36 states of the federation, the Federal Ministry of Finance was still processing the payment. “There has been no official commitment from the Federal Ministry of Finance as regards when the