Naira Appreciates to N757/$1 at Black Market, N765/$1 at P2P

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 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

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Dipo Olowookere On Wednesday, July 24, 2019, the Debt Management Office (DMO) offered for sale to investors debt instruments worth N145 billion at the local bond market. During the exercise, the debt office said it received a total of 298 competitive bids from investors for the three instruments it auctioned yesterday. These three maturities were the 5-year, 10-year and 30-year tenors, with N40 billion worth of the short-dated instrument offered, N50 billion worth of the mid-tenor notes auctioned and N55 billion worth of the long-dated paper offered for sale. According to details of the results of the sale released

By Dipo Olowookere The Nigeria Customs Service has again warned smugglers to desist from carrying out their nefarious activities in and around Ogun State. The Ogun Area Controller of the Service, Mr Michael Agbara, handed down the warning at Idiroko shortly after conducting the Assistant Controller General in charge of Zone ‘A’ Aminu Dahiru, round some of the creeks in the state. Mr Agbara insisted that the command will not rest on its hoarse towards ridding the state of smugglers. He reiterated that his officers and men would continue to seize foreign rice at any part of the state. The

By Adedapo Adesanya Brent crude jumped more than 2 per cent or $1.50 to $75.86 per barrel after crude inventories in the United States fell to their lowest levels in three years as refining activity recovered from recent storms. This development pushed the US West Texas Intermediate (WTI) higher by 2.01 per cent or $1.42 to trade at $71.91 per barrel. The Energy Information Administration (EIA) reported yet another inventory draw of 3.5 million barrels for the week to September 17 compared with a hefty draw of 6.4 million barrels for the previous week and an estimated 6.1 million barrels

By Jerome-Mario Utomi The central interest of this piece is not to spot leadership faults in Nigeria or proffer solutions to what the present administration is not doing well to salvage the socio-economic well-being of the poor masses. Rather, the present piece is out to perform two separate but related functions. First, as the nation races towards 2023 general elections, the piece x-rays the volume/strength with which foreign observers have in the past two decades raised strong voices against uncivil antics particularly the thorny transparency challenge that characterized concluded elections in Nigeria and the organized resentment it brought to the

By Jerome-Mario Chijioke Utomi Nigerians are particularly not happy that the All Progressive Congress (APC) led federal government which lavishly promised Nigerians change and were voted to provide good and qualitative leadership; elected to bring the nation’s economy out of the woods and were chosen to bring democracy’s dividends to the people. But instead of providing the lavishly promised and highly expected leadership, they visit the masses with cluelessness and utopia. Instead of reviving the comatose economy, they threw it further down into recession and instead of bringing dividends of democracy, they democratized poverty, institutionalized unemployment and governmentalized hopelessness and

By Adedapo Adesanya Nigeria spent N1.199 trillion on the importation of Premium Motor Spirit (PMS), also known as petrol, in three months, between July and September 2022, according to data released by the National Bureau of Statistics (NBS). The NBS, in its Foreign Trade Statistics for the third quarter of 2022, disclosed that fuel import for the period July to September 2022 jumped by 16.9 per cent compared with N1.026 trillion spent to import the commodity in the same period in 2021. The NBS revealed that in the third quarter of 2022, the petrol importation bill was the highest in

By Adedapo Adesanya The Nigerian Electricity Regulatory Commission (NERC) has revealed that electricity consumers paid N210.17 billion to Nigerian electricity distribution companies in the fourth quarter of last year. It disclosed this in its Quarterly Report for Fourth Quarter 2021 released on Thursday, noting that the N210.17 billion represented 69.34 per cent of the total electricity bill given to consumers by electricity distribution companies during the period. The regulator noted that the total revenue collected by all Discos in Q4 2021 was N210.17 billion out of N303.11 billion billed to customers – corresponding to a collection efficiency of 69.34 per

By Modupe Gbadeyanka Minister of State for Aviation, Mr Hadi Sirika, has emphasised that Federal Government will not change its mind on plans to concession major airports in the country. Few days ago, Vice President, Mr Yemi Osinbajo, dropped the bombshell when he said government has agreed to allow private sector operate the airports for efficiency. Speaking today in Abuja, the Minister of State for Aviation said it was clear that government was unable to maintain the 22 airports across the country, and that it was the best interest of all to allow the private sector revitalise the aviation sector.