Naira Falls at P2P, Gains at Black Market, Stable at Official Market

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 Transactions worth N30.379 billion were recorded at the Nigerian Exchange (NGX) Limited last week, which had four trading sessions due to the public holiday observed last Wednesday for Eid-el Maulud. Data obtained by Business Post showed that the stock market posted these trades from the sale of 3.911 billion shares in 38,536 deals. When compared with the preceding week, which had five trading days, the value of transactions weakened by 36.00 per cent, as investors bought and sold 2.933 billion shares valued at N47.449 billion in 44,654 deals. A breakdown indicated that the financial services industry led

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 Aduragbemi Omiyale Two Access Bank employees have been convicted and sentenced to three years imprisonment for aiding and abetting fraud to the tune of N9.4 million. The convicts, Mr Agbo John Agama and Mr Edoh Steve, were jailed on Wednesday, January 11, 2023, by Justice Mojisola Olajuwon of the Federal High Court sitting in Abuja. According to a statement by the Economic and Financial Crimes Commission (EFCC), the duo was convicted and sentenced to three-year imprisonment each. They were also ordered to pay a fine of N100,000 each to the federal government and restitute the victim in the sum

By Aduragbemi Omiyale The President of Haiti, Mr Jovenel Moise, has been assassinated by some gunmen, a statement from the country’s officials have confirmed. The leader of the Caribbean nation was killed in the early hours of Wednesday, the Interim Prime Minister, Mr Claude Joseph, confirmed. Mr Moise, 53, was attacked in his home and his wife, Mrs Martine Moise, was injured in the process. She has been taken to the hospital. At the moment, the police and military are in charge of security in Haiti, while Mr Joseph is now in control of the government. For more than a

By Adedapo Adesanya The Cinema Exhibitors Association of Nigeria (CEAN) has confirmed that it generated N603,588,722 from tickets sold across the country in August, 20.1 per cent higher than the N482,528,117 total sales in July. This was disclosed by CEAN National Chairman, Mr Opeyemi Ajayi, on Tuesday. He said patronage at the cinemas in August was quite encouraging as 212,192 viewers were admitted into their facilities within the period under review, noting that there was a sporadic improvement in sales and visitors patronage in August as against figures recorded in July. He said, “August was quite a beautiful month. We

Barely a week after a gas explosion in Baruwa, Iyana Ipaja area of Lagos state that claimed no fewer than five lives, razed 25 buildings, 16 shops, and a private school building, another plant is currently being sited along the ever-busy Demurin/Alapere road, Ketu, part of Lagos. A non-political, non-governmental organization in the state, the Social and Economic Justice Advocacy (SEJA), has alerted the nation of a possible explosion in Alapere Ketu, area of Lagos state. Speaking through a statement signed by Barrister Stanley Karo Emeluaha, the Group’s Executive Director (Legal) and made available to journalists in Lagos, SEJA described

As part of its commitment to delivering convenient and superior customer experience to the Nigerian populace, Keystone Bank Limited has announced the introduction of a simple banking USSD Code *7111#. A statement from the lender in Lagos on Tuesday explained that the *7111# USSD (Unstructured Supplementary Service Data) banking solution enables Keystone Bank customers to conveniently perform third party transfers to both Keystone Bank and other bank account holders in Nigeria. In addition, with the code, users would be able to open Keystone Bank accounts, buy airtime, pay bills and access a mini statement such as balance enquiry using their

History was made in Nigeria on Thursday, as the country celebrated the ground breaking of its first gold refinery by the Minister of State for Mines and Steel Development, Mr Abubakar Bawa Bwari. The refinery, being developed by indigenous minerals company Kian Smith Trade & Co Ltd. (Kian Smith) in Ogun State, is scheduled to start production in 2019, sourcing most of its ore from miners in the country. “The present administration is determined to develop the mining sector to act as a catalyst for sustainable economic growth of the country,” said Mr Bwari at the groundbreaking ceremony. “Part of

By Modupe Gbadeyanka Traders in the Nigerian Stock Exchange (NSE) posted a loss this week as the major market indices pointed south. The All-Share Index and Market Capitalization depreciated by 1.98 percent and 2.09 percent to close the week at 44,639.99 and N16.019 trillion respectively. Similarly, all other indices finished higher during the week with the exception of the NSE-Main Board, NSE Consumer Goods and NSE Oil/Gas Indices that depreciated by 0.33 percent, 3.33 percent and 0.70 percent respectively while the NSE ASeM Index closed flat. Business Post reports that during the week, a total turnover of 3.268 billion shares

By Dipo Olowookere President Muhammadu Buhari has expressed concern on the growing complaints and agitations by workers in states over unpaid salaries and allowances despite interventions by the Federal Government. Mr Buhari, while receiving a group of Governors led by the Chairman of the Nigerian Governors’ Forum, Abdul’Aziz Abubakar Yari, on Tuesday at the State House in Abuja, lamented that the plight of workers in the states need urgent attention as many could barely survive. He asked, “How can anyone go to bed and sleep soundly when workers have not been paid their salaries for months?” “I actually wonder how