NEXIM Bank Approves N25b Loan for Non-Oil Exporters

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

The football club of the Economic and Financial Crimes Commission (EFCC FC), has been promoted to the Professional League in Nigeria. The promotion of EFCC FC came after the Abuja-based sporting outfit defeated KJ UTD 2-0. The club had earlier in the year won the 2016 Challenge Cup. The team Chairman, Halilu Dauda, has, however, promised that the best is yet to come. Management and staff of the Commission have wished the club hearty congratulations for the feats and urged the club to strive for more laurels in the years ahead. The team gained the promotion on Wednesday, August 17,

By Modupe Gbadeyanka About 443 capital market operators may lose their registration due to non-compliance with the directive to provide updated information of their companies by July 31, 2017. A statement by the Securities and Exchange Commission (SEC) noted that the affected market operators and professionals have failed do as directed. According to SEC, pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007, it directed all Capital Market Experts or Professionals to provide updated information of their companies/firms in December 2016 and February 2017. However, it observed that a large number of Capital Market

By Adedapo Adesanya As the relationship between social media giant, Twitter, and billionaire businessman, Mr Elon Musk, turns sour, the company on Thursday said the notion Elon Musk was “hoodwinked” into inking a $44 billion buyout deal defies reason and the facts. In a filing, Twitter rejected counterclaims made by Mr Musk as he fights to walk away from the deal he inked in April to buy the San Francisco-based company. “According to Musk, he – the billionaire founder of multiple companies, advised by Wall Street bankers and lawyers – was hoodwinked by Twitter into signing a $44 billion merger

By Modupe Gbadeyanka Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has assured both local and international investors as well as the general public that the country’s economy still remains strong despite the apex bank’s inability to hold its Monetary Policy Committee (MPC) meeting today. The meeting could not hold as planned because the Senate failed to confirm nominees of the committee sent to the National Assembly last year by President Muhammadu Buhari. As a result of this, the 12-man committee headed by the CBN Governor could not form a quorum. Speaking in a statement personally signed by

By Dipo Olowookere Easton Pharmaceuticals says it has signed a letter of intent to acquire 100 percent of revenue producing vaporizer manufacturer iBliss Inc. of Toronto, Ontario, Canada. iBliss Inc. is a tremendously fast growing vaporizer and e-liquids manufacturing company with surging international sales projected to conservatively reach and surpass $15,000,000 per year fairly quickly. It currently generates several millions of dollars in sales with healthy margins in excess of 40%. iBliss has had tremendous growth over the past 3 years of being in business which includes sales throughout North America and recently adding several international markets in Europe, the

By Aduragbemi Omiyale An insurance broker, Mr Abiodun Waheed Hassan, has been arraigned before Justice S.C Oriji of the Federal Capital Territory High Court, Apo, Abuja for an alleged diversion of N26 billion. Mr Hassan, who is a director at Bestworth Insurance Brokers Limited, was accused of using the funds earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of defunct Power Holding Company of Nigeria (PHCN). The Economic and Financial Crimes Commission (EFCC), which arraigned the suspect on Thursday, February 25, 2021, said the offence was punishable under Section 315 of the Panel

By Dipo Olowookere President Muhammadu Buhari has directed the conditional lifting of the ban placed on Twitter, a micro-blogging platform, on June 4, 2021, by the Minister of Information and Culture, Mr Lai Mohammed. In his nationwide broadcast on Friday on October 1 to mark Nigeria’s 61st Independence Day, Mr Buhari said the embargo can be removed on the condition that Twitter adheres to some rules, including allowing citizens to use the platform purely for “business and positive engagements.” On June 4, Mr Mohammed announced the suspension of Twitter operations in Nigeria after the platform deleted a post of Mr