Nigeria to Increase 2021 Budget by 18% to N12.7trn

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Modupe Gbadeyanka For distinguishing himself professionally through meritorious service that has impacted many lives positively, the Commonwealth University has conferred honorary doctorate award (Doctor of Laws – Honoris Causa) on Mr Joseph Okonmah. Mr Okonmah is the CEO/Lead Consultant of Jasek Consulting Limited, a full-fledged consulting firm which is a subsidiary of Jasek Communications Limited. Also, the London Graduate School has awarded him the Masterclass Certificate in Business Management and Leadership. While receiving the awards, Mr Okonmah said, “To me, there is no end to learning. We keep on learning. I love reading and studying because I believe knowledge

By Dipo Olowookere The Nigerian Exchange (NGX) Limited extended its gains on Friday with a 0.23 per cent growth on the back of a sustained interest in bank stocks. Business Post observed that investors mopped up equities of tier-one lenders yesterday and this buying pressure further lifted the All-Share Index (ASI) of the exchange by 88.15 points to 38,962.28 points from the previous day’s 38,874.13 and pushed the market capitalisation higher by N46 billion to N20.300 trillion from N20.254 trillion. The market breadth was positive during the session as there were 25 price gainers and 11 price losers, indicating a

By Ebitonye Akpodigha Thursday, October 20, 2016, has been declared by the Edo State Government as public holiday to mark the coronation of the new Oba of Benin, Crown Prince Eheneden Erediauwa. The state government made this known on Tuesday in a statement signed by the Secretary to the State Government, Prof Julius Ihonvbere. It was explained that the holiday was to ensure a hitch-free coronation and give Edo people the opportunity to partake in the historic installation of the new Oba of Benin. Mr Erediauwa is to be crowned the 39th Oba of Benin on Thursday after undergoing series

By Dipo Olowookere The treasury market traded bullish on Tuesday to reverse the bearish mood recorded at the market the previous day. Business Post reports that bargain hunting embarked upon yesterday by investors at the market subdued the selloffs of Monday. At the close of transactions, the prevailing buying pressure compressed the average yields by 0.03 percent to 12.16 percent. However, activities at the treasury market are expected to be muted on Wednesday as market participants focus on sale of the government securities via the primary market auction. The Central Bank of Nigeria (CBN), which will conduct the exercise today,

By Modupe Gbadeyanka Pan African banking and financial services group, United Bank for Africa (UBA) Plc has added yet another award to its growing list of laurels as it emerged Most Innovative Bank of the Year at the Independent Newspapers Awards The award, which is a recognition of innovative products and services introduced by the bank in the past years towards meeting customer needs, comes on the heels of recent awards hauled by the Bank, including Finnacle Client Innovation Awards, and Best Bank Awards won by its 5 subsidiaries across Africa by The Bankers Magazine. The event played host to

By Dipo Olowookere Mrs Yemisi Edun has been confirmed as the substantive Chief Executive Officer (CEO) of First City Monument Bank (FCMB) Limited. Recall that early this year, Mrs Edun was announced as the acting CEO of the financial institution after media reports that the former occupier of the position, Mr Adam Nuru, allegedly violated one of the banking rules. He was accused of having a romantic affair with a female staff of the company, Mrs Moyo Thomas, who was married to another man, Mr Tunde Thomas. In the media reports, it was alleged that the women had children for

By Dipo Olowookere Chairman of Innoson Motors, Mr Innocent Chukwuma, has admitted to completely distorting the directive of the Supreme Court on the case it has with GTBank Plc. Some days ago, spokesman of Innoson Motors, Mr Cornelius Osigwe, issued a statement claiming victory in the case. He had said the apex court has ordered GTBank to pay Mr Chukwuma, the sum of N14 billion within 14 days. A moment ago, Mr Chukwuma admitted to completely distorting the directive of the Supreme Court and publicly apologized for spreading fake and malicious news. His firm, Innoson, had earlier deleted his declaration

By Dipo Olowookere The United Nations (UN) Women, on the occasion of the International Day of Zero Tolerance for Female Genital Mutilation (FGM), has announced the appointment of renowned activist, Ms Jaha Dukureh of The Gambia, as Regional Goodwill Ambassador for UN Women. Ms Dukureh will dedicate her efforts to support UN Women’s advocacy to end female genital mutilation (FGM) and child marriage in Africa, with focus on mobilizing youth. Herself a survivor of FGM, and forced into child marriage at age 15, Ms Dukureh is the CEO and Founder of the NGO “Safe Hands for Girls” that provides support