Nigerian Breweries Pays N75b Tax to Federal, State Govts

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Dipo Olowookere Not less than 130 migrants have been declared missing after two boats capsized on Tuesday morning off the coast of Djibouti. Reports also suggested that no fewer than five persons have lost their lives in the boat mishap, which occurred off Godoria, a locality in the Obock region of northeast Djibouti. After being alerted by local residents, a team of gendarmerie gathered yesterday afternoon near the reported site of the sinkings and discovered two survivors and the bodies of three women and two men. The coast guard was also alerted and launched search and rescue operations. Those

By Ebitonye Akpodigha A $2 million agreement to deliver solar electrification projects to some rural communities in Nigeria has been signed. The deal was sealed between the Bank of Industry (BoI) and the United Nations Development Programme (UNDP) on Wednesday in Abuja. Acting Managing Director of BoI, Mr Waheed Olagunju, said at the occasion that the project would enable more communities in Nigeria have similar projects. According to him, “The blend of BoI’s contribution in the sum of $1.4 million as debt financing for the projects, with UNDP’s grant contribution of $600,000 will provide the much needed stimulus to scale

By Aduragbemi Omiyale Over the weekend, more than 1,000 women gathered in Lagos to discuss ways to increase the participation of women in the Nigerian tech sector. They met at the Landmark Centre, Lagos on Saturday, August 27, 2022, for the WeTech Conference, the largest tech forum for women in Nigeria, which had Interswitch as one of the sponsors. The event featured panel discussions, keynote addresses and talks from leading women in the Nigerian tech industry, sharing valuable insights into how they can break into the tech scene in Nigeria, and demystifying the future of fintech in Nigeria. Interswitch used

By Ahmed Rahma Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has hinted that the National Arts Theatre in Iganmu, Lagos, would be renovated and commissioned by President Muhammadu Buhari before 2023. Mr Emefiele, in a chat with newsmen on Tuesday in Abuja, said the contract for the renovation of the edifice first commissioned in 1977 would be awarded in the next couple of weeks. He said all approvals are in place to renovate the structure and transform it into a world-class convention centre, noting that the Bankers Committee would fund the project. According to him, additional

By Adedapo Adesanya Nigeria’s inflation rate rose to 11.98 percent in December 2019, for the fourth consecutive month. The latest figure is 0.13 percent points higher than the 11.85 percent rate recorded in November 2019. The Nigerian Bureau of Statistics (NBS), in its consumer price index (CPI) report for December 2019 released on Friday, January 17, 2019, stated that increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index. “On a month-on-month basis, the headline index increased by 0.85 percent in December 2019, this is 0.17 percent rate lower than 1.02

By Investors Hub European stocks are mostly higher on Tuesday as oil extended gains amid Middle East tensions and the dollar held steady near its highest level since January on expectations for a faster pace of interest rate hikes. Amid another batch of mixed earnings updates, investors awaited the European Central Bank’s monetary policy decision and a potential meeting in Beijing between officials from the world’s two largest economies this week for directional cues. While the French CAC 40 Index is just above the unchanged line, the German DAX Index is up by 0.2 percent and the U.K.?s FTSE 100

By Ahmed Rahma Plateau State government has declared that it was planning to generate the sum of N21.6 billion as Internally Generated Revenue (IGR) for the year 2021. This was made know by the Chairman of the Plateau State Internal Revenue Service (PSIRS), Mr Dashe Arlat, on Wednesday. At the press briefing in Jos, Mr Arlat disclosed that the agency has adopted a strategy called Explosive Revenue Drive 2021 to meet this revenue goal. He further stated that PSIRS will embark on massive taxpayers registration, increased revenue assessment, taxpayer representatives approach, collecting agent and revenue agent registration among others. According

By Dipo Olowookere Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has hinted that federal government may soon start to source for foreign exchange (forex) from Dangote Group, as soon as the latter’s refinery, petrochemicals and fertilizer projects come on stream. Speaking at the weekend after over four hours tour of ongoing Dangote Refinery, Petrochemicals, Fertilizer projects and Dangote deep-water jetty, Mr Emefiele said government stands to gain a lot from the huge forex earnings expected to accrue from the export of the petrochemical and fertilizer products from the Dangote refinery and fertilizer plants by the time