Nigerians Embrace Cashless Policy as e-Payment Transactions Hit N387trn

By Bliss Okperan President Bola Tinubu on Monday morning departed Abuja for Maiduguri, the Borno State capital the Nigerian Army Annual Conference as a special guest of honour. Mr Tinubu left the seat of power from the presidential wing of the Nnamdi Azikiwe International Airport, Abuja. It is his first visit to the North-Eastern region of the country since assuming office on May 29, 2023, from former president Muhammadu Buhari. The event will include an address to the troops of Joint Task Force North East Operation HADIN KAI, an inspection of the ongoing Nigerian Army Reference Hospital in Maiduguri, and

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

By Dipo Olowookere Nigerian stocks attracted more investments last week than the preceding week as a result of renewed confidence in the market, as traders quickly take a position, especially in large-cap equities, ahead of the release of financial results in the coming months. The Nigerian Exchange (NGX) Limited has been impressive in 2023, and there are indications that next year will be better. Those who have missed out on the goodies this year are already positioning themselves for 2024 so as not to be left behind again. Consequently, the bourse witnessed an improvement in the value of transactions by

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Modupe Gbadeyanka The Executive Order preventing about 50 high-profile Nigerians from travelling out of the country has been described as illegal and repressive by the Socio-Economic Rights and Accountability Project (SERAP). A statement issued by the group disclosed that the move breaches constitutional rights and the country’s international obligations, which protect the rights to freedom of movement, to leave one’s country, to privacy, and to due process of law. “A travel ban by its nature is an interference with the right to leave one’s country. It is neither necessary nor proportionate to prevent dissipation of stolen assets or stop

By Modupe Gbadeyanka With Africa’s resurgent economies and property markets increasingly viewed as a smart destination for investors, global business leaders are beginning to hunt for yields and growth from the markets. On September 20 and 21, 2018, stakeholders in the real estate sector in Africa will gather in Johannesburg, South Africa on how to chart a new course for the industry. During the two days, senior African property investors, developers and decision makers will be at the 9th API Summit & Expo. This year’s Summit promises to be the most robust and optimistic gathering in recent years as more

By Dipo Olowookere The names of persons suspected to have looted the nation’s treasury have been released by Federal Government. At a media briefing in Lagos of Friday, Minister of Information and Culture, Mr Lai Mohammed, said most of the persons were those in the opposition Peoples Democratic Party (PDP). He said the list was just the tip of the iceberg and was in response to a challenge by the PDP on Thursday to the ruling All Progressives Congress (APC) to release the names. According to the Minister, some of the alleged looters were already facing trials. The Minister said,

By Victor Basta Nigeria’s success is Africa’s success. It’s the continent’s largest economy, home to 3 of Africa’s 5 ‘unicorns’ (start-ups valued at over $1bn) and has the continent’s largest number of tech-driven companies. More recently, it has been nearly un-investable. $2.4bn of Nigerian start-up funding between January 2021 and the mid-last year has dried up; only two large rounds have happened since mid-2022 (TeamApt raising $50m and Yellow Card raising $40m). Economic uncertainty, rampant inflation, concerns about Nigeria’s managed exchange rate, and, more recently, political uncertainty have combined to force international growth capital to the sidelines, waiting for clarity

By Dipo Olowookere The International Monetary Fund (IMF) has disclosed that Madagascar’s recent economic performance had been encouraging, with GDP growth reaching 4.2 percent in 2016. From March 9–22, 2017, a team from the IMF led by Mr Marshall Mills, Mission Chief for Madagascar, visited Antananarivo from to conduct the 2017 Article IV Consultation and hold discussions on the first review of Madagascar’s economic reform program supported by the IMF’s three-year Extended Credit Facility (ECF). At the end of the mission, Mr Mills said the macroeconomic outlook in the near term was generally positive, aided by growth in public investment,

By Dipo Olowookere The Pharmaceutical Group of the Manufacturers Association of Nigeria (PMG–MAN) has commended the Standards Organisation of Nigeria (SON) for its role in attracting international recognition and acceptance for the local pharmaceutical industry. This commendation was given by the Chairman of the group, Pharmacist Oke Akpa who led a delegation of the MAN group to a courtesy visit on the Director General of SON, Mr Osita Aboloma in his office in Abuja recently. According to Pharmacist Akpa, the certification of many of the group’s member companies to the world acclaimed ISO Quality Management System Standards by SON has

By Dipo Olowookere Additional shares of a leading pharmaceutical company in Nigeria, Fidson Healthcare Plc, have been listed on the Nigerian Stock Exchange (NSE). Information gathered by Business Post showed that the firm offered a total of 586,360,250 ordinary shares of 50 kobo for admission on the local bourse. Further information revealed that these equities were listed at N4.00 per unit, adding a total of N2.345 billion to the value of the company. According to a document of the listing, the new shares of Fidson Healthcare were issued on the basis of one new ordinary share for every two ordinary

By Modupe Gbadeyanka Employees of DLM Capital Group, a leading developmental investment bank in Nigeria, have been applauded for the award received by the company recently. DLM Capital was named the Best Development Finance Company Nigeria 2021 by the Global Banking and Finance Review magazine. The honour was in recognition of the institution’s dedication to providing leadership and excellence in Nigeria’s development finance space. While commenting on the award, the Head of Investment Banking at DLM Capital, Mr Emeka Ngene, said the honour was made possible as a result of the continuous collaboration of the DLM community. “It is indeed