Ondo/Ekiti Customs Oversees Export of 3,991 Cocoa Containers

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

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 Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

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 Ebitonye Akpodigha President Muhammadu Buhari on Wednesday promised that the Federal Government would take responsibility for the personal, educational, professional goals and ambitions of the recently freed Chibok girls. Mr Buhari made this pledge when he received the girls at the State House in Abuja. The President said the girls had been denied the good things of life by their captors and now deserved the best. In his address, President Buhari said he is equally “prayerful, that God in his infinite mercies and benevolence will see to it that the girls remaining in captivity will be freed and returned

By Dipo Olowookere The Nigerian- British Chamber of Commerce (NBCC) has pledged to remain a key driver of initiatives aimed at fostering and increasing bilateral trade and investment between Nigeria and the United Kingdom. This assurance was given last Friday by President and Chairman NBBC, Mr Dapo Adelegan, at the special lecture to mark the 40th anniversary of the Chamber. While delivering his welcome address, Mr Adelegan said as Nigeria continues on the journey of a second centenary of economic relations with the United Kingdom, the NBCC has an abiding focus on optimizing bilateral relations between the two countries with

Leading real estate company, Propertymart Real Estate Investment Limited, has again demonstrated its love for residents of its host community. The firm, few weeks ago, carried out a public sensitization awareness on COVID-19 in its immediate community of Shangisha and environs. As part of its efforts to mitigate the negative impact of the COVID–19 pandemic on homes in the neighbourhood, the company shared foodstuff to well over 220 households. Representatives of Propertymart also visited the palace of the Oba of Shangisha, Oba Jamiu Adetola Ajibola Lawal and left food items with him. Nobody was left out of the palliative, as

By Adedapo Adesanya After years of delays and extensions, the Lagos Blue Line Rail has begun commercial operations, with Governor Babajide Sanwo-Olu taking the first ride this morning (September 4). The first phase of the rail line extends from Marina to Mile 2 with five stations located in Marina, National Theatre, Iganmu, Alaba, and Orile. Operations commenced from Marina to Mile 2 Train Station, with Mr Sanwo-Olu taking the first ride at about 09:45 am. He was joined by some select persons, including the Commissioner of Police for the state, Mr Idowu Owohunwa; the First Lady, Mrs Ibijoke Sanwo-Olu; the

By Adedapo Adesanya The Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), Mr Mele Kyari, says despite popular belief, Nigeria is not an oil-dependent economy. He made this disclosure while speaking at the opening session of the Atlantic Council Global Energy Forum in Abu Dhabi, United Arab Emirates (UAE), in relation to the achievement of the net-zero target by the year 2060. Mr Kyari stated that presently, the contribution of the sector to the country’s Gross Domestic Product (GDP) was just nine per cent. “First of all, let me put it in a general context, our country’s GDP

By Dipo Olowookere Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Mr Umaru Ibrahim, has revealed that 15 out of the 42 mortgage banks in the country were yet to meet their premium obligations for deposit insurance. Mr Ibrahim made this disclosure at a sensitisation workshop held in Lagos for operators of Primary Mortgage Banks (MPBs), where he was represented by the Executive Director of Corporate Services at NDIC, Mrs Omolola Abiola-Edewor. “Our records indicate that 15 out of 42 PMBs are yet to meet their premium obligation. I therefore wish to appeal to you all to pay your

By Kestér Kenn Klomegâh Several reports have criticised aspects of Russia’s policy, further identified pitfalls, and highlighted challenges and approaches toward Africa, even after its first symbolic summit in October 2019. The latest report titled ‘Ways to Increase the Efficiency of Russia’s African Strategy under the Crisis of the Existing World Order’ (ISSN 1019-3316, Herald of the Russian Academy of Sciences, 2022), co-authored by Professors Irina O. Abramova and Leonid L. Fituni, both from the Institute for African Studies (IAS), Russian Academy of Sciences. According to authoritative sources, aspects of this report were presented at the RAS Presidium on February

By Modupe Gbadeyanka The Bankers’ Committee has promised to embark on a continuous effort to promote financial literacy among youths in Nigeria. This decision was reached at the committee’s meeting held in Lagos on Wednesday. According to the Group Managing Director of Skye Bank Plc, Mr Tokunbo Abiru, the committee unanimously agreed that the banking industry should act in unity to ensure that financial education is promoted in schools across the six geopolitical zones. “Part of what we discussed was the need to continuously improve on financial literacy. And one of the resolutions is for the entire industry to act