PenCom to Punish Employers Remitting Pension Without Proper Documentation

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Ashemiriogwa Emmanuel President Mohammed Buhari has said that Nigeria is always ready to extend helping hands towards South Sudan on grounds of political and economic stability. The President made the assurance at a bilateral meeting with President Salva Kiir of South Sudan on Tuesday, offering the full support of Nigeria to all efforts to bring long-term stability and prosperity to the continent. According to him, there is a need for developing countries to cooperate in terms of investments in education, improved economy, and healthcare, which will definitely lead to improvement in so many areas. Speaking with the South Sudanese

By Adedapo Adesanya The NASD Over-the-Counter (OTC) opened the new week in the bullish zone on Monday, June 6 as FrieslandCampina WAMCO Nigeria Plc lifted the bourse by 1.15 per cent. Investors at the unlisted securities exchange had longed for this after going through a turbulent week. Friesland gained N6.60 or 7.47 per cent to trade at N95.00 per share compared with the previous closing price of N88.40 per share. However, Central Securities Clearing System (CSCS) Plc suffered a decline in its price by 30 kobo or 1.88 per cent to close at N15.70 per unit versus the previous session’s

By Adedapo Adesanya The Minister of Communications and Digital Economy, Mr Isa Pantami, has expressed satisfaction over the growth of the ICT sector and its contribution to Nigeria’s Gross Domestic Product (GDP) in the first quarter of 2020. It will be recalled that the National Bureau of Statistics (NBS) recently disclosed that the ICT sector contributed 14.1 percent to the total real GDP in Q1 2020. This was higher than its contribution a year earlier (13.3 percent) and in the preceding quarter, in which it accounted for 13.1 percent (Q4 2019). Overall, the ‘Nigeria’s Gross Domestic Product report’ for Q1

By Adedapo Adesanya The new week saw prices of crude oil opening in the upward territory on Monday, November 23 as the eventuality of another coronavirus vaccination improved demand outlook for the commodity. Rising to their strongest level since early September, the Brent crude gained 85 cents or 1.89 per cent to trade at $45.82 per barrel, while the West Texas Intermediate (WTI) crude futures moved up by 1.01 per cent or 43 cents to trade at $42.85 per barrel. AstraZeneca Plc became the latest company to report a vaccine that protects most people from coronavirus. It was disclosed that

By Adedapo Adesanya The Abuja Chamber of Commerce and Industry (ACCI) has lauded the federal government for the effort it took to exit Nigeria from recession in the fourth quarter of 2020. The commendation came from the ACCI President, Mr Abubakar Al-Mujtaba, on Friday in Abuja in a statement signed by the chamber’s Media Officer, Mrs Latifat Opoola. Mr Al-Mujtaba said that the growth in agriculture and telecommunications, which offset a sharp drop in oil production, was impressive, adding that he was hopeful that other sectors would pick up as well. Business Post had reported that the Nigerian economy slipped

By Modupe Gbadeyanka No fewer than 40,000 direct and indirect jobs are expected to be created from the execution of the Nigeria Liquefied Natural Gas (NLNG) Train 7 project worth $17 billion. Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, who made this disclosure, said this development will go a long way to boost the nation’s economy. The NCDMB boss said further that, “The NLNG Train-7 will deliver 100 percent engineering of all non-cryogenic areas in-country. The total in-country engineering man-hours is set at 55 percent which exceeds the minimum level stipulated in the

By Aduragbemi Omiyale The leadership of Universal Music Group has appointed Mr Chinedu Okeke as the Managing Director of Universal Music Nigeria. The founder and executive producer of Nigeria’s legendary Gidi Culture Festival will be expected to lead the development and expansion of UMG’s existing operations within Nigeria, and further English-speaking markets in West Africa. In a statement, it was disclosed that Mr Okeke will report to Mr Sipho Dlamini, who has been promoted to CEO, Universal Music South Africa and Sub-Saharan Africa. Mr Okeke joins UMG having established himself over the last decade, as a successful business and live-music