QNB Group Records $1.8b Net Profit in 6 Months

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

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 Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Adedapo Adesanya Shareholders of the Nigeria Mortgage Refinance Company (NMRC) Plc have approved the 43 kobo per share dividend proposed by the board of the company. The authorisation for the payment of the cash reward was secured by the board at the firm’s Annual General Meeting (AGM) last Wednesday in Lagos. In the 2019 financial year, the company recorded a 64 per cent growth in profit after tax, which was N3.02 billion compared to the previous year’s N1.84 billion, while its profit before tax stood at N3.09 billion, an increase of 60 per cent over the N1.94 billion recorded

By Adedapo Adesanya It was a good trading session for the Naira on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market despite coming under pressure. The local currency appreciated against the United States Dollar at the market segment yesterday by 0.04 per cent or 18 kobo to trade at N416.07/$1 compared with N416.25/$1 it was traded at the previous session. It was observed that the demand for FX at the window jumped by 59.4 per cent or $60.63 million to $162.7 million from the $102.07 million achieved at the midweek session. However, the smooth

By Dipo Olowookere Nigeria’s Vice President, Mr Yemi Osinbajo, on Tuesday, November 14, 2017, held a meeting with the team of MasterCard executives led by its president and CEO, Mr Ajay Banga, at the State House in Abuja. During the meeting, both parties discussed the importance of developing a digital framework for Nigeria to support the country’s ongoing transformation, ensuring the development of a more inclusive economy. Mr Osinbajo recognised the critical role of technology in driving Nigeria’s development to help enable the country to benefit from the expansion of consumer and business spend as cities become hubs for commerce.

By Olukayode Kolawole Thinking of your next holiday destination this year? Here are four (4) reasons Calabar International Carnival should be on your priority list Come December 2016, Calabar will bubble once again, as it does every last quarter of the year, with its signature event, “The Calabar International Street Carnival.” The carnival has always played host to thousands of tourists from around the world. So, if you have to be in Calabar during this period, it must either be to catch a glimpse of the atmospheric carnival or to revel in the colourful display of traditions & traditional dances.

By Aduragbemi Omiyale Though the Nigerian Sukuk market is still in its infant stage, it has the potential to grow bigger because of the large population of Muslims in the country. This was the view of Fitch Ratings in an article published recently, where it noted that the local Sukuk market share of the global space still remains less than 0.5 per cent, according to International Islamic Financial Market’s 2020 Sukuk database. In 2017, Nigeria launched the first sovereign Sukuk and since then, it has raised up to N362.5 billion ($918 million at N394/$1), representing 2.3 per cent of the

By Investors Hub European stocks have risen on Friday to extend recent gains as investors veered around to the view that the U.S.-China trade row will be less harmful to global growth than first feared. Sentiment was also underpinned by expectations that Beijing will increase economic stimulus to boost the economy in the face of the trade war. While the U.K.?s FTSE 100 Index has jumped by 1.1 percent, the French CAC 40 Index and the German DAX Index are up by 0.6 percent and 0.4 percent, respectively. The British pound has retreated after a warning from European Union leaders

By Dipo Olowookere Ogun State Head of Service (HoS), Elder Olusola Adeyemi and 16 other Permanent Secretaries recently bowed out of service. On Wednesday, the state government organised a special reception to honour them at the Arcade ground, Oke Mosan, Abeokuta, the state capital. At the event attended by the Governor, Mr Ibikunle Amosun, he thanked the retirees for their selfless contributions to the mission to rebuild Ogun State. While appreciating Elder Adeyemi who was the 15th Head of Service of the state, the Governor disclosed that indeed “he has left Ogun State better than he met it.” Mr Amosun

By Modupe Gbadeyanka The ongoing reorganisation process at WeWork Canada and the United States will not affect WeWork South Africa, the management has confirmed. In a statement made available to Business Post on Tuesday, it was emphasised that the South African firm is not part of the restructuring because it is 100 per cent independently owned by SiSebenza. WeWork recently embarked on a strategic reorganisation process in the US and Canada as part of efforts to reposition the organisation for greater heights and efficiency. This development sent shivers down the spines of stakeholders in South Africa, forcing the owners of