Reps To Amend Nigerian Tax Laws

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited has said that Nigeria is currently losing 470,000 barrels per day of crude oil amounting to $700 million monthly due to oil theft. A statement by the NNPC said that Mr Bala Wunti, the Group General Manager, National Petroleum Investment Management Services (NAPMS), made this disclosure while speaking during a tour of the facilities of the NNPCL. Mr Wunti said the pipelines particularly those around Bonny terminal cannot function due to the activities of criminals. He also argued that the number of barrels stolen daily is very huge, adding that

By Ahmed Rahma The House of Representative has lamented the huge revenue Nigeria is losing because of the poor state of roads in the Apapa area of Lagos State. The lower chamber of the National Assembly during plenary on Wednesday said the gridlock caused by the poor road network is now making investors stay away from the area, which houses the nation’s busiest port. In order to address these issues, the parliament wants the federal government to declare a state of emergency on the access roads to Apapa, Kirikiri and the environs. Yesterday, a lawmaker from Kogi State, Mr Leke

By Ahmed Rahma The Nigerian Labour Congress (NLC), Kwara branch, has appealed for the reinstatement of 2,414 teachers laid off work by the state government. In a statement on Wednesday, signed by its chairman, Mr Issa Ore, the union said that the decision to sack that large number of workers employed by the immediate past administration was too harsh on the affected people, their families and dependents. It stated that the situation would make life unbearable for the teachers and their families; more so that their sack had already created a vacuum in the classrooms, which is also not good

By Aduragbemi Omiyale The Consul General of France in Lagos, Ms Laurence Monmayrant, has promised that her country would continue to foster economic and investment ties with Nigeria. The diplomat gave this assurance during the closing gong ceremony for the Franco-Nigerian Chamber of Commerce and Industry in her honour in Lagos on Tuesday. Speaking at the event at the Nigerian Exchange (NGX) Limited, she said France was also looking forward to working with the bourse to have more brands listed on its platform in the coming year. Ms Monmayrant stated that the Franco-Nigeria Chamber of Commerce was pleased with the

By Aduragbemi Omiyale The federal government has assured Nigerians that the Port Harcourt Refining Company (PHRC) Limited plant in Rivers State should begin operations by December 2023. The Minister of State for Petroleum Resources in charge of oil, Mr Heineken Lokpobiri, gave this assurance on Friday when he checked the progress of the facility’s rehabilitation. The immediate past administration of Mr Muhammadu Buhari had approved the overhaul of the refinery and the others in the country to stop the importation of petroleum products. Yesterday, the Minister, in what seems to be his first major outing since he was sworn in

By Olubori Oduntan In a rapidly changing world, more so in the digital space, finding the right models to anchor human capital development will remain a paramount determinant of corporate success. This thinking underscores the Workplace Banking Seminar’ organized by Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, in Lagos, recently. The seminar, with the theme, ‘The Future of Work and the Role of Human Capital’, attracted participants from both the public and private sectors, including Human Resources Managers , Financial Service Institutions, Insurers, Fintechs, Government Agencies, Regulators, Private Equity and Venture Capital firms, amongst other players

By Dipo Olowookere Another loss was recorded on the floor of the Nigerian Stock Exchange (NSE) on Friday. The market depreciated by 0.46 per cent during the session and it was the third time in a row. The decline was caused by profit-taking in banking and industrial goods stocks and this weakened the respective sectors by 2.48 per cent and 0.08 per cent. Business Post reports that the gains in insurance, energy and consumer goods sectors by 0.39 per cent, 0.30 per cent and 0.13 per cent respectively could not save the market from falling. At the close of transactions,

By Adedapo Adesanya The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange depleted by N11.45 billion last week (Week 2) to close at N927.53 billion. Business Post reports that the negative outcome happened as five of the admitted securities saw their prices depreciate over the course of five trading days. Niger Delta Exploration and Production (NDEP) Plc lost 9.1 per cent in the week to settle at N170.00 per share compared with the previous week’s N187.04 per share, Central Securities Clearing Systems (CSCS) Plc dipped by 6.7 per cent to N12.60 per unit from N13.50 per unit, UBN Property