Reps Summon Revenue Generating Agencies Over Non-Remittance of Taxes

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

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 Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Adedapo Adesanya Normalcy seems to have returned to the currency market in Nigeria as the Naira further appreciated against the United States Dollar at the various segments of the ecosystem. In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market, the Nigerian currency gained 50 Kobo or 0.11 per cent to quote at N445.33/$1, in contrast to Thursday’s rate of N445.83/$1. It was observed that domestic currency withstood significant FX demand pressure during the trading session as forex traders completed transactions worth $159.02 million compared with the $99.50 million executed a day earlier, indicating a 59.1

By Modupe Gbadeyanka Hitachi Zosen Corporation has announced that it entered into a share sale and purchase agreement to acquire the majority of shares in Osmoflo Holdings Pty Ltd, a leading engineering company for desalination and industrial water treatment utilizing membrane technology such as reverse osmosis. Subject to the completion of procedures, Osmoflo will become a subsidiary of Hitachi Zosen. Osmoflo, founded in 1991, provides a vertically integrated portfolio of high quality offerings including the design, manufacture, supply, operation, maintenance, and sale of water treatment systems in various regions including Australia, the Middle East, South America, and South East Asia.

By Dipo Olowookere Lagos State Governor, Mr Babajide Sanwo-Olu, has approved the reopening of cinemas and gyms in the state after they were shut down about six months ago. The facilities were closed as part of efforts to contain the spread of coronavirus in the metropolis and the country at large. During his regular media briefing on Saturday, Mr Sanwo-Olu noted that cinemas and gyms would for now be allowed to operate with a maximum of 33 per cent occupancy, stressing that there must be a minimum of two empty seats between occupied seats in the cinemas. He emphasised that

By Dipo Olowookere A renowned commercial lawyer, Mr Olufemi Lijadu, was on Monday inaugurated as Chairman, board of the Securities and Exchange Commission (SEC). Mr Lijadu, at his inauguration yesterday in Abuja, by the permanent secretary in the Federal Ministry of Finance, Mr Mahmoud Isa-Dutse, was given the task of taking the Nigerian capital market to the next level. The new SEC board chair, who obtained a first degree in Law at the University of Durham, St Chads College in 1980, was an Executive Director at United Bank for Africa Plc from 1997 to 2002. In 1983, he further bagged his

By Aduragbemi Omiyale On Monday, March 8, 2021, the Nigerian Stock Exchange (NSE) will join securities exchanges all over the world to commemorate this year’s International Women’s Day. The day will culminate in a digital closing gong ceremony and members of the stockbroking community, analysts, regulators, media and other interested participants have been urged to register via http://bit.ly/nse-iwd-2021. A statement from the exchange disclosed that the 7th annual Ring the Bell for Gender Equality will have several personalities in attendance. Confirmed speakers include Mr Abimbola Ogunbanjo, President, National Council, NSE; Mrs Catherine Nwakaego Echeozo, second Vice President, National Council, NSE;

By Aduragbemi Omiyale As a country with abundant natural and human resources, Nigeria has been identified as better positioned to embrace sustainable finance principles and attract investment for the continent’s much-needed growth and development. This was stated by the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, during a lecture to mark the commemoration of the IOSCO World Investor Week with the theme Investor Resilience and Sustainable Finance, held Friday in Abuja. The IOSCO World Investor Week is an annual event coordinated by IOSCO, which encourages its members, and securities regulators around the world to commemorate their

Nigeria’s leading Business and Economic Newspaper, BusinessDay in collaboration with the Nigerian Stock Exchange (NSE) has honoured Airtel Nigeria for its contributions to the economy and for creating employment opportunities across the country. In a colourful ceremony held last Friday at the Eko Hotel & Suites, Publisher and Chief Executive Officer of BusinessDay, Mr Frank Aigbogun; and the Chief Executive Officer of NSE, Mr Oscar Onyema, presented the award to Mr Segun Ogunsanya, the MD/CEO of Airtel Nigeria. In a citation in honour of Airtel, the organizers said “BusinessDay particularly identifies with Airtel Nigeria for its role in driving economic