SEC Pledges to Create More Wealth for Investors

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya Oil prices fell about 2 per cent on Monday as the US Dollar strengthened and traders took profits while the market remained concerned about rising crude supplies and pressure on demand from high-interest rates. Brent crude lost $1.49 or 1.6 per cent to finish at $90.71 a barrel while the US West Texas Intermediate crude (WTI) depreciated by $1.97 or 2.2 per cent to settle at $88.82 per barrel. Analysts said some traders took profits after crude prices rose nearly 30 per cent to 10-month highs in the third quarter, which wrapped up last week. Prices are

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Dipo Olowookere A top artiste in the Nigerian music industry, Mr Olamide Adedeji, popularly known as Olamide, has been announced as the brand ambassador of Sterling Bank. Olamide is the owner of a music label called Yahoo Boy No Laptop Nation (YBNL). He was chosen by the financial institution as ambassador for its project called Sterling Environmental Makeover (STEM). Olamide is expected to use his influence to positively promote the bank’s project.

By Adedapo Adesanya The Naira depreciated against the US Dollar in the Peer-2-Peer (P2P), parallel market, and the Investors and Exporters (I&E) arms of the foreign exchange market on Thursday, June 15, as the country moves very closer to the harmonisation of these segments. On Wednesday, the Central Bank of Nigeria (CBN) released the local currency from its long-time shackles, allowing market parameters to determine its true value. The apex bank announced the unification of all segments of the forex exchange (FX) market by collapsing them into the I&E window. The CBN also eliminated schemes like the RT200 Rebate Scheme

By Modupe Gbadeyanka Members of the Lagos State House of Assembly have denied reports that they have caused the delay in the presentation of 2019 Budget by Governor Akinwunmi Ambode. Some days ago, the state government, through the Commissioner for Budget and Economic Planning, Mr Olusegun Banjo, said though the budget was already before the state parliament, the Governor had intended to present it to the house on December 24, 2018. According to him, the Governor had sent a verbal information to present the budget on Monday, December 24, 2018 after the State Executive Council approval on December 19, 2018,

By Modupe Gbadeyanka The board of African Business Coalition for Health (ABCHealth) has unanimously agreed to appoint Ms Mories Atoki as the new Chief Executive Officer of the company. ABCHealth is a not-for-profit advocacy driven organisation established by the Aliko Dangote Foundation and the Global Business Coalition for Health. The firm, founded in 2019 and registered in Nigeria, is an African-led coalition of business leaders and companies to improve the health and wellbeing of the African population. It was formed on the margins of the 32nd African Union Summit in Addis Ababa, Ethiopia during the Africa Business; Health Forum convened

By Modupe Gbadeyanka It is not the best of times for Evan Medical Plc, a company on the stock exchange battling for survival because of some issues staring at it. To compound its woes, a Lagos Judicial Division of the National Industrial Court has asked the healthcare firm to pay the sum of N71 million within 30 days. The amount, precisely N70.977 million, is outstanding salaries, allowances, gratuity and pension contributions of eight former employees of the company for their years of service. Justice Ikechi Nweneka, who ordered Evans Medical to make the payment, held that the various documentary evidence

By Modupe Gbadeyanka The sum of $200 million has been approved by the World Bank to support Nigeria in the area of agriculture through credit facility. Word Bank Country Director, Mr Rachid Benmessaoud, disclosed in a statement last Friday that the credit was being financed from the International Development Association (IDA), the World Bank Group’s grant and low-interest arm The money, according to him, would be used to enhance agricultural productivity of small and medium scale farmers. About 60,000 individuals are expected to directly benefit from the programme, while the priority value chains under the project will include products with

By Modupe Gbadeyanka Commercial banks in Nigeria have been directed by the Central Bank of Nigeria (CBN) to file their foreign exchange returns in Dollar. This order was given on Thursday by the apex bank in a statement issued by its spokesman, Mr Isaac Okorafor. The CBN explained that this move became necessary following the insinuations in some quarters that the apex bank was involved in the sale of Dollar to customers. In the statement, the CBN maintained that it does not “deal directly with any bank customer on foreign exchange transactions, but stressed that such “transactions are consummated strictly

By Modupe Gbadeyanka Ogun State Governor, Mr Ibikunle Amosun, has refuted claims that the state government plans to spend close to N1 billion for the conduct of the forthcoming local government election in the state on October 8, 2016. Mr Amosun said reports quoting the Ogun State Independent Electoral Commission (OGSIEC) claiming it will spend close to the above amount for the exercise were totally false without any “iota of truth.” “The N927 million that is being bandied around is the annual budgetary request of OGSIEC and not money that they have been allocated by the state government,” he said