Stock Market Closes Red, Reverses Marginal Gain

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

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 The House of Representatives on Thursday stepped down a bill for an Act to Amend the Personal Income Tax Act, Cap. P8, Laws of the Federation of Nigeria, 2004. The bill, in its second reading and moved by Mr Tasir Olawale Raji, a lawmaker from Lagos State, was stepped down yesterday by the Deputy Speaker, Mr Yussuf Lasun, who presided over plenary, because the bill did not come with a compendium. A compendium is a collection of concise but detailed information about a particular subject, especially in a book or other publication. Mr Raji, who moved the

By Adedapo Adesanya Access Bank Plc may be on course to be the first bank in Nigeria to embark on a massive job cut due to the impact of the coronavirus-induced lockdown. In a video circulating on the social media, which was probably leaked from what appeared to be a private meeting with employees of the bank, Mr Herbert Wigwe, the Group Managing Director of Access Bank, noted that the bank may be considering a large scale retrenchment. Mr Wigwe, who spoke via video conferencing in the meeting with the bank’s staff, said those likely to be affected by the

By Timi Olubiyi, PhD It is no news that many economies including Nigeria are currently in recession. In reality, the year 2020 has been eventful, chiefly with the novel coronavirus (COVID-19) pandemic. Its impact has continued to have a severe impact on businesses, households, and economies globally and one of its consequences is inflation. Even though inflation is a concept that affects all of us; but most importantly high inflation could be hostile to economy and business especially the micro, small and medium enterprises (MSMEs). With persistent inflation, businesses and households usually perform poorly, and expectedly more money is paid

By Adedapo Adesanya Crude oil prices dropped more than 2 per cent on Thursday as the European Union (EU) could not agree on a plan to boycott Russian oil. This affected the price of Brent crude at the international market as it went down by 2.93 per cent or $3.56 to sell at $118.00 per barrel, while the United States West Texas Intermediate (WTI) depressed by 3.07 or $3.53 to trade at $111.40 per barrel. European Union leaders are set to agree at a two-day summit which started on Thursday to jointly buy natural gas as they seek to cut

In today’s world where modern technology has us glued to our screens, teens and adults alike are woefully inactive. According to the World Health Organisation (WHO), global estimates show that one in four adults and more than 80% of adolescents do not do enough physical activity. Physical activity is critical for human health, and adopting a healthy lifestyle that includes regular physical activity is one of the most important things a person can do to improve their health and well-being. Evidence is emerging that shows that physical inactivity is associated with a heightened risk of serious illness and death. On

By Dipo Olowookere The United States and journalists have been blamed by China on Monday for a fracas at a Chinese airport, in which officials of both countries exchanged heated remarks as President Barack Obama disembarked from his aircraft. The comments by a foreign ministry spokeswoman were in response to questions whether China, which is hosting a G20 summit meeting in its eastern city of Hangzhou, intentionally failed to provide Obama’s plane with a staircase, an event that has fueled speculation it was a diplomatic snub. “I think if only the American group had respected the working arrangements first made

By Modupe Gbadeyanka Traders at the popular Oko-Odo market, also known as Ile-Epo market, have been given one week to put an end to illegal activities perpetrated at the market or risk being shut down indefinitely by the Lagos State government. This warning came yesterday when leaders of Agbado Oke-Odo Market held meeting at the Lagos House in Ikeja with the state government. Secretary to the State Government (SSG), Mr Tunji Bello, who represented Governor Akinwunmi Ambode at the meeting, lamented that traders at the market were in the habit of displaying their wares on the road for sale beyond

By Dipo Olowookere In furtherance of its commitment to empower female entrepreneurs across Nigeria, Keystone Bank Limited, through its Pink Network initiative, recently organized a capacity building workshop tagged ‘The Accelerate Business Seminar’ for female business owners. The Pink Network is an online platform to learn, get mentorship, share business ideas and interact. The one-day seminar, in its second edition, took place on Wednesday, December 13, 2017 at the Keystone Bank Learning Academy, Lagos, in partnership with Enterprise Development Centre (EDC), Fate Foundation, Junior Achievers Nigeria, SME100 and Trans Royal Couriers. At the event, business professionals took participants through series