Wall Street May Close Higher on Upbeat Economic News

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 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 Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Modupe Gbadeyanka Residents of Oyo State have been assured of the efficacy and safety of the COVID-19 vaccines, urging them to take the jab to keep the state safe from the virus. Last week, the state government, through the Ministry of Information, Culture and Tourism, collaborated with UNICEF to create awareness on the COVID-19 vaccine (COVAX) among residents in the state. The UNICEF C4D Specialists, Akure Office, Mrs Aderonke Akinola-Akinwole, stated that there was the need to educate and clear all doubts about the efficacy and safety of receiving the COVID-19 vaccine by the people of the state especially

By Adedapo Adesanya  The Naira’s performance at the foreign exchange market ran into its third consecutive ‘good’ day as the Nigerian currency continued to perform impressively across the parallel and investors segments of the foreign exchange market in the country on Friday. At the Investors and Exporters (I&E) window, the Naira appreciated by 0.03 percent or 11 Kobo to close at N362.08/$1,better than N362.19/$1 registered at the segment on Thursday. Following Thursdays’ trend, daily market turnover went up by $12.54 million to $322.44 million from $309.88 million in the previous session, indicating a 4 percent increase in market volume. At

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a preacher and General Overseer of Christ Living Hope Church, Rev. Ugochukwu Emmanuel, for carrying 54 sticks of drugs suspected to be cannabis. In a statement released by NDLEA spokesman, Mr Femi Babafemi, the suspect was nabbed at the Murtala Muhammed International Airport (MMIA) in Lagos while on his way to a crusade in Nairobi, Kenya. Rev. Ugochukwu, who was arrested on Monday in an outward clearance of passengers on an Ethiopian Airlines flight to Nairobi via Addis Ababa, was said to have wrapped the drugs

By Modupe Gbadeyanka Due to its desire to partner and create wealth for their individual customers, Heritage Bank took advantage of the customers’ service/appreciation week to organise a business fair that showcases and celebrates the business activities of their various customers. The fair which took place at 12 Ligali Ayorinde Street, Victoria Island, Lagos, last Sunday and Monday, saw various entrepreneurial clientele of the bank displaying their products and services to potential customers. The event was strategically kick started on Sunday, a work free day, to enable customers alongside their family and friends hang out at the fair. Just as

By Modupe Gbadeyanka The board of Ellah Lakes Plc has agreed to a business combination with an agro company, Telluria Limited, which is expected to strengthen Ellah Lakes’ balance sheet, restore customer confidence, provide access to new markets while enhancing operations that will ultimately drive profitability and deliver value to shareholders. This decision was taken at the board meeting of the firm held on Wednesday, June 12, 2019 and a Director in Telluria, Mr Chuka Mordi, was appointed to be the new managing director of Ellah Lakes Plc effective June 12, 2019. Mr Mordi takes over from Mr Frank Ellah,

By Dipo Olowookere The Nigerian Stock Exchange (NSE) closed for the week on Friday bearish by 0.46 percent, extending the negative trend to the fifth trading session. Losses recorded by some blue-chip stocks as well as continued sell-off by investors ensured that the market remained in red throughout the week. The year-to-date return at the close of business today stood at 12.77 percent, while the market breadth finished negative with 22 price gainers and 31 price losers. The All-Share Index (ASI), which closed at 43,326.89 points yesterday, depreciated by 198.97 points today to end 43,127.92 points. Also, the market capitalisation,

By Aduragbemi Omiyale A leader in the trade and supply chain finance digital ecosystem, Finverity, has appointed a former Investec and Starling Bank executive, Ms Symmie Swil, as its Head of Operations, coming a few weeks after the company raised $5 million. Ms Swil is expected to use her diverse strategy and operational leadership experience gained in both senior fintech and investment banking roles in Finverity. She will focus on building scalable and efficient operations as the business and its clients’ needs grow, supporting the growth of the funding platform for mid-market corporates, the SaaS offering and the wider business

By Modupe Gbadeyanka Chief Executive Officer of Jumia Nigeria, Ms Juliet Anammah, has revealed the main secrets responsible for the growth across Africa. According to Ms Anammah, the firms’ integrated and interconnected ecosystem across its 23 markets in Africa has helped to build a solid foundation for the company in Nigeria and across Africa. Speaking recently with some foreign media delegates, who came to Nigeria to tour the company’s expansive Lagos warehouse located in Ikeja, Lagos, the Jumia boss said, “We built one integrated, inter-connected ecosystem that captures most of the simple day to day needs that people could do