Nigeria Implements 7.5% VAT on Diesel Imports

By Adedapo Adesanya The Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN), has said that Nigeria must use technologies to tackle illicit financial flows which pose a serious threat to the country which is facing rising cases of money laundering and terrorism He called on member states of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) to deploy modern technologies to combat illicit financial flows in the sub-region during his speech at the 2023 summit for Compliance Officers themed Intersection of Technology and anti-money laundering; combating of financing of terrorism and proliferation on

By Adedapo Adesanya The Nigerian government has outlined its priorities for the upcoming 28th Conference of Parties (COP) in Dubai, the United Arab Emirates (UAE). Speaking to journalists at a pre-COP workshop organised by the National Council on Climate Change (NCCC), the Director General of the council, Mr Salisu Dahiru, said the country has a number of issues dear to its economy and journey towards climate resilience that it hopes to achieve at COP28. COP 28 is the United Nations Climate Change Conference taking place from November 30 to December 12. COP takes place every year and is the world’s

By Bliss Okperan Operatives of the Nigeria Police Force (NPF) have fired tear gas at journalists and some protesting members of the Judiciary Staff Union of Nigeria (JUSUN) in Osun State. The judicial workers were at the entrance of the Osun State High Court in Osogbo when the security operatives fired teargas to disperse them. According to reports, some members of the media present at the high court were entangled in the crossfire as the police insisted on clearing the way to allow the Chief Judge of the state access to her office on Wednesday. It was gathered that newsmen

By Dipo Olowookere Mid-tier financial institution, Wema Bank Plc, on Friday released its third quarter earnings to the Nigerian Stock Exchange (NSE). The lender said in the first nine months of this year, its profit before tax grew by 69.9 percent to N3.1 billion from N1.8 billion recorded in the corresponding period of 2017, while the profit after tax appreciated by 72.9 percent to N2.6 billion from N1.5 billion. From the results posted by the firm, the interest income closed at N38.9 billion versus N37.5 billion a year ago, while the net interest income climbed to N15.8 billion from N12.2

By Modupe Gbadeyanka For the second day in a row, prices of crude oil slumped on Wednesday with rising US oil output adding pressure on the market, although OPEC production cuts continued to offer support. Investors in the oil market are awaiting weekly inventories data from the US Energy Information Administration due at 1530 GMT on Wednesday. West Texas Intermediate crude futures lost 15 cents, or 0.3 percent, to $53.86 a barrel by 0723 GMT, and Brent crude gave up 13 cents, or 0.2 percent, to $56.38. “Signs that the U.S. shale industry is recovering weighed on the market,” ANZ

By Dipo Olowookere Errors are what people make sometimes unconsciously and at times, cannot be avoided. However, what is important is the step taken to remedy mistakes. In the past, people go to the bank to send money to a beneficiary, but nowadays, there is no longer a need for that as money can be transferred to a beneficiary via the mobile phone. However, there are times when money is sent to a wrong recipient and in some cases, the receiver fails to make a refund. Some days ago, the Central Bank of Nigeria (CBN) released a circular on the

By Aduragbemi Omiyale The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has been invited by the House of Representatives along with other agencies of the federal government to clarify the disagreement over the use of a payment platform for university lecturers in the country. The government had said it would pay the salaries of the teachers via the Integrated Payroll and Personal Information System (IPPIS) but members of the Academic Staff Union of Universities (ASUU) want the Universities Transparency and Accountability Solution (UTAS), arguing that the platform captures the peculiarity of the university system. The lecturers have

By Investors Hub Asian stocks closed broadly lower on Friday as investors kept a close watch on U.S.-China trade talks and waited for cues from the U.S. jobs report due later in the day. China’s Shanghai Composite Index slid 9.83 points or 0.3 percent to finish at 3,091.03, as traders remained focus on the U.S.-China trade talks as well as upcoming U.S. employment data. Hong Kong’s Hang Seng Index slumped 386.87 points or 1.3 percent to 29,926.50 after the latest survey from Nikkei showed the private sector in Hong Kong swung to contraction in April. Australian shares retreated as banks

By Adedapo Adesanya The husband of Queen Elizabeth II of Great Britain, Prince Phillip, has died at the age of 99, a statement from Buckingham Palace has revealed. Prince Philip was the longest-serving royal consort in British history after getting married to Princess Elizabeth in 1947, five years before she became the Queen. The Palace announced the death of the late monarch via its official Twitter handle today. He was said to have passed away peacefully this morning at Windsor Castle. “The Royal Family join with people around the world in mourning his loss. Further announcements will be made in

By Adedapo Adesanya  Nigerian Breweries (NB) Plc, the makers of Star, Heineken, Maltina, and Goldberg, has said from August 10, 2023, prices of these drinks would go up. The decision, conveyed in an internal memo dated August 1, 2023, and seen by Business Post, cited the need to review prices due to the continued rise in input costs and the necessity to mitigate its impact. “This is to inform you that we will review the prices of some of our SKUs effective Thursday 10th August 2023,” the internal letter signed by Mr Ayo Lawal, the Sales Director, said. “In appreciation

By Ahmed Rahma A former Senator, Mr Emma Nwaka, has frowned at the discriminatory exchange rate policy of the Central Bank of Nigeria (CBN). The former lawmaker, who represented the people of Abia North Senatorial District at the National Assembly in the third republic, described this policy as draconian, noting that it was injurious to the economy. According to him, a few people in the country are benefiting from this system because the apex bank has decided to give forex to some sectors at a lower rate. Mr Nwaka argued that if the exchange rate is in favour of any