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Proposed 9% Comm. Tax Won’t Affect Telecom Sector—NCC

August 23, 2016
By Dipo Olowookere The National Communications Commission, NCC, the telecommunications services sector regulator in Nigeria, has said it would do everything possible to ensure that the proposed nine percent communication tax does not adversely affect the sector. This assurance was given by the Executive Vice Chairman of the Commission, Professor Umar Danbata, on the sidelines of the Digital Economy Conference
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CBN Bars First Bank, UBA, FCMB, Others From FX Market

August 23, 2016
By Dipo Olowookere Nine commercial banks operating in Nigeria were on Tuesday suspended by the Central Bank of Nigeria (CBN) from the interbank foreign exchange market. The CBN wielded its big stick on the nine banks because they failed to remit $2.1billion owed to the government. The affected financial institutions are Diamond Bank, FCMB, Fidelity Bank, First Bank, Heritage Bank,
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CBN Orders Banks To Give 60% FX To Manufacturers

August 24, 2016
By Dipo Olowookere Banks in Nigeria have been directed by the Central Bank of Nigeria (CBN) to allocate 60 percent of their foreign exchange purchases to manufacturers. According to the CBN, this move is to boost the manufacturers’ ability to pay for imports and boost the economy. In a circular dated August 22, 2016, the apex bank further explained that
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Japan Puts $9.7m Into Nigeria’s Solar Power Project

August 24, 2016
The sum of $9.7 million has been donated by the Japanese Government, through its agency, Japan International Cooperation Agency, to boost electricity in Nigeria. The donation was disclosed on Tuesday by the Ambassador of Japan to Nigeria, Mr Sadanobu Kusaoke, in Abuja. The Japanese Government said it was making the gesture because it considers the power sector as one of
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No Going Back On Diversification Of Economy—Buhari Tells US

August 24, 2016
***Vows To Institutionalize Anti-Corruption War The United States of America (USA) has been assured by President Muhammadu Buhari to deepen and institutionalized the anti-corruption crusade in the country. This, according to the President, will make the crusade last beyond the life of the current administration. Mr Buhari made this disclosure when he received the US Secretary of State, Mr John
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Politics

Nigerian OTC securities exchange

OTC Exchange Rises 1.17% Amid High Trading Volume

May 18, 2024
By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.2 per cent appreciation on Friday, May 17 amid a large trading activity that saw three price gainers and four price losers. The market capitalisation of the OTC exchange jumped by N19.85 billion during the trading day to N1.720 trillion from N1.700 trillion and the NASD Unlisted Security Index
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unlisted securities index

Investors Gain N57.66bn from Unlisted Securities Trading

By Adedapo Adesanya  It was all smiles for investors at the NASD Over-the-Counter (OTC) Securities Exchange as their portfolios swelled by 3.9 per cent or N57.66 billion on Tuesday, May 7, leaving the market capitalisation of the trading platform higher at N1.548
May 8, 2024
Nigeria's crude oil quota

Crude Oil Trades Lower on Easing Supply Concerns

By Adedapo Adesanya On Tuesday, crude oil traded lower on signs of easing supply concerns, with Brent falling by 17 cents to close at $83.16 per barrel, and the US West Texas Intermediate (WTI) crude depreciating by 10 cents to finish at
May 8, 2024
Lagos Customs Street stock exchange

Customs Street Falls 0.48% as Investors Offload Financial Stocks

By Dipo Olowookere Sustained profit-taking in financial stocks further weakened the Nigerian Exchange (NGX) Limited on Tuesday, as investors keep an eye on happenings in the macroeconomic environment. Business Post reports that Customs Street depreciated by 0.48 per cent yesterday due to
May 8, 2024
Microsoft

Microsoft to Shut Down Lagos Innovation Centre

By Modupe Gbadeyanka Tech giant, Microsoft, is reportedly planning to shut down its innovation centre in Lagos, known as the African Development Centre (ADC). The reason for this action has not been independently verified by Business Post, but there are strong indications
May 8, 2024
paula-bellizia-ebanx-2-photo-by-rafael-dabul-1

Yes Bank, Ebanx to Boost Cross-Border Commerce in India

By Adedapo Adesanya Yes Bank, a leading private sector bank in India, and Ebanx, a global fintech company specialized in payment solutions for emerging markets, have announced a strategic partnership to power payment processing in India, the world’s fifth largest economy. According
May 8, 2024
NUPRC

NUPRC Affirms Commitment to Ease Burdens in Oil Bid Round

By Adedapo Adesanya The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed the country’s commitment to break all entry barriers for potential investors ahead of the country’s anticipated oil bid round. This was disclosed by Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, during
May 8, 2024
Lotus Bank

Lotus Bank Targets $1bn Facility From Islamic Development Bank

By Adedapo Adesanya  Islamic financial institution, Lotus Bank, is seeking a $1 billion facility from the Islamic Development Bank (IsDB) to back its bid to provide funds to expand its operations and tackle wider economic challenges in Nigeria. This was disclosed by Mrs Kafilat
May 7, 2024
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