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The Central Bank of Nigeria (CBN) on Monday introduced an FX policy that will tackle the age-long practice of Forex over-invoicing, which unscrupulous businesses have used to cart away the nation’s foreign exchange, insisting that banks and other authorized dealers should henceforth desist from opening 'Forms M' for payments...
History was made, when the West Africa Container Terminal (WACT) received the First Maersk’s direct service container ship from Far East at the Onne Port in Rivers State. The vessel, a gearless 4,800 24-feet Equivalent Unit (TEU) capacity carrier, sailed into Onne Port with Maersk Line flagship under its FEW3...
The Central Bank of Nigeria, CBN, has disclosed that it spent N75 billion to print banknotes in 2019. The apex bank disclosed these in its Currency Operation Department Annual Report for 2019. The amount represents N11.5 billion or 18 percent increase when compared to N64 billion spent in 2018. The...
The Minister of Labour and Employment, Senator Chris Ngige has disclosed on Sunday after a bipartite meeting of the Federal Government and the organized labour at the Banquet Hall of the Presidential Villa, Abuja that President Muhammadu Buhari and state governors will discuss the issue of fuel pricing on...
A businessman, Dr Andrew Warri Foubiri has demanded the sum of N5 billion, retraction and apology from the Economic and Financial Crimes Commission for alleged defamation. Fuobiri who is the Managing Director A.M Projects, A.M Project Consultancy Limited, Medical Director Ranez Medicals and Director of Health and Missions International made...
The Federal Government plan to tax Facebook, Netflix, Twitter, Other Foreign Digital Service Providers offering services to Nigerians, and earning revenue in naira. Some of these service providers which are video streaming sites, social media platforms, and companies that offer downloads of digital contents are expected to pay digital tax...
The sectoral analysis of banks’ credit by the Central Bank of Nigeria (CBN) has revealed that Energy firms in the country owe Nigerian banks a total of N5.59tn. The N5.59tn represents 30 per cent of the N18.63tn loans advanced to the private sector by the banks as of May 2020. In...
MTN Group declared that a whooping sum of $1.6bn will be invested to strengthen its operations and network in Nigeria. The Group Chairman, Mr. Mcebisi Jonas made this declaration at the State House, Abuja where he was received by President Muhammadu Buhari. Meanwhile, President Muhammadu Buhari has restated his administration’s commitment...
The Federal Government of Nigeria has reportedly ordered Madagascar's acclaimed herbal drug for COVID-19 – COVID Organics (COV) Herbal Remedy. The Republic of Madagascar has offered its herbal drug – COVID Organics (COV) drug, which is for the prevention and cure of Coronavirus to Nigeria and other African countries....
At a meeting with newsmen in Lagos on Monday, Dangote Cement new Group Chief Sales and Marketing Director, Rabiu Umar claimed that the company had not increased their factory price. While blaming the middlemen for increasing the price of the commodity, citing difficulties in getting supply, Umar admitted that there...