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Tag Archives: business

Communication Tax: Subscribers, Business Leaders Ready For Showdown


The proposed communication tax is one tax too many, and may trigger widespread reactions if the bill is eventually passed into law, writes OZIOMA UBABUKOH Although the ‘controversial’ Communication Service Tax bill has passed the first reading at the House of Representatives, The PUNCH can reliably state that the major telecommunications companies in the country are all against it, and have vowed to do all ... Read More »

FG Urged To Review Policy Framework For MSMEs

MSMEs (micro, small & medium enterprises

The federal government has been advised to review and redefine its policies and regulatory frameworks for the micro, small and medium enterprises (MSMEs) in the country as part of measures to stimulate economic growth. Delivering the report of a tax advocacy paper targeted at MSMEs in Nigeria that was carried out by Deloitte Nigeria in collaboration with National Association of Small and Medium Enterprises (NASME) ... Read More »

NSE To Sanction 14 Firms For Earnings’ Report Default


The Nigerian Stock Exchange (NSE) will sanction 14 firms for failing to meet July 31 deadline for the submission of their interim financial and operational reports, it was gathered at the weekend in Lagos. Sources at the Exchange said the firms were to submit their first half and second quarters’interim earnings report and accounts by that date. NSE’s Post-listing rules  require quoted companies to submit ... Read More »

Power Sector Faces Collapse As Banks Halt Loans


The inefficiencies in the privatised power sector has made the Deposit Money Banks unwilling to provide loans to electricity generation and distribution firms, an investigation by our correspondent has shown. It was learnt that some banks were shunning the loan requests of the power firms as the financial institutions appeared no more convinced about the viability of investing in the power sector, judging by the ... Read More »

External Reserves Shed 2.1% In One Month


The nation’s external reserves fell to $25.78bn as of August 16, down by 2.11 per cent from its level a month ago, the Central Bank of Nigeria data showed on Thursday. This came just as the CBN stepped up dollar sales to boost interbank liquidity and support the local currency. The central bank has been selling dollars almost daily on the interbank market to prop ... Read More »

Buhari Seeks End To Illicit Flow Of Funds


President Muhammadu Buhari has called on all governors of central banks in Africa to bring to an end all forms of illicit flow of funds out of the continent. The President stated this while speaking at the opening session of the 2016 annual meeting of the Association of African Central Banks. The event held at the headquarters of the Central Bank of Nigeria and had ... Read More »

Oil Price Hits $50, Highest In Eight Weeks

Global oil benchmark, Brent crude, hit an eight-week high on Thursday as the world’s biggest producers prepared to discuss a possible freeze in production levels. Brent, against which half of the world’s oil is priced, rose by $0.84 to $50.69 per barrel as of 7:58pm Nigerian time. The benchmark has risen more than 20 per cent from a low in early August on news that ... Read More »

Naira Sinks To All-Time Low Of 365.25/Dollar


The naira traded at an all-time low of 365.25 to the dollar on Thursday in a single interbank market trade of $1m, Thomson Reuters data showed. Interbank trading started two hours after the market opened and offered the currency sharply lower against the dollar. A total of $13m had been traded by 1235 GMT. The naira plunged to a record low and forwards rose, suggesting traders expect ... Read More »

Brent Crude Oil Tops $50


Oil prices rose on Thursday with Brent briefly topping $50 thanks to a weaker dollar and a drop in US crude stockpiles, traders said. Brent North Sea crude reached $50.05 a barrel — breaching $50 for the first time since early last month. Later around 1230 GMT, Brent North Sea crude for delivery in October was up two cents at $49.87 a barrel following some ... Read More »

FG Orders Massive Importation Of Kerosene, Say Marketers


In a bid to check the arbitrary increase in the pump price of kerosene, the Federal Government has placed an order for massive importation of the product, oil marketers have said. According to them, the government has also ordered huge importation of Automated Gas Oil, popularly known as diesel. They further stated that with the increase in the supply of the United States dollars by ... Read More »

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