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Tag Archives: business

Manufacturers Reject Monthly Review Of Electricity Tariff


The Kwara Branch of the Manufacturers Association of Nigeria has kicked against the monthly review of electricity tariff by distributing companies. The Executive Secretary of the association, Mr. Gbenga Johnson, told the News Agency of Nigeria in Ilorin on Thursday that many consumers are not getting value for money. “We have been experiencing epileptic power supply and Ibadan Electricity Distribution Company has continued to charge us on ... Read More »

Govt To Reduce N6b Forex Spending On Tomato Imports


LOCAL manufacturers have embarked on projects that will reduce the cost of tomato import, Manufacturers Association of Nigeria (MAN) president,  Dr. Frank Udemba Jacobs, has said. In an interview with The Nation, he said Nigeria currently spends N6bilion on importation of tomato, adding that the country is currently not producing up to its capacity of 1.8million metric tons.  “The spending cut of N6bn spent on the importation ... Read More »

NNPC Loses N48bn As Refineries’ Performance Drops By 45%


 Nigerian refineries are still performing poorly as an analysis of the latest monthly oil and gas sector report has shown that their combined performance, with respect to capacity utilisation, has dropped by 44.87 per cent. This came just as the Nigerian National Petroleum Corporation continued to record losses on monthly basis since the beginning of this year. Figures from the June 2017 financial and operations ... Read More »

Naira Closes At N362 As CBN Injects $297m Into FX Market


The naira got another boost yesterday as the Central Bank of Nigeria (CBN) injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547 million. The intervention boosted its rate as it closed at N362 to the dollar as against N365 at which it opened yesterday. Confirming the ... Read More »

Kachikwu Predicts Petrol Price Crash In 6 Months


The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, has given assurance that the pump price of Premium Motor Spirit (PMS), otherwise known as petroleum will crash from the current N145/litre within four to six months. Kachikwu who made the prediction in a podcast message to mark his two years in office, did not give the likely price the vital product would be sold. According ... Read More »

Investors To Lose N45b Unclaimed Dividends, Shares


About N45 billion unclaimed dividends and millions of shares may be forfeited by investors who used fictitious names and other secret means to buy shares through public offers. The 2005-2008 boom in the capital market witnessed significant increase in public offers as several banks, insurance companies and other non-financial quoted and unquoted companies jostled to raise funds through the capital market. Securities and Exchange Commission ... Read More »

Nigeria Receives $3.7bn Revenue In Taxes, Royalties

Shell oil

• As Shell pays $55.6bn to 31 host governments The Nigerian Government is said to have received the sum of $3.7 billion in taxes and royalties, from Anglo-Dutch Shell Group. The sum represents the highest payment made to any single government among the Shell 31 countries of operations, according its latest Global Report for 2016. The total payments could have paid in excess of 50 ... Read More »

Unpaid N800b Subsidy Arrears Threaten Banks, Downstream Sector


Unless the Federal Government urgently offsets the accumulated subsidy arrears, interest on loans and the foreign exchange differentials of N800 billion that accrued to petroleum marketers between 2014 and 2017, the Nigerian banking system and the downstream sector may face serious challenges. The Ministry of Finance is yet to pay the N800 billion for imported petrol, despite a directive by the Acting President Yemi Osinbajo ... Read More »

Inflation Rate Drops From 17.24% To 16.25% – NBS


The National Bureau of Statistics on Thursday released the Consumer Price Index which measures inflation with the index dropping from 17.24 per cent in April to 16.25 per cent year-on-year. The NBS in the report stated on a month-on-month basis, the headline index rose by 1.88 per cent in May representing a 0.28 per cent points higher than the rate of 1.60 per cent recorded ... Read More »

FG Moves To Stop Evasion Of Taxes By Major Companies


The Federal Government has commenced a move aimed at stopping major companies from evading tax. To achieve this, the Federal Executive Council granted permission to the Ministry of Finance to sign a multilateral convention to implement tax treaty related matters to prevent base erosion and profit shifting. Base erosion and profit shifting is a situation where the profit that was made in Nigeria using accounting ... Read More »

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