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Tag Archives: business

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 »

FG To Borrow N1.24tn Via TBs In Q3– CBN


The Federal Government is planning to borrow N1.24tn in the third quarter via the issuance of Treasury bills by the Central Bank of Nigeria. A CBN debt calendar for the third quarter released on Friday showed that it would sell N1.24tn ($4.1bn) worth of treasury bills from June 15 to August 31. The apex bank aims to auction N226.64bn in 91-day bills, N311.32bn in 182-day ... Read More »

FG Releases Paris Club Refund Details To States

adeosun kemi

Facts have emerged as to how the Federal Government allocated the first tranche of N516.38bn reimbursement made to the 36 states of the federation and the Federal Capital Territory from the Paris Club debt refund. Based on the schedule of reimbursement, which was released by the Ministry of Finance on Friday in Abuja, five states got the highest amounts of refund from the Federal Government. ... Read More »

We’ve Attracted Over $86m Chinese Investments –NPA


The Nigerian Ports Authority has said with the initiatives it has taken in the past couple of months, it has attracted investments worth over $86m from the China Harbour Engineering Company at the Lekki Deep Sea Port. The NPA made the assertion while refuting an allegation by the Committee of Maritime Professionals that NPA’s current management under Ms. Hadiza Bala-Usman was hindering investment in the ... Read More »

Consumers Can Buy Electricity Directly From Gencos – Fashola

babatunde raji fashola

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has declared that eligible power consumers are now free to purchase electricity directly from power generation companies. By declaring eligible customers, the minister has empowered the consumer to buy electricity directly from licensees other than the power distribution companies, a development that the Discos recently opposed. The Nigerian Electricity Regulatory Commission on Friday stated that ... Read More »

Ogun Partners IPPs On Stable Power Supply


In its bid to ensure stable supply of power to enhance business activities, the Ogun State Government has appointed seven Independent Power Producers, (IPP), to take care of the industrial clusters in the State. The Senior Special Adviser to the Governor on Energy, Mr. Taiwo Fagbemi disclosed this at a Town Hall Meeting at Ado/Odo-Ota Local Government Council Area of the State. He explained that ... Read More »

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