The total amount of stamp duty collected on deposits in bank accounts across the Deposit Money Banks has yielded ₦13bn to the Federal Government, investigation has shown. Sources close to the Central Bank of Nigeria where the fund is warehoused confirmed to our correspondent that in the first 12 months of application of the duty […]
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The Nigeria’s oil production, excluding condensates, was slightly below 1.8 million barrels per day in July, the country’s oil minister said on Thursday. Emmanuel Ibe Kachikwu, speaking on the sidelines of an event in the capital, Abuja, said there had been issues with aging pipelines. “We continue to have challenges, some of our pipelines are […]
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The naira, yesterday, posted its biggest daily appreciation of ₦5.45 in the Investors and Exporters (I&E) window, while the volume of dollars traded rose to $166.66 million. Data from Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window, known as Nigeria Autonomous Foreign Exchange (NAFEX) dropped to ₦355.55 per […]
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President and Founder of Dangote Foundation, Aliko Dangote, has set aside ₦200 billion to establish a world-class university in Abuja. Former Executive Secretary of the National Universities Commission, NUC, Julius Okojie, who is the chairman of the technical team for the establishment of the university, said the foundation intended to drive technology and research in […]
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Nigeria is losing about $2 billion (₦610 billion) annually as a result of the duplication of biometric verification being conducted by no fewer than 16 agencies of the Federal Government. According to the report of a research by Information and Communication Technology experts, which was revealed in Abuja on Tuesday, Nigeria can cut down this […]
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The Central Bank of Nigeria has tactically made Bureaux De Change (BDC) operators inactive in the Apex Bank’s Forex Window as forex end users embrace commercial banks. The preference for commercial banks followed the uncompetitive rate regime that shifted the business patronage in favour of the lenders. The practice has cut BDCs’ turnover, putting their […]
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Both the Securities and Exchange Commission and the Nigerian Stock Exchange have said legal firms should consider listing their shares on the Nigerian Stock Exchange. The Director-General, SEC, Mr. Mounir Gwarzo, and the NSE’s Chief Executive Officer, Mr. Oscar Onyema, said this while discussing ‘Creating secondary market for investors’ at a break out session of […]
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Oil prices fell around 1 percent on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance. Benchmark Brent crude futures were down 56 cents at $52.16 a barrel at 1342 GMT, after surging […]
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As part of its efforts to attract Nigerians, especially youths, to invest in the Nigerian capital market, the Securities and Exchange Commission (SEC) is partnering the Nigerian Educational Research and Development Council (NERDC) to develop a curriculum on capital market studies to be taught in primary and secondary schools. Speaking to the press during the […]
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Tin Can Island Comptroller, Yusuf Bashar, at the weekend, disclosed that his command generates an average of ₦1.2 billion, daily to the Federal Government coffers. Bashar made this disclosure during the inauguration/swearing in of the Tin Can Island chapter of the International Freight Forwarders Association (IFFA) and the official launch of the association’s operational vehicle. […]
Read More The Federal Government has engaged the services of some international audit firms, including Ernst & Young and PriceWaterhouse Coopers, to reconcile and recover public funds illegally withheld by banks. Disclosing this in Abutsja, Director (Funds), Office of the Accountant General of the Federation, (OAGF) Hamza Adeyemi, said that the resort to hiring the audit firms […]
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Two years after it commenced the full implementation of the Treasury Single Account (TSA), in its ministries, Departments and Agencies (MDAs), the Federal Government on Thursday declared it was yet to audit remittances made to the account with the Central Bank of Nigeria from the TSA. This by implication means that the government does not […]
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