Business

We Paid Over N500 Billion Tax To Nigerian Government In 2023 — MTN

We Paid Over N500 Billion Tax To Nigerian Government In 2023 — MTN

MTN Nigeria Communication Plc said it paid the sum of N543.9 billion in taxes and levies to the Nigerian government in 2023. The company disclosed this in its 2023 sustainability report released over the weekend, which highlights its Environmental, Social, and Governance (ESG) practices. In addition, MTN said it was able to expand its network coverage to cover 92.9% of the country’s landscape. The technology company added that it also increased its investment in capital expenditure by 13.2% to N571 billion in 2023. Per the company’s financial result, MTN Nigeria posted N2.46 trillion as revenue for the full year 2023.…
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Shoprite To Close Abuja Branch By June 30, Blames Business Climate

Shoprite To Close Abuja Branch By June 30, Blames Business Climate

The Retail Supermarket Nigeria Limited (RSNL), owner of Shoprite, has announced that it would cease operations at its Wuse store located in Novare Wuse Central Mall, Abuja from 30 June. The company’s Chief Executive Officer, Folakemi Fadahunsi, said in a circular titled ‘Notification of Novare Wuse Central Mall, closure’ dated 21 June that the decision was made after a thorough evaluation of the store’s financial situation and the current business climate. “We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse store located in Novare Wuse Central Mall, Abuja. “This…
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Dangote Refinery To Buy 24 Million Barrels Of US Crude Oil –Report

Dangote Refinery To Buy 24 Million Barrels Of US Crude Oil –Report

Dangote Oil Refinery in Lagos is seeking to buy millions of barrels of US crude over the next year as it ramps up processing rates. The $20 billion refinery, established by Africa s richest man Aliko Dangote, has issued a term tender to buy two million barrels per month of West Texas Intermediate Midland crude for a year starting in July, according to a report by Bloomberg. The tender for overseas oil — from a refinery that’s situated in Africa’s largest producer nation, highlights how influential the plant will be in global crude and fuel trading. It will be the…
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The Biggest Mess Of 2023 Was The Devaluation Of The Naira From ₦460 To ₦1,400 — Dangote

The Biggest Mess Of 2023 Was The Devaluation Of The Naira From ₦460 To ₦1,400 — Dangote

The chairman of Dangote Industries Limited, Aliko Dangote, says the devaluation of naira created the biggest mess for the company in 2023. Dangote spoke on Tuesday during the annual general meeting of Dangote Sugar Refinery Plc. According to Dangote, the company is putting in efforts to ensure it pays dividends this year. He said a lot of companies, especially in food and beverages businesses, were also affected and will be unable to pay dividends, TheCable reported. “We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you…
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CBN bans use of foreign currency as collateral for naira loans

CBN bans use of foreign currency as collateral for naira loans

The Central Bank of Nigeria (CBN) has banned the use of foreign currency-denominated collaterals for obtaining naira loans, except under specific conditions. This was conveyed through a circular distributed to all Nigerian banks by Dr Adetona S. Adedeji, the Acting Director of the Banking Supervision Department at the CBN. The circular noted CBN’s observations of the prevalent use of foreign currency (FCY) as collateral by bank customers seeking naira loans. In the light of these observations, the CBN resolved to prohibit this practice, aiming to stabilise the financial market and ensure the prudent use of foreign currency within the economy.…
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CBN sells dollars to BDCs below market rate at N1,101/$1

CBN sells dollars to BDCs below market rate at N1,101/$1

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1. In a circular seen by Nairametrics, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. This suggests BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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BDC Gets 10k Dollars From CBN, To Sell At N1,269/$

BDC Gets 10k Dollars From CBN, To Sell At N1,269/$

The Central Bank of Nigeria (CBN) has sold dollars to Bureau De Change operators at the rate of N1,251/$1. According to a statement issued by the apex bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud, $10,000 was made available to each of the BDCs which benefited from this. The BDCs were directed not to sell the dollars at a rate which exceeds 1.5 per cent above the purchase price, meaning that it should not be sold beyond N1,269 per dollar. “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved…
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Foreign Airlines Say CBN Lied About Clearing FX Backlog

Foreign Airlines Say CBN Lied About Clearing FX Backlog

Foreign airlines operating in Nigeria have said the Central Bank of Nigeria (CBN) was inaccurate in claiming it had cleared all foreign exchange (FX) obligations. Kingsley Nwokeoma, the Association of Foreign Airlines and Representatives in Nigeria (AFARN) president, told BusinessDay that the bank was yet to clear foreign airlines’ trapped funds. This came 24 hours after Hakama Ali, acting director of CBN’s corporate communications, issued a statement saying the bank made $1.5 billion payments to settle a residual FX backlog balance. On Thursday, Nwokeoma said, “If they say they have cleared the trapped funds, they should show us figures. They…
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After meeting Tinubu, Meta to allow Nigerian Instagram users monetize content in June 2024

After meeting Tinubu, Meta to allow Nigerian Instagram users monetize content in June 2024

Meta, the parent company of Instagram, is set to launch a new feature on its Instagram and Facebook app in June 2024, aimed at empowering Nigerian creators to monetize their content and earn a livelihood through the platform. This announcement was made by Meta’s President of Global Affairs, Nick Clegg, following a meeting with President Tinubu at the presidential villa earlier today. Earlier in his remarks, Clegg expressed gratitude to President Tinubu for facilitating an executive order crucial to the landing of Meta-backed deep-sea cable infrastructure in Nigeria. He said, “It is an extraordinary infrastructure project. When it comes on…
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High cost of living: List of places to buy Lagos discounted food items

High cost of living: List of places to buy Lagos discounted food items

Lagos State has unveiled a subsidised food initiative aimed at enhancing access to essential staples for its residents, as announced in a statement released by Gbenga Omotosho, the Commissioner for Information and Strategy, on Saturday. Commencing on Sunday, March 17, 2024, the initiative seeks to introduce a voucher system during its pilot phase to ensure transparency and prevent any potential exploitation. Initially, the programme will be operational at designated markets situated across five administrative divisions of the state. These include 27 locations in Ikeja, six in Lagos Island, nine in Ikorodu, five in Epe, and 10 in Badagry. Here’s a…
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