Business Archives — Page 7 of 8

Sep

21

2021

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President Buhari orders deduction of tax from all digital transactions in Nigeria

Business

President Muhammadu Buhari has ordered deployment of technology to tax all digital transactions carried out across the country. The Secretary to the Government of the Federation, SGF, Boss Mustapha disclosed this at the 17th General Assembly and 10th anniversary of the West Africa Tax Administration Forum, WATAF, in Abuja on Tuesday. The assembly is a high-level policy dialogue on taxation of the digital economy, organised by the Federal Inland Revenue Service, FIRS. Mr Mustapha said the President gave the order to tax authority to ensure digital transactions were taxed digitally, and the goal of their efforts was to achieve seamless…

Sep

19

2021

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BREAKING: Buhari Orders Incorporation of NNPC, Appoints Senator Ifeanyi Ararume As Chairman

Business

President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited, the State House has announced. A statement on Sunday issued by Special Adviser to the President (Media and Publicity), Femi Adesina, said the president gave the order in his capacity as Minister of Petroleum. “This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the Company,” the…

Sep

17

2021

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CBN declares AbokiFX founder wanted over naira collapse

Business

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN) says the apex bank will track Oniwinde Adedotun, the founder of AbokiFX and the firm over posting of illegal naira-dollar rates. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. On the platform, naira is quoted at 570 to the dollar at the parallel market, though the apex bank had described it as an illegitimate market. “The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get…

Sep

08

2021

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Wike blows hot, threatens to shutdown banks, other businesses that pay VAT to FIRS

Business

The governor of Rivers State has threatened that the state government will shut down the premises of any bank or business organisation in the state that continues to pay Value Added Tax (TAX) to the federal government through the Federal Inland Revenue Service. (FIRS). The governor stated this in Port Harcourt on Wednesday during an interactive session with corporate organizations in the state. He lamented that the federal government has purposely turned the states into beggars, by making them congregate regularly in Abuja to beg for funds, instead of utilizing their potentials to develop their respective states. The warning from…

Jun

16

2021

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How Buhari administration pushed 7 million Nigerians into extreme poverty in 2020 – World Bank

Business, News

How Buhari administration pushed 7 million Nigerians into extreme poverty At least 7 million Nigerians were pushed into poverty in 2020, according to the World Bank. In the latest Nigeria Development Update (NDU), titled “Resilience through Reforms”, the World Bank said in 2020, the Nigerian economy experienced a shallower contraction of -1.8% than had been projected at the beginning of the pandemic (-3.2%). “Although the economy started to grow again, prices are increasing rapidly, severely impacting Nigerian households.” “As of April 2021, the inflation rate was the highest in four years. Food prices accounted for over 60% of the total…

Jun

07

2021

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Onion Marketers In Northern Nigeria To Stop Supply Of Spice To The South

Business

Ethnic tension grips Nigeria and trade wars have become par for the course. The north of Nigeria has concluded plans to stop supply of onions--a widely consumed seasoning and spice--to the south of Nigeria, as ethnic and religious tension continues to grip Africa's most populous nation. According to Aliyu Isa Umar, National President of Onion Producers, the blockade is a reprisal to the violence being unleashed on northerners and their businesses in the nation's south. The police in Imo, southeast Nigeria, had disclosed that a truck laden with onions was looted and vandalised after hoodlums gunned down APC politician Ahmed…

Jun

03

2021

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Unknown Gunmen: Onion Sellers Suspend Supply To South East

Business

The Onion Producers and Marketers Association of Nigeria (OPMAN) has said it has concluded plan to halt the supply of Onion to the Southeast following the current unrest ravaging the region. Aliyu Isah, National President of OPMAN made the announcement on Wednesday. According to him, the traders have suffered several attacks by the unknown gunmen in the region, hence the decision to suspend supplies until normalcy returns. He claimed that two trucks loaded with the produce were recently hijacked by gunmen suspected to be members of the proscribed Indigenous People of Biafra, IPOB.

Apr

29

2021

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BREAKING NEWS: CBN Sacks All Directors Of First Bank Holdings

Business

Sola Adeduntan has been reinstated as the managing director and chief executive officer of First Bank of Nigeria Limited by the Central Bank of Nigeria. CBN Governor,Godwin Emefiele, made the announcement in a press briefing on Thursday. He also announced the immediate removal of all directors of FBN limited and FBN Holdings. The CBN had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors. The apex bank, however, directed U.K Eke to remain the group CEO of FBN Holdings Plc.…

Apr

27

2021

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Stop hidden charges, exploitative marketing, Femi Gbajabiamila tells banks

Business

Stop hidden charges, exploitative marketing, Femi Gbajabiamila tells banks “You need to have marketing for people to know what you offer. If there are any abuses or conducts that are not ideal, they should be called out and addressed.” The Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila, has expressed concern over the way Deposit Money Banks charge account holders indiscriminately, decrying that apart from known charges, there appeared to be other ‘hidden’ charges that banks imposed on their customers. Gbajabiamila, who noted that the House was concerned that such a practice was making customers helpless, called on…

Apr

16

2021

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CBN Governor reacts to currency printing, says Nigeria in unfortunate situation under Buhari

Business

CBN Governor reacts to currency printing, says Nigeria in unfortunate situation under Buhari Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has admitted that the country’s economy is in bad shape under President Muhammadu Buhari’s regime. Against the backdrop of the worsening unemployment, inflation rate and rising debt profile, Mr Emefiele acknowledged that Mr Buhari had a precarious situation on his hand. “Nigeria is unfortunately in a bad situation in the sense that we are facing a problem about productivity output which is GDP. We are also confronted with the problem of inflation,” said Mr Emefiele. On…