Business

Airline business operators calls for special funding from FG

The Federal Government has been challenged to provide a window of special funding for airline operators in the country. The Chairman of United Nigeria Airlines, Prof. Obiora Okonkwo, made the call in Abuja on Thursday while speaking at a retreat organised by the company to mark its two-year operation in the Nigerian aviation industry. Okonkwo explained that the call for ...

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UK removes export duty on goods from Nigeria

United Kingdom has launched the Developing Countries Trading Scheme (DCTS) in Nigeria which will see exports of goods from Nigeria attracting no duty. DCTS offers one of the most generous sets of trading preferences in the world and demonstrates the UK’s commitment to building long term, mutually beneficial relationships with countries like Nigeria. The DCTS launch took place yesterday at ...

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Dangote Refinery not part of projects Buhari commissioned- Dangote

Africa richest man, Aliko Dangote has said that Dangote Refinance located at Lekki Lagos was not part of the projects President Mohammadu Buhari commissioned in his visit to Lagos. The prominent entrepreneur made this known in a press release by his media department. Here is the press statement: Our attention has been drawn to some misleading reports regarding the commissioning ...

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Why CBN continues to give credit facilities to FG- Emefiele

The Governor of the Central Bank of Nigeria, Godwin Emefiele has explained why it has continued to extend overdraft credits to the federal government via a policy termed “Ways and Means”. The Governor noted  the reason why the apex bank continues to support the government through ways and means is part of its responsibility as the lender of last resort ...

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Emefiele makes clarification on stamp duty revenue

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has made some clarifications on stamp duty revenue. According to him, the total revenue collected as stamp duty in six years between 2016 and 2022 is N370.686 billion. It will be recalled that a  House of Representatives member, representing Kazaure, Roni, Gwiwa, Yankwashi of Jigawa State, Muhammed Kazaure, had raised the alarm ...

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CBN pushes interest rate to 17.5 per cent

The Monetary Policy Committee of the Central Bank of Nigeria, CBN, has  decided to increase the benchmark interest rate by 100 basis points to 17.5 per cent. This was disclosed by the CBN Governor, Godwin Emefiele, dwhile reading the communiqué at the end of the two-day MPC meeting, the first of the year. The development means this is the fifth ...

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FCCPC gives approval to 94 loan apps

The Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of 94 companies as digital money lenders in Nigeria. However, only 49 of the digital lenders were given full approval, while the remaining 45 got conditional approval. The Commission disclosed this in an update on its ongoing registration of digital money lenders in the country, an exercise targeted ...

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FIRS rakes in highest revenue so far in 2022

The Federal Inland Revenue Service (FIRS) has announced that it collected over N10 trillion in tax revenue last year, the highest in its history. The Service made this known in its “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Mr. Muhammad Nami, and released to the public yesterday, after his briefing with President Muhammadu Buhari. “The FIRS, in ...

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Demand for individual life insurance increases in Nigeria

There has been high demand for individual life insurance cover as it represents 41.2 per cent of the premium generated in life business by the insurance industry in 2022. Other life cover are annuity and group life insurance. This was made known in the National Insurance Commission (NAICOM) Bulletin of the Insurance Market Performance in third quarter 2022. The regulator, ...

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Jaiz Bank plans to achieve N9.780 billion in gross earnings this year

Jaiz Bank Plc said it is targeting to achieve N9.780 billion in gross earnings for the first quarter of 2023. The non-interest bank made the projection in its Q1 2023 earning forecast obtained from the Nigerian Exchange Limited (NGX). The lender also projected a pretax profit of N1.403 billion and a profit after tax of N1.263 billion for the stipulated ...

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