The Federal Government on Wednesday apologised to air travellers over the industrial action of the National Union of Air Transport Employees, the Air Transport Services Senior Staff Association of Nigeria, which halted inbound and outbound flight operations on Monday. It also vowed to enforce the section of the Civil Aviation Act (2022), disallowing employees […]
The Federal Inland Revenue Service (FIRS) generated a record N10.1 trillion revenue in 2022, the agency said. This is the highest tax collection ever recorded in its history. The Service disclosed this in an “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Mr. Muhammad Nami, and released to the public on Monday, […]
The maximum lending rate in the banking sector hit 29.13 per cent while savings deposit rates was 4.13 per cent as of the end of December 2022. Figures obtained from the Central Bank of Nigeria on money market indicators revealed on Monday. According to the report, prime lending rate was 13.85 per cent, while […]
The naira has dropped to N748 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black or street market. The figure represents a depreciation of N8 or 1.1 percent from the N740 it traded two weeks ago. Speaking to TheCable on Wednesday morning, Bureaux De Change (BDC) operators […]
The Nigerian National Petroleum Company (NNPC) Limited says it deducted N152.85 billion as a shortfall for the importation of petrol (subsidy) in November 2022. The national oil company said this in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Wednesday, January 17, 2023. Subsidy or under-recovery is the […]
As the legal suit on the controversial national carrier-Nigeria Air-continues, lawyers representing the Federal Government and the domestic airlines are expected to meet at the Federal High Court in Lagos, on Monday (today). The case had been adjourned to January 16, 2023, sometime in December, 2022. Meanwhile, lawyers representing Nigeria Air, Minister of Aviation, […]
MTN Group, Africa’s largest telecommunications provider, says it “strongly disputes” the $773 million back-tax bill, penalties and interest charges received by its subsidiary in Ghana. The company, in a statement on Friday, disapproved of the bill by the Ghana Revenue Authority (GRA), claiming it does not have a reliable revenue. According to the company, […]
A high court sitting in Akure, the Ondo state capital, has granted a garnishee order directing the Central Bank of Nigeria(CBN) to freeze the account of Polaris Bank over a judgment debt of N2.16 billion. A garnishee order is one of the options open to a judgment creditor to enforce a judgment that has […]
Access Holdings says it will not continue with its proposed acquisition of a controlling stake in Sidian Bank Limited, headquartered in Kenya. The financial institution made this known on Thursday in a corporate filing signed by Sunday Ekwochi, its company secretary. In June 2022, Access Holdings entered into an agreement to acquire the entire […]
The supply hitches associated with the distribution of Premium Motor Spirit, popularly called petrol, may persist till June this year, oil marketers stated on Wednesday. Nigeria’s downstream oil sector has been grappling with cases of incessant petrol scarcity since last year. The sole importer of the commodity – Nigerian National Petroleum Company Limited, has […]
