The House of Representatives on Wednesday uncovered the sum of N10 billion belonging to Nigeria Customs Service (NCS) trapped in five banks operating in the country. Chairman, House Committee on Customs and Excise, Hon. Leke Abejide who presided over the investigative hearing on the trapped fund which was attended by management teams of the banks […]
The Central Bank of Nigeria (CBN) has directed all banks to publish names of customers who violate the rules on Forex acquisition. The directive was contained in a circular signed by the Director Banking Supervision Department of the CBN, Haruna B. Mustafa, on Monday. According to the circular, people using fake visas and canceling air […]
Oil marketers under the auspices of the Association of Petroleum Marketers and Dealers have called off their three-day industrial action. The group had on Wednesday embarked on strike following unsettled issues and differences with the state government which has lasted for a long time. The association also accused some state government agencies of harassment and […]
The Federal Inland Revenue Service (FIRS) has directed taxpayers in the country to continue to pay value-added tax (VAT) to the agency to avoid facing penalties for failing to do so. Abdullahi Ahmad, FIRS spokesperson, stated this in a statement on Sunday. The directive followed a recent judgment obtained by the Rivers State at the […]
The Central Bank of Nigeria (CBN) has cautioned microfinance banks in the country to stop engaging in foreign exchange transactions and other unauthorised dealings. The apex bank stated this on Friday in a circular titled ‘Cessation of Non-Permissible Activities by Microfinance Banks’ issued by Ibrahim Tukur from the CBN’s Financial Policy and Regulation Department. “The […]
GOVERNOR Nyesom Wike of Rivers State on Thursday signed into law the bill on Value Added Tax (VAT) collection in the state. Wike signed the recently passed bill by the state House of Assembly at the Government House, Port Harcourt. He maintained that the judgment of the Federal High Court sitting in Port Harcourt had […]
International Oil Companies (IOCs) operating in the Niger Delta have defaulted to the tune of over $4 billion in their statutory remittance to the Niger Delta Development Commission (NDDC). The IOCs are required to provide 3 per cent of their annual budgets to the commission, but according to the Minister of the Niger Delta Affairs, […]
President Muhammadu Buhari on Wednesday in Abuja said Nigeria lost an estimated $50billion worth of investments in 10 years. This, according to him, was a result of the uncertainty of the non-passage of the Petroleum Industry Bill (PIB), lack of progress and stagnation in the petroleum industry. In his remarks at a ceremony on passage […]
Bamboo est have assured Nigerian investors that their money is safe with them following the freezing of their bank accounts by the Central Bank of Nigeria. In a Twitter message, Bamboo told its customers that customers’ savings would not be tampered with. “Hi everyone, we’re aware of the recent reports about us. Our legal and […]
Governor of Imo State Hope Uzodinma has said that the signing of the Petroleum Industry Bill 2021 into law will help to regulate environmental hazards such as oil spillage. “All the hazards that follow the production of oil, mostly environmental hazards, are as a result of the absence of regulatory environments,” he said on Channels […]
