Business News

Monday, 11 January 2021 06:28

The newly signed Finance Act 2020 covers many areas of business. This is how the law affects you and your business

The newly signed Finance Act 2020 ensures a balance between broader macro economic strategies to attract investments, grow the economy and fiscal plan for domestic revenue mobilisation in response to COVID-19 pandemic, domestic and global economic downturn. President Muhammadu Buhari signed the 2020 finance act on December 31, 2020. The Act, which takes effect from January 1, 2021 amends the provisions of the capital gains tax act; companies income tax act; industrial development (income tax relief) act; personal income tax act; tertiary education trust fund (establishment) act, customs & excise tariff (consolidation) act and value added tax act. Others include…

Monday, 11 January 2021 06:28

350 individuals, entities owing N3.6tn out of outstanding debt of N4.4tn - AMCON

Management of Asset Management Corporation of Nigeria has called on all agencies of the Federal Government and all stakeholders to join its debt recovery drive to guard against the huge opportunity cost of not recovering its huge total current exposure. The corporation which in recent past had said its obligations was N5tn, disclosed that its exposure has reduced to N4.4tn. It stated this in a statement titled ‘Risk of not recovering over N4.4tn current exposure bad for economy – AMCON’. It stated, “This colossal outstanding going by the 2021 budget estimate rivals the entire budget of the 36 states of…

Monday, 11 January 2021 06:26

Dangote lost $900m in a single day - Report

President/Chief Executive, Dangote Industries Limited, Aliko Dangote, saw his total net worth drop by $900m on Friday as his flagship company emerged the biggest loser at the end of trading on the Nigerian Stock Exchange. Bloomberg Billionaires Index, which is a ranking of the world’s 500 richest people, showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day. Dangote’s net worth had risen from $15.5bn on December 13 to close the year 2020 at $17.8bn. It further gained $600m in the first…

Monday, 11 January 2021 06:17

The magic of money: 5 key lessons on commitment

Money? We all want more of it. We are entrepreneurs, and without trophies, often money is our most-used measuring stick. I met with money coach Amanda Marit to learn how she went from five cents in her bank account to over six figures. "Cut up the ticket from the struggle bus, because you’re not getting back on," Amanda Marit says with a laugh. I'm meeting with her to discuss journey from cubicle to podcast and coaching empire. I've always admired Marit's ability to create money and sustainability, and I had a feeling she'd have some secret sauce for each of…

Saturday, 09 January 2021 06:12

Stocks lose N246bn in value within 6 hours of trading

The bears dominated trading activities on the Nigerian Stock Exchange on Friday with the market capitalisation losing N246bn in six hours of trading. Specifically, the News Agency of Nigeria reports that the market capitalisation, which opened at N21.224tn shed N246bn to close at N20.978tn. Similarly, NSE All-Share Index decreased by 470.64 points or 1.16 per cent to close at 40,120.22 from 40,590.85 posted on Thursday. A breakdown of the price movement shows that Dangote Cement topped the losers’ chart with N19.90 to close at N225 per share. Lafarge Africa trailed with a loss of 10k to close at N22.30, while…

Saturday, 09 January 2021 06:08

Bandits kidnap 6 children of same parent in Zamfara

Police Command in Zamfara has confirmed the kidnap of six children of one Sani Gyare and one other in Kadauri village, Maru Local Government Area of the state. The Command’s Public Relations Officer, Shehu Mohammed, confirmed the incident on Friday in Gusau. He said the command received information on the abduction of seven children, six of whom are children of Mr Gyare and the seventh, a female picked from a neighbouring house all in Kadauri village in Jabaka district of Maru LGA. “Commissioner of Police in the state, Abutu Yaro has deployed a combined team of CTU and Police Mobile…

Friday, 08 January 2021 05:05

SMEs, others in agric sector may be granted pioneer status for 6 years - Official

Taiwo Oyedele, West Africa Tax Leader and a member of PwC Global Board for Leadership Development, has revealed that SMEs and other small companies actively involved in primary agricultural production may be granted pioneer status for almost six years. This disclosure was made in a tweet shared by the tax expert who played a major role as a member of the Inter-Ministerial Committee that drafted the 2020 Finance Bill. According to Oyedele, small businesses and companies engaged in primary agricultural production in the pioneer industry such as crop, livestock, forestry and fisheries may be granted pioneer status for an initial…

Friday, 08 January 2021 05:04

NNPC seeks $1 billion oil prepay to revamp Port Harcourt refinery

Nigeria’s state oil firm NNPC is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt, seven sources familiar with the discussions said. If the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the Covid-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through…

Friday, 08 January 2021 05:02

Oil hovers near 11-month highs, sustained by Saudi output cuts pledge

Oil prices edged higher on Friday, hovering near 11-month highs hit the previous day, as Saudi Arabia’s pledge to make voluntary cuts to its output continued to buoy the mood in the market though worries over slower fuel demand capped gains. Brent crude climbed 2 cents to $54.40 a barrel by 0122 GMT, after closing slightly higher the previous day. It touched $54.90 on Thursday, the highest since February. U.S. West Texas Intermediate (WTI) also gained 2 cents to $50.85 a barrel. The contract closed up 0.4% on Thursday after also hitting its highest since February at $51.28. Both benchmarks…

Friday, 08 January 2021 05:02

Elon Musk surges past Jeff Bezos as world’s richest man

Elon Musk, the world’s celebrated entrepreneur behind Tesla Inc. and SpaceX, is now the world’s richest man. A 4.8% surge in the electric carmaker’s share price at today’s trading session boosted Elon Musk’s wealth valuation past Jeff Bezos, the founder of Amazon on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. What this means: The tech entrepreneur just became the richest person on planet earth with a net valuation of more than $185 billion. Elon Musk’s wealth gain in 2020 marks the fastest surge to the top of the rich list in modern history— and marks…

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Friday, 08 January 2021 04:58

Most entrepreneurs don’t need more funding. Here’s what they really need

Most entrepreneurs are too focused on valuations and on raising gobs of money. They are completely misguided. We try to help them actually run a business. The vow "First, do no harm" is associated with doctors, but those exact words aren't written in the Hippocratic oath. And I'd go so far as to say that such a vow is much better suited for other professionals. Take, oh, I don't know, maybe investors--particularly the kind who back young, up-and-coming enterprises. Just imagine how different the world of venture capital would be if firms tried to live by that motto. They'd have…

Thursday, 07 January 2021 05:22

Air fare to drop as FG removes VAT on flight tickets

Federal government has exempted commercial flight tickets from value-added tax (VAT). This is contained in the 2020 finance bill signed into law by President Muhammadu Buhari on December 31, 2020. The bill exempts “airline transportation tickets issued and sold by commercial airlines registered in Nigeria” and “hire, rental or lease of tractors, ploughs and other agricultural equipment for agricultural purposes” from VAT. Value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage A five percent VAT is charged on airline tickets and remitted to the federal government. The finance law also states…

Thursday, 07 January 2021 05:18

Sex scandal: FCMB appoints acting managing director

First City Monument Bank (FCMB) has appointed Yemisi Edun as its new managing director in acting capacity, amid allegations of marital infidelity between Adam Nuru, the managing director, and Moyo Thomas, a former employee of the bank. In a tweet on Wednesday, FCMB said Edun will act as the managing director, while Nuru is on leave. In a notice sent to the Nigerian Stock Exchange (NSE) on Wednesday, the Bank said it will conduct a review of what has transpired, adding that Nuru volunteered to proceed on leave which “guarantees the sanctity of the review process.” “In line with normal…

Thursday, 07 January 2021 05:14

Jack Ma reveals what he’ld do if Chinese govt asked him for data on Alibaba’s users

Alibaba founder Jack Ma is not missing following speculation about his whereabouts, CNBC reported Tuesday. Ma is reportedly "lying low for the time being" as the Chinese Communist Party cracks down on Alibaba and Ma's financial tech firm, Ant Group. Over the weekend, Yahoo Finance reported that Ma had been missing from the public eye for two months after China pulled Ant Group's IPO in early November. In 2014, Ma told 60 Minutes about how Alibaba walks a fine line with Beijing, trying to remain independent while benefiting from China's government policies that make it difficult for foreign competitors to…

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