Business News

Monday, 30 December 2019 06:23

FIRS eases process to obtain Tax Clearance Certificate

Federal Inland Revenue Service (FIRS) yesterday announced a new Tax Clearance Certificate (TCC) regime. In a public notice signed by its Chairman, Mr Muhammad Nami, the service granted eligible taxpayers a 30- day window to enable them obtain TCC. The new TCC regime, according to the public notice, will make it easier for taxpayers to obtain their clearance certificate. Nami said the offer to ease issuance of TCC is in accordance with provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011. He warned that the service will not fail to invoke the provisions…

Monday, 30 December 2019 06:22

The rich get richer still: $1.2 trillion added to their wealth in 2019

The leveraging of a giant social-media presence, a catchy tune about a family of sharks and a burgeoning collection of junkyards are just a few of the curious ways that helped make 2019 a fertile year for fortunes to blossom around the world. Kylie Jenner became the youngest self-made billionaire this year after her company, Kylie Cosmetics, signed an exclusive partnership with Ulta Beauty Inc. She then sold a 51% stake for $600 million. It has been almost two months since the Washington Nationals captured their first World Series championship, but people around the world are still singing along to…

Monday, 30 December 2019 06:14

The scientific case for hiring a narcissist

Craig Wallace When it comes to hiring, most managers want applicants who are not only smart, conscientiousness and collaborative, but also humble, honest and considerate. If you are nodding your head in agreement, stop — research says you’re wrong. Mounting evidence suggests that extolling “bright” personality traits (think generosity, heightened regard for others’ wellbeing, optimism) while simultaneously demonizing “dark” traits (such as arrogance, willingness to manipulate others, singular focus on one’s own goals) is not only misguided, but may cause many to miss out on valuable potential talent. In one 2017 study, people who bear more pronounced dark personality traits…

Saturday, 28 December 2019 04:30

‘Mr Cement’, Joseph Makoju retires as Dangote Cement GMD

Group Managing Director/CEO , Dangote Cement Plc, Mr Joseph Makoju, will retire as GMD/CEO effective January 31, 2020, a position he has held since 2018; according to a report from Nigerian Stock Exchange. Makoju, popularly called Mr Cement, is bowing out after 45 years of transformational leadership in the cement industry. The board has however approved the appointment of Michel Puchercos as his replacement as the Group CEO, effective February 1, 2020. The outgoing GMD/CEO of Nigeria’s largest cement manufacturer, holds a B. Sc (1st Class) honours degree in Mechanical Engineering from University of Nottingham, UK and an M.Phil. in…

Friday, 27 December 2019 04:32

Oil hits three-month highs

Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world’s no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. Brent crude futures were up 13 cents, or 0.2%, at $68.05 a barrel at 0150 GMT, while the West Texas Intermediate (CLc1) contract was up 13 cents, or 0.2%, at $61.81 a barrel. A survey on Thursday showed that online holiday purchases by U.S. consumers reached a record, beating analysts’ expectations and sending U.S. stocks to fresh. U.S. consumers are “showing few…

Friday, 27 December 2019 04:31

Railway Corporation finalises e-ticketing for train rides

Nigerian Railway Corporation (NRC) says the corporation would soon introduce e-ticketing for train services across the country. Mr Fidet Okhiria, NRC Managing Director, announced on Thursday in Abuja that the processes involving the commencement of the e-ticket platform were at its final stage. “The e-ticketing has gone to advanced stage, the process is on, we are just at the final stage of getting the necessary approval for them to be deployed. “It has passed through ICPC, BPE, we hope very soon it will kick-off. I can’t give the time exactly when it will start but FEC will decide,” he explained.…

Wednesday, 25 December 2019 05:16

FG warns merchants against charging consumers N50 stamp duty on PoS transactions

Federal Competition and Consumer Protection Commission on Tuesday stopped the additional N50 charge currently imposed on transactions conducted through Point of Sales Terminal. FCCPC issued the directive in a statement signed by its Chief Executive Officer, Mr Babatunde Irukera, and made available to journalists in Abuja. In recent times, there has been significant contention with respect to merchant imposed N50 stamp duty assessments on consumers for PoS transactions. The fee, which is said to have emanated from Central Bank of Nigeria, was meant to be for consumers who select PoS option to conclude their purchases or transactions. Supermarkets, eateries, filling…

Monday, 23 December 2019 06:16

From Jan, your bank will charge you less for tranfer, ATM withdrawal, others. Here are the new charges

Central Bank of Nigeria (CBN) has reviewed downward electronic transfer and ATM fees as well as card maintenance fees. The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by CBN According to CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge. Previously, bank customers pay N50 charge for electronic transfers below N500,000. Further, CBN in the new Guide to Bank Charges slashed charges for cash withdrawal via Other bank’s…

Monday, 23 December 2019 06:15

Bike-hailing companies are paying a heavy price in bribes and levies to operate in Lagos

Yomi Kazeem Motorcycle-hailing companies became mainstream in Lagos, Africa’s largest city, this year on a simple premise: providing a cheaper way than cars to get around Lagos’ notorious traffic jams and being a safer alternative to the chaotic independent commercial motorcycles known locally as okadas. Even though the rapid uptake of the services of these app-based companies, including Gokada, Max and ORide, has backed up the value proposition they offer to Lagosians, bike-hailing startups are increasingly facing hurdles that pose existential threats. Back in July, the Lagos state government proposed regulation which would see each startup pay annual licensing fees…

Saturday, 21 December 2019 05:05

Govs from Nigeria’s 6 geo-political zones visit Dangote Refinery, awed by project size

Ten governors on the platform of Nigerian Governors Forum (NGF) friday visited the Dangote Refinery and Petrochemicals at Ibeju-Lekki in Lagos, stating that it is a pride to Nigeria and Africa. The governors, led by the Forum’s chairman, who is Governor of Ekiti State, Mr Kayode Fayemi, described the Dangote Refinery and Petrochemicals as a salute to entrepreneurship. Fayemi said the project would contribute immensely to the economic growth of the nation and provide employment to thousands of Nigerians. He said: “This is an inspirational initiative by President of the Dangote Group, Mr Aliko Dangote. It demonstrates the possibility where…

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Thursday, 19 December 2019 04:57

Forte Oil changes name

Forte Oil Plc has announced a change of name of the company to Ardova Plc. In a notice filed at Nigerian Stock Exchange on Wednesday, the company said the change of name was approved by its shareholders at an Extra-ordinary General Meeting, which held in Lagos on Tuesday. It said the notice was pursuant to the post-listing requirements of the NSE for quoted companies. According to the statement, the directors of the company have been authorised to approve, sign and execute all documents and appoint such professional parties as may be necessary to give effect to the resolutions made. It…

Tuesday, 17 December 2019 06:00

Foreign reserves drop further by $558.68m in two weeks

The country’s foreign exchange reserves continued its downward trend as it dropped from $39.8bn on November 11 to $39.24bn on December 13, latest figures from Central Bank of Nigeria have revealed. The reserves fell by $1.26bn from $41.76bn on October 2 to $40.5bn as of the end of the month. According to CBN, the reserves dropped by $482.18m from N45.14bn as of July 8 to $44.65bn on August 8, 2019. CBN Governor, Mr Godwin Emefiele, said recently that Nigeria’s overdependence on crude oil for over 60 per cent of fiscal revenue and over 90 per cent of forex inflows meant…

Monday, 16 December 2019 06:11

Foreign investors may shun Nigeria as Buhari resurrects hard-man habits to curb dissent - Bloomberg

Nigeria’s government is reviving old habits from its authoritarian past to stifle criticism. Evoking memories of Nigeria’s three decades of military rule, the repression risks undoing progress Africa’s top oil producer has made since the restoration of multiparty democracy in 1999. Governance and other reforms have helped more than double average annual foreign investment since then -- a pace President Muhammadu Buhari needs to sustain to help reduce the world’s largest number of people living in extreme poverty. Known for disregarding human rights and introducing protectionist economic policies during his dictatorship from 1983 to 1985, Buhari won a popular vote…

Monday, 16 December 2019 06:10

Naira depreciation to persist as reserves drops to 2-year low

The downward trend in the fortune of the naira against the dollar is expected to persist this week even as the nation’s external reserve falls to the lowest level in two years. Last week, the naira depreciated for the fourth consecutive week and to the lowest level in four months in the Investors and Exporters (I&E) window and in parallel market. In the I&E window, the indicative exchange rate rose to N363.49 per dollar, last week from N363.14 per dollar the previous week, representing 35 kobo depreciation for the naira. Meanwhile, closing exchange rate of N363.49 per dollar represents the…

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