Business

Rice may sell as high as N30,000 during Christmas – sources

Rice Producers Association of Nigeria (RIPAN) is insisting that 50kg bag will sell at a maximum of N14,000 while media reports, claimed that the price of local rice may exceed N30, 000 (the minimum wage amount) during the forthcoming yuletide reported The Tribune. RIPAN said the the story is only aimed at causing panic among consumers and buyers. The association has blamed distributors and retailers for the current high prices of rice following the closure of land borders. At a meeting with officials of the Central Bank of Nigeria (CBN), Federal Ministry of Agriculture and Rural Development, Small and Medium Scale Millers Association (SMSMA), RIPAN and Rice Millers Association of Nigeria (RIMAN) insisted they continued to sell 50kg bag at […]

Business

Nine out of ten cars in Nigeria are smuggled revealed Custom boss

Col. Hameed Ali (rtd), the Comptroller-General of the Nigeria Customs Service (NCS), on Thursday said 90 per cent of cars in the Nigeria were smuggled into the country by unscrupulous elements reported Tribune. The custom boss said this while addressing newsmen in Abuja. He alleged that many vehicles on display for sale in auto shops across the country were smuggled. He further said that various car dealers’ spots in some parts of the country were raided to ascertain whether the vehicles were brought in genuinely or not. Ali said, Nigeria needs revenue for development, hence, it became necessary to collect duties on those smuggled vehicles. Ali said, “we want to use this opportunity to ensure that cars within our borders […]

Business

Akpabio suspends ongoing recruitment exercise at NDDC

Senator Godswill Akpabio, the Minister of Niger Delta Affairs, has issued a directive to suspend all recruitment exercise into Niger Delta Development Commission (NDDC) reported The Nations. Mr Anietie Ekong, the Chief Press Secretary (CPS) to the Minister, made this known in a statement in Abuja on Friday night. The statement also asked the commission management to compile and furnish the Minister with a detailed report on any employment exercise being undertaken within 3 days. Ekong said the decision was taken in order to ensure due process is followed and that in consultation with the committees of the National Assembly on the NDDC. He said, “the Minister of Niger Delta Affairs, Senator Godswill Akpabio has directed that the Niger Delta […]

Business

CBN to charge banks 400bn for failing to meet loan deadline -sources

Central Bank of Nigeria (CBN) plans to charge 12 banks more than 400 billion naira ($1.3 bln) for failing to meet its minimum loan-to-deposit ratio requirement by a September deadline, three banking sources told Reuters on Thursday reported Reuters. Some bank Chiefs Executive Officers are planning to meet with the Apex bank in Abuja on Thursday to discuss the charges, the sources said. In July, the central bank asked banks to maintain a minimum loan-to-deposit ratio of 60% by September as part of measures aimed at getting credit flowing in Africa’s biggest economy after a recent recession stalled growth. The local units of Citibank and Standard Chartered Bank are among those affected, the sources said. Other include top tier Nigerian […]

Business

Rivers state acquires multi-million dollar Shell’s OML 11-Wike

Rivers State Governor, Nyesom Wike has announced acquisition of Shell Petroleum Development Company (SPDC) 45% operating stakes in Oil Mining Lease (OML) 11 in Ogoniland, Rivers state reported Vanguard Nigeria. Wike, in a brief state broadcast on Independence day, said his administration has also made a $150Million bid for the purchase of some other interest of SPDC, now placed on auction by extant Order of the Courts of Law on the lease. Shell Nigeria or Royal Dutch Shell’s Nigerian operations joint ventures account for more than 21% of Nigeria’s total petroleum production(629,000 barrels per day (100,000 m3/d) (bpd) in 2009)[1] from more than eighty fields. Shell Petroleum Development Company (SPDC) is the largest fossil fuel company in Nigeria, which operates […]

Business

Oyo govt says churches, mosques with revenue-generating businesses will pay tax

The Oyo state Internal Revenue Service has announced that churches and mosques with revenue-generating ventures and other businesses would pay taxes. The executive chairman of the agency, John Adeleke stated this on Sunday in Ibadan. Adeleke clarified that while churches and mosques are exempted from paying tax those with revenue-earning ventures and other businesses would pay taxes, levies and other fees as applicable. The chairman of the agency added that Oyo state government is working on capturing other areas that had not been explored to generate more revenue instead of increasing taxes on business enterprises. “A culture of an efficient and leak-proof collection in all areas of revenue would be put in place. “Instead of tax increment, we are emphasising the […]

Business

Deposit/withdrawal charge is only on the amount in excess of N500K – CBN

The Central Bank of Nigeria has explained how the newly introduced cashless policy of deposit and withdrawal charges work. On its official twitter handle, @cenbank, the apex noted that the deposit and withdrawal charge is only on the amount in excess of the limit and not the N500,000. The tweet reads: The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00. Recall that the Central Bank of Nigeria on Tuesday, September 17 announced the introduction of new charges on deposits and withdrawals above N500,000 to promote a cashless […]

Business

CBN introduces new charges on deposits, withdrawals

The Central Bank of Nigeria on Tuesday announced the introduction of new charges on deposits and withdrawals above N500,000 to promote a cashless economy. This was contained in a circular issued to all Deposit Money Banks in the country. The Deposit Money Banks were directed to charge 3% for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts. For corporate account holders, they will be charged 5% for withdrawals and 3% for deposits of amounts above N3 million. The new charges on deposits and withdrawal would commence from Wednesday, September 18, 2019 in Lagos, Ogun, Kano, Abia, Anambra, Rivers States and the Federal Capital Territory. It added that other states of the federation would join from March […]

Business

Federal Government increases VAT to 7.2%

The Federal Executive Council (FEC) on Wednesday September 11, approved an increase in Value Added Tax (VAT) rate from 5 percent to 7.2 percent. Minister of finance, budget and national planning, Zainab Ahmed, disclosed this in Abuja to state house correspondents at the end of the cabinet meeting. She however stated that the increment is subject to an amendment of the VAT act of 1994 by the National Assembly. Ahmed also said the states need the revenue to be able to pay the new N30, 000 minimum wage. The Minister of finance further said they will be immediate consultations with states, local governments and other relevant stakeholders before the new rate takes effect in 2020. She said: “We also reported to […]

Melee Kyari
Business

Critical Assets: NNPC GMD solicits the support of DSS

The Director-General, Department of State Services (DSS), Alhaji Yusuf Bichi, on Thursday promised to support the Nigerian National Petroleum Corporation (NNPC) to secure the corporation’s critical assets. Dr Peter Afunanya, the Public Relations Officer of the DSS in a statement in Abuja said the DG made the pledge during a courtesy visit with the management team of NNPC. He said that the visit was prompted to deepen relationship with sister agency often identified as an effective paradigm for modern security management. Bichi said ” the protection of the nation’s economy was to enable the government to continue to perform its fundamental role of providing security and welfare for its citizens as enshrined in the Constitution.” The DSS boss also urged […]

Business

Court Order: Court Freezes Firm Account as AMCON takes Charge

In refusal to settle money owed, the federal high Court has ordered the frozen of Bao Yao Futurlex Iron & Steel Company Limited, Abuja and Bao Yao Huan Jian Iron & Steel, Calabar, Cross River State accounts over N3.6 billion as the Asset Management Corporation of Nigeria (AMCON) took over the two companies. The frozen of the accounts followed the order of Justice B.F.M. Nyako of the Federal High Court, Abuja, which mandated the frozen of the account and asked AMCON to take over all the assets of both promoted by Mr. Shen Yaozhang and Gen. Idris Garba. The court ordered the frozen of all accounts of the companies in any financial institution in the name or belonging to the […]

Business

Borno disburses N39.2 m loan to 1, 307 traders to boost SMEs

Prof. Babagana Zulum Governor of Borno state By Rabiu Sani Borno State Government on Saturday, began disbursement of N39.2 million loan to 1, 307 traders, to encourage the growth of Small and Medium Scale Enterprises(SMSEs) in the state. Gov. Babagana Zulum inaugurated  the disbursement at the Custom Market in Maiduguri. The  governor said the micro credit loan scheme was also to support petty traders, Small and Medium Scale Enterprises (SMEs) and  boost their operations. Zulum disclosed that over 10, 000 traders and businesses were targeted to participate in the scheme before the end of 2019. He said that the beneficiaries  were selected, under the first phase of the programme at the Custom, Budum, Metro and Monday Markets in Maiduguri. Zulum […]