Category: Business News
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VAT increases by N29.98bn in fourth quarter of 2020 — NBS
The National Bureau of Statistics (NBS) says Value Added Tax (VAT) increased by N29.98 billion from N424.71 billion generated in third quarter to N454.69 billion in fourth quarter, 2020 (Q4 2020). The NBS said this in its “Sectoral Distribution of Value Added Tax (Q4 2020)” obtained from its website on Wednesday in Abuja. The bureau…
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Customs to commence reduction on imported vehicles’ duties next week
The reduction in the duties on vehicles and tractors from 35 to about 10 per cent may take off next week, the Nigeria Customs Service said on Tuesday. Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was expecting an official communication from the finance ministry…
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JUST IN: CBN rejects fresh lockdown, retains interest rate at 11.5 percent
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Tuesday urged the Federal Government not to consider another round of lockdown. CBN Governor Godwin Emefiele made this known in Abuja at the end of the first MPC meeting in 2021. The CBN governor said the Bank will work with the fiscal authorities…
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Fidelity Bank hosts capacity building for SMEs
Fidelity Bank Plc is set to organise a national capacity building webinar for small medium enterprises (SMEs) in the country. The programme is part of deliberate efforts to assist entrepreneurs across all sectors of the Nigerian economy develop requisite capacity to unlock their full potentials and take their businesses to the next level of growth.…
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Nigerian government’s heavy borrowings from CBN could crash economy – Fitch
The Nigerian government has been advised to reduce its borrowings from the Central Bank of Nigeria (CBN) for funding the budget deficits. In a statement issued on Wednesday, the rating agency said the constant running to the apex bank to get funds “could raise risks to macroeconomic stability.” Just like others in the emerging economies,…
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Kyari Mourns Festus Marinho, Pioneer MD of NNPC
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has lamented the death of the pioneer Managing Director of the Corporation, Chief Festus Remi Ayodele Marinho. A press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that Chief Marinho, who passed away yesterday, was…
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FIRS blames #EndSARS protests, others for 2020 revenue target shortfall
The Federal Inland Revenue Service (FIRS) has announced that it generated about 98 per cent of its targeted revenue for the year 2020. The tax body on Tuesday in a statement issued in Abuja by its Director of Communications, Mr Abdullahi Ahmad, that the sum of N4.952 trillion was generated as revenue last year, a…
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NNPC posts N28 billion trading surplus
The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020, posting a trading surplus of ₦28.38 billion. This is contained in a statement signed and released on Sunday by Dr. Kennie Obateru, Group General Manager, Group Public Affairs…
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Elumelu’s TNOG acquires 45% participating interest in Nigerian Oil Licence
Leading African investment company, Heirs Holdings, has acquired 45 percent participating interest in Nigerian oil licence OML 17 and other assets from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In a statement on Friday, the company said one of its subsidiaries, TNOG Oil and Gas Limited would have…
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Heirs Holdings Acquires 45% of OML 17 from Shell, Total and ENI
Heirs Holdings (“HH”), the leading African strategic investor, in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”), Nigeria’s largest publicly listed conglomerate, announced today the unconditional acquisition of a 45% participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings…