Failure to save oil revenue indefensible – Sanusi:
The Emir of Kano and the immediate past Governor of the Central Bank of Nigeria, Muhammadu Sanusi II, on Sunday described the country’s failure to save oil revenue when the price of the commodity was high as an “act against clear injunction.”
Economic crisis: Five banks’ profit drop by N54bn:
Bad loans, naira volatility and other economic headwinds have made Ecobank International Incorporated, Union Bank Plc, First City Monument Bank Limited, Wema Bank Plc and Fidelity Bank Plc to post a combined 80 per cent decline in their annual profits.
Nigeria, others fail to agree on oil freeze deal:
Some of the world’s biggest oil producers, including Nigeria, on Sunday failed to agree on the proposed production freeze for which they converged on Doha, the Qatari capital, in a bid to limit global supply and prop up prices.
SEC to set up committee on N80bn unclaimed dividends:
The Securities and Exchange Commission, SEC has disclosed that it will set up committee to address the over N80 billion unclaimed dividend in the Nigeria capital market , even as it has assured investors to underwrite expenses to be incurred by them in the course of keying into the e-dividend platform.
Mobile payments records highest transaction of N6.5bn in March :
Mobile payment recorded its highest monthly transaction of N6.5 billion in March, indicating increased adoption of mobile devices for payments.
Emefiele Predicts Economic Boom for Nigeria in 2018:
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the economy would experience a boom by the end of 2018 just as he hinted of a hike in interest rate by May this year at the monetary policy committee (MPC) of the apex bank following the inflation rate that has galloped to 12.4 per cent from 11.8 per cent.
Continental Re records N2.92b PBT last year:
Continental Reinsurance Plc’s profit before tax rose by 83.61 per cent from N1.59 billion in 2014 to N2.92 billion in 2015 financial period.
Nigeria can realise N6.7tr yearly from VAT, says ANAN:
If the administration of Value Added Tax (VAT) is decentralised to allow states administer tax law, Nigeria can realise average total revenue of N560 billion monthly.
‘Why LPG target remains unrealistic’:
Nigeria’s inability to meet its yearly target of two million metric tonnes of Liquefied Petroleum Gas (LPG) is caused by inadequate infrastructure, delays in discharging the product at the terminals approved by the Federal Government, market inability to absorb the product, among others, the Chief Executive Officer, Nigerian Liquefied and Natural Gas (NLNG), Mr Babs Omotowa has said.
Metering made difficult:
Citing shortage of meters, electricity distribution companies (DisCos) have not complied with the Federal Government’s directive to give consumers meters. Consumers, who are getting estimated bills, accuse the firms of fleecing them. The DisCos deny the allegation, saying there is a scientific method of preparing estimated bills, AKINOLA AJIBADE reports.