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FIRS New Chairman

Meet Muhammad M. Nami, FIRS new chairman

President Muhammadu Buhari has nominated Muhammad M. Nami, as the new Executive Chairman of the Federal Inland Revenue Service (FIRS).
Nigeria adopts EITI for extractive industries stakeholders

As Nigeria adopts EITI for extractive industries stakeholders, here’s your need to know 

Later this week, NEITI will launch a register that will detail the full information of owners of oil and gas companies in the country.  
Bank loans to customers hit N15.9 trillion as CBN deadline approaches

Bank contract staff record biggest drop in 4 years   

Nigerian banks experienced the largest drop in contract staff employment since 2015. This is according to the latest banking sector report of the National Bureau of Statistics (NBS).
stock, shares, Equity Market down by 0.6% on Monday, Quoted Companies post N4.2 trillion combined profits since 2015, Stockbrokers in Lagos are shifting focus to commodities as stocks underperform, Stock Market gains N204 billion, as effects of OMO restriction kicks in , Penalties: NSE makes over N143.6 million from banks, real sector in 2019 , These companies could soon be delisted from the Nigerian Stock Exchange , C&I Leasing, Oando, UBA, two others top gainers chart on Wednesday 

These companies could soon be delisted from the Nigerian Stock Exchange 

These companies could soon be delisted from the Nigerian Stock Exchange 
P&ID, FG, malami, $9bn fine is a scam - Federal Government , UPDATED: P&ID operations shut down, assets forfeited by court order

$9 billion case: Nigeria files new lawsuit against P&ID after new evidence emerges 

The management of British Virgin Island firm, Process and Industrial Development (P&ID) will again have to defend the company in court in the United Kingdom as Nigeria...
ECOWAS economy grows by 3.1%, expected to hit 3.3% by end of 2019  

ECOWAS economy grows by 3.1%, expected to hit 3.3% by end of 2019  

The economy of ECOWAS grew by 3.1% as at the end of the second quarter of 2019 and it’s expected to hit 3.3% by the end of the year.
The Afrocentric Sounds are revitalizing the British Music industry and the Economy, Nigeria’s Entertainment & Media to hit $10 billion by 2023 – PwC 

Nigeria’s Entertainment & Media industry to hit $10 billion by 2023 – PwC 

Nigeria’s Entertainment and Media industry is expected to rise from $4.46 billion in 2018 to $10.5 billion by the end of 2023.
Hike in electricity tariff inevitable, as FG introduces a new policy 

Hike in electricity tariff inevitable, as FG introduces a new policy 

The rise in electricity tariffs in Nigeria is inevitable as the FG has introduced “Willing Seller, Willing Buyer”.
Just copy Saudi Aramco

Lessons for Nigeria from Saudi Aramco

The Saudi Aramco (the Saudi NNPC) is, in my mind, the best example of how a state-owned energy company should be run.
revenue, FSDH, Buhari to release N600 billion for capital expenditure in 3 months, Nigeria @ 59: President Muhammadu Buhari’s speech, Buhari’s Budget of Sustaining Growth & Job Creation (Full text) , See what FSDH is saying about the 2020 budget and FG’s revenue drive , Nigeria recoups N594.09 billion from whistleblowing policy in less than 3 years , Buhari seeks speedy approval of the 2016/2018 external borrowing plan , Finance Bill to use banks as agents to tax Nigerians , FG battles 6 oil firms for failure to remit N20 trillion  

Finance Bill to use banks as agents to tax Nigerians 

Businesses in Nigeria are now more than ever exposed to payment of taxes, according to provisions of the Finance Bill currently being debated.  
CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty 

Why you should be worried about the latest drop in external reserves

The CBN confirmed the external reserves stood at $39.8 billion, the first time it has dropped below $40 billion in almost two years.  
How the Chinese are taking over Nigeria’s economy 

How the Chinese are taking over Nigeria’s economy 

The investments of Chinese companies in Nigeria worth over $20 billion because the country is a competitive destination for the establishment of industries.
CBN commences Forex ban on food importation

CBN keeps MPR at 13.5%, holds other parameters

The Monetary Policy Committee of the CBN has kept the MPR constant at 13.50%. Also, other parameters such as Credit Reserve Ration, Liquidity ratio, and asymmetric corridor were equally held constant.
Banks are the biggest beneficiaries of USSD charges - Telcos reply Banks CEOs, Poor service: 19,977 subscribers lodge complaints against Telcos, Why telecoms poor services persist 

Why telecoms poor services persist 

The alleged poor telecommunication services witnessed across Nigeria has been attributed to an investment gap of about N1.98 trillion in the sector.
PoS agents, operators kick against N50 charge, seek policy reversal , Merchants upgrade POS machines to automatically charge N50 tax duty , FG reviews N50 stamp duty charge to transactions above N10,000, Government reviews stamp duty charge

Merchants upgrade POS machines to automatically charge N50 stamp duty 

Merchants in some of Nigeria’s largest retail outlets have started including the N50 stamp duty in their POS machines automatically.
Air Peace Founder, Onyema denies alleged $20 million bank fraud, Onyema alleged fraud: US court issues warrant of arrest

US court releases Onyema’s transactions details, issues arrest warrant

United States Court has issued a warrant of arrest against Chairman, Air Peace Limited, Allen Onyema over alleged money laundering and bank fraud.
Air Peace gets rights to commence daily flights to South Africa , Air Peace Founder, Onyema indicted for bank fraud, money laundering , Air Peace’s Onyema saga: EFCC seizes passport, as Northern Youths plan rally at US embassy

Air Peace Founder, Onyema indicted for bank fraud, money laundering 

The United States’ Attorney’s Office has charged the Founder and Chairman, Air Peace Nigeria (@flyairpeace), Allen Onyema, with bank fraud and money laundering.
Disrupting Nigerian banks, Evolution of Nigerian banks in 59-years , GTB, UBA, Zenith, Access Banks’ salary advance loans, Can a company operate without a website in 2019? , Banks refund N3.09 billion to customers over claims on excess charges, fraud, others  , Bank CEOs applaud NCC’s decision to suspend USSD charges, GTBank, Zenith, Access, FBN, 10 others spend over N8 billion on CSR, Banking: Evolving trends in the bankers’ market, GTBank, Access, FBNH, Standard Chartered wrestle over women entrepreneurs , GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers , Credit to government declines, as Credit to private sector hits N25.8 trillion, Banking sector NPLs down, loans up

Nigeria’s GDP grew by 2.28% in Q3 2019, as border closure hits trade sector

Nigeria’s Gross Domestic Product (GDP) grew by 2.28% in real terms, in the third quarter (Q3) of 2019, up from 1.81% growth recorded in...
CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty 

Customers’ complaints : Banks refund N3.61 billion – CBN 

The CBN has disclosed the complaints received from customers about incomprehensible charges between July and December 2018 in Nigeria, hit 1,612.
To protect margins, Nigeria’s top brewers are set to increase prices , Nigerian Breweries

Nigerian Breweries: Lower profit estimates on higher Opex; HOLD rating retained

Nigerian Breweries (NB) announced a 1.0% y/y decline in Net Revenue to N235.7 billion in 9M 2019 from N238.1 billion in 9M 2018.
Disrupting Nigerian banks, Evolution of Nigerian banks in 59-years , GTB, UBA, Zenith, Access Banks’ salary advance loans, Can a company operate without a website in 2019? , Banks refund N3.09 billion to customers over claims on excess charges, fraud, others  , Bank CEOs applaud NCC’s decision to suspend USSD charges, GTBank, Zenith, Access, FBN, 10 others spend over N8 billion on CSR, Banking: Evolving trends in the bankers’ market, GTBank, Access, FBNH, Standard Chartered wrestle over women entrepreneurs , GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers , Credit to government declines, as Credit to private sector hits N25.8 trillion, Banking sector NPLs down, loans up

GTBank, Access, FBNH, Standard Chartered wrestle over women entrepreneurs 

GTB, Access Bank, Standard Chartered and First Bank Holding are scrambling over one another to ensure that full gender equity in Nigeria is effected,
A young man hawks biscuit in Lagos traffic

Inflation: Lagos, other western states, worst hit by the border closure

The data also reveals states in the Western parts of Nigeria have been hit hardest by the border closure recording the highest rise in food inflation for the month.
Nigeria's Inflation, Headline inflation jumps to 11.61% in October on border closure

Nigeria’s inflation rose to 11.61% in October 2019, highest in 17 months

Nigeria’s  inflation increased to 11.61% in October 2019. According to the NBS report, inflation rose by 0.37% points, higher than the 11.24% recorded in September and 11.02% for August 2019.
Halima Dangote appointed to head Commercial Operations of Dangote Group 

Halima Dangote appointed to head Commercial Operations of Dangote Industries Limited

Halima Aliko Dangote has been named the new Group Executive Director, Commercial Operations of Dangote Industries Limited.
Verve, DEAL: Visa to acquire 20% stake in Interswitch, valuing it at $1 billion 

DEAL: Visa to acquire 20% stake in Interswitch, valuing it at $1 billion 

Visa is thought to be paying $200 million, valuing Interswitch at about N1 trillion. Helios bought 52 percent of Interswitch for $96 million in Dec. 2010. 
Behold! Some NSE’s oldest firms, A look at the secret behind Chinese companies’ success in Nigeria, These are the best Nigerian companies to work for according to Jobberman , How the Chinese are taking over Nigeria’s economy 

A look at the secret behind Chinese companies’ success in Nigeria

China’s economic exploits across Africa have continued to fascinate observers.
Nigeria Customs Service shuts 272 car marts over smuggled car sales , Automobile dealers, Customs at loggerheads over vehicle smuggling, import duty , January 2020 is no terminal date; Borders will remain shut after then - Customs , FG bans fuel supply to border petrol stations, order threatens businesses, jobs, Ban on fuel distribution to border filling station begins to affect network providers , Nigeria Customs Service wants FG to impose this tax on petrol importers , Experts lament rising inflation over border closure, Closure of border petrol stations lowers fuel consumption by 30% - Customs Boss 

Economy: Still on the border closure

Col. Hameed Ali has ordered that petroleum products should no longer be supplied to filling stations within 20 kilometres to all Nigerian borders.
border closure, Border closure might collapse economies of African countries - Trade expert, Bamidele Ayemibo

Border closure might collapse economies of African countries – Trade expert, Bamidele Ayemibo

Bamidele Ayemibo, a trade finance expert, has thrown more light on why Nigerians need to support Buhari’s decision to close Nigeria’s borders.
To protect margins, Nigeria’s top brewers are set to increase prices , Nigerian Breweries

To protect margins, Nigeria’s top brewers are set to increase prices 

Nigeria’s top brewers are considering increasing the prices of their products in a bid to survive.
crude oil theft

Nigeria loses $41.9 billion to crude oil theft in 10 years

Nigeria lost $41.9 billion to crude oil and refined products theft between 2009 and 2019, a report obtained by Nairametrics disclosed.