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Non-oil export revenue drops by 34%

by 22.3 per cent when compared to the level in the preceding month. Twenty Deposit Money Banks participated in disbursing the funds. UBA, Zenith Bank and First Bank of Nigeria are the first three banks with the highest disbursements. The banks, according to the CBN, disbursed a total of N41.8bn, N38.1bn and N26.8bn for 35, 24 and 68 projects, respectively. ... Read More »

N1.24b Halliburton Tax Case Rears Head Again

Court grants ex-boxer bail

The Court of Appeal sitting in Lagos has upheld an additional $ 6,972,248 (about N1.24 billion) tax assessment against the Halliburton Energy Services Nigeria Limited (HESNL). The Federal Inland Revenue Service (FIRS) had raised an additional tax assessment against HESNL for year 1996 to 1999. But displeased with the FIRS decision, Halliburton filed a complaint at the defunct Body of ... Read More »

20 People In Trouble As FIRS Pounces On Tax Offenders In Bayelsa

Twenty tax offenders have been arrested in Bayelsa State and made to sign an undertaking to settle their indebtedness before December 31, the Federal Inland Revenue Service (FIRS) said on Monday. State director of the FIRS, Patrick Iroro, said the development followed the intensification of raids on business organizations that failed to pay their annual taxes or remit the Value ... Read More »

Obasanjo Seeks Support For Entreprenuers

Former President Olusegun Obasanjo

FORMER President Olusegun Obasanjo and a group, Entrepreneurs’ Organisation of Nigeria (EON), have called on the Federal Government to give more support to entrepreneurs to transform the economy. They spoke at this year’s edition of Leadership Insight and Experiences Seminar at the Green Legacy Resort, Abeokuta, Ogun State, which ended at the weekend. The call came against the background of ... Read More »

Power Supply Drops Again

THE energy sent out by the Nigerian Electricity Supply Industry (NESI) has dropped to 2,954.51 megawatts (MW). The Federal Ministry of Power stated this on its website at the weekend, in the record of power generation and transmission in the market as at December 11. There was no disclosure of what the market actually delivered to electricity consumers from the ... Read More »

NUPENG Kicks Off Warning Strike

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has said it would begin a three-day warning strike to press for the re-instatement of the National Zonal Secretary of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Mrs. Elo, who was sacked by Total Exploration and Production Nigeria (TEPNG) Limited. The union however said the strike would ... Read More »

NNPC Denies Fraudulent Claims

The Nigerian National Petroleum Corporation has raised objection to the allegation of fraud against it by a former Head of State and presidential candidate of the All Progressive Congress, Gen. Muhammadu Buhari (retd). A statement by the corporation’s Group General Manager, Public Affairs Division, Mr. Ohi Alegbe, described Buhari’s allegation as “political mischief.” The statement said, “It is sad that ... Read More »

How The Industrial Training Fund Trained 37,000 People In Two Years

The Industrial Training Fund, (ITF) said it has trained 37,000 youths in collaboration with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Bank of Industry (BoI) in two years. According to the organisation, the training was carried out under the National Industrial Skills Development Programme (NISDP), which was introduced by the Federal Government in 2012. ITF director-general, Dr. ... Read More »

Devaluation Of The Naira Fails To Curb Stocks Decline

Equities on the Nigerian Stock Exchange have continued to decline in price more than two weeks after the devaluation of the naira. The move, announced by the Central Bank of Nigeria on November 25, had been expected to among other things discourage foreign investors from pulling out their investments, thereby bringing calm to the market. Indeed, following the announcement the ... Read More »

NSE Loses N477bn in Market Cap in One Week

The Nigerian equity market has faced a lot of hurdles in the last few months which did not help the capital market. The activities in the stock market resume downward trading this week with 4.12 per cent depreciation after gaining 6.52 per cent last week. At the end of the weekly trading, index movement shows that, the NSE All-Share Index ... Read More »