Business

Staff of defunct Nigeria Airways get N22bn severance package

Former staff of the defunct national carrier, Nigeria Airways, will from Monday next week start receiving payment of their severance benefits from federal government.

The Minister of Finance, Mrs. Zaibab Ahmed in a statement in Abuja, said the payment worth N22.6billion will last for seven days [...]

Sun, 14 October 2018


Tax: FG to levy owners of assets abroad

Owners of assets outside the shores of the country have been given a 12month grace period, starting from October 8, within which they must declare and pay taxes on their assets abroad.

This directive follows the recent signing of the new executive order number eight, tagged Voluntary Offshore A [...]

Sun, 14 October 2018


World Bank/IMF meeting and murky shadow on Nigeria

Economic projections on Nigeria were relatively gloomy at the just concluded annual meetings of the International Monetary Fund and World Bank Group, with experts predicting low economic growth among other indicators.

The country currently sits at a distant 152nd position among 157 countries, i [...]

Sun, 14 October 2018


Flood threatens rice production, agric minister warns

The federal government has warned that the country is likely to experience shortage in rice production, owing to the flash flood currently being recorded in parts of the country.

The Ministry of Agriculture and Rural Development cautioned that if adequate measures were not taken to replant the [...]

Sun, 07 October 2018


Telecoms attract $5bn quarterly investment

Investment into the telecom sector in Nigeria has been steadily attracting deals worth $5billion every quarter since the beginning of 2018, bringing total investment in the sector since 2001 to $85billion.

According to the Nigerian Communications Commission, NCC, sector’s contribution to [...]

Sun, 07 October 2018


NDIC pays N11.50bn to failed bank depositors

The Nigeria Deposit Insurance Corporation, NDIC, said it has paid over N11.50billion to depositors, creditors, and shareholders of failed banks as at 2017.

The Managing Director of NDIC, Alhaji Umaru Ibrahim, who disclosed this at the NDIC’s Special Day at the 13th Abuja International Tra [...]

Sun, 07 October 2018


Afreximbank task banks on trade facilitation programme

Commercial banks operating on the continent have been urged to key into the Trade Facilitation Programme of the African Export-Import Bank, Afreximbank, in order to improve their business performances.

The Manager, Guarantees and Specialised Finance Unit of the bank, Ms Fatma Bao, said Afreximb [...]

Sun, 07 October 2018


CBN allays fears over dwindling external reserves

The Central Bank of Nigeria, CBN, has said there is no cause for alarm over the drop in the nation’s external reserves which has been on a downward trend lately.

The director, Corporate Communications of the CBN, Mr Isaac Okorafor, assured that at the current level of $44billion, the exte [...]

Sun, 07 October 2018


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