Business

NIGERIA REMOVED FROM LIST OF COUNTRIES INDEBTED TO IMF In a report titled: ‘Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025,” obtained on the multilateral institution’s website yesterday, Nigeria was not listed among its debtors which has a total of 91 developing and least developed countries owing the Fund a total of $117,797,656,224 as …

SENATE REJECTS VAT INCREASE, PASSES TWO TAX REFORM BILLS The Senate, on Wednesday, passed two of President Bola Tinubu’s four tax reform bills. The two bills approved are the Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill. This development follows the Senate’s consideration of the report submitted by an ad hoc committee chaired by Senator Sani …

HOW IMPORT WAIVERS ARE CRIPPLING LOCAL RICE MILLS Rice millers have raised concerns over the federal government’s import duty waiver on rice, maize and sorghum, saying it is hurting their businesses. This is just as the Nigeria Customs Service (NCS) said the waiver has caused food prices to drop. The government had, last year, approved a 150-day waiver for the …

MAJOR MARKETERS, NOT NEW NNPC BOARD FRUSTRATING MY REFINERY — DANGOTE The President of Dangote Group, Aliko Dangote, has said that those who are still fighting against the survival of his refinery were major marketers and traders, saying they were not the new leadership of the Nigerian National Petroleum Company Limited. Dangote stated this as he praised President Bola Tinubu …

BANKS HIKE EMPLOYEE PAY AS STAFF COSTS ACCOUNT FOR 27.44% OF OPERATING EXPENSE Employee costs account for 27.44 percent of the total operating costs of Nigerian banks in the first quarter of 2025, posing challenges to banks in improving their net interest margins as lenders hiked pay for workers to cushion the impact of cost of living. The most capitalised …

BANKS HIKE EMPLOYEE PAY AS STAFF COSTS ACCOUNT FOR 27.44% OF OPERATING EXPENSE Employee costs account for 27.44 percent of the total operating costs of Nigerian banks in the first quarter of 2025, posing challenges to banks in improving their net interest margins as lenders hiked pay for workers to cushion the impact of cost of living. The most capitalised …

TINUBU BANS IMPORTATION OF FOREIGN GOODS, UNVEILS NEW INDUSTRIALISATION POLICY President Bola Tinubu has ordered a ban on importation of foreign goods, especially those that can be produced locally in Nigeria. Tinubu also placed a caveat on expatriates coming into Nigeria to execute jobs, which local contractors and artisans can undertake, unless there is convincing justification for it, including express …

PORT HARCOURT, WARRI, KADUNA REFINERIES MDS ARRESTED,KYARI, 13 SENIOR EX-NDDC OFFICIALS FACE PROBE The Economic and Financial Crimes Commission has arrested the recently sacked managing directors and some top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company. The officials were arrested over alleged mismanagement of funds earmarked for the rehabilitation …

CBEX RESUMES OPERATIONS DESPITE SEC BAN, N1.2TN EFCC PROBE Despite the alleged N1.2tn digital trading fraud that reportedly affected over 600,000 Nigerians, the embattled Crypto Bridge Exchange trading platform, accused of these acts, has resumed operations, announcing fresh withdrawal options in a move to restore investor confidence. Two traders on the CBEX platform confirmed to The PUNCH on Wednesday that …

OJULARI FIRES MDS OF THREE NNPC-OWNED REFINERIES TO HALT VALUE EROSION Days after carrying out sweeping changes in the management team, Bayo Ojulari, the group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Ltd, has removed the managing directors of the three refineries in Kaduna, Port Harcourt and Warri. This sweeping move, TheCable understands, is aimed at …