Business

CBN REVOKES HERITAGE BANK’S LICENCED The Central Bank of Nigeria (CBN), on Monday revoked the licence of Heritage Bank Plc with immediate effect. The move is in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020,The CBN said this …

CONCERN AS FG BORROWS N20.1TRN UNDER TINUBU The Federal Government borrowed N20.1 trillion from domestic investors in the first year of President Tinubu’s administration, representing year-on-year YoY increase of 117 per cent from the previous year, prompting concerns over impact on the economy including likely additional pressure on inflation, increased debt service cost and higher borrowing cost from businesses. Analysts noted …

ENUGU GOVT TO ENFORCE PAYMENT OF LAND USE TAX ON 800,000 HOUSES The Enugu State Internal Revenue Service has announced the enforcement of payment of land use charges on 800,000 houses in the state, including ancestral homes in various communities. The Chairman of the service, Mr. Ekene Nnamani, who disclosed this, said the enforcement would start from today, June 1, …

ENUGU GOVT LAUNCHES GIS JUNE 1 TO MANAGE PROPERTY TAX The Enugu State Government says it will launch the Enugu Geographic Information Service (ENGIS), to help the state manage its property tax on June 1. The Executive Chairman, Enugu State Internal Revenue Service (ESIRS), Mr Emmanuel Nnamani, disclosed this during a chat with the News Agency of Nigeria (NAN) on …

PORT HARCOURT REFINERY BEGINS OPERATION JULY The 210,000-barrel-per-day Port-Harcourt refinery may finally commence operations by the end of July after several postponements. The new date was disclosed on Monday by the National Public Relations Officer, Independent Marketers Association of Nigeria, Chief Ukadike Chinedu. He stated that the development would stimulate economic activities, reduce the price of petroleum products and ensure …

WE.INCREASED OUR IGR BY 400% IN FIRST QUARTER OF 2024 – ENUGU TRADE MINISTRY The Enugu State Commissioner for Trade, Investment and Industry, Mrs Adaora Chukwu says the ministry increased its Internally Generated Revenue (IGR), by 400 per cent in the first quarter of 2024. Chukwu disclosed this during a Media Chat with correspondents on Friday in Enugu. The Commissioner …

NIGERIA WOULD HAVE NO NEED TO IMPORT PETROL FROM NEXT MONTH – DANGOTE Africa’s richest man and Chairman of Dangote Group, Aliko Dangote has assured that following laid down plans of the Dangote Refinery, Nigeria as a nation will have no need to import gasoline from next month. Dangote also said his refinery has capacity to supply West Africa’s petrol …

COURT DENIES BINANCE EXECUTIVE BAIL A Federal High Court in Abuja has refused to grant bail to Tigran Gambaryan, an executive of Binance Holdings Limited, a cryptocurrency firm. The judge, Emeka Nwite, held that the reason for declining to grant Gambaryan bail is because he is likely to “jump bail” if granted. The Economic and Financial Crimes Commission is prosecuting …

WE’RE NOT PAYING N100B TO REVIVE UNITED PALM PRODUCTS LTD – ENUGU GOVT Enugu State government has explained that it is not committing N100 billion into its partnership with a private firm to revive the moribund United Palm Products Ltd (UPPL). In providing more facts on the deal, the state government empahasised that it “is not releasing N100 billion or …

COURT ORDERS EVICTION OF FATHER MBAKA’S INVESTMENT OVER NON-PAYMENT OF RENT An Enugu North Magistrate Court, has executed a Warrant for Possession of Premises occupied by Aqua Rapha Investment Company limited owned by fire brand Catholic Priest, Rev. Fr. Ejike Mbaka, the Spiritual Director of popular Adoration Prayer Ministry. The company uses the rented apartment located at at No. 4 …