Business

OIL MARKETERS SPEAK ON PETROL PRICE DROPPING AS LOW AS ₦300/LITRE The Major Energy Marketers Association of Nigeria (MEMAN) has rejected reports that the pump price of Premium Motor Spirit (PMS) will plummet to ₦300/litre with the start of large-scale production by the Dangote Petroleum Refinery and other local refiners, including modular refinery operators. A recent report suggested that the …

NNPCL INFLATED SUBSIDY CLAIMS BY N3.3TTN, AUDIT REVEALS A forensic audit conducted by KPMG, a global accounting firm, has uncovered a significant discrepancy in the fuel subsidy claims made by the Nigerian National Petroleum Company Limited (NNPCL). The audit revealed that NNPCL inflated its fuel subsidy claims by a staggering N3.3 trillion, according to a report done by iWitnessLive. Initially, …

STORY BEHIND RESURRECTION, SCRAPPING OF HERITAGE BANK The story of Heritage Bank can be likened to the idiom of the old wine in a new bottle, an already existing establishment offered as if it were a new one, Daily Trust reports. It is the story of how Societe Generale Bank of Nigeria (SGBN), re-commenced operation on January 29, 2013, but …

NAIRA CRASH: NIGERIA SECURES FRESH $925M LOAN Nigeria has secured an additional $925 million loan from the African Export-Import Bank (Afreximbank) to help stabilize the country’s economy. In a statement on its website on Thursday, Afreximbank announced an additional disbursement of $925m under the syndicated $3.3bn crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited. Its latest …

FG TO SUSPEND COLLECTION OF LEVIES FROM OKADA RIDERS, SHOPS FOR SIX MONTHS The Federal Government plans to suspend the nationwide collection of levies from various sectors, including shops and Okada riders, for six months as a medium to bring relief to those struggling with the high cost of living. President Bola Tinubu, exercising his powers under section 5 of …

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 …