The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the Minister of Finance, Mr. Olawale Edun, to prioritise transparent financial strategies and tax relief to foster private sector development. Mr. Dele Oye, the National President of NACCIMA, conveyed this message during a statement issued on Saturday in Lagos following Read More…
The financial services sector took the lead in trading activities on the equity market of the Nigerian Exchange Ltd. (NGX) during the week, as investors engaged in transactions totalling 1.6 billion shares valued at N36.50 billion across 42,546 deals. According to the NGX weekly market report, this week’s turnover contrasted with the previous week’s figures Read More…
Singapore’s Olam Group has emerged unscathed from a storm of allegations, as its investigation team unequivocally exonerated its Nigerian unit from any involvement in a multibillion-dollar foreign exchange fraud. The verdict was delivered on Monday, putting to rest the cloud of suspicion that hung over the company. Last year, some Nigerian media outfits sounded the Read More…
Africa’s economic growth witnessed a decline to 3.2% last year from 4.1% in 2022, as reported by the African Development Bank (AfDB) on Friday. Despite this setback, the bank projected higher growth rates this year for all regions except central Africa. According to the AfDB, factors such as political instability and China’s economic slowdown, compounded Read More…
The American World Bank and the European International Monetary Fund, IMF, in the past few weeks, circled Nigeria like vultures waiting for the prey to die. The twin organisations have become more active and quite audacious since President Bola Ahmed Tinubu came to power on May 29, 2023. They are like predators, ready for the Read More…
Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, has tragically lost his life in a helicopter crash near the Nevada border in California. The incident occurred on Friday, February 9, 2024, casting a somber shadow over both the business and aviation communities. The ill-fated helicopter, identified as a Eurocopter EC130, met its Read More…
Africa’s largest pay-TV company, MultiChoice Group, has successfully resolved a protracted tax dispute with the Nigerian tax authorities. The settlement, reached after rigorous negotiations, involves substantial payments and marks a significant milestone in the company’s commitment to regulatory compliance and responsible corporate citizenship. In 2022, Nigeria’s Federal Inland Revenue Service (FIRS) took decisive action by Read More…
In an exclusive interview on Arise TV, Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), delved into critical issues surrounding foreign exchange stability and monetary policy. His insights shed light on the CBN’s current priorities and strategic actions aimed at bolstering Nigeria’s economy and currency. Key Points from the Interview: Below Read More…
As Nigeria grapples with its debt dynamics, expert voices weigh in on the delicate equilibrium between issuance and investor sentiment. Thys Louw, seasoned portfolio manager at Ninety One, highlights the central concern: the divergence between debt issuance and inflows into dedicated funds. For high-yield issuers, this divergence poses a significant challenge. In a Reuters report, Read More…
Africa’s richest man, Aliko Dangote, received a significant boost for his fertiliser plant today as Shell and its partners announced a final investment decision to build a dedicated gas supply facility. The $2.5 billion Dangote Fertiliser and Petrochemical Plant, the largest urea complex in Africa, will receive 100 million standard cubic feet of gas per Read More…
