Business & Economy

Tax, Import Duty Provisions in Fiscal Policy Measures in 2023 Will Harm Economy

2 years ago5805 min

According to the Centre for the Promotion of Private Enterprise (CPPE), some tax and import duty provisions in the federal government’s 2023 Fiscal Policy measures would significantly harm the economy and exacerbate Nigeria’s de-industrialization concerns. Dr. Muda Yusuf, CEO of CPPE, stated that the construction and transportation sectors are also vulnerable to fiscal policy-induced downturns. Some of the measures, he believes, may exacerbate inflationary pressures, which are harmful to economic growth and the manufacturing, construction,...

by Probitas

Business & Economy News Nigeria

CBN places 7,552 BVN on watchlist as eNaira transactions hit 1.4m

2 years ago5989 min

The Central Bank of Nigeria (CBN) has placed 7,552 Bank Verification Numbers (BVN) on its watchlist for fraudulent transactions, despite the fact that the Central Bank Digital Currency (CBDC), known as eNaira, has recorded 1.4 million transactions to date, a 100% increase from 700,000 transactions in November 2022. Similarly, for seamless financial transactions in the country, Nigeria is moving towards cardless and other contactless payment options, such as QR Codes and NFC. The governor of...

by Probitas

Business & Economy

NSIA establishes two companies to advance healthcare

2 years ago6083 min

Two of the flagship businesses of the Nigeria Sovereign Investment Authority, which manages the country’s sovereign wealth fund, have been established. They are Equilease Systems Limited and NSIA Advanced Medical Service Ltd. According to a statement, this happened after the Enugu State Government received the Enugu State Medical Diagnostic Centre on Monday as part of its programme to expand access to healthcare. The diagnostic center’s facility in Enugu hosted the ceremony marking the...

by Probitas

Business & Economy News

Zenith Bank delights shareholders by paying milestone dividend of N100.47bn

2 years ago877 min

Zenith Bank Plc shareholders unanimously approved the proposed final dividend payment of NGN2.90 per share. The total dividend for the fiscal year 2022 is NGN3.20 per share, with a total value of NGN100.47 billion. The dividend payment was approved at the Bank’s 32nd Annual General Meeting (AGM), which was held virtually in Lagos yesterday. Jim Ovia, the bank’s founder and chairman, expressed his gratitude to the shareholders in his opening statement at the AGM for...

by Probitas

Business & Economy Editors' Pick Nigeria

Nigerians react as MultiChoice raises cost of DSTV, GOTV subscriptions

2 years ago724 min

In Nigeria, MultiChoice, a satellite television provider, has announced an increase in the cost of DSTV and GOTV subscriptions. The reaction to this announcement has been hostile across the nation from subscribers. Multichoice reports that the new rates will go into effect on May 1st, 2023. A sample of the message sent to the decoders of DStv Premium subscribers reads: “Dear Customer, Please Note That Your Monthly Subscription (Premium) Will Be N24,500 As Of May...

by Probitas

Business & Economy

CBN defends its forex importation ban on stockfish

2 years ago665 min

The Central Bank of Nigeria has stated that the importation ban on stockfish was put in place to protect foreign exchange (forex), revive the domestic fishing industry, and increase job creation. This comes after the Norwegian Seafood Council made public the fact that stockfish imports from Norway to Nigeria fell by 5.9% in 2022, from N3.4 billion in 2021 to N3.2 billion. According to the Council, 10,740 metric tons of stockfish, which include the head...

by Probitas

Business & Economy

NDIC starts checking insured Peak Merchant Bank depositors’ accounts

2 years ago542 min

In accordance with its mandate to guarantee deposits and compensate depositors in the event of bank failure, the Nigeria Deposit Insurance Corporation (NDIC) has started to verify insured Peak Merchant Bank depositors’ inability to pay their insured sums. According to a press release from the NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, the verification exercise would allow depositors of the bank to close to cross-check and determine their account information and balances....

by Probitas

Business & Economy

Twitter removes legacy verification tick of Tinubu, Peter Obi, Trump, others

2 years ago633 min

Twitter, a microblogging platform, has finally removed the Legacy verification tick from a number of well-known people. The business had made hints about wanting to market verification tick for a while. Twitter reportedly removed the Legacy Blue Tick for famous people on Thursday. Checks on the Twitter accounts of Bola Ahmed Tinubu, the incoming president; Peter Obi, the Labour Party’s presidential candidate; Donald Trump, the 45th president of the United States; and Tony Elumelu, the...

by Probitas

Business & Economy IT-Tech

Kigali to host Africa Soft Power Summit, next month

2 years ago5803 min

Africa Soft Power Summit will hold from May 23 to 27 in Kigali, Rwanda. The signature event of the Africa Soft Power Group (ASP) offers the largest stage for the continent’s creative, knowledge, and digital industries. It brings together public and private sector organizations as well as trailblazing figures from the fields of law, finance, technology, sports, media, the arts, and entertainment, academia, philanthropy, politics, and more. The five-day event is divided into three parts:...

by Probitas

Business & Economy

List of eight banks CBN permits to operate internationally, while others operate national, regional status

2 years ago535 min

There are at least 33 banks in Nigeria, according to data from the Central Bank of Nigeria. These banks’ operating licenses range; some have national or regional licenses, while others function as merchant banks. The Central Bank of Nigeria gave eight of the 33 banks permission to conduct business internationally. Following is a list of Nigerian banks along with the types of licenses they hold as of December 2021. Banks that are permitted to open...

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