Business and Economy

LEADING energy company, The Shell Petroleum Development Company of Nigeria Limited (SPDC) has commenced a one-year professional and vocational training for 40 youths from the SPDC Joint Venture host communities of the Assa North and Ohaji South gas project in Imo State. “The aim is to ready these youths, not …

Mrs. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc By Itohan Abara-Laserian Lagos, Sept. 12, 2021 Fidelity Bank Plc has posted a profit before tax (PBT) of N20.6 billion for the six months ended June 30, 2021. The Managing Director/Chief Executive Officer of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, disclosed this in …

Respite has come for air travelers to Nigeria who are having difficulty filling their Health and travel history into the Nigeria International Travel Portal (NITP). A memo by the Nigerian Civil Aviation Authority (NCAA) to All Airlines Operating International Flights into and Out of Nigeria said that they are now …

By Deborah Coker Benin, Sept. 11, 2021 The Peoples Democratic Party (PDP) National Vice Chairman, South South, Chief Dan Orbih, has called on the South South Governors to give backing to the recent legal move to reposition the collection of Value Added Taxes (VAT) to states. Chief Orbih made the …

By Itohan Abara-Laserian Lagos, Sept. 10, 2021 The World Federation of Exchanges (WFE) has elected Mr. Oscar Onyema, the Group Managing Director/Chief Executive Officer of the Nigerian Exchange Group (NGX Group) Plc, to its Board. Onyema, in a statement made available to the News Agency of Nigeria (NAN) on Friday …

The judgement of the Federal High Court in Port Harcourt on this matter was not a policy decision by the judge. It was simply a declaration that there are no constitutional provisions that empower the federal government to collect Value Added Tax (VAT).  In other words, the ruling invalidates the …

Lagos State Governor Babajide Sanwo-Olu has signed into law the State VAT Bill as passed by the House of Assembly. The Governor, according to a statement by  Gbenga Omotoso, the Honorable Commissioner for Information & Strategy, signed the “bill for a law to impose and charge VAT on certain goods …

The management of Nigeria Social Insurance Trustfund (NSITF) has revealed plans to review its training structure for more effective and inclusive results. Executive Director Administration of NSITF, Mrs. Maureen Allagoa, who disclosed this in Abuja said staff of the Fund will now be exposed to more impactful courses both off …

The Commander of the Uyo Zonal Command of the Economic and Financial Crimes Commission, EFCC, ACE-1 Nwanneka Nwokike has warned bank officials against providing foreign exchange to customers who have no intention of travelling outside Nigeria. Nwokike, who gave the warning on Wednesday, September 8, 2021 when he met with …

Following up on President Muhammadu Buhari’s recent announcement of the declaration of two hundred and eighty seven billion Naira (N287bn) Profit After Tax (PAT) in year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official …

  The Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has advocated collective and collaborative approach by authorities around the world in dealing with the challenges of financial crimes which, he noted, is a global scourge as no nation is spared its virulence. Bawa’s views are contained …

By Itohan Abara-Laserian Lagos, Sept. 6, 2021 Stanbic IBTC Holdings Plc on Monday posted a profit before tax (PBT) of N24.70 billion for the six months ended June 30. This was stated in the bank’s consolidated and separate interim financial statements signed by the Company Secretary, Mr. Chidi Okezie as …

Governor of Delta State, Dr. Ifeanyi Okowa, has described the phase one of infrastructure projects donated to the Nigerian Maritime University in Okerenkoko, Delta State by The Shell Petroleum Development Company of Nigeria Limited (SPDC) and its joint venture partners as a great enhancer of learning and research. Okowa spoke …

A Bayelsa-based scientist has advocated the use of emerging techniques that increase the shelf life of edible mushrooms to tackle protein deficiency. Mr ThankGod Timipanipiri-Wood said in an interview that a recently developed genetic technique which increases the shelf life of mushroom from three to 10 days would transform the …

Nigeria’s new Ambassador to Thailand, Ambassador Oma Djebah and key staff of the Embassy have been holding Business meetings with major players in Thailand’s industrial sector in attendance. The meetings have been mostly focused on the Agricultural sector where Thailand is a major player. Nigeria’s private sector business owners in …

By Lucy Ogalue Abuja, Sept.  3, 2021 The Minister of Transportation, Mr Rotimi Amaechi, says work will soon commence for the construction of Bonny Deep Seaport. Amaechi, in a statement by the Director of Press and Public Relations,  Ministry of Transport, Mr Eric Ojiekwe, disclosed this when he visited the proposed …

By Dennis Udoma, Uyo Civil Liberties Organisation (CLO), Akwa Ibom State Branch has called for more funds to the 36 States and the 774 Local Government Areas in the country. It also advocates reduction in the allocation of funds to the Federal Government in the new revenue sharing formula being …

The news came like a thundering typhoon last week. For the first time in its 44 years history, the Nigerian National Petroleum Corporation (NNPC) had made a profit. Net profit after tax stood at N287 billion in Year 2020, sequel to the completion of the statutory Annual Audit exercise. What …

The Nigerian National Petroleum Corporation (NNPC) has explained that concerted efforts by the Corporation and some Federal agencies to combat the menace of smuggling of petroleum products have been largely hampered by existing arbitrage fueled by the prevailing huge price differentials in pump price of petrol in Nigeria and neighbouring …

President Muhammadu Buhari Wednesday in Abuja charged the new board of the Nigeria Sovereign Investment Authority (NSIA) to make more investments that support economic diversification, as global oil prices are projected to drop to around $40 per barrel by 2030. Inaugurating the third Board of the NSIA, the President reaffirmed …

President Muhammadu Buhari, Tuesday in Abuja, said focus on job creation, consistency in policy and innovation stimulated a 5 per cent growth of the economy in the second quarter, 2021, which is the highest in six years, assuring that Jubilee Fellows Programme will further consolidate on the success recorded. The …

In a clear demonstration of its resilience, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2021, recording positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by the COVID 19 pandemic. According to the bank’s audited half-year financial results presented to …

  – As Shippers’ Council calls for improved inter-agency synergy                                                                  Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has stated that a sustained reduction in reported cases of piracy and other maritime crimes in Nigerian waters would end the regime of War Risk …

By Itohan Abara-Laserian Lagos, Aug. 27, 2021 Zenith Bank Plc has posted a profit before tax (PBT) of N117.05 billion for six months as at June 30, against N114.12 billion achieved in the comparative period of 2020. This was stated in the company’s interim report signed by the Company Secretary, …

Following the Presidential applause for the Nigerian National Petroleum Corporation (NNPC) on its posting of ₦287bn profit after tax in the 2020 financial year, the Group Managing Director, Mallam Mele Kyari, has given an insight into the measures adopted by his management to achieve the feat. Speaking at a press …