CBN imposes heavy sanctions on banks over mutilated notes
The CBN has expressed concern over the increasing amount of mutilated banknotes deposited with the apex bank by Deposit Money Banks. To this end, the Central Bank of Nigeria has warned banks to stop including composed currency notes in their deposits or risk paying a penalty of 400 percent of
FG grants three-year tax relief to 33 companies, bars 10 firms
The Federal Government approved the application of 33 companies seeking pioneer status under the Industrial Development Income Tax Act in 2021. This was contained in the quarterly PSI reports released by the Nigeria Investment Promotion Commission. READ ALSO: Two children killed in Osun auto crash The reports also revealed that
MTN Nigeria paid N757bn tax in 2021
MTN Nigeria Communications paid a total of N757bn direct and indirect tax to government agencies in 2021, it has been revealed. This was disclosed during the National Tax Dialogue Event organised by the Federal Inland Revenue Service. A statement titled, ‘MTN Named Best Tax Compliant Organisation in Nigeria: … recognised
NGX: ACCESS weigh down broad market to dip by over N58 billion
The NGX closed on a negative note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 26 basis point. The NGX ASI closed at 46,842.86 points, to reflect a decline of 0.26% from the previous trading day and a Year-to-Date (YTD) return of 9.66%. Meanwhile, the market
Power supply generation rises to 4,399MW
Nigeria’s electricity generation peaked at 4,399MW on Thursday, 31st March 2022, increasing by 1.3% from 4,343.7MW recorded on Wednesday. And representing the highest generated energy since the crisis earlier in the month. In the same vein, energy sent out improved significantly by 5.4% to 99,921.42MWh (megawatt hour), from 94,796.14MWh recorded
BOI grows assets to N1.7tn- Aliyua Dikko
The Bank of Industry grew its assets from N683bn in 2016 to N1.7tn in 2021, which was disclosed by the chairman, Board of Directors, and BOI. The Chairman, Board of Directors, BOI, Aliyua Dikko, made this known while delivering his opening remarks at the inauguration of the bank’s second tower
Fidelity Bank Plc increases its dividend payout by 59% in 2020
Nigerian lender, Fidelity Bank Plc has announced a dividend payment of N0.35 kobo per 50 kobo ordinary share. The ordinary share is for the financial year ended 31 December, 2021. The dividend declared for the period is a 59% increase from what the bank paid its shareholders in 2020 (N0.22
Innoson vehicle to establish new manufacturing plant in Owerri
Indigenous automobile manufacturer, Innoson Vehicle Manufacturing (IVM) Company, has as part of its expansion drive. And announced plans to establish another manufacturing plant in Owerri, Imo State. The current expansion effort by the Innoson Group is to actualize its mission to become a giant in vehicle manufacturing in Africa by
Aliko Dangote, gains $915 million in Q1, now worth $20 billion
Aliko Dangote, the richest man in Africa, posted decent gains in Q1 despite increased geopolitical uncertainty and high inflation. Bloomberg Billionaires Index data shows that the wealthiest black man in the world now has an estimated net worth of $20 billion and posted gains of about $915 million in the
Man loses his entire ‘$500,000’ savings in cryptocurrency
A man has narrated how he lost his entire life savings after investing all of the money with a cryptocurrency trader who died in 2018. Tong Zuo recalled when he invested his money into Quadriga CX, and trusted the company’s CEO and founder, Gerald William Cotten with the funds since