SECTOR INSIGHT

Forex Crisis: Raiding BDCs Counterproductive – Rewane

Renowned economist Bismarck Rewane says the raiding of Bureau de Change (BDC) operators by law enforcement agents in a bid to stop the free fall of naira is counterproductive. Rewane, the Managing Director of Financial Derivatives Company Limited, stated this on Thursday when…

22/02/2024

FIRS Introduces TAXPRO-MAX Platform For Filing Transfer Pricing Returns, CbCR Reports

The Federal Inland Revenue Service (FIRS) has announced its transition from the e-TPPLAT used in filing transfer pricing returns and country-by-country reporting notification to a new platform called TAXPRO-MAX platform. The Executive Chairman of the federal tax agency, Dr. Zacch Adedeji, made this…

20/02/2024

Cement Manufacturers Agree To Reduce Price Of Product

Cement manufacturers in Nigeria have agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location nationwide. The manufacturers present also expressed their readiness to bring down the prices in the future as soon…

20/02/2024

My Job Second Most Difficult On Earth – CBN Gov, Cardoso

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has described his job as the second most difficult on the globe. This is as he said the Federal Government’s reform and other actions are paying off. Cardoso spoke Sunday in Abuja at the…

19/02/2024

Magu: FCMB Deposits N540m Damages Awarded to Prophet

The First City Monument Bank (FCMB) has complied with the order of the Court of Appeal directing it to deposit N540 million in damages awarded to Prophet Emmanuel Omale into an interest-yielding account of the Chief Registrar of the court. The…

18/02/2024

Why We Filed N29bn Suit Against Multichoice — MCSN

The Musical Copyright Society Nigeria (MCSN) has revealed why it has filed a 29 billion naira suit against cable outfit Multichoice Nigeria Limited before the Federal High Court sitting in Lagos. The association stated its reason at a press conference in Lagos on…

16/02/2024

FG to Borrow N2.5trn Through Bond – DMO

The Debt Management Office (DMO) has said that the Federal Government is seeking to raise N2.5 trillion in its second bond auction of the year. In a circular issued on Wednesday, DMO stated that the offerings consisted of N1.25 trillion with a maturity…

16/02/2024

FX Crisis: Travel Allowances By Cash No Longer Permitted — CBN

In a move to solve the foreign exchange crisis in the country, the Central Bank of Nigeria (CBN) says Personal and Basic Travel Allowances will only be paid through electronic channels and not by cash. The Director of Trade and Exchange Department at…

15/02/2024

CBN Bars Foreign Oil Firms From Repatriating 100% FX Proceeds At Once

The Central Bank of Nigeria (CBN) has stopped international oil companies from repatriating 100% foreign exchange proceeds to their mother companies overseas at once. The apex bank said international oil companies can repatriate 50% of their proceeds in the first instance and then…

15/02/2024

Petroleum Commission To Relocate Key Departments To Lagos

The Nigerian Upstream Petroleum Regulatory Commission is currently considering relocating some of its units to Lagos, according to a document seen by press. The memo dated February 14, 2024, said the decision was to enhance its service delivery, reduce operational costs, and make…

15/02/2024

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