Brazil approves tax holiday for Ford, others

TaxTax’s President, Michel Temer, has signed into law hundreds of millions of dollars in incentives for automakers such as General Motors Company and Volkswagen to produce locally and continue developing engines that run on both gasoline and ethanol. The plan, known as Rota 2030, replaces a previous package of tax exemptions known as Innova Auto […]

Access Bank may soon acquire Diamond Bank

Access Bank Plc may soon acquire Diamond Bank. This is coming barely a couple of months after the regulatory agencies staved off the collapse of Skye Bank and renamed it Polaris Bank. Reports have it that the fusion is set for the first quarter of next year. Both financial institutions, according to the paper, have […]

NNPC denies having $3.5bn subsidy fund in its custody

The Nigerian National Petroleum Corporation (NNPC) has disclaimed the insinuation that it has in its custody $3.5billion subsidy fund. NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, in a release today in Abuja, explained that at the hit of the shortage of products supply at the close of last year, the National […]

Ports inefficiency undermining diversification drive – LCCI

The Lagos Chamber of Commerce and Industry (LCCI), says the adverse operating environment of the nation’s ports will continue to hinder Federal Government’s effort, to reduce its dependence on oil revenues for economic development. The LCCI President, Babatunde Ruwase, made the statement during the LCCI Freight Forwarders Group Annual Seminar on Thursday in Lagos at […]

IMF: Nigeria among 8 African countries in debt distress

The International Monetary Fund (IMF) Thursday, listed Nigeria among eight African countries on its debt distressed category following the failure of their fiscal consolidation to positively impact the citizens. Abebe Aemro Selassie, Director of the IMF’s African Department, who gave the hint at a briefing he jointly held with Nigeria’s Budget and Planning Minister, Senator […]

Tax collection: Nigeria seeks IMF’s support

The Federal Government is seeking assistance from the International Monetary Fund (IMF) on modalities for improving tax collection, especially from the International Oil Companies (IOCs), Finance Minister Zainab Ahmed, has said. She told reporters on the sidelines of the ongoing 2018 International Monetary Fund (IMF)/World Bank Group Meetings, in Bali, Indonesia, that government has to […]

Mobile money: Telcos to reach 90m people by 2020

Five Nigerian network operators have pledged to deploy over one million airtime agents for mobile money services in the country. The Global System for Mobile communication operators said they would leverage their mobile base, integrated identity systems and distribution network to offer financial services to Nigerians. During the inauguration of a financial inclusion committee made […]

Airline operators urged to invest in newer aircraft

Aviation experts have asked airline operators to invest more in new aircraft in order to reduce their operational costs. They noted that one of the problems of the country’s aviation industry was the use of the wrong type of aircraft for domestic operations. A former Managing Director of the defunct Virgin Nigeria, Capt Dapo Olumide, […]

Flooding: FG, EU support victims with N3bn, €1m

The Federal Government and the European Commission have mobilised N3bn and £1m (N400m) in support of flood victims across the country. The Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Ketil Karlsen, said the €1m funding from the commission was to provide shelter, medicine and other basic items for an estimated 60,000 people […]

Refineries to fully function by 2019 – Ibe Kachukwu

The Minister of State for Petroleum, Dr Ibe kachukwu, has said that it would be sad if the nation’s refineries are not functional by the end of 2019. According to him, the present administration is committed to ensuring that the importation of petroleum products is curtailed. Kachukwu stated this on Thursday in Ibigwe-Ohaji in Ohaji\Egbema […]