Home Business & Economy

Business & Economy

  By Blessing James, Abuja The Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler has said that the agency would commence tax audit across the country. Fowler, who disclosed this in a meeting yesterday in Lagos, said it was to improve impact of taxation on the country’s revenue and how tax...
By Blessing James, Abuja The oil benchmarks have risen strongly over the last two weeks with Brent gaining more than 10 percent on expectations that global supply will tighten later this year. Supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November, oil prices rose...
By Juliet Odey Over $2 billion is spent annually on the importation of honey, according to the Nigerian federal government. “Currently, Nigeria consumes about 400,000 tonnes of honey annually, produces less than 40,000 tonnes (10 per cent of the consumption) which by implication translates to an import bill of over $2bn...
By Juliet Odey The explosion occurred due to a combination of vehicular defect, seven out of the 54 vehicles were burnt in the tanker accident. The Lagos State government has announced that it has discovered the owner of the fuel tanker that was responsible for the explosion that claimed at least...
By Juliet Odey An energy expert, Prof. Sylvester Egwu, has advised the Federal Government to mandate each state government to generate 1,000 Mega Watts (MW) of electricity that will be added to national grid. According to him, if the 36 states are able to add about 36, 000MW to the national...
Three years after facing a record-breaking $5.2 billion fine in Nigeria, South Africa’s telecommunications giant, MTN, has again been fined by the Central Bank of Nigeria (CBN) to the tune of $8.134 billion over foreign exchange. Others are N2.4bn fine on Standard Chartered, N1.8bn on Stanbic IBTC, N1.2bn on Citibank,...
In a response to the FCA complaint filed with the International Trade Commission (ITC), Mahindra had earlier released a statement that it was aware of the matter and would be responding soon. And now it has, by filing its own complaint against FCA for a breach of contract, in the...
From Juliet Odey, Abuja The MD of Zenith Bank, Peter Amangbo has been held by anti-graft investigators over a series of transactions his bank allegedly carried out on behalf of Rivers State. The Economic and Financial Crimes Commission is alleging that the transactions, at least N117 billion in value, are suspicious...
From Fatima Bukar, Abuja Economic Intelligence unit (EIU), has in its 2018 ranking of the world most live-able cities  ranked Lagos, Nigeria’s commercial hub, as  one of the worst cities to live in, saying that the city is the third worst to live in among 140 cities worldwide. The city got...
  Conversation with Azu What is it about us, Nigerians, that make others think they can take us for granted and get away with it? Two different recent news items got me thinking about how long we would be prepared to put up with the shenanigans of folks who think...