Capital market

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Garnishee Order: Polaris Bank defends its stance

Lagos, Jan. 15, 2023 – Polaris Bank said it had applied to set aside a garnishee order nisi which directed the Central Bank of Nigeria (CBN) to freeze its account following a disputed N2.162 billion judgment debt. An Ondo High Court granted the garnishee order nisi following an application filed by Ondo Attorney General and Commissioner for Justice, Sir Gharles Titiloye, on indebtedness of Polaris Bank to Ondo State Government in a judgment in Suit No.AK/75/2017. Polaris Bank said that the garnishee order ought not to have been made as …

Business Planning General News Investment

Economy will be private sector-led if elected – Tinubu

Lagos, Jan. 13, 2023 – Bola Tinubu, the Presidential Candidate of All Progressives Congress (APC),  has promised that the Nigerian economy will be private sector-driven if elected. Tinubu made the promise on Friday in Lagos while presenting his economic plan before the organised private sector under the aegis of the Nigerian Economic Summit Group (NESG). Tinubu stressed the need to end the fuel subsidy regime, insisting that it has overstayed.  “My core belief is that the private sector must be the prime driver of economic progress. However, the government establishes the …

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The Gambia signs MoU with Africa50 on management of Senegambia Bridge

Casablanca,  Jan. 11  2023 – The Gambia has signed a Memorandum of Understanding (MoU) with Africa50, the pan-African infrastructure investment platform, for the Senegambia Bridge to be considered for Africa50’s Asset Recycling Programme. Asset Recycling is an initiative for governments to monetize existing  infrastructure assets through concession to the private sector with funds received being reinvested in other priority projects. Under the scheme, Africa50, together with a technical partner, are expected to manage and operate the Senegambia Bridge under a PPP scheme. Africa50, as the lead concessionaire, plans to engage leading …

Business Planning General News

Nigeria lost N3trn through non-compliance with VAT Act in 2022

Lagos, Jan 10, 2023 – Ben Akabueze, the Director General in the Budget Office of the Federation, says Nigeria lost over N3 trillion  in 2022 through the non-compliance with the Value Added Tax Act. Akabueze said this during an interview on ARISE TV on Tuesday. he attributed the loss to loopholes exploited by foreign shipping companies doing business in Nigeria, but were not remitting tax to government. “Some of the new budget expenditure are normally not in the regular annual budget. “We have the N553 billion the National Assembly missed …

Business Planning General News Oil and Gas

2023 Budget benchmarked on $75 per barrel oil price – official

Abuja, Dec. 29, 2022 – The 2023 federal budget is predicated on $75 per barrel benchmark against the $70 dollars per barrel proposed in the budget estimate presented by President Mohammadu Buhari. The National Assembly, however, retained other parameters of 1.69 million barrels of oil production per day, N435.57 to the US dollar exchange rate, 3.75 per cent GDP growth rate and 17.16 per cent inflation rate. The size of the budget was also increased by the National Assembly from the N20.51 trillion to N21.82 trillion proposed by the president. …

Business Solutions Investment

Digital skills alleviate unemployment, poverty, hunger -expert

Empowerment Ibadan, Dec. 23, 2022 (NAN) Mr Oludayo Olusoga, the Executive Director, BetaX Digital Literacy for Sustainable Development Initiative, says the initiative will empower African youths to alleviate poverty, solve hunger and reduce unemployment. Olusoga said this at the graduation of the first set of free Digital Skills Training organised by the institution in Ibadan on Thursday where certificates were presented to the graduands. According to him, the initiative is positioned to empower African youths, alleviate poverty, solve hunger problems and reduce unemployment. “BetaX is a tech non-profit foundation tackling …

Business Planning General News Money market

FG seeks Senate’s approval to restructure debts

Abuja, Dec. 22, 2022 – President Muhammadu Buhari has written to the Senate for approval to restructure N23.7tn Ways and Means advances given to the Federal Government by the Central Bank of Nigeria. The President made the request in a letter read in Senate Plenary on Wednesday. He said Ways and Means are advances from the CBN to the federal government for emergency funding of delayed receipt of fiscal deficit. ” The ways and means advance by the central bank of Nigeria, to the federal government has been a funding …

Business Solutions General News

Afreximbank, U.S EXIM sign a US$500 million MoU

Washington DC (U.S.), Dec. 20. 2022 – African Export-Import Bank (Afreximbank) has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of the United States (U.S. EXIM) to enhance trade between Africa and the United States of America. The MoU is also to expand commercial engagements of the African Diaspora community in the U.S. toward facilitating transactions critical to the economic growth of both the U.S. and Africa. The two banks will support trade and economic integration in Africa and across a broad range of trade-enabling sectors, including helping to …

Business Planning General News

Inflation rises to 21.47%

Nigeria’s inflation rate rose to 21.47 per cent in November due increased food demand in the festive season. The National Bureau of Statistics’ “Consumer Price Index” for November 2022 released on Thursday, said the figure was 0.38 per cent higher than the 21.09 per cent recorded in October 2022. “In November 2022, on a year–on–year basis, the headline inflation rate was 21.47 per cent. “This was 6.07 per cent points higher compared to the rate recorded in November 2021 which was 15.40 per cent. “This means that in the month …

Business Planning General News

Sanwo-Olu commends small-scale businesses for resilience

Lagos, Nov. 30, 2022 – The Lagos State Governor, Mr Babajide Sanwo-Olu,  has commended the resilience of small and medium scale entrepreneurs despite the harsh business environment Sanwo-Olu, who was represented by the state Commissioner for Commerce, Industry and Co-operatives, Mrs Lola Akande, gave the commendation at the closing ceremony of the 2022 Lagos International Trade Fair held yesterday. He commended the exceptional will-power of participants, especially the small and medium entrepreneurs, whose level of participation at the annual exhibition had remained very strong.” Sanwo-Olu said that the realities of the …


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