The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee (FPTRC), Mr. Taiwo Oyedele, has revealed that under Nigeria’s new tax reforms, only the top 3 per cent of informal sector operators are financially capable of paying taxes, while the remaining 97 per cent have been legally exempted from […]
Category: Corporate Stories
Corporate Stories
NIMASA Shuts ShellPlux, TMDK Terminals Over ISPS Code Violations
The Nigerian Maritime Administration and Safety Agency (NIMASA) has sealed off two petroleum storage terminals—ShellPlux and TMDK—located in the Ijegun-Egba area of Lagos, citing persistent violations of the International Ship and Port Facility Security (ISPS) Code. According to a notice issued on Thursday by the agency’s Head of […]
Nigeria Immigration Launches Digital Platform for Expatriate Permits
The Nigeria Immigration Service (NIS) has unveiled a new digital platform for the application and processing of the Combined Expatriate Residence Permit and Aliens Card (CERPAC), marking a significant step toward the modernization of Nigeria’s immigration framework. According to a statement signed by the NIS Public Relations […]
Nigerians Lose Multiple U.S. Visa Privileges, Embassy Says
The United States has announced a significant reduction in visa privileges for Nigerian citizens, limiting non-immigrant visas to single-entry permits valid for three months. This marks a major policy shift from the previous arrangement, which allowed Nigerians to receive multiple-entry visas valid for up to five years. The new […]
Africa Tops BII’s Investment Portfolio With £1.09bn in 2024 ………UK Development Finance Institution Increases Africa Commitments by 40%
British International Investment (BII), the UK government’s development finance institution, has disclosed that it committed £1.09bn to African companies in 2024, marking a 40 per cent increase from the £725m invested in the region the previous year. The figure represents 62 per cent of BII’s total global […]
CBN PMI Report Flags Cost Strain Across Major Sectors …Says Agriculture Sector Bears Highest Cost Burden The Central Bank of Nigeria (CBN) has raised the alarm over mounting cost pressures across Nigeria’s productive sectors, warning that the persistent rise in input prices could trigger a fresh wave […]
Afreximbank Faces Second Downgrade in Four Weeks …As Moody Flags Funding Strain, Cites Lending Risks
The African Export-Import Bank (Afreximbank) has been dealt a fresh blow as Moody’s Investors Service issued a second credit downgrade in less than a month, citing deteriorating asset performance, increased exposure to distressed sovereign borrowers, and a narrowing pool of funding sources. The global ratings agency lowered […]
Wema Bank, Aradel Join NGX30 As Conoil Julius Berger Exit
The Nigerian Exchange Limited on Tuesday announced the results of its half-year market index review, which saw significant changes across several key indices, including the NGX 30 Index. The adjustments, according to the NGX, were based on the market capitalisation methodology, which took effect at the open of […]
Group Seeks FX Transparency, Diaspora Fund Mobilisation
EnterpriseNGR, a leading private-sector advocacy group, has called on the Central Bank of Nigeria (CBN) to adopt more transparent foreign exchange (FX) policies and prioritise diaspora fund mobilisation as part of broader efforts to stabilise the naira and strengthen Nigeria’s macroeconomic resilience. The group made the call […]
Rewane: Tinubu’s Borrowing Must Focus on Revenue, Reform Dividends
An economist and Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has cautioned that Nigeria could face increasing borrowing costs unless the Tinubu administration adopts a more strategic and results-oriented approach to debt management. Rewane made this known during an appearance on Channels Television, Thursday, where he urged […]