Nami blames FIRS target failure on waivers, overheads
Businessam StaffFebruary 14, 2020
Mohammed Nami, the executive chairman, Federal Inland Revenue Service, has blamed the inability of the service to meet its revenue target on non-discretionary tax waiver grants, illicit financial flows abroad and high overhead costs. The FIRS had in recent times been unable to meet its revenue target a situation that made the Presidency to query […]
Standard Chartered restates commitment to business growth with ACT workshop sponsorship
Businessam StaffFebruary 13, 2020
Adesola Afolabi Standard Chartered Bank (SCB) has re-emphasized its commitment to the growth of its clients in the business of finance. As main sponsor at the 2020 Association of Corporate Treasurers (ACT) workshop in Lagos earlier this month, the bank expressed some of its propositions and solutions to advance businesses. According to a statement from […]
Friesland, Nestle, Promasidor, 3 others get CBN licence to import milk
Samson EchenimFebruary 11, 2020
By Samson Echenim The Central Bank of Nigeria (CBN) on Tuesday announced that only six manufacturing firms could import milk and dairy products into Nigeria having keyed into the bank’s backward integration programme to enhance their capacity and improve local milk production. The six companies are FrieslandCampina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products […]
Non-oil export earnings fall by 37.8%
Businessam StaffFebruary 7, 2020
Earnings from non-oil exporters fell by 37.8 per cent in the last quarter of 2019, the Central Bank of Nigeria disclosed in the 2019 fourth quarter report on non-oil export earnings by exporters. The total non-oil export earnings received through the banks during the period under review amounted to $0.96bn, representing a decrease of 37.8 […]
Foreign reserves dropped by $4.47bn in 2019 – CBN
Businessam StaffFebruary 7, 2020
Nigeria’s external reserves recorded a decline of $4.47bn from $42.54bn as of the beginning of 2019 to $38.07bn as of the end of December. The $4.47bn, according to data obtained from the Central Bank of Nigeria, represents a decline of 10.5 per cent. Foreign exchange reserves are assets held on reserve by a monetary authority […]
Mining to contribute 3.0% to Nigeria’s GDP by 2025
Businessam StaffFebruary 6, 2020
Yesterday, at the Mining Indaba conference held in Cape Town, the Nigerian Minister for Mines and Steel Development, Olamilekan Adegbite said he had set a target for the mining sector to contribute 3.0% of the nation’s GDP by 2025 as part of the efforts to contribute to the current administration’s diversification project. According to him, the sector has seen […]
GTX Outfit Collaborates with First Bank
Businessam StaffFebruary 6, 2020
Rising fashion brand, GTX Outfit to collaborate with First Bank PLC on their upcoming SDG 2 Zero Hunger promotional project by styling the actors. This project seeks to showcase the cultural heritage of the nation through fashion and First Bank’s leadership position in supporting the industry. The project will be shot in February 2020 and […]
Taxation of informal sector will address budget deficit, says FIRS
Businessam StaffFebruary 5, 2020
Mohammed Nami, the executive chairman of the Federal Inland Revenue Service (FIRS), yesterday said Nigeria and the rest of Africa must exploit the potential in the informal sector of the economy to reduce budget deficits and increase tax revenue collection. He said bringing the informal sector into the tax net may further promote good governance […]
Fidelity Bank grows asset 23% to N2.12trn
Omobayo AzeezFebruary 5, 2020
By Omobayo Azeez Within a period of 1w months spanning December 2018 to December 2019, to asset value of Fidelity Bank Plc has grown by 23.25 per cent from N1.72 trillion to N2.12 trillion. This financial institution disclosed this, among other facts, in a condensed unaudited financial statements for the year ended December 31, […]
CRR impact: Selloffs in banking stocks pare equities by N405bn
Omobayo AzeezFebruary 5, 2020
By Omobayo Azeez Further impact may reverse 7.5 per cent monthly gain The Nigerian equities market suffered its first weekly loss of 2020 as the impact of the Central Bank of Nigeria’s (CBN) hike in the cash reserve ratio (CRR) by 500 basis points to 27.5 per cent resulted in selloffs of banking […]