Lagos repeals Ambode’s land use charge
Businessam Staff
August 5, 2020
Lagos State Government has revoked the 2018 land use charge. Rabiu Olowo, the state’s commissioner for finance, at a press briefing on Wednesday. Olowo said the government reverted to pre-2018 land use charges. He said the land use charges for 2017, 2018, and 2019 have also been waived.
Equities sustain gaining streak with N39bn
Omobayo AzeezAugust 5, 2020
By Omobayo Azeez The local bourse gained for the third straight session, as the market value advanced by 0.3 per cent on Tuesday following rallies in the shares of some 23 tickers. Market’s benchmark index, the All-Share Index (ASI) added 75.82 points to close at 24,841.94 basis points while investors recouped N39 billion on market […]
Labour, CSOs decry difficult economic conditions amid deluge of loans
Businessam StaffAugust 4, 2020
Threaten legal action to force disclosure of loan terms The ringing public outcry against the accumulation of huge external loans with contentious terms and contentions continues as a coalition of 80 civil society organisations and organised labour have decried the lack of commensurate improvement in the quality of lives of Nigerians. The Nigeria Labour Congress, […]
Gains in BUA Cement, GTB, 17 other stocks yield N38bn profit
Omobayo AzeezAugust 4, 2020
By Omobayo Azeez Upon returning to the Nigeria’s stock trading floor on Monday to commence another week, investors recouped a sum of N38 billion on the shares of BUA Cement, Guaranty, Flourmills and 16 other gainers of the day. This kept the market on the positive lane with which it closed activities last week Wednesday […]
FIRS boss says Nigeria living on tax revenue as Covid-19 wreaks economy
Businessam StaffAugust 4, 2020
As the economy grinds to a halt in the new Covid-19 environment, the Federal Inland Revenue Service (FIRS) has said tax revenue is what is keeping the nation afloat. Mohammed Nni, executive chairman, FIRS, made this disclosure on Monday in Abuja during a live appearance on the popular morning show, Kaakaki, on Africa Independent Television […]
Ecobank Group reports $770.9m in revenue for H1 ‘20
Charles AbuedeJuly 29, 2020
Experience bearish trading period during the first six months of 2020 Nigerian subsidiary sees 4% surge in revenue to N290.3 bn Total equity up 8% to N742.7bn in H1 Charles Abuede Ecobank Transnational Incorporated (ETI) and its subsidiaries posted revenues of $770.9 million in the first six months of 2020, a one percent decline from […]
Forex scarcity sends naira crashing, now N472/$ at parallel market
Businessam StaffJuly 29, 2020
Foreign exchange scarcity has triggered further fall of the naira in the parallel market where it now exchanges at N472 to a dollar on Tuesday. The exchange rate was N440/$ in the parallel market in June, and operators have continued to demand for the immediate unification of the multiple exchange rates in the country. Eben […]
Reps summon Ameachi, others over railway contracts, $500m China loan
Businessam StaffJuly 29, 2020
The House of Representatives is beaming its searchlight on the Nigeria Railway Corporation over its planned $500 million loan request from China for railway line construction in the country. The House has therefore summoned the Rotimi Amaechi, minister of transportation; Ali Pantami, minister of communication technology; and Zainab Ahmed, the minister of finance, over the […]
Nigeria consumers pay N444.2bn on utility, subscription in 5 months using digital channels
Charles AbuedeJuly 28, 2020
Charles Abuede Payments of utility bills and subscriptions for various digital channels cost Nigerians and foreigners living in the country N444.16 billion in the first five months of 2020, it has emerged. Latest data by the Nigerian Interbank Settlement Scheme (NIBSS), and accessed by Business A.M. revealed that the use of digital financial transaction […]
Banks write off N1.9tr bad loans — Agusto Ratings
Businessam StaffJuly 27, 2020
Loans totaling N1.9 trillion considered to be bad loans were written off by banks in the country in the last four years, a report by Agusto & Co, a credit rating agency has said. This was contained in the Agusto & Co 2020 Banking Industry Report which linked the banks’ actions to weak macroeconomic climate […]