CBN releases framework to address payment system
Businessam StaffJanuary 7, 2020
The Central Bank of Nigeria on Monday released the Nigerian payments system risk and information security management framework to guide the management of risks associated with the payments system in Nigeria. The framework which had already been approved by the apex bank became imperative in order to identify and address sources of systemic risks within […]
APM Terminals, customs agents disagree over 18% export throughput rise at Apapa Port
Businessam StaffJanuary 6, 2020
By Samson Echenim
We’ll enforce electricity tariff increase from April – Discos
Businessam StaffJanuary 6, 2020
Power distribution companies on Monday declared that the new electricity tariffs shall become enforceable from April 1. Speaking through their umbrella body, Association of Nigerian Electricity Distributors, the Discos explained that the new tariffs ordered by the Nigerian Electricity Regulatory Commission would cater for revenue shortfalls in the sector. In a tariff review clarification notice […]
Company tax: FG to exempt firms earning less than N25m
Businessam StaffJanuary 6, 2020
The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from companies income tax. Currently, all companies are expected to pay the federal government 30 per cent of their profit as companies income tax. However, Zainab Ahmed, the minister of finance, budget and national […]
Ponzi scheme promoters risk wrath of the law, SEC threatens
Businessam StaffJanuary 6, 2020
By Omobayo Azeez
Banks reconfigure ATMs to beat CBN’s reduction of charges
Businessam StaffJanuary 6, 2020
Some commercial banks have designed means to avoid the recent slash in charges on withdrawal from automated teller machines (ATM) by the Central Bank of Nigeria (CBN), investigations have shown. The central bank recently reduced the N65 charged on remote-on-us ATM after the third withdrawal in a month, to N35. Remote-on-us are transactions done by […]
Electricity tariff hike: It’s daylight robbery, labour, others tell FG
Businessam StaffJanuary 6, 2020
Organised labour, industrialists and civil rights groups on Sunday condemned the hike in electricity tariffs by the Federal Government. Labour described the electricity tariff hike as a daylight robbery considering the epileptic power supply in the country. The Lagos Chamber of Commerce and Industry, on its part, berated the Federal Government for increasing the tariffs […]
Anxiety in Nigerian MFBs as investor apathy mars recapitalisation drive
Tola AkinmutimiJanuary 6, 2020
By Tola Akinmutimi, in Abuja Operators’ worries grow Investment drive in disarray May seek more time Despite the Central Bank of Nigeria’s (CBN’s) revised policy stance that mandates microfinance banks (MFBs) to meet only 50 percent of its earlier minimum recapitalization directive, investigations have shown that most of the microfinance institutions are now […]
Another war looming? What will happen to oil prices
Businessam StaffJanuary 4, 2020
The world needs to remember how prices for US crude oil spiked $10 per barrel overnight as fighting began in the second war in Iraq. That would have meant a profit of $50,000 if a trader had made the smallest purchasing trade possible. Or, just as big a loss if the trader had decided to […]
Wall Street stocks fall after US kills Iran general
Businessam StaffJanuary 3, 2020
Wall Street stocks retreated from records early on Friday after a US strike killed a top Iranian commander, prompting threats of reprisal by Tehran. About 20 minutes into trading, the Dow Jones Industrial Average stood at 28,661.44, down 0.7 per cent. The broad-based S&P 500 also shed 0.7 percent to 3,236.58, while the tech-rich Nasdaq […]