Trump tax returns reveal over $1bn in losses and that he paid no income taxes for eight years, report says
Businessam StaffMay 8, 2019
Donald Trump’s tax returns show that he lost so much money in the mid-1980s to 1990s that he paid no income tax for eight out of 10 years during that period, according to a new report. The income tax records were obtained by The New York Times, and represent the most detailed look into the president’s personal taxes yet, […]
Oil falls near 2% as U.S.-China trade war intensifies
Businessam StaffMay 7, 2019
Oil prices slipped nearly 2 percent on Tuesday, on track to fall to their lowest levels in over a month as renewed doubts over U.S.-China trade talks stoked concerns over global growth and demand even though U.S. sanctions on Iran and Venezuela tightened supply and helped stem losses. Brent futures were down $1.36, or 1.9 […]
Naira gains against dollar at parallel market
Businessam StaffMay 7, 2019
The Naira on Tuesday gained 40 Kobo to exchange at N359 to the dollar at the parallel market in Lagos, stronger than N359.6 traded on Monday. The Pound Sterling and the Euro closed at N470 and N402, respectively. Trading at the Bureau De Change (BDC) segment saw the naira closing at N360 to the dollar, […]
Court rejects Nigeria’s Attorney General objection to MTN’s N3 billion suit
Businessam StaffMay 7, 2019
A Lagos Division of the Federal High Court on Tuesday rejected a preliminary objection filed by the Attorney General of the Federation, Abubakar Malami, seeking to dismiss the N3 billion suit filed by mobile telecommunications giant, MTN, against the Nigerian government. Chukwujekwu Aneke, the judge, ruled that the suit was not filed “out of time,” […]
SEC confirms receipt of MTN’s application to register, list shares
Businessam StaffMay 7, 2019
The Securities and Exchange Commission (SEC) has confirmed receipt of an application from MTN to register their existing securities and list the company by introduction. Ahead of its planned listing on the Nigerian Stock Exchange (NSE), MTN Nigeria recently converted from a private company to a public company. It also appointed some new directors, including […]
Nigeria’s rising debt servicing cost unsettles investors –Report
Businessam StaffMay 7, 2019
The cost of servicing government debt in Nigeria is dampening foreign investors’ appetite to inject capital into the country. Financial Times reported on Monday that many of them continued to be willing lenders, despite the signs that their money might not always have been put to the most productive use. Increasingly, however, analysts are raising […]
Creative industry to access up to N500m loans –CBN
Businessam StaffMay 7, 2019
The Central Bank of Nigeria in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed a Creative Industry Financing Initiative. The CBN said on Monday that under the CIFI loan initiative, beneficiaries could get up to N500m loans at nine per cent interest […]
Malabu Scandal: Nigerian govt demands $3.5 billion from Eni, Shell
Businessam StaffMay 6, 2019
The Nigerian government is seeking about $3.5 billion in damages from oil giants Eni and Shell over the controversial Malabu oil deal, reports have revealed. The new claim is contained in a London court filing by the Nigerian government against the two oil multinationals and other parties involved in the long-running case. The court documents, […]
CBN to blacklist banks, companies, individuals involved in textile smuggling
Businessam StaffMay 6, 2019
To revive Nigeria’s moribund cotton, textiles and garments sector, the Central Bank of Nigeria (CBN) on Monday commenced the distribution of cotton seeds and other inputs to farmers in Katsina State. To encourage local textile production, the apex bank also threatened to blacklist individuals, banks and companies involved in illegal textile importation. Over 100,000 farmers […]
Oil prices fall, touch one-month low after Trump’s tariff threat
Businessam StaffMay 6, 2019
Oil prices fell on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods, risking derailment of trade talks between the world’s two largest economies, which renewed worries about global oil demand. Brent crude futures fell 16 cents to $70.69 a barrel by 11:12 a.m. EDT (1512 GMT). The global […]