New NDDC board bogged down by N3trn legacy debts
BEN EGUZOZIEMarch 13, 2023
By Ben Eguzozie Contractors besiege board Onochie, board chairperson, begs for time After $40bn or N15trn in 20yrs, not a Marshall Plan The new board of the Niger Delta Development Commission (NDDC) chaired by former presidential aide, Lauretta Onochie, appears heavily bogged down by legacy debts of the commission and it is being suggested that […]
Nigeria grows VAT revenue 23% to N697bn in Q4 2022
Cynthia EzekweMarch 8, 2023
By Cynthia Ezekwe Nigeria generated N697.38 billion as value-added tax (VAT) aggregate revenue in the fourth quarter (Q4) of 2022 as VAT collections for the period under review increased by 23.71 per cent compared to the corresponding period of 2021. The National Bureau of Statistics (NBS), in its recent VAT quarterly report, said the figure […]
A new dawn for startups, entrepreneurs in Ghana
ISAAC AIDOOMarch 6, 2023
By Isaac AIDOO, in Accra, Ghana Ghana’s entrepreneurial ecosystem has in the past years been quite buoyant due largely to concerns about rising youth unemployment and advocacy on promoting innovation through technology. In their bid to unearth and harness the entrepreneurial skills of the youth in Ghana, governments, past and present, have made […]
Supreme Court extends validity of old naira notes as legal tender till December 2023
business AMMarch 3, 2023
By Business AM The Supreme Court of Nigeria has ruled that the old N1000, N200 and N500 notes should remain legal tender and co-exist with the new notes until December 31, 2023. The apex court, in its judgment on the suit instituted by Kaduna, Kogi, and Zamfara states against the federal government’s naira swap policy, […]
Stanbic IBTC PMI report blames cash shortages for contraction in business activities
business AMMarch 3, 2023
By Business AM Stanbic IBTC Bank, has faulted the cash shortages across the Nigerian economy for the negative impact on the private sector which resulted in business conditions deteriorating markedly, ending a 31-month sequence of expansion. The bank, in its February Purchasing Managers Index (PMI) report, disclosed that the PMI data dropped below the 50.0 […]
NDDC defends self in group’s N200bn contracts’ litigation
BEN EGUZOZIEMarch 1, 2023
By Ben Eguzozie It is appearing difficult to wean Niger Delta Development Commission (NDDC) from phoney contracting and financial sleaze. Board after board at the government quango has been regularly trailed by stories of graft and more graft. This time around, the newly inaugurated governing board and management led by Lauretta Onochie appears to be […]
African business leaders eye growth via digital solutions, regional integration
BEN EGUZOZIEMarch 1, 2023
By Ben Eguzozie Big data analytics, AI top tech innovations Business leaders in Africa have pointed to digital solutions and innovation, followed by new product or service development as the biggest propositions in terms of strategy to drive revenue growth over the next three years in the continent. Big-data analytics and artificial intelligence are among […]
Supreme Court fixes March 3 to deliver judgment on naira policy suit
business AMFebruary 22, 2023
By Business AM The Supreme Court of Nigeria has fixed 3rd of March for judgment in suits filed by some states against the CBN’s naira redesign and cash swap policy implemented by the Central Bank of Nigeria which halted the usage of the old N500 and N1,000 notes as legal tender. The nine-member panel of […]
NBS inflation index extremely outdated, says IMF
business AMFebruary 21, 2023
By Business AM The index weights and basket presented by the National Bureau of Statistics (NBS) for the monthly consumer price index are extremely outdated, according to the International Monetary Fund (IMF). The major financial agency of the United Nations made the assertion in a recent report titled ‘’Nigeria: 2022 Article IV Consultation-Press Release; Staff […]
Fitch warns Nigeria of political risks after 2023 elections
Onome AmugeFebruary 21, 2023
By Onome Amuge The upcoming 2023 general elections in Nigeria has been described by many analysts as one of the defining moments in the country’s history as the voting populace throng into polling units to elect their choice candidates in the hope of an economic turnaround from the country’s extremely fragile state. However, Fitch Solutions […]