General - Business Metrics

Customs awaits finance ministry’s nod to begin 25% slash on imported vehicles’ duties

Jan 27, 2021 Umar Suleiman

Customs awaits finance ministry’s nod to begin 25% slash on imported vehicles’ duties The reduction in the duties on vehicles and tractors from 35 to about 10 per cent may take off next week, the Nigeria Customs Service (NCS) said on Tuesday. Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was only waiting for an official communication from the finance ministry on the matter any moment from now. He said the vehicle tariff reduction, as contained in the 2020…

Stockbroker bags 77years in Lagos for N62m fraud

Jan 27, 2021 Ugochi Emmanuel

Stockbroker bags 77years in Lagos for N62m fraud The Economic and Financial Crimes Commission, (EFCC) has secured the conviction and sentencing of Abioye Eluwole, managing director of Bytofel Trust and Securities Limited to 77 years in prison for a N62 million fraud. Eluwole, who was arrested in December 2018 for stealing various units of shares of different companies belonging to Okeke Donatus Ojumba, including those of the victim’s children, was arraigned before Justice Mojisola Dada of the Special Offences Court, sitting at the Lagos State High Court, Ikeja. Announcing…

How Nigeria loses 41% in oil export proceeds

Jan 26, 2021Jan 26, 2021 Umar Suleiman

How Nigeria lost 41% in oil export proceeds Proceeds from oil export fell by a whopping 41.44 per cent to $2.033 billion in the first nine months of 2020, compared to $3.47 billion received in the corresponding period of 2019, data from the Nigerian National Petroleum Corporation, NNPC, has revealed. NNPC had, in its September 2020 edition of the Monthly Financial and Operations Report (MFOR) disclosed that revenue from oil and gas export for the month of September, 2020, rose by 16 per cent to $120.49 million. But a…

NIMC arrests illegal NIN enrolment agents in Kano

Jan 25, 2021 Umar Suleiman

NIMC arrests illegal NIN enrolment agents in Kano The National Identity Management Commission (NIMC), last week, raided illegal operators of the National Identification Number (NIN) in Kano and made some arrests with the support of its legal team. NIMC, which gave the information on its official twitter handle explained: “We have arrested some illegal operators of NIMC activities by some Business Centre operators in Kano metropolis. For three days we went round Kano and we successfully made arrest of some illegal NIN enrolment agents, who pretend to be licensed…

COVID-19: Subscriber group calls for immediate suspension of NIN Registration

Jan 18, 2021 Banjo Olaniran

COVID-19: Subscriber group calls for immediate suspension of NIN Registration The Association of Telephone, Cable TV and Internet Subscribers of Nigeria (ATCIS) has urged the Federal government to suspend the ongoing NIN registration by telephone subscribers nationwide immediately. Making the call while addressing newsmen in Lagos recently, Prince Sina Bilesanmi, the national president of the association, said the suspension becomes necessary as more Nigerians are on daily basis being exposed to the dangers of the dreaded Covid-19 pandemic as they throng the National Identity Management Commission (NIMC) offices in…

Heirs Holdings acquires 45% of OML 17 for $1.1bn

Jan 16, 2021Jan 17, 2021 Omobayo Azeez

Heirs Holdings acquires 45% of OML 17 at $1.1bn

Heirs Holdings acquires 45% of OML 17 for $1.1bn Heirs Holdings (HH), in partnership with affiliated company, Transnational Corporation of Nigeria Plc (Transcorp), has announced its acquisition of acquisition of a 45 per cent participating interest Nigerian oil licence OML 17 and related assets costing $1.1 billion The acquisition was done through TNOG Oil and Gas Limited, a subsidiary of Heirs Holdings and Transcorp, from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole…

Don’t miss 9 benefits of registering businesses with the CAC

Jan 16, 2021 Business Metrics

Don’t miss 9 benefits of registering businesses with the CAC Obviously, many micro and small businesses, as well as bigger companies alike, are going corporate and the Corporate Affair Commission of Nigeria (CAC) is having a burgeoning customer base, coupled with a pay day. This assertion was confirmed by The Registrar-General of the CAC, Alhaji Garba Abubakar, who has just disclosed that the organisation raked in more than N19 billion as Internally Generated Revenue (IGR) in 2020. This was despite the pandemic impact in the year and reduced cost…

Nigeria still faces 500,000MT rice production shortage

Jan 13, 2021 Umar Suleiman

Nigeria still faces 500,000MT rice production shortage The Federal Government of Nigerian has disclosed that the country still faces 500,000 metric tonnes gap in rice production. It, however, stated that the country would soon close the gap and meet the seven million metric tonnes production capacity required to attain self-sufficiency. The Federal Ministry of Agriculture and Rural Development disclosed this in a statement issued in Abuja by the Deputy Director, Information, Eno Olotu. The statement quoted the Director, Federal Department of Agriculture, Karima Babaginda, to have said this while…

NBS Data: Cement tops Nigeria’s N5.4bn solid mineral export in 3 months

Jan 11, 2021 Banjo Olaniran

NBS Data: Cement tops Nigeria’s N5.4bn solid mineral export in 3 months Cement was the major solid item of exportation from Nigeria in the third quarter of 2020 during which the country exported N5.4 billion solid mineral goods while the import component stood at N35.2 billion. This was disclosed in the foreign trade statistics report for the third quarter of 2020 obtained from the National Bureau of Statistics (NBS). Part of the report read, “The total trade in solid mineral goods stood at N40.8bn in Q3, 2020, comprising an…

Billionaires list: Dangote loses $900m in 24 hours

Jan 11, 2021 Business Metrics

Billionaires list: Dangote loses $900m in 24 hours The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, saw his total net worth drop by $900m on Friday as his flagship company emerged the biggest loser at the end of trading on the Nigerian Stock Exchange. Bloomberg Billionaires Index, which is a ranking of the world’s 500 richest people, showed that his wealth fell from $18.4 billion on Thursday to $17.5 billion on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day. Dangote’s net…