Category: Business
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CAC to Remove 100,000 Companies from Database Over Failure to File Annual Returns
The Corporate Affairs Commission (CAC) has made a significant announcement, revealing its intention to remove 100,000 companies from its database due to their failure to submit annual returns. Alhaji Garba Abubakar, the Registrar-General and Chief Executive Officer of the CAC, disclosed this during a training event held in Lagos, which aimed to educate participants on…
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Sen. Jibrin Reports that Only 20 Textile Companies are Currently Active in Nigeria
Senator Walid Jibrin, a former Chairman of the Textile Manufacturers Association of Nigeria, has revealed that only 20 textile businesses are presently operational in Nigeria, a stark contrast to the 175 companies that were active a few years ago. During a media engagement in Kaduna, Jibrin pointed out that the textile sector once ranked second…
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PwC Suggests that Removing Fuel Subsidies Could Benefit the Oil & Gas Industry
PwC Nigeria, the professional services firm, has outlined the potential transformative effects on the Nigerian oil and gas downstream sector due to the removal of fuel subsidies. These insights were shared at a conference in Lagos aimed at discussing the future of the downstream sector in the post-subsidy period. Kenneth Erikume, PwC’s Partner/Director of Tax…
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Crude Oil Trades at $84 per Barrel
Brent crude, the international standard for oil prices, reached a peak of $84 per barrel on Wednesday, sparking predictions that Nigeria may see a rise in the price of Premium Motor Spirit, commonly known as petrol, in the coming weeks. Crude oil prices, a significant factor in determining the costs of refined petroleum products, had…
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Nigerian Passport Shows Significant Improvement in Global Ranking
By Daniel Edu The Nigerian passport has experienced a noteworthy ascent in the latest global passport ranking index, climbing nine places higher than its previous position. According to the Henley Passport Index for Q2 2023, the Nigerian passport now holds the 91st position out of 199 countries and 227 travel destinations surveyed. This improvement indicates…
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The NBS reports a 6.71% decrease in cooking gas price, now at N4,068.26.
In June 2023, the average retail cost for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased by 6.71% to N4,068.26, down from N4,360.69 in May 2023, as per the National Bureau of Statistics, NBS. This also represented a year-on-year decrease of 3.56% from N4,218.38 in June 2022. Across the states, Kwara had…
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CBN Commits to Alleviate Forex Pressure, Announces Increase in Lending Rate
The Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has pledged to address the increasing demand pressure on the country’s exchange rate as the naira continues to depreciate against the dollar. Shonubi made this commitment while responding to queries from reporters following the conclusion of the two-day Monetary Policy Committee meeting in…
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NNPC: N1.3tn Subsidy Debt Unrelated to Dividend Payment
By Daniel Edu The Nigerian National Petroleum Company Limited (NNPCL) clarified on Thursday that the Federal Government’s outstanding N1.3tn debt to the company would not affect the payment of dividends to the government. Earlier this year, the national oil company revealed its anticipation of receiving a refund of approximately N1.3tn from the Federation Account as…
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Naira to Dollar Black Market Rate Today – July 25th, 2023
By Daniel Edu The black market exchange rate between the Nigerian Naira and the United States Dollar (USD) stands at N860 for buying and N870 for selling as of today, July 25th, 2023. Please be aware that these rates may vary, as prices are subject to change. It is important to note that the Central…
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Despite NNPCL’s N907bn FAAC contribution, the Excess Crude Account remains unaltered.
The Excess Crude Account (ECA) balance has remained stable at approximately $474m for the past two years, even though the Nigerian National Petroleum Company Limited (NNPCL) has contributed N907bn to the Federal Account Allocation Committee (FAAC). The NNPCL resumed FAAC contributions in June following a hiatus due to significant fuel subsidy costs. A statement issued…