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Buhari off to Riyadh to court investors at Saudi Public Investment Fund’s Forum

Buhari off to Riyadh to court investors at Saudi Public Investment Fund’s Forum

President Muhammadu Buhari will depart Abuja Monday for Riyadh, the Kingdom of Saudi Arabia, to attend the third edition of the Future Investment Initiative (FII) organised by Saudi’s Public Investment Fund (PIF). Under the theme, ‘‘What’s Next for Global Business?’’, the event, which holds from October 29-31, will focus on three key pillars: Sustainable Future, Technology for Good and Advanced ... Read More »

Oyo targets solid minerals for IGR boost – Makinde’s adviser

Oyo targets solid minerals for IGR boost – Makinde’s adviser

The government of Oyo State is setting its eyes on the solid mineral sector as a major boost for its Internally-Generated Revenue (IGR), the Special Adviser on Solid Minerals Development, Mr. Abiodun Oni has said. Oni, in a presentation on behalf of the state government at the just concluded Fourth Edition of the Nigeria Mining Week, said that the state ... Read More »

Dangote Cement signs pact with GE to digitise plants

Dangote Cement signs pact with GE to digitise plants

Dangote Cement Plc has signed an agreement with General Electric to install Asset Performance Management (APM) solution at its plants in Obajana, Ibese, to Improve power supply efficiency and help extend the life span of the plants, Nairametrics reports. Details of pact: It includes extending the current service agreement for an additional 50,000 operating hours for the seven GE LM6000PC ... Read More »

Government Orders NCC To Sanction Telecos Over Illegal Charges

Government Orders NCC To Sanction Telecos Over Illegal Charges

The Federal Government has ordered the Nigerian Communications Commission, NCC, to sanction any telecommunication firm imposing illegal charges on customers. Isa Pantami, Minister of Communications and Digital Economy, gave the order in a statement on yesterday. NCC also ordered that the new charges on Unstructured Supplementary Service Data should be stopped. The statement reads: “We have directed the Nigerian Communication ... Read More »

FIRS nets N4. 012 trillion between Jan and Sept. 2019 – Fowler  

FIRS nets N4. 012 trillion between Jan and Sept. 2019 – Fowler  

The Federal Inland Revenue Service, FIRS, has collected the sum of N4. 012 Trillion in three quarters (January-September 2019), Executive Chairman, Tunde Fowler told the Senate Committee on Appropriations today, Thursday in Abuja. The amount is 77.89 billion above the N3.941 trillion collected between January-September 2018. Though the amount collected represents 60.77 % of the N8. 8 trillion target of ... Read More »

Buhari, Putin agree to revive Ajaokuta Steel, rehabilitate refineries, others

Buhari, Putin agree to revive Ajaokuta Steel, rehabilitate refineries, others

  L-R: Buhari, Putin* President Muhammadu Buhari and Russian President, Vladimir Putin Wednesday in Sochi, Russia, agreed to put Nigeria-Russia relations on a fast track, and pursue the completion of partially completed and abandoned projects initiated by both countries. At a bilateral meeting held on sidelines of ongoing Russia-Africa Summit, the two leaders agreed to start new infrastructure projects and ... Read More »

January-December budget cycle will allow for proper implementation – Gbajabiamila

January-December budget cycle will allow for proper implementation – Gbajabiamila

The Speaker of the House of Representatives Rep. Femi Gbajabiamila has said that the National Assembly is doing everything to return the country’s budget to the January to December cycle for proper implementation. Besides, the Speaker said, the 1999 constitution provides that the country’s budget should run from January to December, except as otherwise prescribed by the National Assembly where ... Read More »

Nigeria loses $15 billion to tax evasion annually- Fowler

Nigeria loses $15 billion to tax evasion annually- Fowler

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has said Nigeria loses about $15 billion dollars to tax evasion annually. He stated this on Wednesday as no few than 50 participants tax experts across the globe meet in Abuja to chart ways to combat offshore tax evasion through exchange of information regime. At the meeting, Fowler said ... Read More »

Ease of doing business reforms will bring dramatic changes to economy-Osinbajo

Ease of doing business reforms will bring dramatic changes to economy-Osinbajo

The Buhari administration will continue its determined pursuit of reforming Nigeria’s business environment until the full attainment of the objectives, which will bring dramatic changes in the country’s economy, according to Vice President Yemi Osinbajo, SAN. Prof. Osinbajo made the assertion on Tuesday while receiving at the Presidential Villa, the 2019 Compliance Report of the Presidential Executive Order 001 which ... Read More »

CJN faults amended AMCON Act

CJN faults amended AMCON Act

The Chief Justice of Nigeria, Justice Ibrahim Muhammad, has faulted some provisions in the amendment to the Asset Management Corporation of Nigeria (AMCON) Act, particularly the aspect that limits the determination of appeal to 60 days. The CJN in a statement by Fesus Akande, spokesman for the Supreme Court, today said that the CJN spoke in Abuja during a courtesy ... Read More »

P&ID: EFCC Arraigns Two British Nationals For Money Laundering

P&ID: EFCC Arraigns Two British Nationals For Money Laundering

The Economic and Financial Crimes Commission, EFCC, arraigned two British nationals, James Nolan and Adam Quinn (at large), before Justice Okon Abang of the Federal High Court, Abuja. They were charged for alleged complicity in the controversial $9.6bn arbitral award to Process and Industrial Development Ltd., by a United Kingdom commercial court. The defendants, both directors of Goidel Resources Limited, ... Read More »

Recover $103bn Loss From Oil Sale, Falana Tells Senate President

Recover $103bn Loss From Oil Sale, Falana Tells Senate President

Femi Falana, a senior advocate of Nigeria, has written the leadership of the National Assembly, urging it to recover $103bn lost by Nigeria on sale of oil. The human rights lawyer in the letter said if recovered, the country would have no need to approach China and the World Bank for loans. He also noted that he drew the attention ... Read More »

UK Receives £90bn Stolen Funds Yearly From Nigeria, Others – Experts

“The UK is a legally corrupt country,” Hildyard said, adding that if Western countries genuinely wish to fight corruption, they should stop the warehouse of stolen funds from Nigeria, reports SaharaReporters. The United Kingdom receives not less than £90bn shady funds from Nigeria and other countries across the world every year, a team of foreign experts said in Port Harcourt, ... Read More »

Sokoto State Govt. to establish Islamic Finance Unit

Sokoto State Govt. to establish Islamic Finance Unit

Sokoto State Government said yesterday it has concluded plans to establish the Islamic Financing Unit under the state Ministry of Budget and Economic Planning to access funds from non-interest financial institutions, NAN reports. The state Commissioner for Budget and Economic Planning, Dr. Shehu Kakale, announced this during a one day stakeholders’ meeting on Global Non-Interest Economy held in Sokoto. The ... Read More »

AfDB Advocates Unlocking of $1.8tn AUM for Investment

AfDB Advocates Unlocking of $1.8tn AUM for Investment

The President of the Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has stressed the need to mobilise mutual funds and other Assets Under Management (AUM) in the continent put at $1.8 trillion, to drive Africa’s development, Thisday reports. He also said commercial banks who desire to get credit lines from the AfDB would have to increase lending to women-focused businesses, ... Read More »

Nigerian Government Earmarks $1.61bn For 24-hour Power Supply -TCN

Nigerian Government Earmarks $1.61bn For 24-hour Power Supply -TCN

The Managing Director, Transmission Company of Nigeria, Alhaji Usman Gur, has said the government in collaboration with international donor agencies has set aside over $1.61bn to ensure constant power supply in the country. Gur, who is also the Chief Executive Officer of the TCN, revealed this yesterday in Kano State while briefing journalists at the Kumbotso power sub-station, according to ... Read More »

Ex Finance Minister Ani wants Buhari to investigate abuses in Diaspora remittances

Ex Finance Minister Ani wants Buhari to investigate abuses in Diaspora remittances

As the architect of the Diaspora remittances in 1996, I am naturally concerned at the abuses disclosed by Boyo. A MATTER OF NATIONAL EMERGENCY DEMANDING OUR DEAR PRESIDENT BUHARI’S URGENT ACTION! “RE: $26BN DIASPORA REMITTANCES: WHERE ARE THE  DOLLARS?”   By  Chief Anthony Ani The above question was posed in an article in The PUNCH newspaper edition of September 9, ... Read More »

FG suspends MTN’s N4 USSD charges

FG suspends MTN’s N4 USSD charges

The federal government has ordered the Nigerian Communications Commission (NCC) to suspend the N4 per second imposed by MTN on subscribers to USSD access to banking services charges. Uwa Suleiman, media aide to the Minister of Communications Dr Ibrahim Ali Pantami, gave the directive through a statement today. The statement reads: “The attention of the Federal Ministry of Communications has ... Read More »

FIRS Establishes Tax Office For Non-Resident Persons

FIRS Establishes Tax Office For Non-Resident Persons

The Federal Inland Revenue Service (FIRS) has established a tax office, dedicated solely to the administration of taxes for Non-Resident Persons. This is contained in a Public Notice signed by the Executive Chairman, FIRS, Tunde Fowler. A statement made available on Sunday night to The State Online by Wahab Gbadamosi ,Head, Communications and Servicom Department, Federal Inland Revenue Service, stated ... Read More »

$9.6b Judgment: FG seeks INTERPOL action against P&ID directors

$9.6b Judgment: FG seeks INTERPOL action against P&ID directors

– Wants them placed on global security watch •May file fresh suit to set aside the arbitral award The Federal Government is considering lodging a formal complaint with the International Police (INTERPOL) against two top executives of the Irish firm, Process and Industrial Developments (P&ID), over the controversial $9.6billion debt judgment against Nigeria, THE NATION reports. According to the paper, ... Read More »