Nine firms in the information and communication space are beneficiaries of tax exemption from the Federal Government. These companies, which have collectively invested N159.61 billion, are beneficiaries of the Pioneer Status under the Industrial Development Income Tax Act. This was contained in the fourth-quarter Pioneer Status Incentive (PSI) report of […]

Despite the persistent epileptic power supply nationwide, revenue generation by electricity distribution companies in Nigeria surged to N1.1trn within the 12 months of 2023, a new report has revealed. The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a […]

The Federal Government, yesterday, increased the wholesale price of gas to power plants by 11 percent from $2.18 per MMBTU to $2.42/mmbtu (Million British Thermal Unit), leaving power generation companies with additional cost. The gas companies had since January this year reduced supply to power plants following years unpaid invoices that […]

There is panic in the Nigerian financial sector over massive job losses as banks battle to meet the recently announced minimum capital requirements by the Central Bank of Nigeria. The National President of the Association of Senior Staff of Banks, Insurance and Financial Institutions, Olusoji Oluwole, expressed these concerns during an […]

The Managing Director of Financial Derivatives Company Limited, Bismark Rewane, says with the commencement of diesel production at the Dangote Refinery, the price of diesel per litre will fall below N1,000 from the current price of N1,500. Rewane was a guest on Channels Television’s News At 10 during the week where […]

In the last two weeks, the Central Bank of Nigeria and other banking institutions have improved dollar supply to the foreign exchange market by $2.5bn, making the naira strengthen to N1,309 against the United States dollar. Official figures obtained from the FMDQ Securities Exchange revealed that the naira closed at […]

Foreign airlines operating in Nigeria have begun to unblock their low-priced fares on Nigerian routes as the Central Bank of Nigeria completes the payment of about $7bn backlog, which includes over $700m unremitted ticket revenue. The CBN had about two weeks ago announced the completion of payment of $7bn legacy […]

Nigeria’s most capitalized consumer goods company, BUA Foods has posted a profit after tax of N112.1 billion, representing a 22.7% increase from the N91.3 billion reported in 2022. According to the group’s audited financial statement for 2023, it recorded a revenue of N729.4 billion, marking a 74.4% growth from the […]

Super Eagles striker, Victor Osimhen, is the highest-paid footballer in Serie A with his recent Napoli contract and bonuses seeing him rise above Juventus forward in the Italian topflight earnings chart, PUNCH Sports Extra reports. Osimhen, who joined Napoli from Lille in 2020, signed a new contract in December that […]