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Economy

Nigeria grants tax holidays to 27 new industries
The Federal Executive Council on Wednesday approved 27 new industries and products to enter into the pioneer status to give tax holidays to them for three years, to enable them grow and expand investments. The list was last reviewed in 2006 and the approval was to bring the industrial policy.....
No concession of Port Harcourt refinery, Kachikwu says
The Senate and the federal government have resolved to revamp the Port Harcourt Refinery as against rumoured plans to concession the facility. The Chairman, Senate’s Ad Hoc Committee on Planned Concession of the Refinery, Abubakar Kyari, made this known at a public hearing on the issue in Abuja on Thursday......
Etisalat rejigs after the consortium of banks forced directors out over debt
The customers on Etisalat network would heave a sigh of relief following Centra Bank of Nigeria and the National Communication Commission intervention over the $172 Million debt by mobile communication firm. Read the full text: Read the full statement by the spokesperson below. Etisalat Nigeria today confirms that as a.....
FG appoints Okpanachi MD of Development Bank of Nigeria
FormerDeputy Managing Director and Deputy Chief Executive Officer of Ecobank Nigeria Limited, Mr Tony Okpanachi has been appointed the Managing Director and Chief Executive of the newly-licensed Development Bank of Nigeria (DBN). Okpanachi will be supported by the Chief Financial Officer, Mrs. Ijeoma Ozulumba and Chief Risk Officer, Mr......
Nigeria Customs Owerri records seizures worth N4.7 billion in 2016 – Comptroller
The Nigeria Customs Service, Federal Operations Unit, FOU, Zone ‘C’ Owerri, said it recorded a total seizure of 307 contraband worth N4.75 billion in 2016. The figure is a combination of both the Duty Paid Value, DPV, of N3.98 billion for the contraband and N770. 34 million being an underpayment.....
Enugu EEDC Phases out prepaid meters for smart pole meters
Posted by Admin This may not be the best of times for electricity consumers under Enugu Electricity Distribution Company,EEDC, as the management announced recently a stoppage in the use of Prepaid meters for Smart pole meters. The management in making the announcement during an interactive session with executives of the.....
CBN orders bank workers to declare assets
The Central Bank of Nigeria has ordered workers in all the 19 Deposit Money Banks in the country to declare their assets. The  move analysts say looks like the Federal Government is beginning to expand its ongoing anti-corruption crusade to the private sector, especially the banking industry. The directive, which.....
Cheques can now be paid into savings accounts – CBN
The Central Bank of Nigeria on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Prior to this development, bank customers could only make cheque deposits into their current accounts. The new guidelines.....
FG, States and LGs share N305.128bn for May allocation
The three tiers of government heaved a sigh of relief as they shared N305.128 billion at the end of the May Federation Account Allocation Committee (FAAC) meeting in Abuja as against N281.5 billion shared in previous month. The slight improvement in revenue was as a result increased accruals into the Federation.....
Imo State- born Entrepreneur sets to Roll- out Vehicles from Lagos Plant
From Nnamdi Marume The hope of growing Nigerian Auto Market and job creation gets boost as Mbaitolu, Imo State-born renowned Automobile dealer gets set to roll own brands from the Company’s Vehicle Assembly plant in Lekki Lagos come July, 2016. The Auto dealer, Mr Willy Anumudu, who trades with the.....
Fresh Bail-out for the 36- States as FG Gears to arrest Recession
Posted by Admin The handlers of the Nigerian’s economy are at the verge of concluding actions on the next round of bail-out funds for the 36- States According to information from the Federal Government, a Conditional Budget Support Facility is being finalized to provide some stimulus to the State government,.....
FG, States, LGs share April federal allocation
Posted by Admin The Federal Government, State Governments and Local Government Councils received a net statutory allocation of N207.878 Billion as Federal Allocation for the month of April, 2016. The allocation was shared among the three tiers of government as follows: Federal Government 52.68%, States 26.72%, Local government 20.60% and.....

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