The Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) intended to exempt 95% of operators in the informal sector from any form of taxation. The Taiwo Oyedele-led panel’s plan aims to reduce the burden of several taxes on small enterprises and low-income persons. Oyedele plummeted at the end of the PFPTRC’s close-out retreat in Abuja … Read more
Guaranty Trust Holding Company (GTCO), one of Nigeria’s most efficiently run bank, has just announced the largest ever pre-tax profits in Nigerian banking history. According to information contained in its first-quarter earnings, the bank posted a pre-tax profit of N509.3 billion, more than six times the profits it made in the same period in 2023. … Read more
The Nigerian Electricity Regulatory Commission, NERC, has approved 481 Band A areas for the purpose of implementing the new tariff. Documents obtained from the regulator indicated that the Abuja Electricity Distribution Company, AEDC, emerged the highest with 107. Yola Electricity Distribution Company, YEDC, has 15, apparently the least. A breakdown indicated that the Ikeja Electricity … Read more
On Wednesday, the House of Representatives discovered that five banks were withholding $5 billion in forex. Worried about the country’s foreign exchange market instability, the House directed the joint Committees on Banking Regulations and Banking Institutions to hold an investigative hearing into banks and financial institutions’ failure to comply with CBN directives on Net Open … Read more
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks to sell their surplus dollar stock by February 1, 2024, as part of new measures to stabilize the country’s fluctuating currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency … Read more
Cadbury Nigeria has offered to swap its $7.7 million (N7.03 billion) debt owed to Cadbury Schweppes Overseas Limited for more equity. Cadbury Schweppes Overseas Limited, controlled by Mondel–z International Inc, is a major investor in Cadbury Nigeria with 74.97 percent stake. In a statement on Tuesday sent to the Nigerian Exchange Limited, NGX Cadbury Nigeria … Read more
Access Holdings has surpassed the N1 trillion market capitalisation mark. At the close of trading on Tuesday, the share value of the company rose by 8.39 percent to N29.70 — from N27.40 on Monday. This raised Access Holdings’ market valuation to N1.05 trillion, up from N973.93 billion on Monday. The development comes a day after … Read more
United Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share. At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable … Read more