Business

Seven leading Nigerian banks have collectively generated N132.45 billion from e-business operations in the first half of 2024, underscoring the growing adoption of digital banking across the country. The banks—FBN Holdings, Zenith Bank, GTCO Holdings, Stanbic IBTC, Wema Bank, FCMB, and Sterling Financial Holding—reported the figure in their respective half-year financial statements for 2024, marking a significant year-on-year increase. This surge in e-business income reflects the rapid shift towards digital […]

The Nigerian National Petroleum Company Limited (NNPCL) has released details on the estimated prices of Premium Motor Spirit (PMS), popularly known as petrol, from Dangote Refinery as the figures are based on the September 2024 pricing across various retail stations in the country. According to a statement made on Monday by NNPCL’s spokesperson, Olufemi Soneye, the company confirmed it is paying Dangote Refinery in U.S. dollars for PMS supply in […]

The Federal Government, through its Presidential Compressed Natural Gas Initiative (PCNGi), is offering Lagos residents free vehicle conversions to Compressed Natural Gas (CNG). This one-day event, happening on Friday, September 13, from 3 pm to 6 pm, will take place at six designated locations across Lagos. Under the “Operation First Come, First Serve” initiative, the first 50 vehicles at each site that pass inspection will receive free CNG conversion kits. […]

The Federal Government has appealed to private sector to partner with it for the economic growth of the country. The Minister of Art, Culture, and the Creative Economy, Hannatu Musawa, made the call on Wednesday in Lagos, while speaking with corporate entities, members of the art community and other concerned individuals. Musawa, listed areas like smart strategic partnership, growth target for GDP contribution, skill development, and job creation as plans […]

The Nigerian manufacturing sector has experienced a notable increase in tax contributions, reaching a nine-month peak in the second quarter of 2024 despite prevailing economic challenges. This is based on newly released data from the National Bureau of Statistics (NBS). In Q2 2024, manufacturers paid a total of N405.86 billion in taxes, which includes both Company Income Tax (CIT) and Value Added Tax (VAT). This marks an 84.1% rise from […]

The Manufacturers Association of Nigeria (MAN) has reacted to the increase in petrol prices stating that Small and Medium Scale Enterprises would be particularly affected thereby leading to scale down operations or complete shut down. The Director General of MAN, Segun Kadir disclosed this in an interview with newsmen on Wednesday. According to him, the hike in Premium motor spirit will result in high operational costs in terms of transport […]

The National Information Technology Development Agency (NITDA) has issued an urgent public alert regarding a critical security vulnerability identified in the Google Chrome browser. According to the Agency, this vulnerability, tagged CVE-2024-797, has been discovered by Google and is currently being actively exploited by cyber attackers to target users online. The flaw, classified as a “type confusion” vulnerability, is located within Chrome’s V8 JavaScript engine, which plays a crucial role […]

The chairman of the Presidential Committee on Fiscal Policy, Taiwo Oyedele, has revealed that the committee has proposed to the federal government the removal of taxes on food, public transportation, house rents, and other basic necessities critical to the well-being of Nigerians. Oyedele shared this information on Monday during an interview with newsmen in Abuja. He emphasized that the proposal also includes the exemption of value-added tax (VAT) on these […]

The Central Bank of Nigeria has announced that Nigerian households are likely to allocate a substantial portion of their earnings to food expenses over the next six months, driven by rising inflation. According to the National Bureau of Statistics, the current inflation rate stands at 33.40 per cent, with food inflation exceeding 40 per cent. The survey, conducted between July 22 and 26, 2024, involved 1,665 households across the 36 […]