Author: Aishat Olalere

According to the 2024 Budget Policy Statement (BPS), the government aims to collect KSh 2.95 trillion in taxes in the fiscal year 2024/25, relying on proposed extensive tax measures that target hard-to-tax sectors such as the informal, digital, and agricultural activities. However, the Kenya Revenue Authority (KRA) that was tasked with collecting KSh 2.62 trillion from both direct and indirect taxes fell short of its target for the first six months of the 2023/2024 financial year by KSh 186.2 billion, with the largest contributions to this shortfall coming from income taxes. The government aims to increase tax collection by an…

Parallex Bank Ltd. says it has introduced an advanced mobile banking application, Mobile App 2.0, aimed at delivering convenience and functionality to its customers for a limitless banking experience. A statement on Friday by the Managing Director of Parallex Bank, Dr Olufemi Bakre, said the updated version reflected the bank’s unwavering dedication to providing a seamless and limitless banking experience. Bakre said the Parallex Mobile App serves as a comprehensive solution, enabling customers to conduct a diverse array of banking and lifestyle transactions directly from their smartphones or tablets, regardless of time or location. He said the app’s user-friendly features…

Nigeria’s insurance sector appears to be copping well with the adverse economic environment as leading operators in the industry have reported aggregate 25.9 percent growth in Gross Premium Written, GPW, in the 2023 financial year. Findings in the financial report of 17 insurance companies released on the Nigerian Exchange Limited reveal that GPW grew to N557.5 billion in the 2023 financial year from N442.6 billion recorded in 2022. The 17 companies are Aiico Insurance, Axa Mansard, Consolidated Hallmark, Cornerstone Insurance, Coronation Insurance, Custodian Investment, Guinea Insurance, Lasaco Assurance, Linkage Assurance, Mutual Benefits, Nem Insurance, Prestige Assurance, Regency Alliance, Sovereign Trust, Sunu…

A South African single mother battled financial hardship to raise her daughter after her ex-husband refused to help them. However, Omontle Thato Moremong refused to be defined by struggle, and even though she endured a lengthy court battle, she overcame the hardships Building her own path as an entrepreneur and motivational speaker, she now empowers other women and inspires them with her story of resilience. With her ex-partner, a man earning R80,000 (about KSh 618,800) per month who was not willing to help, Omontle Thato Moremong faced gruelling court battles and heartbreak. Moremong shared to a South African news website…

The Ethics and Anti-Corruption Commission (EACC) has arrested and charged a man on accusations of forging academic certificates to get a government job. EACC detectives arrested Javanson Kimemia Maina for allegedly forging a Kenya Certificate of Secondary Education (KCSE) certificate, which he used to get a job at a state agency. Until his arrest, Maina was an employee of the Rural Electrification and Renewable Energy Corporation (REREC). According to investigations by the EACC, the accused allegedly forged a KCSE certificate in the name of Kimuri Secondary School. The Office of the Director of Public Prosecutions (ODPP), after concurring with the…

Comercio Partners Limited, an investment banking firm, disclosed during a media launch to present the firm’s macroeconomic outlook for 2024 themed, “Finding Rain in Drought” that the federal government may exceed its projected N6.04 trillion domestic borrowing to finance the 2024 budget due to the minimised use of the ways and means window. The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, recently said that the apex bank would no longer give ways and means to the government until the previous loans were repaid. Under the previous administration, the then CBN Governor, Godwin Emefiele, allegedly printed the sum…

During the 2024 International Customs Day celebration themed ‘Customs Engaging Traditional and New Partners with purpose’ in Lagos, The Nigeria Customs Service (NCS) Comptroller General, Adewale Adeniyi said planning to collaborate with the National Inland Waterways Authority (NIWA) to construct modern jetties is going on. He said the NCS was working on various collaborations with sister agencies to address the issue of port congestion and to ensure the ports are more efficient. The CGC said, “We have reasons for us to collaborate with all these traditional partners. Some new partners are very important for us. Take, for example, the National…

At the recent Sub-Sahara International Petroleum Exhibition and Conference in Lagos, the Chief Executive Officer and Managing Director of Aradel Holdings Plc, Adegbite Falade, said the majority of indigenous oil companies lack transparency. The lack of transparency has prevented many local oil firms from listing on the stock exchange. He noted that Aradel Holdings was not left out of the blame as it was only traded on the National Association of Security Dealers and still making efforts to be listed on the Nigerian Exchange Group. Falade disclosed that Nigeria currently had only two and a half transparent energy companies, saying…

On Wednesday, February 14, in an interview with the News Agency of Nigeria(NAN), the end users of cement in Benue denounced the sudden increase in the price of cement from ₦5,500 to ₦8,000. According to Mr James Toryila, the astronomical increase in the price of cement is not genuine, stressing that sellers of the product only want to take advantage of the vulnerable economy to make huge profit. “You cannot tell me that between last week and this week, the cost of producing cement increased to warrant this high price. “What is happening to our economy is worrisome. The Nigerian…

According to Alpha Morgan Capital Limited, During the intraday session, the NGX All Share Index is exhibiting a bullish run, reflecting an increase of 2.11%. Buying interest in Airtel Africa Plc, BUA Foods and other stocks have lifted the Nigerian Exchange (NGX) indicators higher after a negative performance yesterday. This upward trajectory is a result of buying interest in key equities such as AIRTELAFRI, FBNH, BUAFOODS, GEREGU, ACCESSCORP, ZENITHBANK, UBA, and other listed stocks. Airtel Africa Plc share has gained 10%, the maximum allowable gain following large transactions on the tickers. BUA Foods has jumped by 7.02% by midday while…