Author: Aishat Olalere

Mojeed Iyiola,the Chairman of the Lagos State Chapter of the poultry Association of Nigeria, said  an interview with the News Agency of Nigeria in Lagos on Monday that the poutry farmers incurred over N3tn losses in Lagos. Iyiola said the unfavourable economic conditions had forced a significant number of poultry farmers to exit the industry. He attributed the losses to the persistent economic challenges that had gripped the country. “Since the closure of about 50 per cent of poultry farms across the country, the sector has lost over N3tn. This is because, in each state, we are losing N6bn; so,…

Mr Adekunle Adewole, Managing Director, has resigned as the Managing Director of LivingTrust Mortgage Bank. he Voluntarily resigned against his expiration of his tenure. Mr Adekunle has been the managing director of living trust Mortgage Bank for 3 years and 6 month. he became the MD in may 2020 and his resignation become effective on 30th January, 2024. During Adekunle time in office, Adekunle supervised the growth in the bank’s Profit Before Tax which rose from N57m in 2019 to N1.02bn in 2022. The profit after tax of the mortgage bank dipped by 17.96 percent to N745.80m at the end…

On Tuesday, February, 6, The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, disclosed while briefing members of House of Representatives in Abuja to sanctions will be placed on Nigerian banks that are found sabotaging monetary policies or guilty of unauthorized withdrawals from customer accounts. According to him, alleged indiscriminate charges and withdrawals from customers’ accounts shall be investigated upon reports and dealt with decisively. He has vowed to take strong action against banks engaging in unauthorised withdrawals from customers’ accounts. He also promised to take its oversight functions more seriously and ensure sanctions. Cardoso said ““I want to assure…

The management of Dangote Refinery and Petrochemical Limited has called on the feuding National Union of Petroleum and Natural Gas and the Petroleum Tanker Drivers leaders to settle the rift between them. PTD, an arm of NUPENG had in November 2023 threatened to pull out of NUPENG if its National President, Williams Akporeha, and its General Secretary, Afolabi Olawale, failed to resign from their positions. They had alleged that the NUPENG president lacked the required competence to lead the union because he was not a member of the association. However, the NUPENG secretary had since dismissed the allegation, adding that…

The Nigerian Communications Commission (NCC) has appealed to states and local government councils across the country to cut taxes imposed on telecom companies, asserting that excessive taxation will be counterproductive to the growth of the industry. The Federal Government in its 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper said it would implement a five per cent excise duty on telecommunication services to boost its revenue base. The NCC Executive Vice Chairman, Aminu Wada Maida, lamented that with between 50 to 55 per cent taxes already imposed on telecom operators, it would be difficult to attract foreign investments into the…

The taxman has lost a Sh2 billion tax claim from the Kenya Ports Authority (KPA) over the procurement of some cargo handling equipment between 2018 and 2022. In a ruling delivered on January 26, the Tax Appeals Tribunal dismissed the KRA’s assessment of Sh1,993,582,700 in withholding tax plus penalty and interests, concerning two multi-billion shillings contracts for the supply of a tugboat and cranes by a foreign contractor to the ports authority. The six-bench tribunal agreed with the KPA’s assertion that it was supplied with goods—a tug boat and cranes— and not services for which the ports authority would have…

Accounding to Cadbury Nigeria Plc Audited Financial statement filed with the Nigerian Exchange Limited, Cadbury plc had operating profit of N8.397 billion for the full year ended December 31, 2023. The company represents a 4,228 percent increase over the N194 million recorded in the same period in 2022.The gross profit also rose by 130 percent to N17.790 billion in 2023 from N7.723 billion in 2022, while revenue increased by 46 percent to N80.379 billion within the period under review from N55.213 billion in 2022. This is even as the company was rated number one Top Employer in Nigeria by the Amsterdam…

The cost of cooking gas in Nigeria has been steadily increasing in recent months due to various factors like global energy price fluctuations and local supply chain challenges. Although the cost of the commodity vary across states, the price of the regular 12.5kg gas is currently between N12,500 and N13,500 depending on the area of purchase. It was less than N8,000 some months ago. Many Nigerians are switching to alternative cooking fuels like charcoal and firewood due to the rising cost of gas. The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, announced on Tuesday that the Federal Government…

According to data posted on the FMDQ exchange on Tuesday, the value of foreign excahnge transaction recorded on the official Nigeria Autonomous Foreign exchange Market has risen to $584m. This occur as a result of the Naira weakness against united state dollar that occurred on official market on Tuesday. It closed at N1433/dollar, compared to N1419/dollar recorded on Monday. Meanwhile, the forex turnover increased to $584.53m on Tuesday from $440.13m recorded on Monday indicating an increase of $144.4m or 32.8 per cent. The improved liquidity is following moves by the Central Bank of Nigeria to stabilise the foreign exchange rate.…

On Tuesday morning, Student of Multimedia University in Kenya protested by blocking Magadi road after a student in the school was attacked and injured by the hyena. The student of the institution blocked the road, hurled rocks and set burnfire along the busy stretch while demanding answers from the Kenya Wild Service (KWS)over the event. The protest caught many motorist unaware forcing them to seek alternative route through Gatanga road. Kelvin Mwenda is a 21 year old student, which was attacked by the hyena along masai lodge road at 8pm. Police said in a statement that Stephen Romo, who is…