Author: Ogochukwu Ndubuisi

FIRS Moves to Educate Business Owners on Tax Incentives The Federal Inland Revenue (FIRS) has promised to educate business owners, farmers, and entrepreneurs on various tax incentives available, especially those designed to ease the burden for growing businesses. FIRS Chairman Mr Zack Adedeji made the promise at the ongoing 12th Benue National Trade Fair on Saturday at IBB Square Makurdi. Adedeji, who was represented by Director of Taxpayer Services, Mrs Lovette Onanuga, said from pioneer status incentives to tax reliefs for agriculture-related investments, there was also something to support almost every sector represented at the trade fair. “The theme for…

VFD Hits 52-Week High as Dividend Hunters Take Positions VFD Group Plc. topped performers in the equities market with about 54% price appreciation that lifted the diversified investment company’s market value on the Nigerian Exchange in the just concluded. Breaking its old resistance level after its 2024 earnings beat, trading data from the Nigerian bourse showed that VFD Group Plc market value crossed N111 billion at the close of Friday session on the back of its latest monster rally. The diversified investment company stock reached an all-time high as investors swarmed around its share ahead of its attractive dividend payment.…

Pan-African lender United Bank for Africa (UBA) Plc. has unveiled its upgraded point of sales (POS) terminal and revamped MONI app

Fitch Upgrades Nigeria Rating, Cites Broad Commitment to Reform Fitch Ratings has upgraded Nigeria’s creditworthiness or Long-Term (LT) Foreign-Currency (FC) Issuer Default Rating (IDR) to ‘B’, from ‘B-‘ with stable outlook. The upgrade reflects increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening, and steps to end deficit monetisation and remove fuel subsidies. The ratings agency said these have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent…

AfDB Approves $100m for Nigerian Youth Entrepreneurship Investment Bank The African Development Bank (AfDB) says it has approved $100 million for the establishment of the Nigerian Youth Entrepreneurship Investment Bank. Dr Akinwumi Adesina, President and Chairman, Board of Directors, AfDB, said this in Abuja on Friday, when he delivered the 14th Convocation Lecture of the National Open University of Nigeria (NOUN). The theme of the lecture is: “Advancing Africa’s Positioning within Global Development and Geographical Dynamics.” Adesina said the move was to liberate the Nigerian youth financially and provide technical assistance, business development services, equity, quasi-equity and debt financing for…

Nigeria’s Oil Reserves to Last for 64 Years—NUPRC Nigeria’s crude oil reserves have been projected to last for another 64 years, while its gas reserves could sustain the country for 93 years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said in Abuja on Friday. The commission said the country’s crude oil reserves stood at 37.28 billion barrels as of January 1, 2025, with an estimated lifespan of 64 years. In a statement issued in Abuja, the commission chief executive, Engr. Gbenga Komolafe, also revealed that Nigeria’s gas reserves have reached 210.54 trillion cubic feet (TCF) as of the same date.…

BIPC to Set up Mortgage Bank – Raymond Asemakaha The Benue Investment and Property Company Limited (BIPC) is planning to set up a mortgage bank to provide accessible and sustainable housing for residents. BIPC Managing Director(MD), Mr Raymond Asemakaha, made the disclosure on Thursday when he received Primary Mortgage Consultants (PMI) team in his office. Asemakaha pledged the readiness of the company to key into productive initiatives that would transform the state in line with the vision of Governor Hyacinth Alia. The MD acknowledged the need for the mortgage bank, stressing that it would enable the state to take advantage…

Africa Must Shift from Aid to Investment-Led Growth – Adesina The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has advised African countries to overhaul their development models, embrace investment-led strategies instead of continuing to rely on aid for economic growth. Adesina gave the advice while delivering a keynote at the 14th Convocation Ceremony of the National Open University of Nigeria (NOUN), on Friday in Abuja. He said that the era of donor dependency was over and Africa must take charge of its development trajectory. According to him, the era of free money is gone, benevolence is not…

Strengthening Nigeria’s Financial Ecosystem: Senate Committee Hosts Workshop with Kuda’s Support Nigeria’s financial sector is facing a significant challenge, with over ₦3.4 trillion in financial infractions uncovered across federal Ministries, Departments, and Agencies (MDAs) in 2021. This staggering figure highlights the need for stronger oversight and compliance measures. In response, the Senate Committee on Legislative Compliance is hosting a high-level workshop to address weak oversight and institutional gaps. The two-day event, themed ‘Consolidating Strategies for Strengthening Legislative Compliance by MDAs’, will bring together lawmakers, regulators, and representatives from federal MDAs to discuss compliance gaps, transparency, and cross-sector collaboration. Kuda Microfinance…

Afriland Properties Records N2.6bn Profit for 2024 Afriland Properties Plc has achieved a profit after tax of N2.6 billion in 2024, representing 51 per cent increase from N1.73 billion recorded in 2023. The company’s profit before tax also grew by 53 per cent to N3.70 billion from N2.4 billion posted in 2023. Mr Emmanuel Nnorom, the Chairman of Afriland Properties, disclosed this during the 12th Annual General Meeting of the company in Lagos on Friday. Nnorom said that the Board of Directors had proposed N865 million dividend payment for 2024, translating  to 63 kobo per ordinary share. Although, the company…