Author: Ogochukwu Ndubuisi

DMO Says Securitisation of CBN’s N22.7trn Advances to FG Will Improve Transparency

Dr Samuel Nzekwe Ex-ANAN President Urges FG to Suspend Implementation of New Tax Rates Former president of the  Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, on Friday advised the Federal Government to suspend implementation of proposed excise taxes. Nzekwe said the proposed taxes by might affect the economy adversely. “The Federal Government needs to be cautious in imposing the proposed taxes as Nigerians and companies are still battling with the effects of CBN’s redesign of the Naira and the cashless policy. “This is not a good time to implement the policy because it can lead to a…

NPA Assures Approval for 1bn-Dollar Ondo Multipurpose Deep Seaport Project The Nigerian Ports Authority (NPA) on Thursday in Lagos assured that the one-billion-dollar Ondo State Multipurpose Deep Seaport project got all necessary approval for its implementation. NPA’s Managing Director, Mr Mohammed Bello-Koko gave the assurance when he received visiting Ondo State Coordinator for Special Projects, Mr Boye Oyewumi, who submitted the Full Business Case for the port. Located on the coast of Ondo State, the port project would be funded through a Public Private Partnership. Receiving the case report, Bello-Koko assured that the NPA would work with the Federal Ministry…

IBEDC warns customers of imminent disconnection of power supply by TCN The Management of Ibadan Electricity Distribution company (IBEDC) has warned its customers of the Transmission Company of Nigeria’s (TCN) plan to disconnect its feeders from the national grid due to poor remittances. The Chief Executive Officer (CEO) of the company, Mr Kingsley Achife, in a statement in Ibadan on Thursday, noted that the disconnection might result in power outages to customers within the IBEDC franchise area.  “As a revenue collection arm of the electricity value chain, IBEDC sells and distributes electricity generated by the generation companies. “However, the company…

Airtel Africa Appoints Carl Cruz as MD/CEO of Airtel Nigeria Airtel Africa has appointed Mr Carl Cruz as the Managing Director and Chief Executive Officer of Airtel Nigeria. This is contained in a statement by the company’s Group Chief Executive Officer, Mr Segun Ogunsanya, on Thursday in Lagos. Ogunsanya said the appointment would take effect from May 5, 2023. He also said that Cruz would join the Executive Committee as the Regional Operating Director reporting to the Airtel Africa Group Chief Executive Officer and the Board of Airtel Networks Ltd (Nigeria). Ogunsanya said that Cruz had over 31 years of…

Reps Stop Disbursement of $700m Cabotage Vessel’s Fund The House of Representatives has ordered the suspension of planned disbursement of 700 million dollars in cabotage vessel financing fund to Nigerians and companies by the Nigerian Maritime Administration and Safety Agency (NIMASA). This followed the adoption of a motion of urgent public importance by Rep. Henry Nwawuba (PDP-Imo) during plenary in Abuja. in his motion, he noted the Cabotage vessel finance fund was established by the Coastal and Inland Shipping (Cabotage) Act, 2003 to promote the development of indigenous ship acquisition capacity. This he said is by providing financial assistance to…

Banks’ Liquidity Position Improves, Rates Decline Following improved liquidity in the financial system, borrowing activities of the Nigerian deposit banks in the Standing Lending Facility (SLF) of the Central Bank of Nigeria (CBN) have reduced drastically. The absence of liquidity pressures signifies banks will key into more business while meeting liquidity requirements. The apex bank’s standing lending facility window affords local banks and discount houses to borrow money at a pre-specified rate, typically the benchmark policy rate plus a margin. On the other side, banks are also afforded an opportunity to keep idle funds in the standing deposit facility. With…

After the stock market lose N1 trillion in April, the Nigerian Exchange (NGX) opened negative in …

Deloitte has once again emerged as the world’s most valuable Commercial Services brand …

Nigeria Seeks Alternative Funding Model for Oil, Gas Sector Oil & Gas: The Nigerian Upstream and Downstream Regulatory Commission (NUPRC) says the Federal Government has concluded plans to explore alternative funding models for the development of the country’s oil and gas resources. Mr Gbenga Komolafe, the Commission Chief Executive of NUPRC, said this on Monday during the opening ceremony of the Petroleum Technology Association of Nigeria (PETAN) pavilion and exhibition stand at the ongoing Offshore Technology Conference (OTC), in Houston, Texas, United States. The five-day conference has a theme: “Energy Transition and AfCFTA: Key Reforms for Sustainable Development of the…