Author: Ogochukwu Ndubuisi

FG Increases Levy on Imported Vehicles, Alcoholic Beverages The federal government has introduced new set of taxes on imported vehicles, alcoholic beverages and single use plastics. It has also added to the list of items banned from being imported into the country. Under the new tax regime, imported vehicles with 2000cc (2 litres) to 3999cc (3.9 litres) engine will pay an additional charge known as Import Adjustment Tax (IAT) levy of two per cent of the value of the vehicle while vehicles with 4000cc (4 litres) and above engines will attract IAT of four per cent of their value. The…

KPMG Lists Polaris Bank as the Most Improved Retail Bank The 2022 KPMG Nigeria Banking Industry Customer Experience survey result listed Polaris Bank ‘as the most improved Bank under retail segment moving up five places to sixth position and 3rd under SME segment’, with the Bank showing significant improvement in customer ratings. Many customers have praised the Bank for its personalized service, proactive approach to problem-solving, and faster turnaround times. According to the survey, the Bank significantly improved its mobile banking propositions. Customers say that onboarding and the payments experience have also improved. Businesses also rated Polaris Bank highly for…

Interest Rate to Rise Further before Hold Regime – TrustBanc GMD Nigeria’s gross domestic product (GDP) growth has been projected to taper in 2023 as Central Bank (CBN) deploys benchmark interest rate hikes as a tool to fight rising headline inflation. In a very similar pattern, the CBN and United States (US) Federal Reserve interest rate hikes have been following a similar pattern. This, according to analysts, is to make Africa’s largest nation competitive in attracting foreign investors. There have been heavy, strong and sustained flights to safe haven. Analysts told MarketForces Africa that money goes to where it is…

Nigeria Labour Congress has called for a review of civil servants’ retirement age and years of service in the entire public service

The President of the Dangote Group, Mr Aliko Dangote, has urged African countries to dismantle all barriers

Visa, a leading digital payments company, has unveiled the 2023 edition of the Visa Everywhere Initiative (VEI)

BUA Foods Profit Jumps 77% in Q1 BUA Foods Plc bolstered its profit performance in the first quarter of 2023 despite uncertainties in the economy. The food producer reported more than 77% post-tax profit in the period compared with the amount delivered in the comparable period in 2022. Though 2023 started on a negative note with myriads of macroeconomic uncertainties spooked by the scarcity of naira, the company lived above margin dilutive challenges. Details from BUA Foods Plc’s unaudited first quarter financial statement show an outstanding growth in revenue. The company reported its sales grew from N90.07 billion in the…

Royal Exchange: Selloffs Reduce Valuation by 47% in 4-Month Royal Exchange Plc has lost 47.2% of its market valuation in 2023, leading the Afrinvest top underperforming stocks record for April, 2023. In its rating record, Afrinvest revealed that the Insurance policy seller lost 28.2% of its market capitalisation in April alone. Its negative performance occurred despite stock market rallies that pushed major counters valuations upward before what some analyst call price correction that began in the first quarter. Losing out on both capital gain and dividend, investors that bet on the company would have its wealth broken by large capital…

Lafarge Profit Slumps 15% as Pioneer Status Incentives Expire Cement producer, Lafarge Africa Plc, posted a double digit decline in bottom line following economic uncertainties that underscore its first quarter of 2023 operations. A decline in its profitability was supported by the expiration of the company pioneer status incentives that pushed tax obligations higher in the period. Though profit slumped, the company’s cash flow improved significantly in the period, up from more than N5 billion debit to about N4.66 billion at the end of the first quarter in 2023. Its chief executive said in a statement that 2023 election and…

The Nigerian Exchange (NGX) market capitalisation declined by one trillion naira in the month of April