The House of Representatives Committee on Customs on Tuesday gave the Nigerian Customs Service (NCS) two weeks to reduce its 18 cargo clearing stages to four in order to decongest the nation’s ports. The committee, which passed the resolution after an interactive session with stakeholders in Abuja, insisted that the Comptroller General of Customs (CG), […]
The global dedicated reinsurance capital is estimated to have increased by just under 3% to US $532 billion so far in 2021 while insurance-linked securities (ILS), third-party or alternative reinsurance capital has recorded faster growth. The latest data on the reinsurance and insurance market trends was provided rating agency, AM Best, and reinsurance broker, Guy […]
SAFCOIN, Africa’s first Proof of Work (POW) cryptocurrency coin, which launched exclusively to South African buyers in 2018, has unveiled plans to go global with its listing on HotBit, one of the world’s leading cryptocurrency trading platforms. News report on the plans indicated that the list date had bee scheduled for 8-9 September 2021 As […]
The Nigerian National Petroleum Corporation (NNPC) reported that it incurred N756.99 billion on fuel subsidy from January to July this year. These figures were contained in the state-owned petroleum company’s operations report for the seven- month period. According to the corporation’s data on fuel importation and subsidy provisions in the financial records, the subsidy provisions […]
The Chief Executive Officer of the Development Bank of Nigeria Plc (DBN), Tony Okpanachi, on Tuesday disclosed that the development finance institution disbursed N400 billion to Small and Medium Enterprises (SMEs) in the country over the last four years. Okpanachi, who gave this hint during the virtual second Annual Lecture Series of the bank with […]
The United States’ Internal Revenue Service on Tuesday announced that victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments. The IRS, stated on its website that it was offering this relief to any area designated by the […]
China’s economy took a knock from the Delta virus outbreak in August, thereby accentuating signs of a slowdown in growth in the second half of the year and fueling speculation of more central bank support. During the month under review, the official purchasing managers surveys showed the services industry contracted for the first time since […]
The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to publish the names of customers who breach the rules on foreign exchange (Forex) acquisition on their websites. The apex bank gave this directive on Monday through its circular (BSD/DIR/PUB/LAB/14/059) to all banks, recalling that it has “received and noted with concern reports […]
Scores of National Bureau of Statistics’ (NBS’) staff yesterday joined the top management of the statistical agency to bid their outgoing Statistician General, Dr. Yemi Kale, farewell and also commended his outstanding contributions to the development of Nigeria’s statistical system over the years. This is even as they thanked the Federal Government on the appointment […]
The Central Bank of Nigeria (CBN) has announced the engagement of Barbados-based global fintech company, Bitt Inc., as technical partner for Nigeria’s digital currency – eNaira – project. The apex bank’s Director, Corporate Communications, Mr. Osita Nwanisobi, made this disclosure in a statement on Monday, stating that the Central Bank Governor, Mr. Godwin Emefiele, gave […]