Business

This is a category description…

91 private jet owners fail Customs’ verification test, risk forfeiture

91 private jet owners fail Customs’ verification test, risk forfeiture

•Agency issues fresh ultimatum ahead of forfeiture No fewer than 91 out of 147 identified owners and operators of private jets in the country have failed the verification test conducted by the Nigerian Customs Service (NSC). Of the number of defaulters released yesterday, a total of 62 allegedly refused to show up for the mandatory…

PIA may reduce petroleum input to budget funding, say experts

PIA may reduce petroleum input to budget funding, say experts

• Oil producers meet FG over investment outlook• Key in to Industry Act, Buhari urges sector players• Ship owners accuse NNPC of aiding capital flight Oil and gas industry experts believe that while the proportion of budget funded by the oil and gas sector directly is significant, Petroleum Industry Act (PIA) provisions in the fiscal…

77 oil firms owe Nigeria $6.48b amid continuous borrowing

77 oil firms owe Nigeria $6.48b amid continuous borrowing

• Nigeria’s debt may hit N40tr by 2022• Outstanding tax enough to offset budget deficit, says ex-CITN boss• Remittances from taxable Nigerians poor, CISLAC laments• Experts insist FG borrowing to evade in-country potential Finance, energy and tax experts, yesterday, raised concerns over the inability of the Federal Government to harness existing opportunities in the country…

Oil nears $80 with slim chances for more revenue due to theft

Oil nears $80 with slim chances for more revenue due to theft

• Nigeria partly responsible for higher oil prices yet can’t break even• Despite amnesty, N32b security cost, average loss to crude theft, vandalism surpasses 200,000bpd• ‘Operators cant make money, need newer security models’ Despite ongoing amnesty and other measures to address crude theft in the Niger-Delta region and over N32 billion paid between January and…

Marketers fail to offtake 450,000MT of cooking gas amid demand, price hike

Marketers fail to offtake 450,000MT of cooking gas amid demand, price hike

Despite growing demand for Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, the Nigeria LNG Limited (NLNG) has stated that marketers were unable to offtake the 450,000MTPA allocated to the Nigerian market by the company due to various factors. According to the NLNG, the country’s LPG production remains undermined by the lack of refineries,…

NCC rejects operators’ plea for longer tenor on spectrum fees

NCC rejects operators’ plea for longer tenor on spectrum fees

•ITU, ATU canvass management of frequency  The plan to hike spectrum fees by about 400 per cent is currently a source of concern to telecommunications operators in the country.  But to cushion this impact, operators suggested that spreading the payment for spectrum over a period of time would help a great deal in managing capital…

AfCFTA will boost SMEs in African regions – Shasore

AfCFTA will boost SMEs in African regions – Shasore

Former Lagos State Attorney General Olusupo Shasore has stated that African Continental Free Trade Area (AfCFTA) and investment protocol implementation would ensure a growth-Linkage for small business enterprises (SMEs) in Africa. AFCFTA which has been accepted by 54 countries is set to eliminate or reduce tariff and non-tariff barriers amongst the 54 Countries would provide…

Amid VAT uproar, states sue FG over sharing of stamp duties

Amid VAT uproar, states sue FG over sharing of stamp duties

• Surprise trails ‘speedy’ passage of Lagos VAT, open grazing bills• Wike started a revolution, restructuring has begun, says Adegboruwa• Oyo still studying VAT verdict• Kaduna says it won’t go against FG, court decisions• Kano keeps mute as stakeholders bemoan declining IGR• Stop impeding true federalism, Afenifere tells FG Amid raging controversy over the collection of…

FX market faces fresh test as naira hits all-time high at N543/$

FX market faces fresh test as naira hits all-time high at N543/$

• Hoarding intensifies while BDC operators run out of supply• Banks may resort to rent-seeking• No customer with genuine need has been turned back, CBN insists• ‘Proposed e-naira will stabilise financial system’ The new foreign exchange (FX) sale template faces a major test, as naira took a major plunge in the last 72 hours. The weeklong…

Importers, freight forwarders lose N3m per container to bonded terminals

Importers, freight forwarders lose N3m per container to bonded terminals

• NAGAFF alleges corruption in licensing process• 80 per cent of abandoned cargoes contain prohibited items, says Tanko• Operators deny charging for storage, transfer of cargoes Fourteen months after the Nigerian Shippers’ Council (NCS) warned bonded terminals in the country to stop imposing illegal fees on shippers and freight forwarders and improve on service delivery…