BUSINESS

Otedola acquires additional 2.5% stake in FBN Holdings — and now single largest shareholder

Daily Dispatch December 10, 2021

Femi Otedola, billionaire businessman, has acquired an additional 2.5 percent in FBN Holdings Plc, becoming the single largest shareholder in the company, TheCable understands. FBN Holdings is the parent company of First Bank of Nigeria (FBN). The move, insiders told TheCable that it now placed

BUSINESS

Loan default: UBA takes over Abuja Disco

Daily Dispatch December 9, 2021

The United Bank for Africa Plc has taken over the majority stake in the Abuja Electricity Distribution Company and has received the endorsement of the Federal Government, the Minister of Power, Abubakar Aliyu, has announced. Aliyu said the Deposit Money Bank had to take over the power firm due to the inability of the AEDC’s […]

BUSINESS

Polaris Bank, eventful lift 3 firms with business expansion grants at the fashion souk

Daily Dispatch December 8, 2021

Polaris Bank and Eventful Limited have reinforced their support for Nigeria’s Small & Medium Enterprises (SMEs) sector with three firms empowered at the just-concluded 5th Lagos Fashion Souk to further grow their businesses. While handing the cheques to the winners,  who were successful in a business pitch, Polaris Bank’s Managing Director/CEO, Mr. Innocent C. Ike,

BUSINESS NEWS

FIRS advocates all-inclusive revenue in tax-to-GDP computation

Daily Dispatch December 6, 2021

To properly determine the accurate computation of Nigeria’s tax-to-GDP ratio, all revenues generated at the national and sub-national levels must be highlighted. The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, stated this in his welcome remarks at the “National Symposium On Taxation And Challenges Of External Shocks: Lessons and Policy

BUSINESS

FIRS raises N4.9trn in taxes In 2021 – Chairman

Daily Dispatch December 6, 2021

The Federal Inland Revenue Service said it generated the sum of N4.9trn between January and November, 2021 from taxes for the Federation. Out of the N4.9trn collected since the beginning of the year, 77 per cent representing N3.77trn was from non-oil sources, while oil revenue is 23 per cent or N1.23trn The Service also unveiled […]

BUSINESS

Nigeria’s import bill grows as exports remain oil-dependent: NBS

Daily Dispatch December 6, 2021

Nigeria’s trade balance in the third quarter of 2021 amounted to a deficit of N3,023.50 billion as the value of imports continued to outpace exports, the National Bureau of Statistics said on Monday. This was contained in the NBS’ Foreign Trade in Goods Statistics report. The deficit was an increase of 26.53% compared to the […]