The Minister of Agriculture and Rural Development, Sabo Nanono, has directed all state and zonal coordinators to commence documentation of agricultural assets across the country.  Nanono gave the directive at a meeting on monitoring and evaluation of 2019 projects today in Abuja.  The minister, who noted that there were several agricultural assets, ranging from lands and buildings, lamented that many …

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Accountant general says 7.5% VAT is in full force, contadricts Finance Minister’s statements

Ahmed Idris, the accountant-general of the federation, and the minister of finance, budget and national planning, Zainab Ahmed, have given conflicting information regarding the implementation of the finance bill. Idris said the implementation of the finance bill, including the increment of Value Added Tax from 5% to 7.5% has begun. However, Idris’s statement is contrary to the earlier statement made …

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Over 500 Investors others to attend Horasis

An array of international top investors, heads of governments, bankers and hedge funds managers numbering over 500, are set to attend the inaugural Horasis-in-Nigeria Global Business Meeting. The Naira gained 50 Kobo yesterday to trade at N358.5 to the dollar at the parallel market in Lagos, slightly stronger than N359 traded on Friday. Share on: WhatsApp

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Bank CEOs to go tougher on bad debtors

Chief executives of banks yesterday condemned the spate of smear campaigns on banks and their executives by bad debtors in order to either delay repaying loans or avoid meeting their debt obligations completely. During a meeting in Lagos to review what it called the “harassment and criminalisation of banks’ CEOs by law enforcement agencies,” the body noted that chronic bank …

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Court seals Access Bank, Diamond Bank merger

The Federal High Court (FHC) has sanctioned the approved scheme of merger between Access Bank Plc and Diamond Bank Plc, the final seal that effectively brings the merger of the two commercial banks into effect. Consequently, the Nigerian Stock Exchange (NSE) yesterday suspended trading on the shares of Diamond Bank Plc, which will be dissolved without being wound up and …

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CBN bans sale of forex to textile importers

The Central Bank of Nigerian ( CBN ) has moved to revive Nigeria’s moribund textile and clothing industry with foreign exchange restrictions on importers of textiles and clothing materials. Speaking at the at the Textile Industry stakeholders Meeting in Abuja on Tuesday, the CBN Governor, Mr. Godwin Emefiele announced that the apex bank has decided to implement a few steps …

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The top 26 billionaires own $1.4 trillion, as much as 3.8 billion other people

The world’s billionaires are growing $2.5 billion richer every day, while the poorest half of the global population is seeing its net worth dwindle. Billionaires, who now number a record 2,208, have more wealth than ever before, according to an Oxfam International report published Monday. Since the global financial crisis a decade ago, the number of billionaires has nearly doubled. …

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Naira down at N359.5/$ in parallel market

The Naira, yesterday, depreciated to N359.5 per dollar in the parallel market. According to  naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange rose to N359.5 per dollar from N359 per dollar on Monday, indicating 50 kobo depreciation of the naira. Similarly, the naira ,yesterday, depreciated slightly by …

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NCC refutes Falana’s N600bn claim on Revenue Loss

The Nigerian Communications Commission has faulted the claim by a Lagos lawyer, Femi Falana (SAN), that the country was losing about N600 billion from the telecommunications industry. The NCC, through its Executive Commissioner, Stakeholders Management, Sunday Dare, faulted Falana’s claim in a statement in Lagos on Monday. Dare gave assurance to stakeholders in the telecommunications industry that the NCC was …

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