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BUSINESS

IMF Insists Nigeria Quitting Recession This Year, Worries Over Non-Performing Loans

IMF Insists Nigeria Quitting Recession This Year, Worries Over Non-Performing Loans

BUSINESS
The International Monetary Fund, IMF, has reiterated a projection it made last October that Nigeria would get out of the economic recession this year, but warned that there is still significant threat to recovery as the economy will not grow enough to reduce unemployment and poverty. It projected that Nigeria’s economy will grow by 0.8 per cent in 2017 given that various indicators suggest an uptick in economic activity in the second half. It however warned that the country’s 0.8 per cent growth in the first half of this year would not be sufficient to reduce unemployment and end poverty in the country. This was even as the Fund expressed concern that Nigerian banks’ stock of Non-Performing Loans, NPLs, have more than doubled since 2015, noting that the loans have grown from six per
Court Orders DBIR To Collect Motorcycles Taxes Pending Appeal Court Suit

Court Orders DBIR To Collect Motorcycles Taxes Pending Appeal Court Suit

BUSINESS
  A High Court sitting in Otor-Udu has order a stay of execution of an earlier judgment which declared collections of taxes and levies on motorcycles and tricycles by a consultant appointed by Governor Ifeanyi Okowa as illegal in Delta State. Instead, the court orders that all taxes and levies be collected by the Delta State Board of Internal Revenue, DBIR, pending the determination of the appeal filed against the earlier judgement which declared the collection of this taxes and levies by the consultant illegal. BigPen Online recalls that the Delta State Government, through the State Attorney General, Mr Peter Mrakpor had filed an appeal in the Court of Appeal, Benin City against the earlier judgement delivered on the 28th day of April, 2017 in Suit No: OUHC/111/2016. The ...
Etisalat Quits Nigeria After Loan Talks Collapses

Etisalat Quits Nigeria After Loan Talks Collapses

BUSINESS
Etisalat has terminated its management agreement with its Nigerian arm and has given Etisalat Nigeria three weeks to phase out the brand in the country. The Abu Dhabi-owned telecommunications networks took the decision after it’s $1.7bn loan talks collapsed. Chief executive of Etisalat International, Hatem Dowidar said on Monday that the there was no need for the brand in Nigeria after the collapse of the loan talks. Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2bn loan failed. Although Etisalat Nigeria in a statement issued three weeks ago claimed that it had repaid 42 percent of the loan. “As at today, we can categorically state that the outstanding loan sum to the consortium (of banks)
FG To Recruit 7,500 Community Tax Liaison Officers Under New Asset Declaration Scheme

FG To Recruit 7,500 Community Tax Liaison Officers Under New Asset Declaration Scheme

BUSINESS
The Federal Government is set to recruit a total of 7,500 Community Tax Liaison Officers, who are graduates through the N-Power programme to go into their communities, schools and other public places to raise awareness and help increase tax enrolment under the recently launched Voluntary Asset and Income Declaration Scheme VAIDS, Minister of Finance, Mrs. Kemi Adeosun has said. Adeosun in a Channels Television programme said that the Federal Government would deploy and heavily rely on technology to increase tax compliance under the scheme which was recently signed as an Executive Order by the Acting President, Professor Yemi Osinbajo. According to her, the signing of the Assets and Income Declaration, underlines the seriousness attached to the scheme, which would be vigorously im...
France To Invest Over 1Billion Euro In Nigeria Oil Industry

France To Invest Over 1Billion Euro In Nigeria Oil Industry

BUSINESS
  The French Government has said that it has set aside about one billion euros to be invested in the Nigeria Oil and Gas industry.  This followed a declaration that Nigeria remains France first economic trading partner in Africa. France Ambassador to Nigeria, His Excellency, Denys Gauer, declared this when the Group General Manager, Group Public Affairs Division (GPAD) of the Nigerian National Petroleum Corporation (NNPC), Mr. Ndu Ughamadu, led a delegation to his office in Abuja on Tuesday. Mr. Gauer said that French Development Agency has put in place about one billion Euros to encourage French investors to invest in the Nigeria Oil and Gas sector. According to him, French government is also cooperating with the Federal Government in the fight against Boko Haram insurgency.
Okowa, Emefiele Identified MSMEs As Fastest Way To Nigeria’s Economic Growth

Okowa, Emefiele Identified MSMEs As Fastest Way To Nigeria’s Economic Growth

BUSINESS
Delta State Governor, Senator Dr. Ifeanyi Okowa, the Governor of Central Bank of Nigeria, Mr Godwin Emefiele and others have identified Micro, Small and Medium-Scale Enterprises (MSMEs) as the fastest way for Nigeria's economic growth. While identifying MSMEs as great employers of labour, they observed that investing in such would not only boost Nigeria's economy but, will ensure speedy technological development of the country. Their positions were made known on Saturday at the maiden edition of Ika Economic and Investment Summit organised by the Ika Village Square at Agbor. The summit had as its theme, "exploiting the economic potentials of Ika nation through strategic partnership." "As it concerns MSMEs, we have done a lot to encourage our people to be entrepreneurs but, ...
20 Rights Groups Invoke Freedom Of Information Act Over Concession Of Refineries

20 Rights Groups Invoke Freedom Of Information Act Over Concession Of Refineries

BUSINESS
A coalition of 20 civil society and rights groups have written the Director General, Infrastructure Concession Regulatory Commission to make available to them all relevant information over the proposed concession of Port Harcourt Refinery pursuant to the Freedom of Information Act. The groups stated that their decision was stemmed from moved by the Ministry of Petroleum Resources and the Federal Government to concession the Port Harcourt Refinery to Nigerian Agip Oil Company/ENI. The group said that the Minister of State for Petroleum Resources had released information to several news outlets in the mainstream and online media of plans to concession the Refinery. A statement from Festus Keyamo Chambers signed by Festus Ukpe, counsel and John Ainetor, Assistant Head of Chambers
PIB: SEPLAT Won’t Lobby Against Full Passage, We’ll Fit Into It – Austin Avuru

PIB: SEPLAT Won’t Lobby Against Full Passage, We’ll Fit Into It – Austin Avuru

BUSINESS, NEWS
The Managing Director of Seplat Petroleum Development Company, Mr. Austin Avuru, has said that the company was not lobbying to stop the passage of the full version of the Petroleum Industry Bill (PIB). Avuru said Seplat as an oil company would easily fit into the legislation once it is eventually passed in full into law saying that it was not losing any sleep over the passage of the complete PIB. He spoke following insinuation making the round that some oil multinationals were behind the delay in the passage of the full version of the PIB. Addressing newsmen shortly after the closing ceremony of Seplat's 'Eye Can See' programme held in Orerokpe, Delta State, Avuru noted that the delay in the passage of the Bill has significantly frustrated investment decisions in the industry