My Blog

Category: Business

  • Keyamo orders suspension of 800% planned navigation charges on Airlines

    Keyamo orders suspension of 800% planned navigation charges on Airlines

    Minister of Aviation and Aerospace Development, Festus Keyamo has approved the suspension of the planned 800 percent increase in navigational charges by the Nigerian Airspace Management Agency, NAMA.
    Abdullahi Musa, the spokesperson for the agency, disclosed this in a statement on Monday.
    He explained that the suspension was on the grounds of what the Minister, Keyamo described as “current economic challenges faced by Nigerians”.
    According to him, Keyamo stressed the need for further consultation before implementing any changes.
    Earlier, it was reported that the NAMA boss, Umar Farouk blamed the planned hike on the significant economic pressures faced by the aviation industry, exacerbated by global economic volatility, fuel price hike, and currency instability.
    He proposed to increase NAMA’s fees by 800 percent from September 1, 2024.

  • CBN addresses foreign exchange market pressures

    By Doris Isreal Ijeoma

    The Central Bank of Nigeria (CBN) has announced recent fluctuations in the foreign exchange market are largely driven by corporate demand and seasonal summer uptick. 

    This was disclosed in a statement by CBN on Friday, July 19.

    The statement reads:”The Central Bank of Nigeria (CBN) wishes to inform the general public that recent movements in the foreign exchange market are driven largely by demand pressure from corporate entities and the expected seasonal uptick during the summer period.

    “The CBN, therefore, wishes to assure the general public that it has commenced a regular sale of foreign exchange through Authorized Dealer Banks and licensed Bureaux De Change (BDCs) to improve supply in the foreign exchange market in line with its price stability mandate and its commitment to ensure a well-functioning and liquid market.

    “Over the next few weeks, the CBN will continue to support various segments of the official markets with liquidity.

    In line with the above, the CBN on Thursday, July 18 and Friday, July 19, 2024, sold a total sum of US$106,500,000.00 (One Hundred and Six Million and Five Hundred Thousand US Dollars Only) to 29 (Twenty-Nine) Authorized Dealer banks between an exchange rate range of N1,498.00/US$1 to N1,530.00/US$1.

    In addition, it bought US$9,500,000 (Nine Million and Five Hundred Thousand Dollars) from 4 (Four) Authorized Dealer banks at rates between N1,510.00/US$1 and N1,550.00/US$1. The value date for all the transactions is July 19, 2024.

    “Additionally, the CBN will continue closely monitoring compliance with existing trading rules and regulations by authorized dealer banks to promote ethical conduct and support the drive to achieve stability in the foreign exchange market.

    Therefore, the general public is advised to direct their foreign exchange demand to their banks and BDC operators in accordance with prevailing market regulations.”

  • Women in Taxation Highlight Diversity, Inclusion for Business Growth …laud Grant Thornton’s Women in Business Report

    Women in Taxation Highlight Diversity, Inclusion for Business Growth …laud Grant Thornton’s Women in Business Report

    By Doris Israel Ijeoma

    The Society of Women in Taxation (SWIT) Lagos chapter emphasized the critical role of diversity and inclusion in business growth during a recent visit to Grant Thornton Nigeria.

    The delegation praised the firm’s Women in Business Report for its two decades of insights and consistency.

    SWIT Lagos, led by President Sandra Momah, highlighted the importance of including women in leadership roles to drive national development.

    Mrs. Momah commended the report for showcasing progress among women in mid-market leadership and stressed that women-led SMEs significantly contribute to Nigeria’s GDP, citing National Bureau of Statistics data.

    Dr. Ngozi Ogwo, Managing Partner/CEO of Grant Thornton Nigeria, noted that the firm’s research has consistently addressed gender imbalances and provided actionable solutions.

    She highlighted that women’s representation in senior management in the mid-market has increased from 19.4% to 33.5% over 20 years, but stressed the need for continued effort towards gender parity.

    The SWIT delegation included officials such as Yetunde Olowofoyeku, Fumilayo Oguntoyibo, Olabisi Idowu, Ede Nkiruka, and Kike Kola-Fashanu.

    They were welcomed by Grant Thornton executives, including Mr. Orji Okpechi and Mr. Victor Usifo.

    Dr. Ogwo pledged Grant Thornton’s support for SWIT’s activities and announced the nomination of a SWIT ambassador within the firm to coordinate with the organization’s local chapter.

    SWIT, founded in 2010, aims to empower women in taxation through professional development, advocacy, and networking, contributing to the socio-economic development of women in Nigeria.

  • BREAKING: Court frees Binance executives Gambaryan, Anjarwalla

    BREAKING: Court frees Binance executives Gambaryan, Anjarwalla

    The Federal High Court sitting in Abuja has discharged Tigran Gambaryan, a 39-year-old American, and fleeing Nadeem Anjarwalla over alleged tax evasion.

    The duo, both executives of cryptocurrency exchange platform Binance, were dragged to court by Federal Inland Revenue Service (FIRS) over alleged tax evasion.

    The court made the decision following fresh amended charges filed by the FIRS in view of a notice from Binance about its appointment of a Nigerian representative, Ayodele Omotilewa. 

    Recall that Gambaryan and fleeing Anjarwalla are facing a four-count charge by the Nigerian government brought before the court, a case now before Emeka Nwite, the trial judge.

    Even though Binance had no legal representation in court, Gambaryan took to the dock to have the charges read to him.

    But his counsel, Chukwuka Ikwazuonu, notified the court that his client had not been served with the charge, stating it was rather too hasty to have him take to the dock without knowing what his client is about to be tried for.

    The prosecutor from the FIRS, Moses Ideho, informed the judge that service of the charge hadn’t been possible due to lack of access to the defendant in custody. 

    This prompted the Court to order service of the charge on the defendant in open court. And following this, the judge adjourned till 19 April for arraignment of Gambaryan. 

    In the second case by the anti-graft agency, the EFCC, through its counsel E.E. Iheanacho informed the Court that he had served Gambaryan with the charge.

    But Mark Mordi, counsel for the defendant, this time around, said Binance, the company which he represents hasn’t been served, therefore arraignment couldn’t go ahead. 

    Moreso, as it’s a joint charge, Mordi argued that it’s necessary to serve every person individually with the charges before the case can go ahead. He also informed the Court that his client declined service of the charge on behalf of Binance because he wasn’t authorized to do so. 

    The prosecutor however maintained that the defendant, being a top official of Binance was a fitting representative of the company in this particular instance.

    But stated that in the alternative however, the Court can enter a not guilty plea for Binance to allow the case go ahead.

  • Breaking: NDIC commences payment to Heritage Bank’s depositors

    Breaking: NDIC commences payment to Heritage Bank’s depositors

    Depositors of Heritage Bank (in liquidation) will be paid their insured deposits as from this week.

    The Managing Director (MD) of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, disclosed this at an on-going press conference, in Abuja.

    Accord to him, over 99 percent of the 2.3 million depositors have N5 million and less in their accounts and will therefore be paid in full.

    He explained that only about 4000 depositors have above N5 million in their accounts.

    For such customers, they will receive an initial N5 million along with others and later be paid more as the NDIC recovers assets of the bank and loans from debtors.

    Details later…

  • Heritage Bank: CBN Denies Plan To Revoke Licenses Of Three Other Banks

    Heritage Bank: CBN Denies Plan To Revoke Licenses Of Three Other Banks

    In an apparent move to boost public confidence, the Central Bank of Nigeria (CBN) has denied a media report which claimed it is set to revoke the licenses of Unity Bank, Keystone Bank and Polaris Bank.

    The apex bank, in a post via its official X account on Tuesday, urged members of the public to dismiss the report as fake news.

    Sharing a screenshot of the publication, CBN wrote: “This content is fake and not from the Central Bank of Nigeria.”

    The dismissal of the report comes on the heels of the decision by the CBN to revoke the operating license of Heritage Bank.

    Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC), has assured customers of banks in the country of the safety of their deposits and investments.

    The NDIC assured the banking public that banks whose licenses have not been revoked remain safe and sound. It also urged depositors and other stakeholders to continue their banking businesses without fear.

  • CBN Revokes Heritage Bank License 

    CBN Revokes Heritage Bank License 

    The Central Bank of Nigeria (CBN) has announced the revocation of Heritage Bank’s operating licence. 

    This decision was revealed in a statement by the Acting Director of Corporate Communications, CBN, Hakama Sidi Ali. 

    Ali stated: “The Central Bank of Nigeria, in accordance with its mandate to promote a sound financial system in Nigeria and exercising its powers under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.”

    She explained that the revocation was necessary due to the bank’s violation of Section 12 (1) of BOFIA, 2020. The bank’s management had failed to improve its financial performance, posing a threat to financial stability.

    “This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the licence the next necessary step.”

    Ali assured the public that this action is aimed at maintaining confidence in the banking system and ensuring the overall soundness of Nigeria’s financial sector. The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of the bank in line with Section 12 (2) of BOFIA, 2020.

    “We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system,” Ali concluded.

  • Soldiers withdraw as Banex Plaza reopens after week-long closure 

    Soldiers withdraw as Banex Plaza reopens after week-long closure 

    After a week of closure, Banex Plaza in Abuja has finally reopened its doors.

     The plaza resumed operations precisely at 2:30 pm today, Monday, May 27th. 

    The reopening comes following a period of enforced closure prompted by clashes between soldiers and traders.

    Reports indicate that the plaza’s reopening was facilitated after traders involved in the earlier altercation with military personnel resolved with the authorities.

    Earlier, the plaza witnessed a dramatic incident where personnel of the Nigerian Army Corps of Military Police stormed the premises, engaging in physical altercations with passersby and security guards. 

    The action was in retaliation for a previous confrontation between four military police personnel and traders within the bustling electronics and telecommunications market.

  • BREAKING: CBN raises interest rate

    BREAKING: CBN raises interest rate

    The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 per cent.

    This was disclosed by the Governor of the CBN who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja.

    At the March MPC meeting, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent.

    The MPC has maintained a hawkish stance since it resumed meetings this year in a bid to tackle Nigeria’s persistent inflation.

    As of April, Nigeria’s inflation rate had risen to 33.69 per cent.

    A number of analysts have projected a rate hike while some suggested that the apex bank may consider a hold stance as the growth rate of inflation moderated month-on-month.