Airtel Africa, Mastercard target 100m customers with e-payment solutions
Omobayo Azeez
October 9, 2019
By Omobayo Azeez Airtel Africa has partnered Mastercard, the digital payment service provider, to give over 100 million Airtel Africa mobile phone users across 14 African countries access to Mastercard’s global e-payment network. According to the telecoms company in a statement on Wednesday, Mastercard virtual card which is different from its plastic card will […]
Nigeria Customs collects about N5bn daily since border closure – Ali
Businessam StaffOctober 3, 2019
Hameed Ali, the comptroller general of the Nigeria Customs Service, has said that the agency’s revenue has increased during the closure of Nigeria’s borders. He also said that the agency collects between N4.7 billion and N5.8 billion daily since the federal government closed the nation’s major borders. He made the revelation on Wednesday when he appeared […]
U.S. wins $7.5bn sanctions against EU in WTO aircraft fight
Businessam StaffOctober 2, 2019
The World Trade Organization gave President Donald Trump the go-ahead to impose tariffs on as much as $7.5 billion worth of European exports annually in retaliation for illegal government aid to Airbus SE. The award is the largest in WTO history — nearly twice as large as the previous record of $4.04 billion set in 2002. The ruling […]
Alleged tax evasion: Lagos seals 14 firms
Businessam StaffJuly 4, 2019
The Lagos State Internal Revenue Service has resumed the sealing of companies and hospitality firms over unpaid consumption taxes. LIRS sealed 14 firms during its tax law enforcement exercise on Wednesday. Seyi Alade,the LIRS director of legal services, said that two enforcement teams had been mobilised by the service for the state-wide exercise. Now, the […]
Why Nigeria is spending N3bn on sea time training
Samson EchenimJune 24, 2019
By Samson Echenim The federal government is billed to spend about N3 billion to provide sea time training for 300 seafarers on-board international ships under the Nigerian Seafarers Development Programme (NSDP) this year. The cost of the sea time training for the young seafarers who are currently at the verge of completing the four-year training […]
FG to auction N100bn bonds June 26
Businessam StaffJune 20, 2019
The Debt Management Office has said the federal government will auction N100bn worth of bonds by subscription on June 26. A circular by the DMO on Tuesday showed the breakdown of the figure to include a N30bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent; another N40bn […]
FG may lift land border vehicle importation ban — Customs boss
Businessam SatffJune 13, 2019
The Federal Government may relax the ban on importation of vehicles through the land border. The government had in January 2017 ordered a ban on importation of vehicles through the land borders. The restriction on the importation of vehicles followed that of rice, whose imports through the land borders had been banned since April 2016. […]
FSDH projects higher inflation rate for May
Businessam StaffJune 10, 2019
FSDH Merchant Bank has predicted a slight increase in May inflation rate to 11.39 per cent, from the 11.37 per cent recorded in April. The firm which also anticipated a possible adjustment in pump price of premium motor spirit (PMS) and electricity tariff, forecasted that this may shift the inflation curve by 2.5 per cent. […]
Nigerian banks pile up N1.68trn in non-performing loans as at March ’19
Businessam StaffJune 3, 2019
Banking sector’s non-performing loans stood at N1.676tn as of the end of March 2019, latest statistics from the National Bureau of Statistics revealed. The gross loans recorded in the banking sector stood at N15.480tn, while the loans after specific provisions stood at N13.739tn in the period under review. The ratio of the non-performing loans to […]
Wall Street slips as trade tensions fuel slowdown fears
Businessam StaffMay 29, 2019
The S&P 500 and the Nasdaq fell to their two-month lows on Wednesday after China signaled readiness to escalate the trade war with the United States, triggering fears of a long, drawn-out dispute that could weigh on global growth. Beijing is ready to use rare earths, a group of 17 chemical elements used in everything […]