Nigeria Withholds Assent As 136 Countries Ratify 15% Corporate Tax
At least 136 members of the Organisation for Economic Cooperation and Development (OECD) and G-20 Nations at the weekend agreed to a 15 per cent corporate tax rate effective from 2023, though Nigeria withheld its assent. With their decision, the signatories projected that the agreement would reallocate over $125 billion profits from around 100 of […]
PTD Commence Nationwide Strike Over Bad Roads, Safety Among Others
There are significant signs that the Petroleum Tanker Drivers (PTD), section of the Nigeria Union of Petroleum and Natural Gas Workers, (NUPENG) may go on strike at any time today over the poor state of federal roads across the country, as well as two other unresolved problems. The tanker drivers’ other grievances include the federal […]
World Bank Raises Nigeria’s Growth Projection To 2.4%
The World Bank Group has raised its 2021 Gross Domestic Product (GDP) projection for Nigeria to 2.4 per cent, higher than the 1. 8 per cent it had estimated for the country. The multilateral institution also declared that Sub-Saharan Africa was set to emerge from the 2020 recession sparked by the COVID-19 pandemic with growth […]
Zuckerberg Loses $7bn In Hours As Facebook Plunges
Mark Zuckerberg’s personal wealth has fallen by nearly $7 billion in a few hours, knocking him down a notch on the list of the world’s richest people, after a whistleblower came forward and outages took Facebook’s flagship products offline. A selloff sent the social-media giant’s stock plummeting around 5% on Monday, adding to a drop […]
Nigeria Spends $2bn On Wheat Importation Annually, Central Bank Says
The Central Bank of Nigeria (CBN) on Sunday revealed that the importation of wheat costs the country about $2 billion annually, thereby exerting pressure on the country’s food import bill. This is just as the CBN has stated that the much-awaited Central Bank Digital Currency (CBDC), known as the eNaira would improve monetary policy effectiveness […]
Merck Covid Pill’s Success Slams Moderna Shares, Shakes Healthcare Sector
Positive clinical trial results for Merck & Co’s experimental antiviral COVID-19 pill reverberated through the healthcare sector on Friday, sending the drugmaker’s stock price soaring while denting high-flying shares of vaccine companies and makers of other coronavirus therapies. Merck shares jumped as much as 12.3% and hit their highest level since February 2020 after data showed the […]
Muhammadu Sanusi II: Nigeria Wasting Millions Of Dollars Through Subsidy Scam
The former Emir of Kano, Muhammadu Sanusi II, yesterday identified corruption, poor leadership and wrong-headed policies as the bane of Nigeria, citing the regime of paying subsidy on petroleum products as part of the corrupt practice that may bring the country to its knees. Speaking on Arise News Channel, the former governor of the Central Bank […]
MTN, Airtel, Are Preparing For 5G Deployment
MTN Nigeria and Airtel Nigeria are expected to be the first two telecom operators to install the Fifth Generation, 5G network in Nigeria by January 2022, according to reports. Prof. Umar Dambatta, Executive Vice Chairman of the Nigerian Communications Commission, NCC, revealed this yesterday at the Nigeria e-Government Summit in Lagos, where he elaborated on […]
AfDB: Nigeria, Egypt, S/Africa Account For 80% Of Africa’s Investment Market In 10 Years
Nigeria, Egypt and South Africa dominate 80 percent of Africa’s portfolio investment market in the last decade and also account for about a 3rd of the incubators and accelerators. The three nations ranked top three countries on the continent in terms of attracting federal direct investment (FDI) over the past decade. Egypt attracted FDI of […]
China Bans All Crypto-Related Transactions
China’s central bank said all cryptocurrency-related transactions are illegal and must be banned, sending the strongest signal yet on its determination to crack down on the industry. All cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market, the People’s Bank of China said on its website. All crypto-related […]
