Business

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The Nigerian Customs Service has officially released a circular announcing the reduction of import duties on both used and new vehicles. In a statement by, Timi Bomodi, Customs National Spokesman, the service said the new duty rate for both used and new vehicles is now 20% as against the 35% usually paid. The statement noted […]

Allianz Nigeria Insurance Limited has denied plans to exit Nigeria, as being speculated in some quarters, having invested heavily into its market. According to NAN, this was made known by the Chief Executive Officer (CEO) of the insurance firm, Mrs Adeolu Adewumi-Zer, during an interview on the sideline of the launch of the insurer’s funeral […]

Telecom firm, MTN, has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday. “The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known […]

Cadbury Nigeria Plc recorded 169 per cent growth in pre-tax profit in 2021 as the company pushed its turnover to all-time high of N42.37 billion. The audited report and accounts of Cadbury Nigeria for the year ended December 31, 2021 showed that gross earnings rose by 19.67 per cent to N42.37 billion in 2021 as […]

Notore Chemical Industries Plc plans to restructure its capital structure by raising additional equity capital in the fourth quarter of this year. The net proceeds of the will be applied to deleverage its balance sheet to achieve an optimal mix of debt and equity and fund part of planned expansion activities to further reposition the […]

Shareholders of Custodian Investment Plc have authorised the board of the company to raise additional capital as part of its strategic growth. At the annual general meeting in Lagos at the weekend, shareholders approved resolutions empowering directors of the company to raise new capital through any of the multiple options available to the company. According […]

No fewer than 2,256 depositors have lodged complaints on transactions totalling N368.9bn and $428.7m (N177.05bn) on their accounts against their banks with the Chartered Institute of Bankers of Nigeria. The institute, through its ethic and governance directorate, however, said it had been able to resolve 2,206 of the reported cases. It also said that total […]

The National Agency for Food and Drug Administration and Control (NAFDAC) has called the attention of the general public to the recall of a contaminated product. In the alert for recall numbered No. 021/2022, Continental Mills is recalling a single lot of Great Value Buttermilk Pancake and Waffle Mix, due to a potential foreign material […]

Mele Kyari, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC) has stated that there is a need to set up special courts to try and prosecute crude oil thieves and pipeline vandals, in a bid to contain the crude theft situation in Nigeria’s oil industry. Kyari disclosed this on Thursday while briefing the House […]

The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that […]


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