Buhari removes Bala Usman as NPA MD, appoints replacement
President Muhammadu Buhari has approved the recommendation of the Ministry of Transportation under Rt. Hon. Rotimi Amaechi for the setting up of an Administrative Panel of Inquiry to investigate the Management of the Nigerian Ports Authority (NPA).
Rosatom announced the winners of the 6th Annual “Atoms Empowering Africa” Online Video Competition at the special online awards ceremony.
N120b CBN metering intervention timely – Consumers
One of the myriad of challenges bedeviling the Nigerian Electricity Supply Industry (NESI) is metering. On its own, the Nigeria Electricity Regulatory Commission (NERC) in March 2021 directed the 11 Electricity Distribution Companies (DisCos) to replace obsolete and faulty meters. According to Order No. NERC/246/2021, of March 4, seven million customers in the electricity market were un-metered. The commission that alluded to an enumeration that was carried out added that three million meters among the installed ones were faulty. HERE
NICON Insurance faults report on Senate summon
NICON Insurance Limited has faulted a report on its invitation to the Senate over failure to remit pension fund to the Pension Transitional Arrangement Directorate. In a statement titled, ‘NICON Insurance faults report on senate summon’, the insurance firm recalled the report, which stated that the Nigerian Senate had summoned the firm over ‘Failure to remit N17.4bn pension fund to PTAD’
Red Star Express Plc, one of Nigeria’s foremost logistics solutions providers, has launched an online platform which enables customers to make custom duty payments for imported items.
Despite the challenging operating environment and the negative impact of COVID-19, Redstar Express Plc has increased its investment in new assets indicating foresight and confidence in the economy
FIRS directs companies within free trade zones to file income tax returns
The Federal Inland Revenue Service (“FIRS”)has issued a public notice to all approved enterprises operating within Nigeria’s Export Processing and Oil & Gas Free Zones to file income tax returns for 2021 and subsequent years of assessment; and compute income tax and pay the tax due.
Cryptocurrency: 1m investors liquidated, altcoins crash by 20%
A significant number of investors in the crypto market have had their accounts liquidated amid the sudden drop seen in a number of altcoin assets. According to a report by nairametrics, about 1,018,638 investors had their account worth about $10 billion liquidated. The largest single liquidation order happened on Binance-BTC valued at $68.73 million. The Central Bank of Nigeria (CBN) had earlier this year directed deposit money banks (DMBs) to desist from engaging in crypto transactions. Even analysts have warned that despite the inherent gains in the crypto market it continues to pose significant risk to investors’ funds.
Local Equities Market Dips Further By 0.3 Per Cent As NGX Launches New Brand
Negative sentiments persist in the local bourse, on Tuesday, as the Nigerian Exchange Group (NGX) launches its new corporate brand identity and website. The launch of the new identity followed the demutualisation of The Nigerian Stock Exchange (NSE) and the resulting creation of the non-operating holding company NGX Group Plc and its subsidiaries: Nigerian Exchange (NGX) Limited, the operating exchange; NGX Regulation (NGX RegCo) Limited, the independent regulatory arm of the Exchange; and NGX Real Estate (NGX RelCo) Limited, the real estate company.
SEC Holds First CMC Meeting In 2021
Securities and Exchange Commission (SEC) has announced that the first Capital Market Committee (CMC) meeting in 2021 will hold from Thursday, April 15 to Friday, April 16, 2021. A statement from the commission on Sunday explained that the virtual meeting with key stakeholders will hold on April 15, while the usual interface with the press, on the outcome of the CMC meeting, will take place on Friday