Category: Business

Buhari inaugurates Dangote refinery today,6 presidents, Tinubu to grace event

Emporium Reporters

President Muhammadu Buhari will today commission the Dangote Refinery and Petrochemicals, the world’s largest single-train refinery in Ibeju-Lekki, Lagos. Daily Trust had exclusively reported Sunday that five other presidents would be joining President Buhari in the epoch-making event that is expected to positively transform Nigeria’s oil and gas sectoral landscape. Expected at the historic event, apart from international dignitaries, are the Presidents of Togo, Gnassingbé Eyadéma; Ghana’s Nana Akufo-Addo; President of Senegal, Macky Sall; President of Niger Republic, Mohamed Bazoum; President of Chad, Mahamat Déby; and a host of ambassadors…

472 UTC Abuja shop owners to relocate to temporary site over facelift

Emporium Reporters

No fewer than 472 shop owners and traders in Union Trading Company, popularly known as UTC Area 10 market have concluded arrangements to relocate to the completed temporary site beside the existing market. This followed the agreement signed by Abuja Investment Company Ltd., on behalf of the Federal Capital Territory Administration with Urban Shelter Limited in 2021. The Technical Coordinator, Urban Shelter Ltd., Mr Ayodele Kolawole, made this known while answering questions from newsmen during the inspection of the temporary market site on Saturday. He said that necessary measures have…

FAAC shares N655.932b to FG, States, LGAs for April Allocation

Emporium Reporters

The Federation Account Allocation Committee (FAAC) has shared a total sum of N655.932 billion April 2023 Federation Account Revenue to the Federal Government, States and Local Government Areas. This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for May 2023. The N655.932 billion total distributable revenue comprised distributable statutory revenue of N364.654 billion, distributable Value Added Tax (VAT) revenue of N202.762 billion, Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50.000 billion augmentation from Forex Equalization revenue and N24.000 billion augmentation…

GAC Motor Nigeria bags Automobile Brand of the Year Award

Emporium Reporters

GAC Motor Nigeria has been awarded the prestigious Automobile Brand of the Year title at the National Daily Awards ceremony held on Friday, May 12, 2023. The event took place at the renowned Grand Ballroom of Oriental Hotels in Victoria Island, Lagos, and served as a celebration of excellence across various sectors of the Nigerian economy and society. The esteemed Chairman of the event was Princ e Julius Adelusi-Adeluyi, and former President Olusegun Obasanjo graced the occasion as the esteemed Special Guest of Honour and Keynote Speaker. The recognition of…

FG, states, LGs share N714.629bn March revenue – FAAC

Emporium Reporters

The Federation Account Allocation Committee (FAAC) has shared a total sum of N714.629 billion March 2023 Federation Account Revenue to the Federal, States and Local Governments. This is contained in a communiqué issued at the end of April 2023 FAAC’s meeting. Bawa S. Mokwa, Director (Press and Public Relations) Office of the Accountant General of the Federation said in a statement issued on Wednesday that “the N714.629 billion total distributable revenue comprised distributable statutory revenue of N497.448 billion, distributable Value Added Tax (VAT) revenue of N202.693 billion and Electronic Money…

Premier hotel shut down, staff laid off

Emporium Reporters

Premier Hotel, Ibadan has been shut down with the staff laid off, Nigerian Tribune reports.   The hotel, owned by Western Hotels Limited, a subsidiary of Odu’a Invest- ments Limited, has been shut down since Wednesday, December 28, 2022.   When the Nigerian Tribune visited the Mokola Hill premises of the hotel on Tuesday, it was deserted, except for private security guards, who directed visitors away from the premises, saying the hotel had been shut down.   When contacted, the Group Managing Director of Odu’a Investments Limited, Mr Adewale Raji,…

CAC deploys additional component on Company Registration Portal

Emporium Reporters

By ABUBAKAR YUSUF       The Corporate Affairs Commission CAC has introduced an additional innovation on it’s Company Registration Portal (CRP) for ease of filing, surrender ,allotment, transfer, and transmission of shares. A statement released by the Management of the commission on Wednesday 21st of December, 2022 and issued by the Head Media, Rasheed Mahe stated that going forward customers and the general public can now take advantage of the additional component deployed on the Company’s Registration Portal (CRP) for filing of the following notices . The additional component…

CBN bows to pressure, review№²№ cash withdrawal limits

Emporium Reporters

The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively. The development was contained in a letter addressed to banks on Wednesday, December 21, 2022. The development comes two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000. The bank also reduced withdrawals at automated teller machines (ATMs) and point-of-sale terminals to N20,000…

Cashless Policy: Full implementation of policy with limit on cash withdrawals per week is now -CBN

Emporium Reporters

The Central Bank of Nigeria (CBN) on Friday clarified that based on information available to the Apex bank, the time for full implementation of the cashless policy with proposed limit on cash withdrawals per week is now. Indeed, as controversies continue to trail the planned policy of the Central Bank of Nigeria ( CBN) to limited cash withdrawal for individuals at N100,000 and Corporate Bodies N500, 000 per week, the bank has succeeded in convincing the Senate Committee on Banking, Insurance and other Financial Institutions of the need for it.…

CBN reduces cash withdrawals to N20k per day at POS, N100k per week from banks

Emporium Reporters

The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organisations regardless of their size.     This is according to a new memo to banks issued on Tuesday, December 6, 2022, signed by the Director of Banking Supervision, Haruna .B. Mustafa.   According to the memo, withdrawal at POS terminals has also been limited to N20,000 per day. The directive will take effect from January 9, 2023.   IMPORTANT: You can now Click “HERE” to receive News updates…