Category: Business

Petrol price may drop this month – Marketers

Emporium Reporters

The pump price of petrol may reduce marginally this month, going by the fall in global crude oil prices, oil marketers said on Sunday. According to them, since the cost of petrol has been largely determined by the price of crude oil, the recent marginal plunge in crude oil cost could lead to a drop in petrol price in Nigeria. Findings by our correspondent on Sunday showed that Brent, the global benchmark against which Nigeria’s crude is priced, dropped in price by $1.66 or 4.06 per cent as at 13.20pm…

Nigeria’s External Reserves Hit $35.72bn In September

Emporium Reporters

The country’s foreign reserves stood at $35.723bn as of September 29, according to the Central Bank of Nigeria.   The CBN disclosed that the reserves, which had continued to rise and fall in recent weeks, stood at $35.67bn as of September 1 and rose to $35.81bn as of September 17.   The reserves rose by $65m from $35.59bn as of August 20 to $35.66bn as of August 27.   It had earlier lost $278.91m from $35.87bn on July 29 to $35.59bn on August 19 after which it returned to a…

Kwara appoints new Directors for KW-IRS

Emporium Reporters

The Kwara State Government has announced the appointment of Omolara Mulikat Ojulari and Olatunji Ahmed Balogun as new full-fledged Directors for the Kwara State Internal Revenue Service (KW-IRS). The appointment takes effect immediately. Omolara Mulikat Ojulari is a seasoned Revenue Administrator. She holds B.Sc. in Actuarial Science at the University of Lagos and M.Sc. Accounting and Finance at the London Southbank University, United Kingdom. She is an Associate of Chartered and Certified Accountants (England and Wales), Associate Member, Institute of Chartered Accountants of Nigeria (ICAN) and Associate member, Chartered Institute…

We’ll encourage private entrepreneurs … Oyo Speaker assures Motor Dealers Association

Emporium Reporters

The Oyo State Government has expressed its readiness to provide enabling environment and support for private businesses to grow In line with its policy of growing the economy and promoting entrepreneurship. The Speaker Oyo State House of Assembly, Hon Adebo Ogundoyin stated this when members of Motor Dealers Association of Nigeria (MODAN), Oyo State Chapter led by their Chairman, Alh Sulaiman Musibau (Maito) visited him in his office. The Speaker noted that the contributions of private business owners to the growth of any economy cannot be underestimated hence, Oyo State…

Investors: Nasarawa to establish complaint portal for ease of doing business

Emporium Reporters

In its bid to enhance ease of doing business, Nasarawa State Government is set up a portal where complaints about activities of government agencies and officials, will be processed. The State Attorney-General and Commissioner for Justice, Associate Professor Abdulkarim Abubakar Kana, disclosed this while briefing the media, shortly after the monthly state executive council meeting, on Friday. According to the Justice Commissioner, investors coming into the state, who require any form of service from Ministries, Departments and Agencies (MDAs), or who seek response or feedback, will be expected to explore…

COVID-19: Facebook Launches ₦500m Grant For 781 Nigerian SMEs

Emporium Reporters

Facebook Monday announced a ₦500m grant to support 781 small businesses in Nigeria. The grant is part of Facebook’s $100m Global Grants Programme announced earlier this year, which aims to support 30,000 small businesses in over 30 countries, a statement from social media giant said on Monday. Aimed at stimulating economic recovery following the effects of COVID-19, Facebook said the grant would help empower and extend a lifeline to local small business owners who have been most affected. The grants will be administered and managed by Deloitte in partnership with…

ITMB secures N2.7 billion facility line from Development Bank … shows resilience in face of COVID-19

Emporium Reporters

The Infinity Trust Mortgage Bank(ITMB)PLC, in line with its vision of deepening mortgage penetration and inclusion, was recently on- boarded as a participating Financial Institution by the Development Bank of Nigeria (DBN) to access up to N2.7 billon for lending to its customers. This demonstrated the bank strong financial capacity and rating in the financial sector. The Managing Director/CEO,InfinityTrust Mortgage Bank PLC ,Dr.Olabanjo Obaleye, while reacting to the development noted that the new partnership with the Development Bank of Nigeria (DBN) was one of the key strategic drives of the…

Post Covid19 and South African Economy By Kola Olapite

Emporium Reporters

It remains an obvious fact that virtually all the sectors of the economy have been adversely affected by coronavirus pandemic and it would take proactive measures and aggressive economic policies implementation to put the South African economy back to the track. Analyzing the whole effects of Covid-19 on South African Economy, undoubtedly, the effects of the Covid19 pandemic is gross, inimical to economic stability, growth and development. For the nation’s economy to stage a comeback on the path of recovery, the following economic policies should be aggressively put to use:…

REDAN urges FG to engage private sector in economic sustainability plan implementation

Emporium Reporters

The President of the Real Estate Developers Association of Nigeria, Alhaji Aliyu Oroji Wamakko, has commended the Federal Government’s Economic Sustainability Plan (ESP) initiated in response to the economic challenges caused by COVID-19- through support for local businesses and jobs creation to protect the vulnerable. Wamakko enjoined the federal government to tap into the huge job creation potentials in the private sector in its efforts for Nigeria’s economic growth and development. He stated this on Tuesday in Abuja while reacting to the federal government Economic Sustainability Plan (ESP) being chaired…

NIPOST battles FIRS over Stamp Duty

Emporium Reporters

The Nigerian Postal Service and the Federal Inland Revenue Service are in a battle over their mandates. The Chairman of NIPOST, Maimuna Abubakar, first raised the alarm, while FIRS in a statement on Tuesday said it was only working based on its mandate. Abubakar, in a series of tweets on Twitter, said: “I am worried for NIPOST, having sleepless nights because of NIPOST, we need the general public to come to our aid; FIRS stole our mandate. “FIRS are now selling stamps instead of buying from us. What is happening,…