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Nigeria: Adeosun – Only 20% of 69.9 Million Economically Active Nigerians Pay Tax


Minister of Finance, Kemi Adeosun, has said only 14 million out of the 69.9 million economically active Nigerians pay tax, reflecting a low compliance of 20.03 per cent. Adeosun, who disclosed this at the NSE-Bloomberg CEO Roundtable at the weekend, lamented that, even among the tax payers, there was widespread malpractice that resulted in only part of the actual income ...

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Nigeria: We’ve Not Spent U.S.$12 Billion On New Rail Tracks – NRC Boss


Managing Director of the Nigeria Railway Corporation (NRC), Engr. Fidet Okhiria, has explained that the Federal Government has not spent up to $12bn contrary to what he called misinformation to the public. He said the 186-kilometre Abuja-Kaduna standard gauge which was opened last year had not hit $1bn, further disclosing that the project cost around $830m. Okhiria’s clarification came against ...

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IMF approves $224.8 mln in extra credit for Ivory Coast


The International Monetary Fund’s Executive Board approved $224.8 million in additional credit for Ivory Coast under an existing lending framework, it said in a statement on Monday. “The Board … approved an augmentation of access under the two arrangements by about US$224.8 million or 25 percent of the country’s quota,” the statement said. Ivory Coast has emerged from a 2011 civil ...

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EFG Hermes eyes acquisition in Nigeria, Kenya brokerage licence


Egypt’s EFG Hermes wants to enter Nigeria through an acquisition and expects to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets, a senior executive told Reuters on Monday. The investment bank also plans to boost its research team to between 12 and 15 from eight over the ...

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Nigeria: CBN to Mop Up N1.2 Trillion in 12 Weeks


The Central Bank of Nigeria (CBN) will, this week, commence plans to mop up N1.23 trillion in the next 12 weeks. The apex bank disclosed this through its third quarterly Treasury Bills Issuance programme released on Friday. The programme revealed that the CBN will issue treasury bills (bills) worth N1.23 trillion from Wednesday, June 15 to Thursday, August 31. This, ...

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Nigeria: 26 Airlines Fail to Complete NCAA Certification Process


No fewer than 26 airlines have discontinued the process for the acquisition of the Air Operator Certificate (AOC) over stringent conditions set by the Nigeria Civil Aviation Authority (NCAA), it has been revealed. This is just as the NCAA debunked insinuations in some quarters that some airlines borrowed aircraft to complete their certification process. Spokesman of NCAA, Mr. Sam Adurogboye, ...

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Nigerian Carriers Lost 60% Regional, International Passengers


Lagos — Capacity constraints have clipped the wings of Nigerian airlines on the regional and international fronts with their operations reducing by over 60 per cent from 2016 till date; checks by Daily Trust have shown. An analysis of international flight operations summaries of 2016 and 2017 first quarters indicated that the country’s domestic airlines which were hitherto making wave ...

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Nigeria: CBN to Sell Dollars to Airlines, Fuel Importers


Manufacturers, airlines, fuel importers and agriculture businesses will be able to buy dollars at a special market intervention, the Central Bank of Nigeria, CBN, said on Wednesday. The new intervention will enable them to clear a backlog of foreign exchange obligations, the apex bank said in a notice to lenders. The central bank plans to settle the bids to clear ...

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Nigeria: Banks Lost N2.19 Billion to Fraudsters ‎through Electronic Platforms in 2016


Nigerian Deposit Money Banks, DMBs, lost N2.19 billion to fraudsters through electronic channels in 2016 fiscal period, an official has said. The Deputy Governor, Operations, Central Bank of Nigeria, CBN, Adebayo Adelabu, said this while unveiling a report on electronic frauds by the CBN on Tuesday. Speaking at the first stakeholders’ workshop on cybercrime organised by the Nigeria Electronic Fraud ...

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Nigeria’s central bank to sell $100 mln at forward, spot forex auction


Nigeria’s central bank said on Tuesday it will sell $100 million at a special wholesale spot and forwards auction to improve dollar liquidity in the foreign exchange market and curb pressure on the local currency. The bank, in a notice to commercial lenders, said the dollar auction would be both for spot and forward settlements and would be settled within ...

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