Category: Business
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Reps Propose Tax Relief for Loss-Making Companies
Legislators in Nigeria’s House of Representatives are moving to provide financial reprieve for companies experiencing economic hardship. The proposed bill would amend the Companies Income Tax Act to eliminate minimum tax requirements for businesses recording losses during assessment years. Currently, Section 33 of the existing Act mandates that companies with no taxable profits must still…
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Nigeria’s Minister of Aviation Takes Bold Steps to End Airport Harassment
In a move to address long-standing traveler complaints, the Federal Airports Authority of Nigeria (FAAN) has announced measures to combat harassment and extortion at Nigeria’s international airports. Approved by Minister of Aviation Festus Keyamo, the initiative signals a decisive government response to mounting public frustration. “Yesterday, I approved some far-reaching measures by the Federal Airports…
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Senate Passes Investment and Securities Bill 2024 for Third Reading
The Nigerian Senate has passed the Investments and Securities Bill (ISB) 2024, a legislative overhaul designed to modernize and fortify the country’s capital market. The bill, which seeks to repeal the existing 2007 Investments and Securities Act, represents an effort to align Nigeria’s financial regulations with global best practices and create a more attractive environment…
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Bitcoin Reaches $100,000 in Breakthrough Crypto Moment
For the very first time since its creation, Bitcoin has broken through the $100,000 barrier on Thursday, December 5, 2024, marking a historic moment in cryptocurrency development. The digital currency peaked at an extraordinary $103,587 at 5:05 am (GMT+1), having closed at $98,318.24 the previous day. By 9:14 am, it had settled at a still…
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Google, Microsoft, TikTok Pay N2.5trn in Nigerian Taxes
The National Information Technology Development Agency (NITDA) has disclosed that major tech platforms including Google, X, Microsoft, and TikTok have paid N2.55 trillion in taxes during the first half of 2024, highlighting the expanding economic footprint of digital companies in Nigeria. According to a statement by NITDA’s Director of Corporate Communications and Media Relations, Hadiza…
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Aero Contractors Slashes Flight Prices for Christmas Travelers
Aero Contractors has announced a Christmas initiative to make air travel more affordable for Nigerians. Managing Director Ado Sanusi said, “We have understood the pains Nigerians have been going through because of the economic hardship, the high prices of tickets.” The airline will offer tickets starting from N80,000 to all destinations, a significant drop from…
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Holcim to Exit Nigeria, Sells Lafarge Africa Stake to Huaxin Cement for $1 Billion
Swiss cement and building materials manufacturer Holcim has announced its strategic exit from Nigeria, signing an agreement to sell its entire 83.81 per cent stake in Lafarge Africa Plc to China’s Huaxin Cement for $1 billion, marking a shift in the company’s global investment strategy. The transaction, expected to close in 2025, is subject to…
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FCCPC Launches Investigation into Nigeria’s Banking, Telecom, and Aviation Sectors
The Federal Competition and Consumer Protection Commission (FCCPC) has initiated a major investigation targeting leading companies in Nigeria’s banking, telecommunications, and aviation sectors, responding to persistent consumer complaints about poor service delivery and potentially exploitative practices. In a statement released on Sunday by its Director of Corporate Affairs, Ondaje Ijagwu, the commission announced a targeted…
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CBN Governor Signals Easing of High Interest Rates as Inflation Cools
In a recent address at the Bankers’ Night hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, gave a clear signal that high interest rates would be eased in the coming months if inflation pressures cool as expected. Cardoso emphasized that…
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Namibian Regulator Orders Starlink to Cease Operations Over Licensing Violations
The Communications Regulatory Authority of Namibia (CRAN) has issued a cease-and-desist order to SpaceX’s satellite internet provider Starlink, instructing the company to immediately halt all operations in the country due to a lack of required telecommunications licensing. According to CRAN’s statement, an investigation has determined that Starlink has been operating a network within Namibia without…