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    • MTN has paid 275bn SIM infraction fine — NCC

      The Nigerian Communications Commission (NCC) on Tuesday said that MTN has paid N275 billion SIM infraction fine as balance of N55 billion was due this month Prof Umar Danbatta, Executive Vice Chairman of NCC, made this known in a statement in Abuja Danbatta spoke on the state of MTN fine payment at the valedictory service organised for the Minister of Communications, Mr Adebayo Shittu in Abuja. He said following a negotiated reduction of the N1.04 trillion fine on MTN Nigeria…

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    • We Have Already Disbursed N691.56bn Paris Club Refund To States – Finance Minister

      The Minister of Finance, Mrs Zainab Shamsuna Ahmed, Monday, clarified that the N691.560 billion Paris Club refunds has already been disbursed to states since March. The minister in a statement by her Special Adviser on Media and Communications, Paul Ella Abechi, said the clarification became necessary following the news making the rounds in the media that states will soon receive disbursement of outstanding balance of the Paris Club debts on verification made amounting to a total sum of N691.560 billion.…

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    • FIRS to impose VAT on online transactions

      The Federal Inland Revenue Service (FIRS) will soon begin collection of Value Added Tax (VAT) on online transactions, Chairman of the agency, Mr Babatunde Fowler, has said Fowler who made the disclosure in an interview with the News Agency of Nigeria (NAN) in New York on Saturday said: “soon, we will ask banks to impose VAT on online transactions for purchases of goods and services. “Not that it is something new; it actually should be in existence. “We will certainly…

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    • Emefiele pledges 5-year plan to diversify nation’s economy

      Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele says CBN in the next five years, will aggressively pursue policies that will further diversify the Nigerian economy. Emefiele said this in an interview with newsmen on Friday in Nsukka, Enugu State, after a Special Convocation of the University of Nigeria (UNN), where he was conferred with an Honorary Doctorate Degree in Business Administration. The pledge was coming after the Nigeria Senate on Thursday confirmed Emefiele for a second term in…

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    • Africa loses $80b annually to Illegal Financial Flows: UN conference

      Africa is currently losing about 80 billion dollars annually through Illegal Financial Flows (IFFs), with Nigeria accounting for 17 billion dollars or 21 per cent of the figure, a UN conference heard on Friday in New York. Illicit financial flows are illegal movements of money or capital from one country to another through tax evasion, money laundering and smuggling, among other avenues. The development, announced at an international conference hosted by the UN has prompted Nigeria to push for the…

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    • Palm oil price higher than crude oil’s – Emefiele

      Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Wednesday, urged Federal Government to attach premium to palm oil production, saying its price is higher than crude oil’s. Emefiele stated this in Abuja when he appeared before Senate’s Committee on Banking, Insurance and other Financial Institutions for screening for his second term nomination by President Muhammadu Buhari. He did not, however, give the current prices of the commodities in the international market, but said that palm oil was a…

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    • Senate Threatens To Shutdown Bet9ja

      The Senate Committee on Sport has threatened to shutdown Bet9ja office if the company fails to honour it’s invitation for a second time. Speaking during the verification of Loto companies with license to operate in Nigeria on Tuesday, chairman, Senate committee on Youth and Sport, Sen Obinna Ogba (Ebonyi State) said it was unfortunate that Bet9a refused to honour their invitation. “Clerk, write to Bet9ja again. If they did not honour your our invitation again, we will ask the National…

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    • Knocks, kudos as SEC moves to ban gift sharing at AGMs

      Stock market operators on Monday expressed mixed reactions to plans by the Securities and Exchange Commission (SEC) to regulate conduct of Annual General Meetings (AGMs) and pre-AGMs. The operators spoke with the News Agency of Nigeria (NAN) in Lagos. The new sub-rule seeks to reduce the cost of organising shareholder meetings, by eliminating distribution of gifts to shareholders, observers and any other persons at annual and extraordinary general meetings. Mr Moses Igbrude, Publicity Secretary, Independent Shareholders Association of Nigeria, told…

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    • No money missing, stolen in CBN, says spokesman

      The Director, Corporate Communications, Central Bank of Nigeria (CBN) Mr Isaac Okoroafor said that no money is missing or stolen from the bank’s coffers as reported in some section of the media. Okoroafor said this in a statement on Sunday while reacting to a recent article and audio clips in which the CBN Governor and other senior officials were heard discussing discrepancies in the bank’s accounts. Okoroafor said that the audio was distorted in a manner which creates a different…

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    • Lagos Generates More IGR than 30 States Combined

      …. Economic Viable States: Lagos, Ogun, Rivers, Kwara, Enugu … Poor IGR States: Kebbi, Yobe, Katsina, Bayelsa, Ebonyi The Internally Generated Revenue (IGR) of Lagos State of N382bn is higher than that of 30 States put together, according to a report by Economic Confidential magazine The Annual States Viability Index ( ASVI) showed that seventeen (17) States are insolvent as their Internally Generated Revenues (IGR) in 2018 were far below 10% of their receipts from the Federation Account Allocations (FAA)…

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