The Nigerian Bar Association (NBA) has expressed strong opposition to the recent bilateral agreement between Nigeria and the United Kingdom, which allows English lawyers to practice in Nigeria. The agreement, known as the Enhanced Trade and Investment Partnership (ETIP), aims to boost trade and investment between the two countries. The NBA criticized the aspect of…
Lagos State Governor, Babajide Sanwo-Olu, urged foreign investors, particularly those from the United Kingdom, to consider Lagos as their preferred investment destination. He emphasized his administration’s commitment to creating a conducive business environment in Lagos. During a visit by the United Kingdom Secretary of State for Business and Trade, Kemi Badenoch, Governor Sanwo-Olu highlighted the…
The federal government has unveiled plans to establish a Commodity Board aimed at regulating the surging prices of food in Nigeria. Vice President Kashim Shettima made the announcement during a two-day high-level strategic meeting on climate change, food systems, and resource mobilization at the Banquet Hall of the Presidential Villa, Abuja. The proposed Commodity Board…
The Federal Government of Nigeria, in collaboration with the World Bank, is targeting $3 billion to fund the expansion of broadband infrastructure in the country. The plan aims to lay an additional 120,000km of fibre optic cables to improve broadband connectivity across Nigeria. The Minister of Communications, Innovations, and Digital Economy, Bosun Tijani, announced this…
A Federal Inland Revenue Service (FIRS) official has clarified that companies earning less than N25 million are not required to pay tax, offering a relief to small businesses across Nigeria. The official, who spoke on the condition of anonymity, emphasized that FIRS does not tax personal income but rather focuses on collecting company income tax….
The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, announced a forthcoming requirement for social media content creators, particularly those on platforms like Instagram and TikTok with substantial followings, to register as businesses and commence tax payments to the government. Magaji made this revelation during a meeting with the managing director of…
An audit report from the Office of the Auditor-General of the Federation (OAuGF) has revealed a significant gap of $4.5 billion in Nigeria’s Foreign Reserves between 2018 and 2019. The report indicates that the reserves decreased from US$42.59 billion to US$38.09 billion during this period, raising concerns about accountability. Emir Aminu Ado Bayero of Kano…
Dangote Cement Limited’s Ibese plant, spanning 17 communities in Yewa North Local Government Area of Ogun State, has been a focal point for controversy due to allegations of neglect and environmental degradation raised by locals. Despite being a major producer of cement, with an annual output of 12 million metric tons across its four lines,…
The federal government has stated that some of the agreements reached with organised labour during the October 2023 negotiation meeting are not immediately implementable. One of the agreements, involving the establishment of conversion centres for Compressed Natural Gas (CNG), is said to require more time before it can be realized, as the committee handling it…
Naira will now be the currency for international transfers facilitated by international money transfer operators (IMTOs), following recent directives from the Central Bank of Nigeria (CBN). A notice from Ecobank Nigeria highlights the impact of these directives on several IMTOs, including Western Union, MoneyGram, Rapidtransfer, Ria, and others approved by the CBN. The notice states:…