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Category Archives: Business

Committee Submit Revenue Harmonization tax Bill To Gov. Obaseki

Obaseki presents budget

BENIN CITY: A special Committee set up by the Edo State Government and mandated to fine turn the proposed bill that will harmonize revenue collection in the various local government areas in the state has submitted its report to the governor of Edo State Mr. Godwin Obaseki.

Receiving the bill, titled “A bill for the Edo State Local Government Uniform and Harmonized Levies, Rates, Fees and charges Law 2017” the governor appreciated the committee headed by his deputy Rt. Hon. Philip Shaibu for a job well done saying that the job of the committees is not yet over as she will be responsible for the implementation of the bill after its being passed by the Edo State House of Assembly.

Edo sets up committe on proposed LG harmonization revenue bill

Mind Your Ward Business, Obaseki Warns Edo APC Leaders In Okpella revenue

Edo State Government on Friday said it has set up a committee to fine tune a proposed bill to harmonize revenue collection by local government councils in the state.

Oseni Elamah, the executive chairman of Edo State Internal Revenue Service made the disclosure shortly after meeting with the State Governor, Godwin Obaseki, to newsmen in Benin- City.
Elamah said the committee will be headed by the State Deputy Governor, Philip Shaibu while other members are Osarodion Ogie, Secretary to the State Government, the Executive Chairman of Edo State Internal Revenue Service (Oseni Elamah) and three representative of local government Heads from the three senatorial district.

Obaseki Presents N150b “Budget of consolidation and prosperity”

Obaseki presents budget

In his first budget presentation since assumption of office as the elected governor of Edo State, Godwin Obaseki Monday presented a budget of N150billion for the 2017 financial year to the State House of Assembly for consideration and approval.

The 2017 budget proposal christened, “Budget of consolidation and prosperity” will be funded with N25billion external borrowing from the third tranche of the World Bank budget support facility.

Africa’s average rate of productivity growth falls to 1.7%

Strong GDP growth in Africa has masked disappointing productivity, according to ICAEW’s latest Economic Insight: Africa Q2 report. Over the last 15 years trade and investment have buffered the continent against the global financial crisis. However, according to the accountancy and finance body, this has hidden low productivity figures – despite much greater potential for economic ‘catch up’

Dangote Flags Off $1 Billion Cement Factory in Okpella

dangote cement factory

The Dangote Group, Sunday started constructing a $1 billion cement factory in Okpella, Edo State, to expand its cement production in Nigeria.

The six million metric tonnes per annum (mmtpa) Okpella plant and the upcoming six mmtpa plant in Itori, Ogun State, will increase the company’s local production capacity to 41 mmtpa annually.

UBA Marks 10 Years of Operating in Ghana

Group Managing Director of the UBAGroup, Phillips Oduoza

The United Bank for Africa (UBA) Plc recently celebrated 10 years of its operations in Ghana, one of the 18 country subsidiaries outside Nigeria in the UBA group.

UBA Ghana holds is the flagship subsidiary of UBA having opened its offices for business in 2005, the first foray of the UBA group outside the shores of Nigeria. Since then, UBA has gone on to open successful subsidiaries in 17 more African countries.

Okpella Community Welcomes Dangote Cement with Open Arms

dangote cement

The paramount ruler of Okpella, the Okuokpellagbe of Okpella Kingdom, Alhaji Yesufu Dirisu, at the weekend condemned in strong terms the alleged divisive tendencies of agents of a cement company in the community, warning that he would no longer tolerate any group using pseudonyms to dent the integrity of his palace.

Alhaji Dirisu, who was receiving in audience some concerned stakeholders at his palace, spoke against

Dangote Cement Declares N121.8bn Half-year Profit


Dangote Cement posted a profit after tax (PAT) of N121.808 billion in the six-month period ended June 30, 2015, indicating a 21.65 per cent increase over the N95.440billion announced for the same period of 2014.

According to the half results released on the floor of the Nigerian Stock Exchange at the weekend, the cement company achieved a 20.23 per cent growth in profit before tax. Its Profit before Tax grew from N107.070billion to N128.726billion in the period under review.

Importers of Rice, Cement, to stop accessing forex from banks – CBN

cbn governor to importers

Abuja – The Central Bank of Nigeria (CBN) says importers of rice, cement and other products will no longer access Foreign Exchange from CBN, Banks and Bureau De change for such importation.

The CBN Governor, Mr Godwin Emefiele, who disclosed this at a news conference on Wednesday in Abuja, said the measure would prevent further depletion of the country’s foreign reserve.
He said the country was spending huge amount to import things that could be produced locally.

Capital market operators foresee low investment patronage

capital market

Some capital market operators on Tuesday expressed fears that the ongoing national energy crisis, if not checked, would paralyse activities at the Nigerian capital market.

They told the News Agency of Nigeria (NAN) in separate interviews in Lagos that the energy crisis had already affected the level of activities in the nation’s bourse.

Mr Emeka Madubuike, President, Association of Stockbroking Houses of Nigeria (ASHON), lamented that the level of activities in the market had dropped drastically, because of the energy crisis.