BUSINESS
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NAFDAC names mayonaise Nigerians must avoid
NAFDAC, the National Agency for Food and Drug Administration, has urged Nigerians not to buy Whippy Real Mayonnaise. Prof Mojisola Adeyeye, NAFDAC’s Director General, announced this in a notification issued on Monday. SNF FOODS Limited, Onitsha, Anambra State, according to Adeyeye, is the corporation responsible for the selling of the unwholesome goods. She stated that after a thorough scientific study…
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Do not tamper with NMDPRA seals, IPMAN tells Kogi marketers.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Kogi State marketers to stop tampering with Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) seals. Hon. Mejid Okomanyi, IPMAN chairman in Kogi State, issued the warning during a meeting with NMDPRA State Coordinator Engr. Orit Godwin on Monday. He stated that the warning was essential due to the unfolding…
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Nigeria targets N553bn from unremitted shipping taxes
The Federal Government says it plans to reclaim nearly N553 billion in unpaid taxes from multinational petroleum shipping businesses in Nigeria. Mr Abdullahi Aliyu, Director of International Tax at the Federal Inland Revenue Service (FIRS), revealed this on Wednesday at the Nigerian Chamber of Shipping (NCS) virtual conference. Recovering the cash accrued from 2010 to 2019 will, he claims, assist…
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VAT Direct Initiative is not available to traders with less than N25 million in annual revenue – Ononuga
Lovette Ononuga, the director of Value Added Tax at the Federal Inland Revenue Service, stated that the VAT Direct Initiative will exempt informal entrepreneurs with a turnover of less than N25 million. Remember that the FIRS just introduced the VDI in collaboration with the Market Traders Association of Nigeria in order to broaden the Nation’s income net. Following the announcement,…
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Fuel subsidy removal: Nigeria’s inflation to hit 25 per cent in five months – World Bank
The World Bank predicts that Nigeria’s inflation would reach 25% in the next months as a result of the elimination of fuel subsidies. The Washington-based bank revealed this in its Nigeria Development Update for June 2023. The World Bank’s forecast comes as petrol prices have risen from N197 per litre to more than 500 per litre since subsidies were removed…
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First transhipment vessel arrives Lekki Port
The Lekki Deep Seaport has announced the arrival of Rimbaud, the first transhipment vessel to arrive at the container facility. “CMA-CGM RIMBAUD vessel has sailed all the way from the Far East to Lekki Port,” the port management said on Twitter on Friday. It has a length of 270m, a width of 42.8m, and a capacity of 6,900 TEUs. “The…
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Why we increased PoS fees – Mobile money agents
Point of Sale (PoS) operators have explained why their transaction fees have been raised. Stephen Adeoye, Public Relations Officer of the Lagos Chapter of the Association of Mobile Money and Banks Agents in Nigeria, AMMBAN, revealed this during an interview on Channels Television on Friday. Recall that the Operators recently announced a pricing rise and fee unification. As a result,…
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FG removes professional bodies, councils from budget funding
With effect from 2026, the federal government will no longer subsidize professional organisations and councils. Ben Akabueze, Director General of the Budget Office, announced this in a circular to the Nigerian Council of Food Science and Technology Fed. Min. of Science, Technology, and Innovation dated 26th June 2023, DG/BDT/GEN.CORR/2016/XII/3067. According to Akabueze, the judgment was consistent with the Presidential Committee…
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Importers to pay more as Customs raises exchange rate to N589.45/$
According to the currency rate published on Customs’ official website, the Nigeria Customs Service (NCS) has increased the exchange rate for cargo clearance at the port from N422.3/$ to N589.45/$. As a result of the increase in the exchange rate, importers and manufacturers carrying goods into the country’s seaports would now pay more in import tax tariffs, with N167.15 added…
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