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  • Business

    Cashless policy: LCCI seeks more time, enlightenment

    THE Lagos Chamber of Commerce and Industry (LCCI) has asked for more time for the implementation of the cashless policy. In a statement, its Director- General, Muda Yusuf said the latest Central Bank of Nigeria's (CBN) circular should have given a much longer notice to economic players, including enlightenment. He said the effective date is extremely short as the circular was dated...

    • 4 hrs ago
  • Business

    NEPZA to revoke licences of dormant zones

    The Acting Managing Director, Nigeria Exports Processing Zones Authority (NEPZA), Terhemba Nongo, on Wednesday threatened to revoke the licences of inactive Free Trade Zone (FTZ) in the country. Nongo, who issued the threat during a media chat in Abuja, insisted that every inactive licenced free zone in the country should be revoked. He said: "Going by the importance of Free Trade Zones in...

    • 4 hrs ago
  • Business

    Telcos: ICT boosts economy with N1.549tr

    THE information communication technology (ICT) sector now accounts for approximately 10 per cent of nominal gross domestic product (GDP), the telcos said on Wednesday. Acting under the auspices of Association of Licensed Telecoms Companies of Nigeria (ALTON), the carriers said as against 2016, it now has direct contribution of over N1.549trillion to the economy. Its Chairman, Gbenga Adebayo, in a letter...

    • 4 hrs ago
  • Business

    'Nigeria still cash-based economy'

    THE Deputy Managing Director, eTranzact International Plc, Hakeem Adeniji-Adele, has said Nigeria is still a cash-based economy. He reacted to the latest figures from the Nigeria Inter-Bank Settlement System (NIBSS) which put the total value of transactions on automated teller machines (ATMs) at N1.5 trillion in first quarter, while mobile money operations and web payments were N810.1 billion and N107.6 billion...

    • 4 hrs ago
  • Business

    DisCos: 6million metres coming

    THE 11 DisCos said they would install about six million meters between 2019 and 2022. Fears about whether there are enough testing stations to handle the huge numbers were allayed by the Nigerian Electricity Management Service Agency (NEMSA) which assured that it has decentralised its meter testing activities with the operationalisation of the Kaduna and Port Harcourt Meter Test Stations. NEMSA's Managing...

    • 5 hrs ago
  • Business

    Customers to pay more for PoS transactions

    BANK customers are to pay more for Point of Sale (PoS) transactions. This follows a Central Bank of Nigeria's directive to banks to charge N50 Stamp Duty on individual transactions. The directive on the Unbundling of Merchant Settlement Amounts was contained in the CBN circular to banks, processors and switches, titled: "Review of Process for Merchants Collections on Electronic...

    • 6 hrs ago
  • Business

    Benin DisCo trains 134

    Benin Electricity Distribution Company (BEDC) has turned out another set of 60 graduate trainees and 74 technician trainees in its 2018/19 edition, a programme targeted at improving service delivery to customers and bridging skills gap in the power sector. It also announced take-off locations for the Meter Asset Provider (MAP) scheme in Delta State. BEDC Managing Director/Chief Executive Officer Mrs. Funke Osibodu...

    • 8 hrs ago
  • Business

    PwC: why mining sector is not growing

    Impact of the Solid Minerals Development Fund (SMDF) is yet to be felt in the industry, despite its rejiging as many issues continue to constitute setbacks to the sector. Head, Advisory and Mining Sector Lead, PricewaterhouseCoopers (PwC) Nigeria, Cyril Azobu, who stated this, also said commercial banks had remained doubtful and continued to see the industry as high risk. In addition, the existence of...

    • 9 hrs ago
  • Business

    AfCFTA: Why Nigeria may not benefit from Afreximbank's interventions

    The African Export-Import Bank (Afreximbank) has handed Nigeria the opportunity to grab a chunk of the $2.5 trillion in combined Gross Domestic Product (GDP) and other benefits promised by the African Continental Free Trade Area (AfCFTA) agreement almost on a platter. This followed the roll out of various trade facilitation and financing instruments to boost...

    • 10 hrs ago
  • Business

    Saudi attack threat to global oil industry

    The attack on two major oil facilities in Saudi Arabia may be a pointer to an emerging trend that may adversely upset global energy security, if not swiftly checked. There are speculations that the incident may be a cross-border attack which may be seen from the prism of terrorism. EMEKA UGWUANYI looks at the incident.

    • 10 hrs ago

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