Edo, Delta, Ondo, Ekiti Eyes BEDC Takeover

Edo, Delta, Ondo, and Ekiti state governments expressed their intention to the Nigerian Electricity Regulatory Commission (NERC) to possibly take regulatory control of the Benin Electricity Distribution Company (BEDC) by March 31, 2024. The BEDC states in a unified correspondence to NERC claimed this initiative is a result of operational challenges and failures in service delivery by the Disco within their respective states.

Blackout: FG Directs NERC to Revoke Licenses of Non-Performing DisCos

The Federal Government through the Minister of Power, Chief Adebayo Adelabu has on 11th March 2024, issued a directive to its agencies regulating the power sector, instructing the Nigerian Electricity Regulatory Commission (NERC), to withdraw licenses of electricity distribution companies for non-performance. Chief Adelabu during a meeting with the head of the agencies in Abuja faulted the DisCos for not doing enough despite the availability of power on the national grid to supply quality electricity. More so, stressing that NERC must look for creative ways of getting the DisCos to improve supply including the imposition of stiff sanctions on utilities that fail to pick their allocations and outright cancellation of licenses.

Earnings From Foreign Taxes Doubled In 2023 - NBS

Nigeria's revenue from foreign-related Value Added Tax (VAT) increased by 61% to N824.6 billion in 2023. In its recent release, the National Bureau of Statistics (NBS) disclosed that this represents a huge increase from N510.8 billion in 2022. According to the data released, the Corporate Income Tax (CIT) from foreign increased by 107%, moving from N1.14 trillion in 2022 to N2.38 trillion in 2023. While the increase in tax revenue is a huge boost, experts believe that this boost will not make a huge impact on the economy, as they suspect the weakening of the naira, which has increased the local currency’s value of foreign transactions for non-import (foreign) Value Added Tax (VAT) and Foreign Company Income Tax (CIT) payments.

Hardship: Tinubu Urges State Gov. To Implement Wage Award

President Bola Tinubu has urged the 36 state governors to commence the payment of wage awards to workers in their various states, while the new minimum wage is decided upon. Tinubu who made this appeal on Monday during a working visit to Minna, Niger State capital, noted that proper implementation would lessen the hardship in the country.

Zenith Bank Appoints Umeoji As New GMD/CEO

Zenith Bank has appointed Umeoji Adaora as its new Group Managing Director (GMD) and Chief Executive Officer (CEO). This was disclosed by the bank on Tuesday in a corporate filing on the Nigerian Exchange Group (NGX), which stated that her appointment will take effect from June 1, 2024. The bank stated that Umeoji has over 26 years of banking experience with Zenith Bank and she is the first female to be appointed as GMD/CEO.

FG Halts Implementation of Expatriate Levy

The Federal Government through the National President, of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Kelvin Oye has announced the suspension of the implementation of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as administered by the Nigerian Immigration Service. Director, of Press and Public Relations in the Ministry of Interior, Ozoya Imohimi announced this in a statement on Friday night. He said the Minister of Interior, Dr. Olubunmi Tunji-Ojo had met with a delegation led by the Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, to address concerns and seek clarification on the recently launched Expatriate Employment Levy (EEL) guidelines.

Paris Club Fraud: S.Court Delivers Judgment June 7 On Alleged N3.5bn

The appellant is challenging the judgment of the Court of Appeal ordering the forfeiture of the money to the Federal Government of Nigeria, being proceeds of an unlawful activity in the Paris Club Fund involving Melrose General Services Limited.

Oronsaye Report: FG Inaugurates Committee

The Federal Government has inaugurated an 11-member committee on the execution of the suggestions from the Steve Oronsaye Report. The evaluation of reports and White Papers which is centered on the Restructuring and Rationalisation of Federal Government Parastatals, Agencies, and Commissions. Secretary to the Government of the Federation(SGF), Sen. George Akume is a leading member of the committee, as revealed on Thursday in Abuja by Mr. Segun Imohiosen, Director of Information in the SGF office.

CBN Donates N100bn Fertilizer To Boost Food Production

In a bid to mitigate the surge in food prices and improve food production, the Central Bank of Nigeria (CBN) has given 2.15 million bags of fertilizer, valued at over N100 billion to the Federal of Agriculture and Food Security to be distributed to farmers across the country. This is as the minister of Agriculture and Food Security, Abubakar Kyari yesterday confirmed receiving the 2.15 million bags of fertilizer allocated by the CBN to boost food production. The CBN governor Olayemi Cardoso announced the donation yesterday in a new collaboration with the Ministry of Agriculture for the implementation of policies that cultivate a resilient macroeconomic environment. He added that the investment in agriculture would increase food production and reduce inflation, currently at 29.9 percent.

Alleged N1.2bn Fraud: President Tinubu Suspends REA MD, Others

President Bola Ahmed Tinubu has indefinitely suspended the Managing Director (MD) of the Rural Electrification Agency (REA), Ahmed Salihijo Ahmad for alleged misappropriation of N1.2 billion over the past 2 years. President Tinubu also suspended Olaniyi Netufo, Executive Director, Corporate Services; Barka Sajou, Executive Director, Technical Services and Sa’adatu Balgore, Executive Director, Rural Electrification Fund (REF).