Friday, August 28, 2020
Logistics firms squeezed by multiple taxes in Lagos
Logistics and courier firms say they are extorted by touts who claim to represent local council development areas (LCDAs) in Lagos State, alleging that this is squeezing an industry that is just beginning to gain an online traction. According to logistics players who spoke with BusinessDay, their dispatch riders carry up to 35 documents while… Read more
How Nigeria’s low-interest-rate policy leaves economy with more losers
Apart from the double challenge of COVID-19 and lower oil prices, the Nigerian economy is faced with the impact of the financial repression policy by the Central Bank of Nigeria (CBN), as this has eroded the high returns on savings and investments. Described by analysts to mean negative return on savings and investment in real… Read more
CBN to resume forex sales to BDCs Sept 7
The Central Bank of Nigeria has said it will resume the sale of foreign exchange to the Bureau De Change segment of the foreign exchange market on September 7. The CBN stated this in a circular entitled ‘Resumption of sales to Bureau De Change operators’, which was signed by the Director, Trade and Exchange Department, CBN, on Thursday. Read more
FG approves outstanding payment to N-Power beneficiaries
The Federal Government has approved the payment of stipends to the exiting N-Power beneficiaries under the National Social Investment Programmes. It said on Thursday that the approval was given for the payment of the outstanding stipends for the exited N-Power Batches A and B beneficiaries. Read more
‘How businesses can check NPLs, organisational incompetence’
The lack of executive competence, especially in the banking industry and among many businesses, account for the bulk of Non-Performing Loans (NPLs) in Nigeria. It has also raised the mortality rate of new and legacy firms, stakeholders have said. Read more
FAAN records N18.9b loss, 90 per cent dip in revenue
The Federal Airports Authority of Nigeria (FAAN), may have lost as much as N18.9 billion, following a 90 per cent decline in revenue in the first half (H1) of 2020. The agency, saddled with the operations and management of 20 Federal Government-owned airports nationwide, recorded losses due to the COVID-19 induced lockdown, and currently has challenges meeting critical financial obligations. Read more
