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How heavy taxes, harassments hobble telcos Nigeria has championed the telecom industry to business and political audiences around the world as the next big thing paved with ease of doing business and other government cushions. Guardian Customs generates N78.78 million revenue in Borno, Yobe The Nigeria Customs Services (NCS), said it generated about N78.78million in six months in Borno and Yobe states, despite the insecurity situation in the areas caused by Boko Haram insurgency that led to the closure of 10 border stations with Niger, Chad, and Cameroon. Guardian Stakeholders query corporate governance status of firms’ suspended by NSE Capital market experts have queried the corporate governance standard operational in the eight listed firms’ recently suspended by the Nigerian Stock Exchange (NSE), for failure to submit their 2017 audited report. Guardian Investors’ losses hit N244b There appears to be no end in sight for the reign of bears on the equity sect...

Consumers bear high spectrum costs in Nigeria, Ghana, others Telecommunications consumers in Africa are said to be the ones bearing the brunt of high spectrum fees in the region, as untold cost are passed to them. Guardian Again, SEC warns Nigerians to desist from investing in Ponzi schemes The Securities and Exchange Commission (SEC) has again warned Nigerians against investing in schemes that offer unreasonable returns and not approved by the commission. Guardian Inflation to fall further, increase calls for rate cut The lower than expected increase in consumer prices recorded in the month of June has been projected to cause more decline in inflation level, reduce cost of borrowing by government and raise further call for interest rate cut. Guardian PTAD pays N1.7bn pension arrears to 5,382 newly enrolled The Pension Transition Arrangement Directorate (PTAD), said it recently paid a total sum of N1.7billion being outstanding pension arrears to 5,382 pensioner...

Poor economy may hinder 30% broadband target Nigeria’s hope of attaining 30 per cent broadband penetration by the end of this year is under threat. Guardian Stock market investors lose N11billion on trading floor Continued share price depreciation on the equity sector of the Nigerian Stock Exchange (NSE), yesterday pulled the market capitalisation further down by N110 billion. Guardian Nigeria connects 93.3 million unique telephone subscribers Although there are about 240 million telephone connections in Nigeria, with no fewer than 160 million active lines, the country has 93.3 million unique mobile phone subscribers. Guardian ‘Lower purchasing power, fund costs, credit risks challenge economy’ It is not yet over, according to the officials of the International Monetary Fund (IMF), who came to Nigeria on economic assessment, as the touted non-oil sector and consumer purchasing power were rated low, while risks against banks’ lending and interest payment on debts ...

Industry loses N240b to eight million uninsured automobiles The insurance industry has lost a whopping N240 billion premium income from the non-insurance of an estimated eight million tricycles and motorcycles which ply Nigerian roads between 2000 and 2017, The Guardian has learnt. Guardian SEC restates commitment to robust capital market The Securities and Exchange Commission, SEC has reiterated its resolve to collaborate with relevant stakeholders to further develop and deepen the capital market. Guardian Oil slides as Saudi prepares to open taps Organisation of Petroleum Exporting Countries (OPEC) largest producer, Saudi Arabia, is offering extra oil on top of its contractual volumes to some buyers in its key market-Asia. The Nation LCCI frowns at tariff hike on detergents, noodles, others The Lagos Chamber of Commerce and Industry (LCCI) has frowned at increased tariff on essential items such as detergent, toilet papers, facial tissue, Spaghetti and Noodles....

C&I Leasing completes 28% buyout of Petrotech JV C&I Leasing Plc has concluded the buyout of 27.5% minority stake in C&I Petrotech Marine Ltd- a Joint Venture company with six vessels presently deployed to a long-term contract Guardian DMO restores debts’ report timeline, affirms management strategy, others The Debt Management Office (DMO) has re-established a predictable timeline in the release of its report on the nation’s debt profile, a routine that has now become consistent for the better part of the last three years. Guardian Oando crisis resurfaces as London court orders Tinubu to pay Volpi $680m The crisis rocking Oando Plc has assumed a new dimension as a London Court of International Arbitration (LCIA) ordered its Chief Executive Officer, Wale Tinubu and his deputy Guardian AMCON seizes Sigma Apartments over N1bn indebtedness ASSET Management Corporation of Nigeria, AMCON, has taken over Sigma Apartments due to failure of its owners, Sigma ...

The Market opened on a positive note coming from the dismal performance of last week. But it was to go on a losing streak of three days that was only halted on Friday, which was a little too little to save the Market from closing on a losing note. The Market lost three out of the Five trading session of the week.  The All Share index lost  0.62 to close the week at 37,392.77. This brought the year to date return of the ASI to (2.22) on the negative side of the number line. EQUITY A total turnover of 1.219 billion shares worth N17.333 billion in 17,362 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.842 billion shares valued at N16.594 billion that exchanged hands last week in 18,941 deals. ETPs Also traded during the week were a total of 79,304 units of Exchange Traded Products (ETPs) valued at N1.491 million executed in 18 deals, compared with a total of 25,220 units valued at N454,438.90 that was transacte...

Reps probe N100b ‘under-remittance’ by NNPC The House of Representatives has launched an investigation into the earnings of the Nigerian National Petroleum Corporation (NNPC) from since the begining of this year. The Nation Equities lose N82b as selloff worsens There were more than two losing stocks for every gaining stock yesterday at the Nigerian Stock Exchange (NSE) as investors opened up their offers to lower prices to attract buyers. The Nation Why lower naira notes are scarce, by CBN The Central Bank of Nigeria (CBN) yesterday blamed the scarcity of lower naira denominations on hoarding and sale by unscrupulous people. The Nation Fed Govt unpaid ex-employees can’t access 25% pension                 Federal Government employees under the Contributory Pension Fund (CPS), who lost their jobs before 50, have not been able to access 25 per cent of their pension benefits, The Nation Exch...