Nigeria’s President Muhammadu Buhari will on Tuesday, January 3rd 2023 sign the N21.8 trillion 2023 Appropriation Bill. Senate President Ahmad Lawan revealed this while speaking to State House correspondents on Friday after a closed-door meeting with Buhari at the Presidential Villa in Abuja. Recall that earlier in the week, the Senate approved the passage of the N21.8 trillion 2023 budget.
Author: Elvis Eromosele
Wema Bank’s board has appointed Morus Oseni, the bank’s deputy managing director, as its new chief executive. The development followed the imminent retirement of the current CEO Ademola Adebise, who exits the bank at the end of the first quarter of 2023. Wole Akinleye, an executive director, will fill the void Mr Oseni will be leaving by taking up the deputy managing editor’s role. On 2 January 2023, Mr Adebise will commence a terminal leave, the culmination of his 13-year service to the bank. Under his stewardship, Wema Bank’s asset base grew by 155 per cent to over N1.2 trillion, and…
The year 2022 has been an eventful one. As we close out on all activities of the year and look forward to a new one, it is important that we begin to envisage what the new year portends and be better prepared. The outgoing year has been marked with some remarkable incidences: President Muhammadu Buhari signed the Electoral Act 2022, the CBN issued a string of controversial announcements, the Nigerian government plans to wean off the subsidy regime starting next year, and 5G made it to Nigeria, however, rollouts have been slow. These and many more are the highlights that…
Former Pope Benedict XVI has died at his Vatican residence, aged 95, almost a decade after he stood down because of ailing health. He led the Catholic Church for less than eight years until, in 2013, he became the first Pope to resign since Gregory XII in 1415. Benedict spent his final years at the Mater Ecclesiae Monastery within the walls of the Vatican. This was revealed in a statement from the nigeriacatholicnetwork.com via Vatican News, made available through Padre Mike Umoh, the National Director of Social Communications in Abuja on Saturday. His successor, Pope Francis, said he had visited him there…
The Centre for the Promotion of Private Enterprise (CPPE) has said that Nigeria’s current tax regime is stifling investment and economic growth. Muda Yusuf, director of the organisation, made this known in a statement detailing CPPE’s economic and business environment review for 2022 and 2023 agenda for policymakers. The policy think tank said that an economy that desires job creation, economic inclusion, investment growth and poverty reduction, should have an accommodating tax regime for investors. The CPPE said: “Corporate tax in Nigeria is 30 per cent. But effective corporate tax is much more than that. There is a tertiary education…
The Lagos State Government has re-echoed its commitment to provision of decent, habitable and conducive homes for its workforce. This is contained in a statement on Saturday by Mrs Adeola Salako, spokesperson of the Lagos State Ministry of Housing. Salako said the Permanent Secretary of the Ministry, Mr Kamar Olowoshago, said this during joint inspection of 36 home units comprising two and three bedroom home apartments at LagosHOMS Lagos State University (LASU), Ojo Campus. Olowoshago said the government was focused in its resolve to provide decent shelter for staff of its various establishments. “Housing is a paramount need and to…
As in recent years, stocks are having their moment in Nigeria. Yet the optimism that fed that trend in 2022 was unusually robust for a year in which that had enough wrecking balls to tip Nigerian stocks southward. Returning 20 per cent or N4.7 trillion at the sound of the closing bell on Lagos Customs Street on Friday, Nigeria’s main equity index had swum against the trend in the broader global stock market, where equities had shed as much as $18 trillion or over 20 per cent as of 07:00 the same day, according to the MSCI All-Country World Index…
The FATE Foundation’s 2022 Impact Report which presents a snapshot of its journey in 2022 is out. Across 20 states reaching all geopolitical zones, through its newly formed Divisions – The FATE School, The FATE Institute, and The FATE Giving, the foundation continued the delivery of its mission to foster wealth creation by promoting business and entrepreneurial development among Nigerians. In its 22nd year, FATE has now reached a cumulative number of over 230,000 aspiring and emerging Nigerian entrepreneurs of which 7,438 are graduates from its pre-incubation, incubation, growth, and accelerator programs. This year, it was able to connect over…
By Ishola Ayodele In today’s fast-paced, digitally connected world, a crisis can spread like wildfire, with the potential to do significant damage to a company’s reputation and bottom line. And when a crisis hits, one of the first things that many companies do is issue an apology in an attempt to mitigate the damage and regain the trust of their stakeholders. In November this year, a luxury Spanish label ‘Balenciaga’ released two campaigns on its website. The first campaign released on the 16th of November was a photograph of child models holding the brand’s handbags that appeared to be a…
Third-party insurance premiums for private a vehicle will go up by 300 per cent by New Year’s day, which is two days away. According to the new rate approved by the National Insurance Commission (NAICOM), a private vehicle that is presently paying an N5,000 premium for an N1 million Third Party Property Damage (TPPD) limit is now to pay N15,000 premium for a N3 million limit; N5 million limit for own goods with a premium of N20,000; while a staff bus is to pay N20,000 premium for N3 million limit. In a circular dated 22nd December 2022 and addressed to…