Business
Updated: FG to investigate imported toxic fuel, says minister
The Minister of State for Petroleum Resources, Timipre Sylva, says the Federal Government will investigate the supply of adulterated petrol into the country said to be largely responsible for the latest fuel crisis in Lagos and Abuja.
The development follows serious nationwide concerns of contaminated petrol products in circulation.
He disclosed this to state house correspondents at the end of the Federal Executive Council meeting on Wednesday in Abuja.
According to him, the decision to probe followed a briefing on the issue to President Muhammadu Buhari Tuesday to get to the bottom of the matter.
Speaking after the FEC meeting, Sylva cautioned against speculations.
He was responding to a question of if the issue was discussed at the council meeting and if the suppliers will be punished.
“The issue did not come up in Council, but of course, you will recall I was here yesterday to brief Mr. President on the issue. I’m not in a position to disclose the identities of the companies, but there are some issues, and we are actively tackling it,” Sylva said.
“Nobody has, before now, checked for methanol in our fuel, it’s not very usual and this is the first time this is happening, and NNPC is very much up to the task.
“I will also convey your question to the NNPC and maybe the Midstream and Downstream Regulatory Authority, but we’re actively handling it, and I want to assure you that the problem will be a thing of the past very soon.”
He assured that government would consider compensating those who may have been adversely affected by the fuel.
On possible sanctions, he stated: “I didn’t expect you to rush to any conclusions. There’ll be a major investigation to unravel everything and then let’s get to the bottom of it before we can come back and tell you what is going to happen to the culprits.
Business
CBN raises commercial banks’ capital base to N500bn
CBN raises commercial banks’ capital base to N500bn
The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.
The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.
This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.
The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.
It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.
Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.
The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.
To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.
The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.
“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
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