Business
No going back on mega protest at UN Headquarters – Yoruba Nation, others
Self-determination agitators operating on the platform of Nigerian Indigenous Nationalities Alliance for Self-Determination (NINAS) have vowed to go ahead with the grand finale of its one-million-man freedom march at the United Nations headquarters in New York, the United States on Friday.
The grand finale of the march coincides with the ongoing UN Assembly where President, Muhammadu Buhari, is expected to address the 76th Session of the UN General Assembly on Friday.
Akintoye in a statement, on Thursday, made available to The Nation by NINAS Director of Communications, Maxwell Adeleye, accused the Federal Government of sponsoring a counter-protest at the United Nations Headquarters tomorrow.
He alleged that the Nigerian Government has started hiring black foreigners living in the United States of America with $500 per head to stage a Pro-Buhari and One Nigeria March opposite the United Nations Headquarters.
Akintoye vowed that the will of the people would prevail no matter how the Federal Government tries to scuttle the NINAS Grand Finale March.
Apart from Akintoye, the Secretary-General, Tony Nnadi, who represents the Lower Niger Congress and Prof. Yusuf Turaki, who represent the Middle-Belt Movement at NINAS have also jointly called on the UN to take urgent step to prevent Nigeria from descending into chaos.
NINAS, which described the 1999 Constitution as a fraud against the people of South and Middle-Belt, having been “enacted without the consent of the people,” demanded the conduct of a regional referendum so that the indigenous people can decide on their nationhood, among others.
All the indigenous people of the South and Middle-Belt in the United States and Canada have been urged to troop out in large number tomorrow.
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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