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The Nigeria Revenue Service has given large companies until 31 July to adopt electronic invoicing fully. Failure to integrate with the new digital platform carries steep financial and operational penalties. Taxpayers with annual revenues above N5 billion must route all transaction invoices through the state system. The directive cements a sweeping tax modernisation effort launched…
Aliko Dangote has all but concluded a $2.5bn private share placement for Dangote Petroleum Refinery and Petrochemicals FZE, clearing the path for what is widely projected to become the largest initial public offering in Africa’s history and one of the boldest tests yet of the continent’s ability to finance its own industrial ambitions from…
Female food vendors who fry akara at roadside stalls across Yobe State are set to become the newest beneficiaries of a government empowerment drive, after the State Executive Council approved N460.83 million for the purchase of beans and cooking equipment to shore up their small trades. The approval, reached at a council meeting…
The Central Bank of Nigeria has rolled out strict new rules for retail currency dealers. A fresh circular caps weekly foreign exchange purchases for bureau de change operators at $150,000. Regulators want to curb speculation and bring order to a volatile parallel market. The policy bans dealers from using third-party accounts to access these funds….
One hundred thousand companies have been placed on notice for removal from Nigeria’s official register of businesses, as the Corporate Affairs Commission pushes ahead with one of the most sustained cleanups the country’s corporate database has ever seen. The Commission disclosed the fresh round in a public notice signed by its management on Wednesday, describing…
The N2.550 trillion that landed in the coffers of Nigeria’s three tiers of government for June carries a headline that is easy to read and a subplot that is far more consequential. The distributable sum, shared at the July meeting of the Federation Account Allocation Committee (FAAC) in Abuja, marks the highest monthly payout…
Nigeria’s downstream petroleum sector is bracing for renewed pressure on the foreign exchange market after Dangote Petroleum Refinery scrapped naira pricing for petrol, diesel and aviation fuel, a decision that could oblige marketers to source as much as 1.84 billion dollars every month to keep the pumps running and tie domestic fuel costs directly…
Millions of Nigerian entrepreneurs operating outside the formal economy now have a rare opening to register their businesses at no cost, following the Federal Government’s decision to throw open applications for the free incorporation of 250,000 micro, small and medium enterprises. The scheme, driven jointly by the Small and Medium Enterprises Development Agency of…
Every discarded phone, dead generator and cracked television tossed out in Lagos represents money leaving the country, and the sums are no longer trivial. Nigeria, one of Africa’s largest generators of electronic waste, is watching from the sidelines as a $89.48 billion global recycling market takes shape, held back by the absence of formal…
The Federal High Court in Abuja has dismissed a legal challenge by Air Peace Limited, ruling that the consumer protection agency has the explicit right to investigate airline ticket pricing. Justice Binta Nyako declared that the Federal Competition and Consumer Protection Commission acted squarely within its legal mandate when it demanded internal pricing data from…
