LAGOS AUGUST 18TH (NEWSRANGERS)-The House of Representatives’ Committee on Finance has invited the Office of the Accountant-General of the Federation, the Nigeria Customs Service and the Budget Office of the Federation to appear on Monday and explain issues surrounding the collection and appropriation of the Nigerian Shippers’ Council, especially a two per cent Ports Development…
LAGOS AUGUST 18TH (NEWSRANGERS)-Sterling Bank Plc is currently enmeshed in a N1.7 billion fraud scandal in which bank officials and a businessman colluded to siphon the said amount from a customer’s account. The case which is currently before an Ikeja High Court, Lagos, details how an official of the bank, Ifeanyichukwu Shallom Isituah and a…
LAGOS AUGUST 18TH (NEWSRANGERS)-The Central Bank of Nigeria has warned that abusers of naira notes will be prosecuted by the financial regulator in collaboration with other regulatory bodies such as the Nigeria Police Force, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit. The warning, according to the…
LAGOS AUGUST 18TH (NEWSRANGERS)-The Controller General of Nigeria Customs Service, Hameed Ali, has blamed the Nigerian National Petroleum Corporation (NNPC) for the high rate of smuggling of fuel across Nigerian borders. He said he had on many occasions proposed to the NNPC to establish petroleum retail outlets in neighbouring countries to curtail smuggling of fuel…
LAGOS AUGUST 13TH (NEWSRANGERS)-Nigerian importers have continued to further hit in losses running into billions of naira on their cargoes trapped at Benin Republic borders. Daily Sun learnt that the situation forced some importers to pay additional costs to reroute the goods via Togo port to Nigeria. Last month, the government of the Republic of Benin…
LAGOS AUGUST 11TH (NEWSRANGERS)-The world’s richest Black man, Aliko Dangote, could add more than $2.5 billion to his net worth depending on the terms of the sale of a 20 percent share of his oil refinery. Reuters reported last week Nigeria’s government has approved its state oil firm the Nigerian National Petroleum Corporation (NNPC), to…
LAGOS AUGUST 10TH (NEWSRANGERS)-Having witnessed its worst recession in half a century in 2020, Africa’s economy is forecast to grow at a healthy pace of 3.8% in 2021 driven by rising global demand as restrictions are eased, untapped market opportunities, a rebound in commodity prices and a rise in oil prices. Leading data and analytics…
LAGOS AUGUST 10TH (NEWSRANGERS)-In Africa, chartering vessels and processing ocean freight can be challenging. The sector is largely inefficient and fragmented. Merchants also struggle to access finance to perform cross-border trade in the continent. A couple of digital freight companies are tackling this problem, like Nigerian-based MVX. The company today is announcing its $1.3 million…