Nigerian banks are faced with low growth and a punitive cash reserve ratio of 27.5% at home. They are betting on the African Free Trade Zone to expand elsewhere on the continent. However, the profitability of their subsidiaries outside Nigeria is relatively average. Are they falling into an expansionary trap? A pastoral setting, an elegantly…
National Union of Postal and Telecommunication Employees (NUPTE) has said only the Nigeria Postal Service (NIPOST) has the right to collect stamp duty, and not the Federal Inland Revenue Service (FIRS). The union claimed the power to collect stamp duty given to FIRS is illegal. Speaking with reporters, President of NUPTE, Comrade Nehemiah Buba, said the union had…
Chief Executive Officer of Twitter, Jack Dorsey, on Saturday, tweeted the green-white-green Nigerian flag as the West African country marked its 2021 Democracy Day. Dorsey’s tweet, which was posted hours to the ongoing nationwide protests in Nigeria, has since attracted thousands of retweets. Many tweeps including known faces such as @HenshawKate and @mrfestusogun have since…
Sami Tunji The Food and Agriculture Organization of the United Nations has categorized Nigeria among the top 10 wheat importers in the world. This is based on the ‘Food Outlook: Biannual Report on Global Food Markets’ by FAO released on Thursday. According to the report, between 2018/19 and 2020/21, Nigeria imported averagely 5.2 million tonnes,…
Union Bank has said it will reward new and existing customers with N55m in the ‘Save & Win Palli’ promo. In a statement on Thursday, it said the campaign was introduced to provide relief to its customers as Nigeria continued to grapple with the economic hardship induced by the COVID-19 pandemic and other national issues….
Lesotho said on Thursday that several of its diplomats had been expelled from South Africa over the illicit peddling of duty-free alcohol. The foreign affairs ministry in Maseru said South Africa had given the diplomats and their families 72 hours to leave the country. https://95bcea9aee56024ef96abcbc09b60797.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html South Africa had taken the decision because the diplomats violated…
Founder Hastom Nigeria, an agricultural firm based in Ogbomoso, Oyo State, Depo Thomas, is a successful cashew nut farmer. He does not only growing the crop, but also a promoter of cashew nuts. His dream is for Nigeria to become one of the leading cashew nut producers. Thomas has over 1,100 acres earmarked for cashew…
