CBN revokes Skye Bank’s operating licence, renames it Polaris Bank

The Central Bank of Nigeria on Friday revoked the operating licence of Skye Bank Plc. Governor of Central Bank, Godwin Emefiele, made the announcement at a press briefing in Lagos. He also said a bridge bank known as Polaris Bank had been created to assume the… Read more

PenCom releases N86.7bn to over 275,000 sacked workers

The National Pension Commission said it had released N86.7 billion to sacked workers of various companies who participated in the Contributory Pension Scheme. Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, who disclosed this on Monday in Lagos, said the amount was for the settlement of 275,172 disengaged… Read more

Automation of the withholding tax system

Federal Inland Revenue Service (FIRS) in its bid to extend the Integrated Tax Administration System (ITAS) initiative to all of its processes, recently indicated its intention to fully automate the withholding tax (WHT) system in Nigeria. Pursuant to this initiative, FIRS has started inviting taxpayers for reconciliation of unutilized WHT… Read more

Operators Threaten Showdown with NAICOM over Recapitalisation Deadline

The decision by the National Insurance Commission (NAICOM) to revise backward the recapitalisation deadline from the January 1, 2019, it had earlier fixed, to October 1, 2018, is causing ripples in the industry, some operators are threatening legal action against NAICOM.

This is just as the Nigeria Insurers Association (NIA)… Read more

NAICOM lifts ban on new licence issuance

After eight years of suspending the issuance of new operating licences to investors to start new life, non-life and composite insurance companies in Nigeria, the National Insurance Commission on Tuesday lifted the ban.

It however restricted the new licence issuance to investors interested in Tier 1 insurance… Read more

FG asks MTN to pay $2bn tax arrears

The Federal Government has asked MTN Nigeria to pay taxes of $2bn (N700bn), six days after the Central Bank of Nigeria ordered it to repatriate $8.13 billion ‘illegally taken out of the country’. The telecom company said in a brief statement that the Attorney General’s office gave “notice of an… Read more

NPA wants effective implementation of Public Procurement Act

The management of the Nigerian Ports Authority has supported  the formation of the Nigeria Institution of Procurement Engineers – Lagos Chapter, insisting that its establishment will enhance the understanding and effective implementation of the Nigerian Public Procurement Act 2007.

While commending the initiators of the institution, the… Read more

CBN says Savannah Bank customers will soon get their deposits

Victims of the defunct Savannah Bank have been assured that their funds which have been hanging for years, will be duly returned. The Central Bank of Nigeria (CBN) gave this assurance at the 3rd biennial Bank Customers Summit.

Speaking at the summit, the CBN Governor, Godwin Emefiele, who was represented by T.Y Ahmed,… Read more

e-Dividend Registration To Continue – SEC

SON Launches PAM to Check Substandard Products