NAICOM Rallies towards IFRS on Insurance Contracts The National Insurance Commission (NAICOM) has activated its machinery as part of efforts towards the launch of the new International Financial Reporting Standard 17 (IFRS 17) for Insurance Contracts scheduled for January next year. The International Accounting Standard Board...

Naira Stabilizes At N480/$1 As CBN Eases Rate       The Naira has stabilized at N480/$1 at the bureau de change market after the Central Bank of Nigeria (CBN) removed the peg on the Naira. The CBN, it was learnt, removed the official peg on the Naira to...

CITN Decries Corruption In Tax Administration In Nigeria       The Charted Institute of Taxation of Nigeria, CITN, has attributed the low tax culture among taxable adults and businesses in Nigeria to lack of accountability and transparency in the expenditure of tax money by tiers of government. Making...

Fertiliser Imports Rise By 84% To N117bn       Despite various measures to encourage local production, a total of about N117 billion (or $247.91 million) was expended on fertiliser importation in the past year. Fertiliser imports increased by $37.71 million in 2019 to $247.91 million last year, representing...

67 Aggrieved Depositors Lodged N11.7bn Complaints Against Banks – CIBN       The Chartered Institute of Bankers of Nigeria has said it received 67 petitions from depositors against banks in 2020, with claims totalling amounted to N11.7bn. The CIBN disclosed this in its 2020 annual report, which was...

Free Zones Reform: Investors Threaten Divestment     Leading investors in Nigerian Free Trade Zones have threatened to commence divestment from the zones and have called on the board of Nigeria Export Processing Zones Authority(NEPZA) to summon a stakeholders' meeting. A leaked draft report from the Federal Ministry of...