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Daily Business News Brief | Wednesday, March 30th, 2022.


Ecobank Announce 334% Increase in profit to N146.3bn in 2021 – Punch

Ecobank Transnational Incorporated (ETI) yesterday announced 334 per cent increase in its profit for the audited financial year ended December 31, 2021 to N146.3billion as against N33.7billion profit reported in the financial year ended December 31, 2020.  ……………..read more

Marketers disagree with depot owners over petrol price hike – Vanguard

THE Independent Petroleum Marketers Association of Nigeria has criticised private depot owners over the recent increase in the pump price of Premium Motor Spirit, also known as petrol, in some states. According to reports, some independent marketers are still selling petrol between N180 and N200 per litre in their respective filling stations especially in Lagos and its environs.  As a result, the IPMAN National President, Mr Chinedu Okoronkwo, on Tuesday said that “some of the private depot owners had not reduced their ex-price for PMS.”…………….. read more

Lagos insists on tax filing deadline, warns defaulters – Thisday

The Lagos State Internal Revenue Service has announced that it is not planning to extend the deadline for the filing of individual annual tax returns beyond the March 31 date, warning potential defaulters to ensure they comply. A statement signed by Head, Corporate Communications, LIRS, Monsurat Amasa, revealed that the Executive Chairman, LIRS, Mr Ayodele Subair, disclosed this at the LIRS headquarters, Alausa, Ikeja.  He advised individual taxpayers, including self-employed persons and employees under the PAYE scheme in the state to take advantage of the remaining days in March to file their annual tax returns to avoid payment of penalties, as well as other statutory sanctions, which may include prosecution……………. read more

Recapitalisation: MfB surpasses N200m share capital – Daily Independent

Lovonus Microfinance Bank says it has surpassed the Central Bank of Nigeria’s N200m share capital requirement for Tier-one MfBs to become state-licensed microfinance banks.  The Chairman of the bank, Mr Alfred Okoigun, disclosed this on Sunday in Lagos at an event to mark the bank’s 10th anniversary.  He stated that the bank started operations in 2012 with a paid-up share capital of N20m and has grown this to N200m in 10 years.  He said, “We started with a paid-up share capital of N20m in 2012. Today we have surpassed the share of N200m before the deadline by the ending of April 2022 for the tier-one microfinance bank set by the CBN to become a state-licensed microfinance bank.”………………….read more

Vehicle imports: Clearing agents plan fresh strike, demand duty review  – Punch

Clearing agents operating in the nation’s maritime sector have threatened to embark on a fresh strike if the Nigeria Customs Service fails to review its price charts for imported vehicles.  According to the agents, the Customs’ current price charts for duty payments on imported vehicles are old and overvalued.  This is coming three weeks after the NCS suspended for one month its Vehicle Identification Number/e-valuation policy for imported vehicles, asking freight forwarders to clear their backlog of vehicles trapped in the ports…………………..read more

Nigerians drop 24.38 million GSM lines in two years – NCC -Punch

The number of GSM lines abandoned by Nigerians has grown by 24.38 million in two years, according to an analysis of industry statistics from the Nigerian Communications Commission. In January 2020, there were 83.81 million unused lines in the nation. By January 2022, the number had grown to 108.47 million. The NCC report stated there were 269,835,804   connected lines in January 2020, of which 185,742,016 were active, and 84,093,788 were inactive.  In January 2022, there were 305,623,582 connected lines, of which 197,152,773 were active, and 108,470,809 were inactive. During the time under review, the peak number of connected lines was 328,114,538 in August 2021…………………….read more

fake richard mille
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