Business News in Brief

Trade deal: China says U.S. tariffs must be removed

Existing U.S. tariffs will have to be removed if there is to be a trade deal between Beijing and Washington, China’s commerce ministry said on Thursday.

The leaders of the two countries agreed last weekend to relaunch trade talks that had stalled in May after U.S. officials accused China of pulling back from commitments made in the text of a pact negotiators had said was nearly finished.

Trade teams from both countries are in contact, commerce ministry spokesman Gao Feng told a regular media briefing.

IGR: 36 states, FCT generate ₦1.1tr in 2018

The Chairman, Joint Tax Board (JTB), Mr Tunde Fowler, said on Monday that the Internally Generated Revenue (IGR) of the 36 states and Federal Capital Territory rose from N800 billion in 2016 to N1.16 trillion in 2018.

Fowler made this known at the Go-Live Ceremony for the New National Tax Identification Number (TIN) Registration System in Abuja, Nigeria’s capital.

He said the IGR in all the states of the federation grew by more than 46.1 percent within the period under review.

ECOWAS single currency to be called ECO

The Authority of ECOWAS Heads of State and Government on Saturday adopted ECO as the name of the single currency to be issued in January 2020.

The leaders at their 55th Ordinary Session in Abuja endorsed the name while congratulating the Ministerial Committee on the Single Currency for the considerable progress recorded in the implementation of the revised roadmap.

Buhari’s second term: NUT seeks implementation of new minimum wage at all levels

The Nigerian Union of Teachers (NUT) has underscored the need for President Muhammadu Buhari to match words with actions on the implementation of the N30,000 new minimum wage by all tiers of government.

Mr Titus Amba, National Publicity Secretary, NUT, expressed this view in an interview with the News Agency of Nigeria on Wednesday in Abuja.

He appealed to the president to ensure total implementation of the N30,000 new minimum wage across all tiers of government, saying that it will improve the standard of living of Nigerians.

Freight Forwarders, University sign pact on manpower training

The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has signed a pact with the University of Lagos, South-West Nigeria, to train practising and potential freight forwarders.

The Memorandum of Understanding (MoU) brings plans by CRFFN and the University to train and certify practitioners to a climax.

The arrangement to facilitate the training to get certification of the International Association of Freight Forwarders (FIATA) has been on since the past two years.

Olam offers ₦130b to acquire Dangote flour mill

Olam International, a Singaporean agro-allied company, has offered N130 billion to acquire Dangote Flour Mill (DFM).

Dangote Flour Mills, in a notice to the Nigerian Stock Exchange (NSE), said that the total consideration offered by Olam to acquire its five billion shares was N130 billion.

Olam, through its subsidiary Crown Flour Mills, currently owns over five million shares of Dangote Flour Mills and is bidding to take over the entire company.

Oil prices rise amid supply cuts

Oil prices climbed on Tuesday, pushed up by supply cuts led by producer club, OPEC, and U.S. sanctions against Iran and Venezuela, although concerns about a potential recession kept markets from rising further.

Brent crude oil futures were at 67.48 dollars per barrel at 0747 GMT, up 27 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) futures were at 59.35 dollars per barrel, up 53 cents, or 0.9 percent, from their last settlement.

Lagos signs 18% new CPS contribution rate into law

The Lagos State Pension Commission (LASPEC) on Sunday said that Governor Akinwunmi Ambode has signed into law the Amended Lagos State Pension Reform Law.

LASPEC’s spokesperson, Mrs Ajoke Lawal, said the amendment increased the contribution rates under the Contributory Pension Scheme (CPS) to 18 percent.

“It will be recalled that the state transited into CPS in April 2007 and has consistently remitted contributions into employees Retirement Savings Account (RSA).

Access Bank gets approval for Diamond Bank takeover

Nigeria’s Access Bank said on Tuesday it had received shareholders’ approval to take over rival Diamond Bank in a $235 million deal that would create Africa’s largest bank by customers.

Access Bank said both banks would operate under the new Access Bank brand from April 1.

In December, Access had agreed to buy mid-tier lender Diamond Bank with cash and shares, creating a bank with 29 million customers, which the two banks have said is more than any other bank in Africa.

Elections: Vendors defy order against trading near polling units

Petty traders at various polling units in Karu Ward, Federal Capital Territory (FCT), on Saturday engaged in buying and selling polling units in defiance to the warning by Independent National Electoral Commission (INEC).

Correspondent who went round the units reports that the traders, who were busy attending to customers without apprehension from law enforcement agents, denied knowledge of the warning.

At Polling Unit 011, one Mrs Asabe Dauda, a food vendor said she was not aware of the instruction.

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