Category Archives: Business News

SON To Blacklist Local, Foreign Companies Over Substandard Goods

The Standard Organisation of Nigeria, SON, is set to commence blacklisting of both local and foreign companies involved in the manufacturing and importing of substandard goods into the country.

Making this known to Vanguard in an exclusive interview in Lagos, Director General of SON, Joseph Odumodu, said “Blacklisting would enable SON deal with those involved in the manufacturing and importation of substandard products into the country. He noted that the step was necessary to enable SON collate data of those involved in the manufacturing and importation of products in the country.

Nigeria Can Earn N5trn yearly from Solid Minerals — Metal Exporters

Abuja – Exporters under the aegis of Association of Metal Exporters of Nigeria, AMEN have called on the Federal Government to intervene in the solid minerals sector and tap the abundant benefits as the sector has opportunity of generating N5 trillion annually.

The President of AMEN, Mr. Seun Olatunji said that Nigeria can generate at least N5 trillion annually from mining and exporting of its vast solid mineral deposits, with several multiplier effects on job creation , state development and social infrastructure that could make the solid minerals sector as the main catalyst for the national development.

How Nigerians Spend $2bn on School Fees Abroad

ABUJA—The Chairman Senate Committee on Tertiary Institution and Tertiary Education Trust Fund, TETFund, Senator Binta Masi, yesterday said Nigeria currently spends over $2 billion annually as capital flight on education abroad.

She made this known in Abuja,during the official Commissioning of Federal University of Lafia, FUL, to the Nigeria Research and Education Network,NgREN.

Stamp Duty Deduction, Nigeria’s New Goldmine — NIPOST

The Nigerian Postal Service (NIPOST) said yesterday that implementation of the stamp duty policy would become a huge revenue base for the country.

On January 19, the Federal Government of Nigeria announced that a stamp duty of N50 would be imposed on bank customers for money received into their accounts via electronic transfers, cash and cheque.

The CBN explained that the policy was part of efforts by the Federal Government to boost its revenue base in the non-oil sector. The Corporate Affairs Manager of the Lagos Island Territory of NIPOST, Mrs Valerie Ekeogu, told the News Agency of Nigeria (NAN) in Lagos that the stamp duty would give government extra income to build infrastructure.

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