Business News Round Up From August 8-August 12, 2022

Welcome to the AllNews roundup of the 5 Latest Business News that made the round last week.

FG Set To Implement Five Percent Hike On Calls, Data

The federal government has said it would begin the implementation of a five per cent excise duty tax on all voice calls, SMS and data services, in addition to the existing 7.5 per cent Value Added Tax (VAT), paid for goods and services across all sectors of the economy.

The government revealed this during a stakeholders’ meeting, organised by the Nigerian Communications Commission (NCC), the telecoms industry regulator. Read more here.

First Bank Reopens Abuja Headquarters Office, Begins Operations

First Bank Nigeria Limited's headquarter (Coomassie House) located in the Central Business District, Abuja has been reopened.

According to the News Agency of Nigeria (NAN), the office was on August 4, sealed by the FCT High Court Enforcement Unit over failure to comply with a garnishee order. Read more here.

Revenue: Lafarge Africa Records N187 Billion

Lafarge Africa has released its unaudited financial report for the half year (H1) ended June 30, 2022, which reveals a 29 per cent increase in revenue growth as the company reports  N187 billion revenue, compared to N145 billion recorded in H1 2021.

However, the company attributed the growth to the increase in demand for cement, as it installed a cement production capacity of 10.5 million metric tonnes. Read more here.

FG's Borrowings From CBN Hits N19.91 Trillion

The data obtained from the Central Bank of Nigeria has revealed that the apex bank's loan to the Federal Government through its Ways and Means Advances rose from N17.46 trillion in December 2021 to N19.91trillion in June 2022.

This shows that the Federal Government borrowed N2.45 trillion from the apex bank within six months. Read more here

NDIC Debunks Purported Sale Of Polaris Bank, Says All Banks Are Safe, Sound

On Wednesday, the Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan said that all Deposit Money Banks (DMBs) in Nigeria, including Polaris Bank, are safe and sound.

Hassan made this known on the sideline of a three-day Capacity Building Workshop organised by the Legal Department of NDIC, for law enforcement agencies at BWC Hotel, Victoria Island, Lagos. Read more here.

These are the latest Business news that made trends during the week. Visit our website https://allnews.ng for more Business news around the world