• Ajaokuta, Itakpe concession to generate revenue for Nigeria, says Fayemi

    Ajaokuta, Itakpe concession to generate revenue for Nigeria, says Fayemi

    Dr Kayode Fayemi, Minister of Mines and Steel Development says Ajaokuta and Itakpe modification concession will form the proposed economic resources corridor for Nigeria.

    Fayemi announced this during a two day workshop on Policy and Capacity Building for a Successful and Sustainable Mining Sector, on Monday in Abuja.

    The workshop was organised by the ministry in collaboration with the Australian High Commission.

    The Minister, who was represented by Alhaji Mohammed Abbas, Permanent Secretary in the ministry, said that President Muhammadu Buhari was committed […]

  • NIMASA Appoints Consultant To Shore Up Dwindling Revenue

    NIMASA Appoints Consultant To Shore Up Dwindling Revenue

    In a bid to shore up its revenue amidst the  nation’s dwindling economy, the Nigerian Maritime Administration and Safety Agency (NIMASA) has appointed Snecou Financial Services Company Limited to assist in revenue generation.

    In a statement by the head, corporate communications of the agency, Hajia Lami Tumaka, the contract which also has the company serving as a recovery agent for debts owed the agency is for a period of two years in the first instance with an option for renewal.

    The statement […]

  • Gas Will Generate More Revenue Soon – Kachikwu assures

    Gas Will Generate More Revenue Soon – Kachikwu assures

    According to reports, the Minister of State for Petroleum, Dr Ibe Kachikwu, on Monday said Federal Government would give more attention to the development of gas as a major revenue earner for Nigeria.

    Kachikwu, who stated this in Abuja at the 10th Nigerian Gas Association International Conference, said that the country was determined to reverse its over-dependence on oil as benchmark for the economy.

    The theme of the conference is “Nigerian Gas Roadmap and Its Potential for Regional and Global Influence: Its […]

  • Real Madrid announce improved €620.1m revenue

    Real Madrid announce improved €620.1m revenue

    Real Madrid have announced positive financial results for the financial year 2015-16, saying they put the club now “in a position of maximum solvency.”

    The released figures showed that annual revenue had reached €620.1 million, with cash reserves up to €212m and a pre-tax profit of €43m, with last year’s €95.8m debt wiped out.

    The results were published in a club statement that said the accounts will be presented for approval by Madrid’s “socios” (members) at the Ordinary General Assembly, which has […]

  • Nigeria records $2bn revenue deficit monthly due to falling oil revenue – NECA

    Nigeria records $2bn revenue deficit monthly due to falling oil revenue – NECA

    The Nigerian Employers Consultative Association of Nigeria (NECA) has disclosed that falling oil price has resulted in a loss of about $2billion in federal government’s revenue. This is even as the nation’s economy continues to struggles under recession.

    NECA president, Mr Larry Ettah, said the government required about $3billion monthly to function, but its receivable was about $1 billion per month, reflecting a drop of $2 billion.

    Consequently, the NECA boss called on the government to direct more effort to address the […]

  • NPA wasted $10b revenue, claims ministry official

    NPA wasted $10b revenue, claims ministry official

    The Nigerian Ports Authority (NPA) generated about $10 billion from the Lagos ports between 2006 and last year without anything to show for it, it has been learnt.

    A senior official of the Federal Ministry of Finance (FMoF) told The Adelove News that the revenue excluded the over N150 billion collected from the Lagos Port Complex (LPC) and Tin-Can Island Port.

    The official lamented that there was nothing to show for the “huge proceeds” in terms of infrastructure development at the ports.

    He […]

  • Manchester United become first UK club to earn over half a billion pounds in a year

    Manchester United become first UK club to earn over half a billion pounds in a year

    Manchester United have announced total revenue of £515.3 million ($683.450) for the year ending June 30, 2016.

    United have taken a record profit of £68m, and in the process have become the first UK club to earn over half a billion pounds in a single year. However, that figure is short of the £570m in annual revenue that Barcelona announced in July.

    Although the club failed to qualify for the Champions League for a second time in three seasons they strengthened considerably […]

  • Allegation mounts over NNPC unremitted revenue

    Allegation mounts over NNPC unremitted revenue

    A sharp decline in global oil prices has affected the economy of Nigeria but investigations revealed that the Nigerian National Petroleum Corporation (NNPC) may have withheld several billions of Dollars in oil revenue from its Okono OML 119 oil field. Assistant Editor Seun Akioye reports

    SIX years ago, Dr. E.O Ayoola, a Managing Director at the Nigerian Petroleum Development Company (NPDC) a subsidiary of the Nigerian National Petroleum Corporation (NNPC), in the company of the company’s Legal Counsel/Company Secretary, I. Owugie […]

  • Customs generate N385.7bn revenue in 6 months

    Customs generate N385.7bn revenue in 6 months

    The Nigeria Customs Service (NCS) said it generated N385.7 billion revenue from January to June this year.

     

    This was against the N438.2 billion generated in the same period in 2015.

    The NSC Public Relations Officer, Mr Wale Adeniyi, disclosed this to the News Agency of Nigeria (NAN) in an interview on Monday in Abuja.

    Adeniyi said that the service generated N197.7 billion from import duties in cash and generated N203 million from import duty in non-cash receipts as Negotiable Duty Credit Certificate (NDCC).

    He […]

  • Dangote Cement revenue increases by 20 percent, rises to N292bn

    Dangote Cement revenue increases by 20 percent, rises to N292bn

    Dangote Cement Plc has reported a revenue of N292 billion in the second quarter of 2016, indicating an increase of 20 percent over N242 billion posted in the corresponding period in 2015.

    According to the reports filed with the Nigerian Stock Exchange (NSE), the company’s profit for period stands at N106.3 billion representing a decline by three percent from N123.1 billion declared a year earlier.

    In a statement on Friday, Onne Van der Weijde, chief executive officer of the cement company, said: […]

  • We’ll deal with civil servants who steal government revenue – Obiano

    We’ll deal with civil servants who steal government revenue – Obiano

    Governor Willie Obiano of Anambra State has threatened to deal ruthlessly with civil servants in the state, who allegedly connive with revenue agents to swindle the state of huge sums of money, thereby sabotaging government’s efforts to shore up the state’s Internally Generated Revenue, IGR.

    Addressing permanent secretaries and directors in the state civil service at the Governor’s Lodge in Awka, the governor regretted that the action was capable of making it difficult to pay workers their salaries as at when […]