Business Archives - Page 38 of 52

MultiChoice to shut down Showmax streaming service After 11 years

5Mar

By SNOW TV NEWSNo Comments

MultiChoice to shut down Showmax streaming service After 11 years

MultiChoice, parent company of DStv and GOtv, has revealed plans to shut down its streaming platform Showmax after more than a decade of operation.In a message to customers dated March 5, the company said the move follows a strategic review aimed at strengthening its overall digital offerings and ensuring long-term sustainability amid growing competition in the streaming sector.Originally launched in South Africa in 2015, Showmax expanded over the years to serve audiences across multiple African countries.While MultiChoice has not confirmed a specific shutdown date, it assures subscribers that the service will continue operating for the time being, with no immediate action required.Parts of the message read: “Following a comprehensive review, the Showmax Board has taken the...

BREAKING : FG approves digital postcode system to boost mail processing

5Mar

By SNOW TV NEWSNo Comments

Business

BREAKING : FG approves digital postcode system to boost mail processing

Nigeria’s Federal Executive Council has approved the implementation of a GIS-enabled alphanumeric digital postcode system aimed at modernising the country’s national addressing framework. Nigerian Business DirectoryThe development was announced by Bosun Tijani after the council meeting presided over by Bola Tinubu.The approval marks a major step in the rollout of the initiative, which was first introduced four years ago. In 2022, the Nigerian Postal Service signed a memorandum of understanding with the National Population Commission to support the implementation of a digitised postcode system across the country.In a post on X, Tijani said the project forms part of the ministry’s broader strategy to strengthen Nigeria’s digital infrastructure and improve national ad...

Tinubu Halts Airport Cashless Toll Policy Amid Massive Traffic Gridlock

4Mar

By SNOW TV NEWSNo Comments

Business

Tinubu Halts Airport Cashless Toll Policy Amid Massive Traffic Gridlock

President Bola Ahmed Tinubu has suspended the newly introduced cashless toll payment system at airports nationwide, citing passenger welfare and the severe traffic congestion that left many travelers missing flights.The announcement was made by Festus Keyamo, Minister of Aviation and Aerospace Development, following Wednesday’s Federal Executive Council meeting in Abuja. This move comes just days after the Federal Airports Authority of Nigeria (FAAN) fully implemented the “Operation Go Cashless” policy on March 1, 2026.The initiative had been intended to curb long-standing revenue leakages, fraud, and under-collection at toll gates, parking lots, and other airport points. However, its rapid rollout caused widespread chaos, particularly at major airports like Murtala Muhammed Intern...

Tinubu Administration Rolls Out New Presumptive Tax Policy

4Mar

By SNOW TV NEWSNo Comments

Business

Tinubu Administration Rolls Out New Presumptive Tax Policy

The Federal Government under President Bola Ahmed Tinubu has unveiled a new tax collection framework targeted at integrating small businesses and informal sector operators into Nigeria’s tax system.Tagged the Presumptive Tax Framework, the initiative is structured to ease tax compliance for traders, artisans, and micro-enterprises nationwide.The announcement was made in a statement shared on Wednesday via the official X account of the Federal Ministry of Finance.According to the government, the framework introduces a simplified tax structure aimed at making it easier for small-scale businesses operating outside the formal economy to meet their tax obligations. The system provides a streamlined process intended to eliminate unnecessary bureaucratic bottlenecks.Speaking on th...

Federal Government bans collection of taxes and levies on highways

4Mar

By SNOW TV NEWSNo Comments

Business, News

Federal Government bans collection of taxes and levies on highways

The Federal Government has banned the mounting of roadblocks to collect tax and levies nationwide. It also signed a new Presumptive Tax Framework(PTF) to bring millions of small and informal businesses into the formal economy. The goal of the framework is to simplify tax payments by traders, artisans and other micro enterprises. Executive Secretary of the Joint Revenue Board (JRB), Olusegun Adesokan, made the announcements during the PTF signing at the Ministry of Finance in Abuja on Tuesday, March 3.Adesokan said the framework prohibits the use of roadblocks by tax officials to collect levies, a practice that has long been criticised by businesses and transport operators. “It also bans the mounting of roadblocks for the collection of taxes,” he said. Adesokan described the new framew...

EFCC Arraigns Two FSDH Bank Officials Over Alleged ₦527m SWIFT Fraud

4Mar

By SNOW TV NEWSNo Comments

Business

EFCC Arraigns Two FSDH Bank Officials Over Alleged ₦527m SWIFT Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over the alleged diversion of $306,667.81 and €50,250 through fraudulent SWIFT transactions.The defendants appeared before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja on Tuesday, facing a 10-count charge bordering on stealing and retention of stolen property.According to a statement issued by EFCC spokesperson Dele Oyewale, the charges stemmed from a petition filed by the bank after an internal audit reportedly uncovered unauthorised debits totalling $306,667.81 and €50,250 from its Letters of Credit payable accounts. The sums are said to amount to ₦527,406,916.66.EFCC investigations alle...

Telcos must give 14-day notice before SIM shutdown – NCC

3Mar

By SNOW TV NEWSNo Comments

Business

Telcos must give 14-day notice before SIM shutdown – NCC

Telecommunications operators in Nigeria will now be required to give subscribers a minimum of 14 days’ notice before deactivating their SIM cards over inactivity or post-paid churn. This was disclosed in a fresh proposal by the Nigerian Communications Commission (NCC). The proposal is contained in a consultation paper, signed by the Executive Vice Chairman and Chief Executive Officer of the NCC, Dr Aminu Maida, and which was titled Stakeholders Consultation Process for the Telecoms Identity Risks Management Platform, dated February 26, 2026, and published on the Commission’s website. Under the proposed amendments to the Quality-of-Service (QoS) Business Rules, the Commission said operators must notify affected subscribers ahead of any planned churn. “Prior to churning of a post-...

Nigeria’s net reserves hit $34.8bn in 2025 – CBN governor Cardoso

3Mar

By SNOW TV NEWSNo Comments

Business

Nigeria’s net reserves hit $34.8bn in 2025 – CBN governor Cardoso

Nigeria’s external financial buffers strengthened significantly in 2025 as Olayemi Cardoso, governor of Central Bank of Nigeria (CBN), disclosed that the country’s net foreign exchange reserves reached $34.80 billion by the end of the year.The figure represents a major increase compared with previous years, rising by $11.69 billion or 50.58 percent from $23.11 billion recorded in 2024. It also reflects a remarkable improvement of about $30.81 billion, or 772.18 percent, when compared with the $3.99 billion recorded in 2023.Net international reserves represent reserve assets after adjusting for short-term external liabilities such as foreign exchange swaps and forward contracts. Analysts regard the metric as a more accurate indicator of a country’s ability to meet immediate exte...

BREAKING : Dangote refinery raises petrol price to N875

2Mar

By SNOW TV NEWSNo Comments

Business

BREAKING : Dangote refinery raises petrol price to N875

The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by N101, raising the ex-depot rate from N774 to N875 per litre, heightening concerns over fresh fuel price increases across the country.A senior official at the refinery confirmed the development to The PUNCH on Monday, noting that the adjustment followed recent volatility in global crude oil prices.“Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said.According to SNOW TV NEWS a report on petroleumprice.ng confirmed that the revised price had already been reflected, indicating a shift in downstream pricing benchmarks.The price increase c...

Iran war : Nigeria’s crude oil hits $80 per barrel

2Mar

By SNOW TV NEWSNo Comments

Business

Iran war : Nigeria’s crude oil hits $80 per barrel

Nigeria’s Bonny Light has climbed to $80 per barrel, up from $70, marking its highest level since July 2025. Nigeria Travel GuidesThe surge follows coordinated military strikes on Iran by the United States and Israel, which have rattled global energy markets and disrupted crude flows from the Middle East.Other benchmark crudes also posted sharp gains. Brent Crude rose to $79.08 per barrel from $72.87, while Murban Crude advanced to $81.05 from $74.24. In the United States, West Texas Intermediate (WTI) climbed to $72.24 per barrel, up from $62.Oil prices began firming on Sunday amid reports that Iran’s crude production — estimated at about three million barrels per day and largely exported to China and other Asian buyers — had been affected by the conflict.As hosti...