NIN-SIM linkage deadline, NBS CIT report… business stories to track this week

Here are the seven top business stories you need to track this week — September 2 to September 6.

NBS REPORT

The National Bureau of Statistics (NBS) is expected to release the company income tax (CIT) and sectoral distribution of value-added tax for the second quarter (Q2) of 2024.

SEC LICENCES TWO CRYPTOCURRENCY FIRMS

The Securities and Exchange Commission (SEC) says it granted two cryptocurrency firms approval-in-principle to operate.

The firms are Busha Digital Limited and Quidax Technologies Limited.

The commission said Busha and Quidax are to commence operation under the accelerated regulatory incubation programme (ARIP).

The two firms are not the only entities that have applied to the ARIP and the regulatory incubation (RI) programmes, the agency noted

The agency said other applications received are being assessed and would be granted approval in principle on a case-by-case basis as they meet all the requirements.

NIGERIA’S GDP GREW BY 3.19%

The NBS also said Nigeria’s annual gross domestic product (GDP) grew by 3.19 percent in the second quarter (Q2) of 2024.

According to the statistics bureau, Nigeria’s real GDP grew from 2.98 percent in the first quarter (Q1) of 2024 and 1.51 percent in Q2 2023.

Based on the report, agriculture recorded 22.61 percent, ICT (19.78 percent), and trade (16.39 percent) sectors contributed the largest to GDP growth in Q2 2024.

FCCPC GIVES BUSINESSES ONE MONTH ULTIMATUM TO REDUCE PRICES

The Federal Competition and Consumer Protection Commission (FCCPC) has threatened to penalise businesses involved in price fixing and gouging, issuing a one-month moratorium for them to reduce prices.

Speaking at a stakeholder meeting on exploitative pricing on August 30, Tunji Bello, executive vice-chairman and chief executive officer (CEO) of FCCPC, said both practices harm consumers and are considered unfair business practices.

He also said the law empowers the commission to impose heavy fines for breaches and also prosecute offenders which could lead to jail terms.

‘FINAL DEADLINE’ FOR NIN-SIM LINKAGE NOW SEPTEMBER 14

The Nigerian Communications Commission (NCC) has announced September 14 as the “final deadline” for the NIN-SIM linkage exercise.

In a statement on Wednesday, the NCC directed all mobile network operators (MNOs) to complete the verification and linkage of SIMs to NINs by September 14, 2024.

The commission said over 153 million SIMs had been successfully linked to a NIN so far, “reflecting an impressive compliance rate of 96 percent, a substantial increase from 69.7 percent in January 2024″.

NNPC SEEKS PRIVATE FIRMS TO OPERATE WARRI, KADUNA REFINERY

The Nigerian National Petroleum Company (NNPC) Limited says it is seeking to engage reputable and credible operations and maintenance (O&M) companies to operate and maintain two refineries.

The refineries are the Warri Refining and Petrochemical Company (WRPC) and the Kaduna Refining and Petrochemical Company (KRPC).

NNPC ADMITS OWING SUPPLIERS AS PETROL SCARCITY BITES HARDER

The Nigerian National Petroleum Company (NNPC) Limited has admitted to owing suppliers of premium motor spirit (PMS), also known as petrol.

In a statement on Sunday by Olufemi Soneye, the company’s chief corporate communications officer, NNPC said it is facing financial strain due to the petrol supply costs, and this is affecting the company’s ability to sustain PMS supply.

On September 1, some Nigerian newspapers reported that the lingering petrol scarcity in many parts of the country has been worsened by a $6 billion debt NNPC owes suppliers.