trillion

Google Owner Alphabet Is Now Worth $1 Trillion

January 17, 2020 5:20 am

New York The exclusive $1 trillion club on Wall Street just got a new member. Shares of Google parent company Alphabet hit a new all-time high Thursday, pushing the company’s market value to $1 trillion in the process.

Alphabet (GOOGL) joins Apple (AAPL) and Microsoft (MSFT) as companies worth at least $1 trillion. Apple is the most valuable company in the United States, with a market value of nearly $1.4 trillion. Microsoft is worth almost $1.3 trillion.
This is the first time that three American companies are worth at least $1 trillion at the
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Oil

₦10 Trillion Profit: Oil Communities Still Suffer Poverty

November 18, 2019 1:07 pm
Despite the receipt of over ₦10t from the 13 per cent derivation principle between 2000 and 2018, by Niger Delta states, the deplorable living conditions in oil-producing communities remain nauseating, raising questions about the application of such large sum by state governments.
Section 162, Sub-section 2 of the 1999 Constitution (as amended), explicitly states that no less than 13 per cent derivation should accrue to oil-producing states.

The evaluation of the revenue receipts of oil-producing states, particularly, Rivers, Akwa Ibom and Delta since 2000 indicates that the 13 per cent derivation formed the lion share of their earnings over the

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Africa unite

African leaders to invest $1 trillion on infrastructure

August 26, 2019 9:41 am

African nations are targeting to invest $1 trillion over the next 10 years to bridge the worrisome infrastructure gap on the continent.

This is as the Executive Chairman of the Federal Inland Revenue Service

(FIRS), Mr Tunde Fowler revealed that effective 2020, Nigerian banks will commence charging Value Added Tax (VAT) on local and foreign transactions.

The infrastructure funding, which will spring from a plethora of onshore and offshore investors will see the continent extracting its Value Added Tax (VAT) from the investments to address other concerns.

The Executive Secretary, African Tax Administration Forum (ATAF), Mr Logan Wort made the …

Nigeria loses ₦1,085 trillion daily to fuel smuggling

Nigeria loses ₦1,085 trillion daily to fuel smuggling

August 18, 2019 3:08 am

Daily, an estimated seven million litres of Premium Motor Spirit (PMS), better known as petrol, valued at N1, 085t is smuggled from Nigeria to neighbouring West African countries.

With daily consumption of about 52 million litres of petrol per day according to the Department of Petroleum Resources (DPR), The Guardian understands that only about 45 million litres are eventually circulated within the country while approximately seven million litres are smuggled to countries where the product is sold for higher turnover.

Neighbouring Chad sells the cheapest petrol at the equivalent of N322, and industry sources told The Guardian that using N300 …

Phishing attacks rise as cybercrime cost hits $6 trillion

Phishing attacks rise as cybercrime cost hits $6 trillion

June 27, 2019 10:58 am
Microsoft has called for safer online community in Nigeria, stressing that cybercrime will cost the global economy $6 trillion by 2021. Microsoft said the call became necessary following increasing phishing attacks on the Nigerian community.The firm said phishing, which is the biggest security headache for businesses and individuals, is among the hardest to tackle. The American technology company said phishing increased by over 250 per cent in Nigeria and other parts of the world.Phishing is the fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details by disguising oneself as a trustworthy entity in an electronic …
CBN reveals $14.2bn capital flows to Nigeria in five Months

Nigerian banks borrow ₦12 trillion from CBN in six months

June 3, 2019 12:46 am

The nation’s Deposit Money Banks have made frequent visits to the facilities’ window of the Central Bank of Nigeria (CBN) in the last six months, resulting to ₦12.09 trillion borrowings. Meanwhile, CBN Governor, Godwin Emefiele, would kick off his second term in office tomorrow, having earlier been confimrmed by the National Assembly.

He is now expected to roll out new initiatives and pursue full implementation of ongoing policies in banking supervision and stability; robust microfinancing; price stability through inflation management; sustenance of the unconventional policy to support the ailing economy; and foreign exchange management, among others.

The banks continued to …

Illicit financial flows

Nigerians overseas remitted ₦9 trillion in 2018

February 22, 2019 3:35 am

7 times the size of foreign aid to Nigeria

Remittances by Nigerians living abroad provided a boost to the economy in 2018 as the total value of remittance from migrants amounted to $25 billion, (about ₦9 trillion), the highest diaspora inflow into the country in the last 13 years.

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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