Wednesday , 24 February 2021
Breaking News

Business

Tenants, lessees to pay 6% stamp duty: Order from FIRS

The Federal Inland Revenue Service (FIRS) has asked landlords and property agents to charge six per cent Stamp Duty on all tenancy and lease agreements they enter into with all leases and remit same promptly to the Service. Mr Abdullahi Ahmad, Director, Communications and Liaison Department of the service, made this known in Abuja on Wednesday. Ahmad said doing so …

Read More »

Ease of doing business: Nigeria Govt merges CAC, Tax ID registrations

Business owners who register their organizations with the Corporate Affairs Commission (CAC) will now get a tax identification number without the need to approach the Federal Inland Revenue Service (FIRS). CAC, in a statement on Monday, said the processes of registering a business and getting a tax ID have been merged. The statement said: “This is to inform our esteemed …

Read More »

International Travels: New Travel Rules Unveiled

The council of the International Civil Aviation Organization(ICAO) on Monday approved a series of new health-based flight rules for the pandemic-hit airline industry as it relaunches air travel. The protocol was drawn up by an international task force formed by the Montreal-based ICAO with the help of other UN agencies like the World Health Organisation and the powerful International Air …

Read More »

Why the US wants Adesina out as AfDB President

It sounds like déjà vu. But as the plot thickens, it is following the same story line. The Ethics Committee of the African Development Bank, AfDB, has finally bowed to pressure by the United States to initiate an in-depth investigations into the allegations some “concerned staff members” of the organization had leveled against its embattled president, Dr Akinwumi Adesina. The …

Read More »

EXCLUSIVE: AfDB ‘whistleblower’ allegations against me false — Adesina

The president of the African Development Bank Group (AfDB), Akinwumi Adesina, told the bank’s ethics committee that allegations of impropriety and fraud against him were “frivolous and not based on objective and solid facts”, his defence obtained exclusively by PREMIUM TIMES shows. On January 19, 2020, a group within the bank petitioned the committee, headed by Takuji Yano, the institution’s …

Read More »

Goods Worth Millions Destroyed As Fire Guts Ogbe-Ogonogo Market In Delta

Properties and goods said to be worth millions of naira have been destroyed at the popular Ogbe-Ogonogo market in Asaba, the Delta state capital. Although the cause of the fire is yet to be ascertained, many of the traders resorted to self-help in a bid to salvage their goods. Other residents and passers-by also besieged the scene of the inferno, …

Read More »

Corruption at AfDB: U.S. wants fresh probe, rejects Adesina’s exoneration

The United States has rejected the clean bill given Dr. Akinwumi Adesina by the African Development Bank ethics committee, over corruption allegations. Instead, the U.S. has called for an independent probe, thus upending AfDB’s board decision to end an investigation against Adesina. In a letter dated May 22 and addressed to Niale Kaba, chairwoman of the bank’s board of governors, …

Read More »

FG impounds British aircraft for operating commercial flights into Nigeria

The Federal Government has impounded an aircraft owned by a British company for conducting commercial flights operation into Nigeria amid COVID-19 lockdown. This was announced on Sunday by Minister of Aviation, Hadi Sirika, via official Twitter handle @hadisirika. The Minister said the company, Flair Aviation, was given the approval to conduct humanitarian flights but was caught operating commercial flights. According …

Read More »

Petrol Depot Price reduced to N108, Diesel N164

Following removal of fuel subsidy on premium motor spirit (PMS) otherwise called petrol, the Petroleum Products Marketing Company (PPMC) has announced reduction in the ex-depot price for petrol and automotive gas oil (AGO), otherwise called diesel. The new ex-depot price for petrol is now N108 per litre for the month of May while ex-depot price for diesel is now N164 …

Read More »

Covid-19: Lagos suspends Okada operations statewide

The Lagos State Government has suspended the operations of Okada riders all over the state until further notice in a bid to check the spread of Coronavirus ahead of the May 4th expiration of the lockdown imposed by the Federal Government on Lagos State, Ogun State and the Federal Capital Territory (FCT). Lagos State Government has introduced a strict framework …

Read More »

Twitter CEO Jack Dorsey plans $1billion to fight coronavirus pandemic

Twitter co-founder and CEO Jack Dorsey said Tuesday he was committing $1 billion to coronavirus relief through his philanthropic fund. Dorsey said in a series of tweets that he would transfer his equity in his digital payments group Square to his limited liability corporation Start Small, contributing around 28 percent of his overall wealth. “Why now? The needs are increasingly …

Read More »

NNPC Won’t Pay Subsidy On Petrol Anymore – Kyari

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, yesterday declared an end to fuel subsidy in the country, saying the corporation will no longer subsidise pump price of premium motor spirit, otherwise known as petrol. According to him, market forces will henceforth determine the price of the commodity. Kyari who spoke on an AIT …

Read More »

Unknown persons invaded farm, set ablaze land clearing caterpillar

A caterpillar (payloader 950 c) doing a clearing job on a farm Land belonging to TEMIK NIGERIA LIMITED was set ablaze by yet to be identified person(s) at Ipaya Akintunde Village, Imala, Oke-Ogun LCDA, Abeokuta North, Ogun State. The malicious damage was carried out between the hours of   11am-12noon on  Friday 22nd March, 2019. Though the incident has been reported …

Read More »

Breaking: Access Bank acquires Diamond Bank

Access Bank Plc has finally acquired Diamond Bank Plc. According to insiders, the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria, CBN, according to TheCable. Another source said confirmed that the deal has been sealed, awaiting final ratification from the regulatory body. The acquisition was midwifed by the …

Read More »

Nigerian govt sells stake in security printing firm to CBN for N17 billion

The Federal Government says the sale of 21 per cent of its equity in the Nigerian Security Printing & Minting (NSPM) Plc to the Central Bank of Nigeria (CBN) will yield about N17 billion. The Director General of the Bureau of Public Enterprises (BPE), Alex Okoh, disclosed this in Abuja on Tuesday at the official signing of the agreement for …

Read More »

Foreign Loan: China not father Christmas, says Chinese Envoy

The Charge d’ Affaires of China Embassy in Nigeria, Mr Lin Jing, says China is not a Father Christmas, but rather, looking for a win-win partnership with Africa and Nigeria. Jing made this declaration on Thursday in Abuja at a roundtable on the Review Dialogue on the just concluded 2018 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). At …

Read More »

Volkswagen To End Production Of Iconic ‘Beetle’ Cars In 2019

Volkswagen announced on Thursday it would end production of its iconic “Beetle” cars in 2019 after adding a pair of final editions of the insect-inspired vehicles. The curvy-topped sedans, which shook off Nazi origins to become a global auto phenomenon, are being sidelined as Volkswagen emphasises electric cars and larger family-oriented vehicles. But company officials, still trying to completely turn …

Read More »

NCS to reduce time of cargo clearance

The Nigeria Customs Service (NCS) says it has embarked on Time Release Study (TRS) to measure the efficiency of its trade facilitation scheme and reduce the time of cargo clearance. Mr Wale Adeniyi, Deputy Commandant, Customs Training College, Gwagwalada, Abuja, disclosed this in an interview with the News Agency of Nigeria (NAN) at a workshop on TRS in Lagos on …

Read More »

FG makes N909bn from VAT in one year

Between October 2016 and September 2017, the federation account received a total inflow of N908.9bn in Value Added Tax receipts  from the Federal Inland Revenue Service, figures obtained from the National Bureau of Statistics have revealed. An analysis of the VAT report obtained from the NBS showed that the amount was collected from 28 sectoral activities during the period under …

Read More »

Lagos shutdown Chisco, Ifex, GUO at Jibowu

The Lagos State Government on Tuesday sealed off the premises of some major commercial transport companies, at Jibowu, on Ikorodu Road as it begins enforcement of the relocation of inter-state buses from Jibowu to Ojota. Permanent Secretary, Ministry of Transportation, Olufemi Salami  ordered the seal off with the approval of the Acting Commissioner for Transportation, Anofiu Elegushi. Among the companies …

Read More »

Aliko Dangote Pledges $100m To Battle Malnutrition In Nigeria

The recently concluded Global Nutrition Summit 2017, held in Milan, Italy convened governments, international agencies, foundations, civil society organisations and businesses to accelerate the global response to malnutrition, an underlying cause of nearly half of all global child deaths. A major highlight of the Summit was the pledge by the Aliko Dangote Foundation to invest $100 million over five years to tackle …

Read More »

Anambra IGR skyrockets to N1.5bn monthly

Mr Michael Okonkwo, the Managing Director, Awka Capital Territory Development Authority, says the monthly internally generated revenue of the state has increased from N500 million to N1.5 billion. Okonkwo told the News Agency of Nigeria (NAN) in Awka on Saturday that the Authority`s revenue profile also increased from N13 million to N20 million monthly. He said that Gov.Willie Obiano`s administration …

Read More »

Dangote earmarks N200 billion to establish university in Abuja

Aliko Dangote, the President and founder of Dangote Foundation,  was reported to have set aside N200 billion to establish a world-class university in Abuja. It was learnt that the proposal has since been delivered to the National Universities Commission, NUC. A former Executive Secretary of the NUC, Julius Okojie, who is the chairman of the technical team for the establishment …

Read More »

Sallah: Lagos begin Sale of LAKE Rice from Thursday

The Lagos State Government is set to begin the sales of LAKE Rice in preparation for the forthcoming Eid-El-Kabir celebration. The sales of rice will begin on Thursday, 24 August 2017 in various centres across the state. The Lagos State Commissioner for Agriculture, Oluwatoyin Suarau said that the present administration, has since inception, embarked on agricultural policies and programmes that …

Read More »

Adeosun Emerges Chairperson Of ECOWAS Investment Bank

Nigeria’s Minister of Finance, Mrs Kemi Adeosun, has emerged the Chairperson of the Board of Governors of the Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID). Mrs Adeosun was named the new chairperson of EBID on Tuesday 22, August, 2017 at the end of the 15th Ordinary Meeting of the board of governors of the …

Read More »

SPECIAL REPORT: How Nigerian companies raked billions after CBN switched off dollar tap on 41 items

When the Central Bank Nigeria, CBN, blocked official dollar access to importers of 41 low-skilled items, Baton Nigeria, an Ogun state-based company, was preparing to start a factory producing tooth picks – one of the items on CBN’s list. By August 2016 when the company’s production lines had kicked off, the policy had been in place for a year. Now, …

Read More »

Govt officials received N400bn bribes in one year – NBS

A total of N400bn was received in bribes by public officials within a period of one year, the National Bureau of Statistics said on Wednesday. The NBS stated this in its National Corruption Report, adding that 32.3 per cent of Nigerian adults who had contact with public officials between June 2015 and May 2016 had to pay bribes to the …

Read More »

Nigeria To Save N300bn Annually From Rice Import

Nigeria will be saving about N300 billion it spends annually on importation of rice as local production of the commodity has now reached 15 million metric tonnes, the federal ministry of Agriculture disclosed yesterday. The director of Agriculture at the Kano office of the ministry, Muhammad Adamu, who gave the hint, while inaugurating the Rice Millers Association of Nigeria (RIMAN) …

Read More »

Pension Fund Hits N6.5trn

The nation’s pension funds, under the Contributory Pension Scheme (CPS), grew to about N6.5 trillion as at the end of July 2017, even as the number of pension contributors rose significantly to 7. 6 million. As at the end of July 2017, the fund increased to about N6.5 trillion from N6.4 trillion it stood at as at April ending. It …

Read More »

Customs begins e-auctioning of vehicles

The Nigerian Customs Service on Monday unveiled an electronic auction platform by which cargoes that have been forfeited to the Federal Government could be sold to Nigerians through a transparent bidding process. The unveiling of the e-auction platform was performed at the headquarters of the NCS by the Comptroller-General of Customs, Col Hameed Ali (Rtd). Present at the event were …

Read More »