A tax appeal tribunal (TAT) sitting in Lagos has ordered Multichoice Nigeria Limited to deposit 50 percent of the disputed N1.8 trillion tax with the Federal Inland Revenue Service (FIRS). Abdullahi Ismaila Ahmad, FIRS spokesperson, made this known in a statement on Wednesday. Multichoice is the owner of the satellite televisions, DStv and Gotv – popular subscription-based platforms in Nigeria In July, the FIRS had appointed some commercial banks as agents to recover N1.8 trillion from accounts of MultiChoice Nigeria Limited (MCN) And MultiChoice Africa (MCA). Muhammad Nami, FIRS chairman, had said the decision to appoint the banks as…
Author: Temitope N.
Nigeria flares an excess of 700 million standard cubic feet (SCF) of gas per day from 178 flare sites, which translates to Nigeria losing approximately $10 billion of revenue yearly, equating to $2,00 per MMBtu, due to its inability to capture and commercialise flared gas in the country. If flared gas is properly harnessed, Nigeria can produce 600,000 MT of LPG per year and generate 2.5 GW of power from new and existing Independent Power Plants to power the economy. Considering that electricity generation from the grid is largely thermal-based, which means that about 80 per cent of the power…
The Federal Government has expressed readiness to partner Magnus aircraft manufacturing firm in Hungary, to establish an assembling plant and manufacture light airplanes locally. Minister of Aviation, Hadi Sirika, expressed the interest when he paid an inspection visit to the Magnus Aircraft Industry in Pogany, Hungary. Sirika said the goal is to assemble aircraft locally, from start to finish, and before the end of the Buhari administration. He said: “If we venture with them, we may start with assembling plants and later manufacturing.” He noted that the Magnus aircraft is an aeroplane that is good for military training, especially for…
Facebook has extended its marketplace initiatives to 37 countries and territories in sub-Saharan Africa. Already available in South Africa, Ethiopia, Kenya and Nigeria, the new destinations are Benin, Botswana, Burkina Faso, Burundi, Cape Verde, Central African Republic, Comoros, the Democratic Republic of the Congo, Djibouti, Eritrea, Eswatini, Equatorial Guinea among others. Marketplace is a convenient destination where people can discover, buy and sell items from others in their communities by tapping on the marketplace icon or visiting https://bit.ly/3Dn4Uz8 to browse and search for items. Commenting on the launch, Facebook Director of Public Policy Africa, Kojo Boakye, said: “Increasing the availability…
The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has reaffirmed its commitment to promoting professionalism of audit practice, ethical standards and interbank cooperation. Chairman of ACAEBIN, Yinka Tiamiyu, revealed this in Lagos, at the yearly capacity development programme for internal auditors in partnership with the Financial Institutions Training Centre (FITC) titled, ‘Cybersecurity with special emphasis on cloud security, areas of vulnerability, challenges and assurance’. Tiamiyu said the programme was in fulfillment of ACAEBIN’s commitment towards ensuring that auditors get the right skill set to discharge their duties. He urged the participants to maximise the opportunity provided by…
Crown Interactive has offered grants of N400 million in product value to 20 medium-sized Nigerian manufacturers, distributors of fast-moving consumer goods and suppliers of raw materials. The solution, according to the firm, is designed to address common challenges relating to the manufacturing supply chain, including customer order, inventory and workflow management as well as provides a platform for electronic payments and inventory finance. The special offer presents the firm’s supply chain management solution to the selected firms and would be offered the CICOD Suite of business support systems (BSS) free for the first 12 months. Subsequently, it would be available…
With the operationalisation of the African Continental Free Trade Area (AfCFTA), Nigerian exporters have been implored to build capacity and be prepared to compete under the free trade area to avoid dumping of goods in the country. The Executive Director/CEO of Nigerian Export Promotion Council (NEPC) Olusegun Awolowo while receiving in his office, the Governor of Borno State, Babagana Zulum, in Abuja, said: “We (Nigerians) must be ready with an army of exporters to compete with our goods under AfCFTA to avoid dumping of foreign goods in the country”. Speaking on Borno State, Awolowo reiterated the need to formalise trade…
Despite boasting of a 206 trillion standard cubic feet of gas reserves and topping major countries, Nigeria’s per capita consumption of gas is the lowest in the sub-Saharan African region, Ministers of State for Petroleum Resources, Timipre Sylvia has said. He stated this at the 2021 yearly sub-Saharan African Oil and Gas Conference tagged ”The future of Upstream and Deepwater Development, Advancing Digitisation and Gas Development Options in Sub-Saharan Africa” and organised by Energy & Corporate Africa. With the rapidly growing population of Nigeria, expected to outnumber that of the USA in about 20 years, Sylvia feared that the upsurge…
The Niger Delta Power Holding Company (NDPHC) Limited has concluded plans to supply electricity for water supply in Kano from a 4, 000 megawatts stranded plant. Executive Director, Generation, Kassim Abdullahi, who disclosed this during the signing ceremony of the deal said 20 megawatts would be supplied to the state water board. Abdullahi disclosed that the company has a total installed capacity of about 4,000 Megawatts (MW) in its plants across the country with 700 megawatts on the National Grid running. According to him, NDPHC has 10 power generating companies and Aloaji Power Plant, which would supply power to Kano…
Lagos State government said over N2 billion has been paid as a premium for life and non-life insurance policies for its 73, 000 workers in the year. The Commissioner for Finance, Dr. Rabiu Olowo, who said this at a press briefing on the maiden ‘Lagos State Civil Service Insurance Week’, stated that the gesture is in line with the present administration’s commitment to ensuring adequate care for its workforce while serving and after retirement. The commissioner implored residents to appreciate insurance as the state government has continued to reap the benefits of massive investment in insurance. Olowo said an effort…