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Power Firms Sue FG Over Alleged Discriminatory Practices


Power generation companies in the country have dragged the Federal Government before the Federal High Court in Abuja over what they termed discriminatory practices against their interest and that of their gas suppliers. In their suit marked, FHC/ABJ/CS/180/2018 before Justice Binta Nyako, the firms accused the Federal Government of conferring preferential treatment on Azura Power West Africa Limited and Accugas Limited at their own expense. ... Read More »

FG To Prosecute Tax Offenders Through Special Courts … Identifies 130,000 High Profile Tax Evaders


…identifies 130,000 high profile tax evaders Ifeanyi Onuba, Abuja The Federal Government will from April 1 this year start the prosecution of tax defaulters who fail to take advantage of the nine-month amnesty window provided by the Voluntary Assets and Income Declaration Scheme. It said that from that date, special tax courts would be established to prosecute those who failed to regularise their tax status ... Read More »

VAIDS: Politicians, High Profile Individuals Lobby FG For Extension


With less than three weeks to the expiry of the Voluntary Asset and Income Declaration Scheme, pressure is beginning to mount on the Federal Government to extend the tax amnesty programme. Investigations by our correspondent revealed that some former governors, top politicians, high profile individuals, business owners and professional bodies were among those seeking an extension of the scheme. The VAIDS offers a grace period ... Read More »

NNPC Cuts Down Crude Production Cost To $20/Barrel


The Nigerian National Petroleum Corporation on Monday announced that it had been able to reduce the cost of producing a barrel of crude oil to $20. According to the corporation, additional measures have been put in place to further reduce the cost to $15 per barrel. The NNPC had announced in August last year that it had reduced the cost of crude oil production from ... Read More »

Stocks Advance By N229bn, Caverton, Japaul Lead Gainers


The Nigerian stock market started the week in gain after 32 stocks appreciated, leading to a N229bn  rise in the Nigerian Stock Exchange market capitalisation. The NSE All-Share Index gained 1.5 per cent on Monday to settle at 43,513.93 from 42,876.23 basis points while year-to-date return also grew to 13.8 per cent. The NSE market capitalisation closed at N15.632tn from N15.403tn, and the positive performance ... Read More »

Smugglers Force NNPC to Record N774m Deficit in Petrol Supply


The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that the alleged unwholesome activities of cross-border smugglers of petrol in border states across Nigeria had now forced it to record a daily under-recovery worth N774 million in its importation and distribution of petrol in the country. NNPC’s Group Managing Director, Dr. Maikanti Baru, stated this at a meeting with the Comptroller General of the Nigerian Customs ... Read More »

VAIDS: Adeosun Asks Taxpayers to Demand Written Notices from Tax Officials


The  Minister of Finance, Mrs. Kemi Adeosun, has advised taxpayers to demand for written notices when they receive phone calls from tax officials. The admonition was in response to the activities of some fake tax officials purporting to be officials of the Voluntary Assets and Income Declaration Scheme (VAIDS). In a statement issued yesterday by her spokesman, Mr. Oluyinka Akintunde, the minister said her attention ... Read More »

Nigerian Banks Seen as ‘Sleeping Giants’


Nigerian banks have been described as “sleeping giants”, following the lower than expected banking penetration in the country, compared with the country’s demography which presents a massive opportunity for the sector to expand. Global consulting firm, Mckinsey, stated this in its 2018 report titled: “Roaring to Life: Growth and Innovation in African Retail Banking,” obtained at the weekend. The 54-page report also described Nigeria’s oil-producing ... Read More »

NCC Set to Licence Amateur Radio Services, 60GHz Band in Nigeria


In line with global best practice, the Nigerian Communcations Commission (NCC), the telecons industry regulator, said on Tuesday it would licence the amateur radio services and the 60GHz band designed to open up spectrum licences that have been relatively scarce. Addressing stakeholders at a consultative forum in Lagos to announce the opening of the 60GHz spectrum and presentation of the draft guideline for the deployment ... Read More »

Customs at MMIA Accused of Sabotaging FG on Revenue Collection


Customs personnel at the Murtala Muhammed International Airport (MMIA), Lagos have been accused of conniving with cargo agents to deprive the federal government of revenues that accrue from imported commodities. Reports indicated that almost half of the goods imported are not declared by cargo agents because they allegedly collude with customs personnel to deny government of the tariffs that ought to be generated from the ... Read More »

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