General
Stakeholders Hail Ambode’s 50% Slash of Land Use Charge
By Modupe Gbadeyanka
Governor Akinwunmi Ambode of Lagos State has been commended for approving the downward review of the amended Land Use Charge Law 2018 to 50 percent for commercial property as well as other LUC waivers that will give economic succour to owners of property and taxpayers in Lagos State.
Lagos State Commissioner for Finance, Mr Akinyemi Ashade, at a media briefing on Thursday at the Baguda Kaltho Press Centre, Alausa, Ikeja, announced the slashing of the fee by 50 percent.
He explained that the “Lagos State government took this important decision for the good of the people” and as a government “committed to the welfare of its citizens and which understands the importance of continuously engaging the populace.”
In addition, Mr Ashade stated that the review to the amended LUC Law 2018, which was received with mixed feelings in the state, came as a result of widespread dialogue with stakeholders such as the Organised Private Sector, Nigeria Bar Association, Real Estate Investors & Developers, Landlord & Resident Associations, Community Development Associations, Civil Society Organizations, Lagos Chamber of Commerce and Industries (LCCI), Nigeria Institute of Estate Surveyors & Valuers and several other professional groups.
Furthermore, the Commissioner of Finance appreciated and commended property owners of all categories who have been performing their civic duties faithfully by paying the LUC.
“Consequently, as a result of these new measures, those who have paid the original amount will be awarded tax credits to the extent of the excess amount paid and carried forward to next year,” he said.
He also thanked Lagosians for their support and trust while encouraging them to participate effectively in the legislative proceedings.
“We appreciate you for trusting the current administration with the responsibility of investing the revenue from LUC in infrastructure renewal and overall development of our State. We promise we will continue to make your tax work for you,” the Commissioner said at the conference attended by members of the media in the state and other relevant stakeholders.
He disclosed that the after effect of the review of the amended LUC law means owners of property in Lagos State can now reap the benefits and waivers as follows:
COMMERCIAL PROPERTY OWNERS, who are undoubtedly the stakeholders mostly impacted by this amended Law will be granted 50 percent discount. This means a commercial property valued at N20 million which was earlier billed N91, 200 will now pay N45,600 per annum.
PROPERTY OCCUPIED BY OWNER AND THIRD PARTY & PROPERTY USED FOR INDUSTRIAL AND MANUFACTURING PURPOSES will now enjoy 25 percent discount. This means that a N20 million property expected to pay N30,720 will now pay N23,040 per annum.
OWNER-OCCUPIED PROPERTY will enjoy 15 percent discount. For a N20 million property, this used to be N9,120. Now, it is N7,752 per annum.
Additionally, the penalty regime for late payment of LUC has been waived completely. Therefore, LUC payers who have received their bills will no longer be penalized for late payment of bills issued in 2018, thereby providing additional relief to LUC payers.
Apart from the earlier stated ones, other rates and reliefs will remain unchanged and will be implemented as stipulated by the Law.
These include 40 percent general relief, 10 percent for 70 years and above, 10 percent for properties owned by persons living with disability and 10 percent for properties that are 25 years old and so on and so forth.
Owners of Property across all categories will now be allowed to make payments by instalments. This will help to reduce the burden of taxation on Lagos citizens.
Executive Director of Centre for Public Accountability (CPA), Comrade Femi Lawson, who was elated at the new LUC review, praised the administration of Governor Akinwunmi Ambode for its empathy with the people of the state.
“This review shows a government which shares in the pain and concerns of the citizens of this state. Not only did they listen to our agitations but also LASG took action to allay our fears and worries by bringing the LUC rates down and introducing some other tax burden relief measures. This is surely a pro-people government,” Comrade Lawson said.
Similarly, Mr Thomas Aderinola, a real estate investor in Lagos State, said the downward review of the amended LUC law by as much as 50 percent was a reassuring indication that the LASG is a listening government.
“Imagine this huge waiver of 50 percent. It shows that the state government is sensitive to needs and is working for the interest of the people. We all can see what Governor Ambode is doing in the state in terms of Infrastructural development,” he said.
More importantly, Mr Aderinola applauded the government for introducing some other waivers like the instalment payment and the newly set up People’s Tribunal to resolve LUC payment cases in the state.
“With developments like these, we will be happy to show our commitment to the growth of Lagos by paying our taxes as at when due,” he opined.
General
Power Outage in Nigeria as National Grid Collapses
By Aduragbemi Omiyale
Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.
This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.
On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.
One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.
“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”
Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.
General
NLNG to Replace Vessels in Move Towards Decarbonisation, Sustainability
By Adedapo Adesanya
The Nigerian LNG Limited (NLNG), which produces Nigeria’s Liquified Natural Gas (LNG) and natural gas liquids (NGLs) for export, is planning to replace all its vessels with modern ships within the next decade.
This was disclosed by Mr Nnamdi Anowi, the General Manager of Production, NLNG, during the World Leaders’ Panel session on Tuesday in Berlin, Germany, as part of the 2024 World LNG Summit and Awards.
Speaking at the event themed “Achieving the Balance Between Energy Security and Decarbonisation,” he said the company which was incorporated in 1989 was making plans to boost its vessels to ensure proper transportation of gas for export.
“We are making significant strides in our shipping operations. Over the next 10 years, we aim to transition from our current steam-powered vessels to modern ships.
“Earlier this year, we took a major step by entering into a long-term chapter of our first modern ship Aktoras, and we are already planning to acquire a second ship next year,” he said.
On the critical issue of net zero emissions, Mr Anowi said that NLNG aspires to achieve net zero emissions by 2040.
According to him, this goal is attainable through implementing a combination of solutions that include operational efficiency, natural sinks/offset projects, carbon capture and storage (CCS), net zero expansion, digital solutions and shipping efficiency.
“Our pathway to net zero aligns with Nigeria’s target of reaching net zero by 2060, while many major players in the industry are aiming for 2050.
“We are actively expanding our initiatives in this area, including several low-carbon projects,” he explained.
Regarding Liquefied Petroleum Gas (LPG), Anowi noted that the company had committed 100 per cent of its LPG production (propane and butane) to the Nigerian market.
He pointed out the urgent need for cleaner energy, citing a report that revealed that not less than 100,000 Nigerians died yearly from smoke inhalation caused by cooking with firewood, predominantly affecting women and children.
“This underscores our commitment to sustainability. It’s important to recognise that about 80 per cent of Africans lack access to cleaner energy.
“When discussing sustainability, we can not overlook the necessity of providing energy to these communities,” he added.
He further elaborated on NLNG’s strategy, stating, “Our objective at Nigeria LNG is to maintain safety, enhance capacity, foster growth, and future-proof our business.
“The recent transformation programme includes a rebranding initiative, evidenced by the unveiling of a new logo and the company’s renewed purpose: providing energy for life’s sustainability.
Mr Anowi also noted that NLNG was working diligently to improve its production capacity from 23 million tons to 30 million tons through its Train 7 Project.
“We are actively engaging with stakeholders and the government to ensure our LNG trains are filled by the end of next year,” he said.
On sustainability, Mr Anowi explained that 75 per cent of NLNG’s emissions result from its operations, with the remaining 25 per cent coming from its shipping activities.
He emphasised the importance of measurement, reduction, avoidance and mitigation strategies in their sustainability efforts.
He said that the company was also exploring CCS opportunities through partnerships with the government and other international oil companies.
“We are in the early stages of CCS implementation, assessing potential reservoirs for this purpose,” he said.
In terms of renewable energy, Anowi said that NLNG was investigating solar power projects at its offices in Abuja and Port Harcourt as part of its broader sustainability initiatives.
“We are committed to abatement efforts and are collaborating with experienced private companies to explore carbon credit opportunities.
“We must balance sustainability with affordability and reliability in energy supply.
“The African region must progress at its own pace, prioritising immediate energy needs before addressing long-term sustainability goals,” he explained.
General
National Grid, Mr Ibu Among Top Trending Searches by Nigerians in 2024
By Dipo Olowookere
Many events happened in 2024 in Nigeria but a few shook the nation because of their impact on residents of the country.
According to a report released by Google, the incessant collapse of the national grip, which plunged the nation into darkness, was among trending searches on its platform.
In the report made available to Business Post on Tuesday, the tech giant said this year’s results show a continued interest in the political and economic landscape, with searches related to the US elections, the new national anthem.
“The 2024 Year in Search offers a unique lens into the questions, interests, and conversations that shaped the lives of Nigerians this year.
“From cultural milestones to pressing concerns, these insights reflect how Search continues to be a valuable tool for users to navigate and better understand their world,” the Communications and Public Affairs Manager for Google West Africa, Taiwo Kola-Ogunlade, stated.
Google’s 2024 Year in Search for Nigeria showcased the most popular searches, notable individuals, actors, musicians, topics, questions, and other subjects that captured Nigerians’ attention in the year.
Google’s Year in Search is an annual analysis that reveals the top trending lists and also spotlights what the world searches to see, learn, and do.
The music scene in 2024 was marked by a surge in popularity for artists like Shallipopi and Khaid, who also featured prominently in the overall personalities list. The top trending song was “”I Don’t Care” by Boy Spyce”, followed closely by “Ozeba” and “Commas” by Ayra”. Nigerians also showed a keen interest in understanding the lyrics of various songs, with “Ogechi lyrics”, “Ozeba lyrics”, and “Omemma by Chandler Moore lyrics” leading the searches in the lyrics category.
This year, Nigerians continued to demonstrate a strong interest in entertainment with movies like “A Tribe Called Judah”, “Treasure In The Sky”, and “Damsel” topping the movie charts. The top TV series that captured the interest of Nigerian netizens included “Supacell”, “My Demon”, and “Queen of Tears”. In the culinary world, Nigerians explored diverse recipes with “Pornstar Martini recipe” leading the searches.
Concerns about personal well-being and global events were also reflected in search trends. Questions like “How much is dollar to naira today?”, “How to get perfectly defined curls for African hair?”, and “Who won the US presidential election?” topped the list of queries. Nigerians were curious about the meaning of words like “demure,” “steeze,” and “pet peeves,” turning to Search for answers.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN