Honeywell, 7 Others Get Tax Holiday

Image

By Adedapo Adesanya

Honeywell Flour Mills and seven other companies have been granted pioneer status initiative (PSI) by the Nigerian Investment Promotion Commission (NIPC) which will exempt them from paying taxes for three years.

This was done during the first quarter of 2020 as contained in the commission’s first quarter report.

The other companies which received the approval-in-principle were Main Data Nigeria Limited, Apple & Pear Nigeria Limited and Tranos Contracting Limited.

Others that got three years of tax holidays are Elvis Hotels, Medlog Nigeria Limited, Kalambina Cement Company and Wells Hosa Greenhouse Farms.

Obu Cement Nigeria Limited got a two-year extension of the tax holiday.

The commission also said it received 18 new applications, three of which were denied, and one application for an extension during the first quarter.

Industries that qualify for the PSI are given a three-year holiday from paying company income tax for an initial period of three years with the possibility of an extension for one or two years.

This incentive is listed in the Industrial Development (Income Tax Relief) Act, which is administratively regulated by the NIPC.

“The companies made a total investment of N151.916 billion, have 1,460 staff and are in various sectors including agriculture, construction, administrative service, information and communication, and manufacturing.

“One company was granted extension for two years; the company had a total investment of N88.700 billion, while its staff strength was 573,” a statement by the commission read.

According to the report, 39 companies were enjoying the PSI as of March 31, 2020, with 125 applications are still pending, and no PSI certificate has been cancelled.

The Pioneer Status Incentive (PSI) was established by the Industrial Development (Income Tax Relief) Act, No 22 of 1971 and is a tax holiday which grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years, extendable for one or two additional years.

Share
Related Stories
Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

More Stories
Image
15-June-2020

Orange Considers Expansion to Nigerian Telco Market

By Adedapo Adesanya France’s largest telecommunication operator, Orange, is eyeing Nigeria as one of its new target markets as the company considers possible ways to expand its reach. The company’s Chief Executive Officer (CEO), Mr Stephane Richard, in an interview with French business newspaper, Les Echose, said he believes it would benefit from having a wider footprint in Africa and will give itself a few months to make a possible move. “It could make sense for Orange to have a larger African geographic base than today and to be present in the large African economies of Nigeria and South Africa. “If one considers

Image
20-September-2021

9mobile Equip Journalists for Better Professional Practice

By Ashemiriogwa Emmanuel As part of its initiative and ongoing capacity building programme, Nigerian telecommunication giant, 9mobile, recently equipped some journalists with Artificial Intelligence (AI) skills to improve their professional practice. The session, which was themed Responding to Emerging Challenges in Journalism with the use of AI-powered tools, was set up to acquaint journalists with emerging trends in journalism. Widely attended by journalists across print and online news platforms, the program was facilitated by Mr Usifo Omozokpea, an experienced multimedia producer and social media strategist who is the current Audience Development Manager (West Africa) at The Conversation Africa. Speaking at

Image
26-September-2019

Nigeria Loses $157bn to Illicit Financial Flows in Nine Years

By Adedapo Adesanya President Muhammadu Buhari has disclosed that Nigeria lost over $157 billion to illicit financial flows in nine years between 2003 and 2012. Mr Buhari made this disclosure during his address to the High-Level National Side-Event organised by the African Union Development Agency and New Partnership for Africa’s Development (AUDA-NEPAD) and the Economic and Financial Crimes Commission (EFCC) on Wednesday. This came on the back of the 74th United Nations General Assembly, themed Promotion of International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Recovery and Return to Foster Sustainable Development in New York.

Image
29-March-2023

NGX CEO Lauds Geregu Power’s Significant Impact on Stock Market

By Dipo Olowookere The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, has heaped praises on Geregu Power Plc for its positive impact on the local stock market. Speaking on Tuesday at the closing gong ceremony to commemorate the first Annual General Meeting (AGM) of the organisation as a listed company on the exchange, Mr Popoola said the power-generating firm had boosted the value of the trading platform since its listing last year. “It (Geregu Power) has also contributed significantly to the volume of trades done on the market since its listing,” he said, commending the board

Image
05-August-2017

Olam Nigeria Poultry Project Begins Operations September

By Modupe Gbadeyanka The integrated poultry farm and animal feed mill in Kaduna belonging to Olam Nigeria will commence operations next month, a senior executive of the firm has disclosed. It is expected to produce over one million high-quality layers (for eggs) and broilers (for meat) weekly. Vice President, Corporate and Government Relations, Olam Nigeria, Mr Ade Adefeko, in an interview with Daily Trust, disclosed that the N20 billion project will have a state-of-the-art animal feed mill, poultry breeding farms and hatchery to produce day-old-chicks. He said when commissioned in September, the firm will utilise around 180,000 tonnes of corn

Image
26-November-2020

Worry as November Federal Allocation to Kwara Drops 8%

By Modupe Gbadeyanka The Kwara State government is beginning to worry about the decline in the federal allocation to the state as it might become a challenge if nothing is done urgently to boost earnings. The amount shared to the north-central state of the federation reduced again for the second time in November by 8.11 per cent. Also, the allocation disbursed to the 16 local government areas of the state depreciated in the month under review by 4.12 per cent. On Thursday, the Commissioner for Finance and Planning in Kwara State, Ms Florence Olasumbo Oyeyemi, disclosed in a statement that

Image
05-October-2023

Oil Plunges 5% on Worrying US Fuel Demand

By Adedapo Adesanya It was not a pleasant day for the oil market on Wednesday as it went down by more than 5 per cent amid fuel demand destruction and a worrying macroeconomic outlook affected the market. Brent crude oil futures lost $5.11 or 5.6 per cent to settle at $85.81 a barrel while US West Texas Intermediate crude (WTI) fell by $5.01 or 5.6 per cent to $84.22 per share. Fuel demand in the world’s largest consumer, the US fell last week to about 8 million barrels per day, its lowest since the start of this year, the US

Image
14-February-2021

EKEDC Warns Customers Against Illegal Connection

By Adedapo Adesanya Eko Electricity Distribution Company (EKEDC) has warned its customers to desist from engaging in illegal connection to avoid facing the full wrath of the law. This warning was made by the General Manager, Corporate Communications, EKEDC, Mr Godwin Idemudia, in a statement issued on Friday in Lagos. Mr Idemudia said the warning followed the recent arraignment of a middle-aged man (names withheld) before a Magistrates’ Court sitting in Ajegunle for allegedly reconnecting power to a church in the area. He said the court also ordered the immediate arrest and arraignment of the pastor of the said church

Ad
Ad
Recent Stories
Image
05-March-2024

Investors of Unlisted Securities Lose N43bn

By Adedapo Adesanya It was a bad day for investors of unlisted securities in Nigeria as the NASD Over-the-Counter (OTC) Securities Exchange ended the first trading session of the week on a negative note with a 3.11 per cent loss triggered by four stocks on the platform. The culprits were UBN Property Plc, Aradel Holdings Plc, Central Securities Clearing System Plc, and Resourcery Plc. They were under selling pressure during the trading session. This resultantly trimmed N43 billion from the market capitalisation of the bourse to N1.449 trillion from N1.542 trillion, as the NASD Unlisted Security Index (NSI) dropped 35.53

Image
05-March-2024

Naira Value Improves at Official Market, Deflates at Parallel Market

By Adedapo Adesanya The Naira appreciated further against the greenback in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the FX market on Monday, March 5 by N14.06 or 0.9 per cent to trade at N1,534.19/$1 compared with last Friday’s value of N1,548.25/$1. The improvement in the value of the domestic currency happened as the forex market attempts to find stability after months of turbulence due to a shortfall in the supply of Dollars into the system. Yesterday, the value of forex trades depreciated by 39.7 per cent or $117.37 million to $178.63 million from the $296.00 million recorded

Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in