Economy
Lagos Begins Prosecution of Tax Defaulters
By Modupe Gbadeyanka
On Monday, the Lagos State government directed all its revenue agencies to ensure prompt payment of taxes and also commence enforcement of payment by all tax defaulters with immediate effect.
The government said it had concluded plans to go all out to enforce the tax laws so as to bring more Lagosians into the tax net.
A statement signed by the Commissioner for Information and Strategy, Mr Steve Ayorinde, lamented that many residents were not fulfilling their civic obligation of paying their taxes and that the prevailing situation would adversely affect government’s infrastructural renewal drive currently ongoing across the state.
It would be recalled that Governor Ambode during a forum recently expressed concern that only about 600,000 Lagos residents are up to date in paying their taxes, a situation he said was not helpful to scale up provision of infrastructure and other amenities for the people.
Mr Ayorinde said the government remains committed to completing all ongoing projects on schedule, but that it was largely dependent on prompt payment of taxes by residents in the State.
He listed some of the major ongoing projects to include the Oshodi Transport Interchange, reconstruction of the Oshodi International Airport Road, network of roads in Epe to link Ijebu Ode, construction of Bus Rapid Transit (BRT) Lane from Abule Egba to Oshodi as well as the construction of the Pen Cinema flyover.
The Commissioner stated that government has also commenced the construction of over 20 networks of roads within the boundaries of Lagos and Ogun States to ease movement and enhance business activities between the two states.
He listed the 20 roads to include Ikola Road with Odo Obasanjo Bridge – 6.4km (from Ipaja/Command to Ilo River); Ogunseye Road – 1.75km (from Ajasa/Command to Ikola Road); Oko Filling Road – 1.5km (from AIT to Ilo River); Osenatu Ilo road – 620m (from Ibari Road to Ilo River); Amikanle road – 3.1km (from AIT to Ogunseye Road); Aina Aladi road – 1.9km (from AIT to Ilo River) and Aiyetoro Road with a bridge– 1.4km (from New Market/Ishefun Road intersection to Ilo River).
“These projects have already begun in earnest. The construction of the 181 roads earmarked across the 57 local councils, which is now an annual ritual of this government will commence anytime soon and many more too numerous to mention.
“The will and commitment of the Governor Akinwunmi Ambode-led administration is to ensure that all these projects are completed before 2019. But the possibility of achieving such will require taxable citizens of the State who have not been paying their taxes to start doing so.
“This administration is grateful to Lagosians who have supported the government particularly in the discharge of their civic responsibility through payment of taxes. That is the oil that keeps the engine and wheels of government moving smoothly.
“But when there are no resources, these laudable projects would be stalled. No government in the world can achieve its set out objectives without funds and these funds are available largely from what residents pay as taxes. It is therefore expedient that taxes should be paid correctly as at when due,” he said.
He said that some of the major projects that have been completed so far including the Abule Egba and Ajah flyovers, the Aboru Abesan Link Bridge, Ago Palace Way, Ajasa Command Road, network of roads in Ogudu and Epe, construction of the DNA Forensic Centre, among many others, were as a result of the tax payers money which according to him, the State Government judiciously utilized to make life more comfortable for the people.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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