LIRS Begins Auto Collection of Consumption Tax

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

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By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Modupe Gbadeyanka About three appeals filed by Ecobank against Honeywell Group at the Supreme Court were last Friday dismissed by the apex court of the land. The appeals were thrown out for lack of merit. The Court of Appeal on March 30, 2016, had issued rulings against Ecobank which the bank thereafter appealed at the Supreme Court. In the first suit number SC/402/2016, Ecobank had appealed the decision of the Court of Appeal discharging the ex parte injunctive/asset freezing orders which it had obtained against Honeywell. In the second suit number SC/406/2016, Ecobank had also appealed the decision of

By Dipo Olowookere The management of eTranzact has filed an application to the Nigerian Stock Exchange (NSE) for the approval and listing of its rights issue worth N7 billion. The electronic payment solutions provider submitted the application to the exchange through its stockbroker, Cordros Securities Limited. In a notice issued yesterday by the Head of Listings Regulation at the NSE, Mr Godstime Iwenekhai, it was stated that the firm plans to sell 4,666,666,667 units of its stocks at a unit cost of N1.50 on the basis of 10 new shares for every nine shares already held by shareholders as at

By Dipo Olowookere Nearly 630 million years of healthy life were lost in 2015 due to the diseases afflicting the population across 47 African countries, now amounting to a loss of more than $2.4 trillion from the region’s gross domestic product value annually, the World Health Organization (WHO) has said. Five countries (the Democratic Republic of the Congo, Ethiopia, Nigeria, South Africa and the United Republic of Tanzania) accounted for almost 50 percent of the total years lost in healthy life (or DALYs) accrued in the WHO African Region. In a statement released recently, the global health agency said non-communicable

By Modupe Gbadeyanka A soldier with the 6 Division of the Nigerian Army has been jailed for molesting an actress, Miss Ebere Ohakwe, in Port Harcourt, Rivers State, few weeks ago. Few weeks ago, an actress took to social media to complain of being assaulted by a soldier. Her matter was taken up by some interest group, with many of them calling for justice. Pictures released by the lady showed how badly she was battered by the military personnel, for doing nothing wrong. It was alleged that the soldier, later identified Private Suleiman Olamilekan, confessed to have assaulted the actress

By Adedapo Adesanya The Nigerian Naira fell to an all-time low in the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday amid fresh FX scarcity. Business Post reports that the Naira weakened by N44.35 or 5.96 per cent against the greenback at the currency market yesterday to N788.42/$1 compared with the preceding session’s value of N744.07/$1. It was observed that the supply end of the curve could not match the demand side during the session, leading to the poor performance of the local currency. The value of forex trades on Tuesday was $68.10 million, 30.3

By Modupe Gbadeyanka The need for poultry farmers to embrace livestock feeds made from cassava grits has been highlighted in Akure, the Ondo State capital. At a programme held recently in the city, it was disclosed that use of cassava grits would cut the cost of feed production, thereby increasing the profit margin of farmers. The programme, put together by the International Institute for Tropical Agriculture (IITA) in conjunction with the Department for International Development’s programme; Market Development for Niger Delta (MADE) and HarvestPlus, was designed build capacity of processors to produce quality cassava grits which meet the requirement of

By Ashemiriogwa Emmanuel The federal government has advised investors to take advantage of iGuide Nigeria, an online platform designed to enable capitalists to make informed decisions concerning the country. The initiative was launched in 2018 and as it houses information about every aspect of starting and running a business in Nigeria. The Minister of Industry, Trade and Investment, Mr Niyi Adebayo, while speaking at a workshop organised by the Chartered Institute of Stockbrokers (CIS)  tagged Leveraging the Financial Markets to Achieve Double-Digit Economic Growth for Nigeria held in Abuja on Thursday, stated that the platform serves as one of its

By Modupe Gbadeyanka The Jubril Adewale Tinubu-led Oando Plc was the highest price gainer last week, appreciating by 48.15 per cent to settle at N4.00 per share. Business Post reports last week was historic on the floor of the Nigerian Stock Exchange (NSE) as the All-Share Index (ASI) posted its largest daily gain in more than five years on Thursday, November 12, 2020. The ASI rose beyond the set threshold of 5 per cent, triggering a 30-minute trading halt of all stocks for the first time since the circuit breaker was introduced in 2016. The circuit breaker protocol was triggered