N54.7b Tax Debt: Meyer Reacts to Report on Closure of Head Office

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Adedapo Adesanya Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Modupe Gbadeyanka Nigerian track star, Tobi Amusan, has won the 100m hurdles event at the Silesia Diamond League on Sunday, July 16, 2023, beating former world record holder, Kendra Harrison, in a keenly contested race. The sports icon grabbed the win after setting a new meet record of 12.34 seconds at the tournament, days after retaining her title as the national champion in Benin City, Nigeria, for the fourth consecutive time. The women’s hurdles world record holder is having a good season, and her next challenge is a shot at world title defence in Budapest, Hungary, in August. “It

By Dipo Olowookere No fewer than 100 young entrepreneurs living in Oyo State with great business ideas will receive the backing of popular online bookmaker, Paddypaddybet. The fast-rising and fledgling sport-betting game-changers plans to empower young entrepreneurs at its inaugural Youth Empowerment Summit in Ibadan, the Oyo State capital. Paddypaddybet boasts of varying ranges of sport betting via pre-match and play for mobile devices and desktops. It was gathered that the summit will feature successful young business entrepreneurs, private sector representatives and Paddypaddybet ambassadors, who will lead the process of formulating a roadmap that seeks to foster youth employability and

By Ashemiriogwa Emmanuel The total value of goods exported from Nigeria to different parts of the world between April and June 2021 stood at N5.08 trillion, the National Bureau of Statistics (NBS) has disclosed. The stats office said this was 74.7 per cent higher than the total exports value of N2.91 trillion recorded in the first three months of this year (January to March) and 128.3 per cent higher than the N2.22 trillion achieved in the same period of last year. According to NBS, this growth resulted mainly from the rise in export value of crude oil in the second

By Dipo Olowookere One of the largest investment managers in the United States, Federated Investors, and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has announced an agreement to launch a sovereign energy trade-finance portfolio. The ITFC Sovereign Energy Fund (ISEF) will be sponsored and managed by ITFC with strategic input from Federated Investors (UK) LLP. The portfolio will be a private offering available to ITFC’s qualified investors across the Member Countries of the Organization of Islamic Cooperation (OIC) and ITFC’s global partners. It will invest primarily in energy-related trade finance, structured

By Kestér Kenn Klomegâh At the plenary session of the 25th year of the St. Petersburg International Economic Forum (SPIEF), Russia’s President, Vladimir Putin, lambasted the United States and its Western and European allies, wholeheartedly predicted the end of the unipolar system and bristled at the idea of creating a new global order that might ensure equality and drastically change living standards of impoverished millions around the world. Putin believes that the United States sees itself as a “messenger of God on Earth”, who has interests but no responsibility. “The United States is ostensibly unaware that over the past decades,

By Investors Hub Asian stocks turned in a mixed performance on Thursday after the U.S. imposed tariffs on $16 billion worth of Chinese goods and the Asian nation vowed to retaliate, in an escalation of their trade war. After the U.S. imposed an additional 25 percent in duties on Chinese imports ranging from motorcycles to steam turbines and railway cars, China’s Ministry of Commerce said it would lodge a complaint against the measure under the World Trade Organization’s dispute settlement mechanism. Markets were also tracking political developments in Washington after Michael Cohen, U.S. President Donald Trump’s former personal lawyer, pleaded

By Dipo Olowookere Group Managing Director/Chief Executive Officer of Access Bank Plc, Mr Herbert Wigwe, has said the bank would maintain its number one position on activity chart of FMDQ OTC Securities Exchange. Access Bank has remained number one on the activity chart, accounting for the highest value of securities trading on the platform. It led the top 10 banks to trade N121.59 trillion on the FMDQ OTC in 2016, a value that represented 71 per cent of the overall turnover in the market. Speaking at the FMDQ OTC office penultimate Thursday at the ceremony to list Access Bank’s N35

By Adedapo Adesanya With technology helping to solve basic human needs and improving ways of doing things, LG has introduced advanced innovation in laundry with the unveiling of its Artificial Intelligent Direct Drive (AI DD) washing machine. According to the company, the new washers are capable of delivering a thorough, yet gentle cleaning by determining the weight and fabric characteristics of each load to deliver faster and better laundry results. “The AI DD washer builds on 20 years of advancements in LG’s ground-breaking Direct-Drive motor, which delivers both effectiveness and efficiency,” the company said. The new washing machine not only