Revenue from Company Income Tax in Three Months Rises 20.2%

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Dipo Olowookere Inflation rate in Nigeria got worse in November 2020, rising by 14.89 per cent year-on-year, according to the National Bureau of Statistics (NBS). In its report released on Tuesday morning, the agency revealed that there was a sharp rise in the food by 18.30 per cent in the month under consideration in contrast to the 17.38 per cent recorded in October 2020. It was explained that the significant increase in the food index was caused by a jump in the prices of food items like bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables

 By Adedapo Adesanya Both Enugu and Jigawa States have signed their respective revised budgets for the year 2020 into law. In Enugu State, Governor Ifeanyi Ugwuanyi signed into law the revised 2020 budget of N146.3 billion. The budget represents a 13.6 per cent decrease after a downward review from N169.5 billion initially proposed in December 2019. Out of the budget size, the capital expenditure stands at N69.7 billion while the recurrent expenditure is N76.5 billion, representing 48 per cent and 52 per cent respectively. Governor Ugwuanyi signed the budget on Wednesday in the presence of his deputy, Mrs Cecilia Ezeilo,

By Dipo Olowookere Liverpool’s star player, Mohammed Salah, has been named the PFA Player of the year for the 2017/2018 season. The Egyptian clinched the coveted award after beating his rival, Kevin de Bruyne, who plays for Manchester City and Belgium. Mo Salah arrived Anfield this season from Roma and has had a wonderful season with the Reds, scoring 31 goals in the Premier League this season and 41 in all. He had earlier played for Chelsea, where he struggled to make a mark under Jose Mourinho before he was offloaded to Italy. He was voted for as the best

By Dipo Olowookere Canadian firm, Smartcool Systems, has announced the release of a new product, the ECOhome, which will focus on the lucrative residential air conditioning market. Smartcool’s proprietary control algorithm technology has delivered proven energy efficiencies and savings to some of the world’s best known brands over many years including McDonalds, Burger King, Dell Computers, Tesco, General Electric, Hilton, Radisson, Mercedes Benz, Jaguar Motorcars, United Utilities, Telefonica, Emcor, and SSE. Commenting on the new product, CEO of Smartcool, Mr Ted Konyi, disclosed that, “The company has built a pedigree of delivering meaningful energy savings at over 30,000 installations around

By Dipo Olowookere For the second straight day, the stock market in Nigeria closed bearish with a loss of 0.72 per cent on Tuesday on the back of sustained profit-taking. This left the market breadth negative as the bears outnumbered the bulls with 22 price losers and 16 price gainers. Only two of the five key sectors of the market closed bullish yesterday and they were the energy and banking sectors, which closed higher by 0.26 per cent and 0.03 per cent respectively. The industrial goods counter depreciated 2.57 per cent, the insurance space declined by 1.37 per cent, while

By Adedapo Adesanya In its quest to support agricultural value chain across Africa, the African Development Bank (AfDB) has approved $300 million to the Federal Ministry of Agriculture and Rural Development to implement the Special Agro-Industrial Processing Zones (SAPZ) project in Nigeria. Expected to commence in July, the SAPZ project worth $500 million will be a collaborative effort by the bank, the Ministry, and other investors designed to concentrate agro-processing activities within areas of high agricultural potential across the country. According to the AfDB President, Mr Adewumi Adesina, through his Senior Special Adviser on Industrialisation, Mr Oyebanji Oyelaran-Oyeyinka, the agro-processing

By Modupe Gbadeyanka No fewer than 12 criminal operations trading in counterfeit cartridges for HP printers have been closed down by security operatives in Nigeria. This was made possible by the determination of HP, the trusted name in the printing industry, in pinpointing these criminals to police for appropriate action. Recently, police officers raided many premises across Nigeria, including Abuja, Lagos, Edo State and Rivers State. The sites raided included outlet stores and hidden manufacturing sites for fakes. In total, the authorities confiscated 67,000 illicit printer cartridges. Speaking on the development, Director of Global Anti-Counterfeit Programme at HP, Mr Glenn

By Dipo Olowookere Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has described the Nigerian capital market as very critical to the attainment of economic growth and development of the nation. The SEC chief, speaking on Tuesday when she visited some media houses in Lagos, said the capital market can assist the country achieve its infrastructural development, while also creating wealth for citizens. Represented by the Head of External Relations Department at SEC, Mr Sufian Abdulkarim, Ms Uduk noted that the agency was stepping up regulation to ensure that Nigerians are able to invest in