Stakeholders Urge Nigeria to Review Entire Tax System

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Dipo Olowookere Authorities of the Nigerian Army have denied a report by a popular online news platform, Sahara Reporters, that about 700 soldiers were missing in Baga town in Borno State. The report was titled About 700 Soldiers Missing, More Than 2,000 Trapped As Boko Haram Takes Over Baga. But in a rebuttal, the Army said there was no iota of truth in the Sahara Reporters’ story, urging members of the public to ignore it. “Our attention has been drawn to a news story with the headline EXCLUSIVE: ‘About 700 Soldiers Missing, More Than 2,000 Trapped’ As Boko Haram

By Dipo Olowookere A construction giant, Julius Berger Nigeria Plc, has announced its intention to divest into the agriculture sector of the economy. It is no doubt that in the construction sector of the Nigerian economy, Julius Berger has taken control of it and its achievements over the years are there for many to see. Not resting on its oars and in its determination to deliver more value to its shareholders, the board of the organisation said it is considering trying its luck in the agro-processing business. Julius Berger trades its shares on the Nigerian Stock Exchange (NSE) and it

For its Formula E series car for the 2019/2020 season, luxury German automaker, Porsche, will make use of lubricants and fluids produced by ExxonMobil. This followed an agreement signed between the two companies as the energy firm looks to expand its global business and technical partnership by making its first entry into electric motorsports. It was gathered that starting from the first race in Saudi Arabia at the end of this year, ExxonMobil will provide Mobil-branded high-performance electric powertrain fluids to Porsche, developed specifically to meet the specialized demands of electric vehicles. “Our entry into Formula E with Porsche not

By Nwaorgu Faustinus Governor Nyesom Wike of Rivers State has been urged to place premium on the lives of residents of the state. This appeal was made by the Rivers State chapter of opposition party in the state, All Progressives Congress (APC). The party said in a statement issued by its spokesman, Mr Chris Finebone, that it was miffed and highly disturbed that since the nomination process for a legally compromised local government council election for chairmen and councillors by the ruling Peoples Democratic Party (PDP) in Rivers State, shootings and maiming have, once again, resumed across the state. The

By Adedapo Adesanya The federal government has relieved the Managing Director of the Transmission Company of Nigeria (TCN), Mr Usman Gur Mohammed, of his duties with immediate effect. This was disclosed by the Minister of Power, Mr Sale Mamman, on Tuesday in a statement through the Special Adviser (Media) to the Minister, Mr Aaron Animas, in Abuja. It was revealed that Mr Mohammed’s removal took effect immediately, and announced in his place is Mr Sule Ahmed Abdulaziz, who will serve as acting Managing Director for now. The TCN is the only government owned company in the Nigeria Electricity Supply Industry

By Aduragbemi Omiyale Dangote Sugar Refinery Plc is planning to create employment for over 30,000 youths through the reduction of sugar import into Nigeria by 40 per cent. Speaking with newsmen recently, the president of Dangote Group, Mr Aliko Dangote, stated that this would be achieved through the Phase II of the company’s sugar project. The integrated sugar complex to be located in Tunga, Awe Local Government Area of Nasarawa State, comprises a 60,000ha sugar plantation and two sugar factories with the capacity to produce 430,000 tonnes of refined white sugar per annum. Mr Dangote stated that this project will

Over the weekend, operatives of the Lagos State Environmental and Special Offences Unit (Taskforce) raided all streets within Central Business District, including surroundings of the ‘African Shrine’, Alausa, Ikeja. Chairman of the agency, CSP Olayinka Egbeyemi, said the enforcement operations became imperative following complaints from members of the public about the criminal activities of miscreants and environmental nuisance of illegal street traders around the Shrine. Mr Egbeyemi disclosed that 28 miscreants and 15 illegal street traders were arrested at various locations around Alausa, hinting that the raid was also initiated due to the nefarious acts within the vicinity of the

By Adedapo Adesanya Sparkle, a mobile-first digital ecosystem providing financial, lifestyle and business support services to Nigerians across the globe, has launched Sparkle Business to help small and medium business enterprises access the much-needed products and services to grow their enterprises digitally. Sparkle Business features include inventory and invoice Management which will help businesses maintain control over their payment requests and overall operations. It also has a payment gateway service to manage single and bulk payments more seamlessly, while the tax advisory/calculations will help evaluate business turnover and calculate tax filings. Payroll/Employee Management, on its part, will manage employee payments