BREAKING: Lagos Bows to Pressure, Reduces Land Use Charge

Image

By Dipo Olowookere

Lagos State government has announced reduction in the land use charge following huge public reactions over the recent hike.

Speaking at a press conference on Thursday in Ikeja, the state’s Commissioner for Finance, Mr Akinyemi Ashade, explained that in order to make payment easier for property owners in the state, the state government has come up with an option to pay the fee in instalment.

According to him, commercial property owners will enjoy 50 percent discount, while owner-occupier will receive 25 percent discount.

Mr Ashade said further that the state government has put a waiver for late payment of the land use charge, and a tax credit for those who pay promptly.

The Commissioner said these changes were approved by the state Governor, Mr Akinwunmi Ambode.

More details later.

Share
Related Stories
Image
20-September-2023

Tinubu Promises Growth, Job, Climate Reforms

By Adedapo Adesanya President Bola Tinubu has promised fresh growth and job reforms in the coming months after he removed fuel subsidies and directed the float of the Naira to unify the exchange rate. The Nigerian president made this known during his first address at the 78th United Nations General Assembly in New York, the US, after he took over the helm of office from Mr Muhammadu Buhari in May. He said, “To foster economic growth and investor confidence in Nigeria, I removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first

Image
27-September-2023

Eid-El-Maulud: Tinubu, Obi, CAN, Others Rejoice With Muslims

By Bliss Okperan President Bola Tinubu has joined other persons and organisations to rejoice with Muslims all over the globe, particularly in Nigeria, over the birthday celebration of Prophet Mohammed. The federal government declared Wednesday, September 27, 2023, a public holiday for Eid-El-Maulud, and the President, as well as his opponent in the 2023 presidential election, Mr Peter Obi of the Labour Party (LP), has joined to celebrate the day. In a statement from the State House in Abuja, Mr Tinubu urged Muslims to use the day “for deep introspection and fervent prayers,” stressing they should “make deliberate efforts to

Image
28-September-2023

NUPRC’s Gbenga Komolafe Cancels 60th Birthday Celebration Amid Calls for Sack

By Adedapo Adesanya The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has cancelled all activities lined up for his 60th birthday amid increased calls for his sack. Mr Komolafe, a Fellow of the Nigerian Society of Engineers (NSE), turned the milestone age on Tuesday, September 26 and there was a planned thanksgiving service to mark the day slated for this Saturday, September 30. However, he said that amid the current economic state in the country, he has decided to cancel all the planned celebrations, according to a report by Premium Times. This development comes

Image
25-September-2023

Nigeria Risks Shortage of Fertilisers as EU Frustrates Supply

By Adedapo Adesanya Nigeria faces a crippling fertiliser shortage as 34,000 metric tonnes of Russian Fertiliser meant for Nigeria is stuck at ports in the European Union (EU) as a result of continued war in Ukraine. Russia’s Foreign Minister, Mr Sergey Lavrov, confirmed this development on Saturday at the 78th United Nations General Assembly (UNGA) in New York, noting that 260,000 metric tonnes of Russian fertilisers have been stranded in EU ports since 2022. According to Russian News Agency, TASS, Mr Lavrov informed reporters that, “We are ready to give these fertilisers to African countries for free. It took six

More Stories
Image
12-May-2021

Unlisted Stocks in Nigeria Suffer 2.14% Loss

By Adedapo Adesanya It was another day of loss for investors at the NASD Over-the-Counter (OTC) Securities Exchange as they lost 2.14 per cent on Tuesday. The decline suffered by unlisted stocks in Nigeria was caused by the poor performance of three companies admitted on the NASD Exchange. These three securities are Nigerian Exchange (NGX) Group Plc, FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. Friesland lost N6 or 4.5 per cent to close at N128 per unit as against the previous N134 per unit, NGX Group depreciated by N2.47 or 9.4 per cent to close at

Image
21-June-2020

Omoluabi Mortgage Bank Awaits CBN Approval of Adekunle as MD

By Dipo Olowookere The board of Omoluabi Mortgage Bank Plc has announced a change to its composition with the appointment of few individuals, though subject to the approval of the Central Bank of Nigeria (CBN). In a statement signed by the company secretary, Olabisi Fayombo, it was disclosed that the organisation has a new Managing Director and he is Mr Adewole Adekunle. Others appointed to the board were Mr Yemi Adefisan as a non-executive director, Mrs Feyintola Ibidunni Olatunde-Agbeja as an independent director, Mr Olufemi Adesina as a non-executive director, and Mr Oyewole Olowu as an executive director. The new

Image
22-January-2017

NNPC Receives Two Gas Vessels from South Korea

By Modupe Gbadeyanka To ensure stability in the supply of Liquefied Petroleum Gas (LPG), popularly known as domestic cooking gas, the West African Gas Ltd (WAGL), a joint venture company of the Nigerian National Petroleum Corporation (NNPC) and Sahara Energy, has taken delivery of two LPG carriers from the Hyundai Mipo Dockyard (HMD) in Ulsan, South Korea. The two vessels with a combined capacity of 38,000 cubic meters (cbm) were named “MT Africa Gas” and “MT Sahara Gas” by the wives of the Group Managing Director of NNPC and the Chief Operating Officer, Gas & Power, Mrs Hajja Maikanti Baru

Image
28-October-2019

Demand, Stable Pricing to Buoy Q4 Earnings—Lafarge Africa

By Modupe Gbadeyanka Chief Executive Officer of Lafarge Africa Plc, Mr Michel Puchercos, has assured that the cement company will do everything necessary to improve its earnings and growth in the fourth quarter of this year. Mr Puchercos gave this assurance while reacting to the third quarter financial statements of the firm, which were recently released to the Nigerian Stock Exchange (NSE). In the results, the company posted a 7.25 percent decline in the net sales from its major market, Nigeria, while the total net sales went down by 25.14 percent. However, the company had a strong EBITDA (pre-IFRS 16)

Image
22-June-2022

Stanbic IBTC Bank Offers Clinics, Labs N1.5bn Interest-free Loans

By Dipo Olowookere Stanbic IBTC Bank Plc has partnered with ISN Medical, a healthcare-focused company, to make procurement of medical diagnostic and healthcare products in Nigeria easier for practitioners. ISN Medical is a leading supplier of medical diagnostic products and services in Nigeria, with over 40 years of operations. Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, as part of its efforts to further strengthen the system and give Nigerians access to quality and affordable healthcare, has created N1.5 billion interest-free loans to clinics, medical laboratories, diagnostic centres, and other healthcare providers for the procurement of medical diagnostic

Image
26-May-2021

WACOT Rice Eyes 60,000 Jobs Via Argungu Project

By Modupe Gbadeyanka No fewer than 60,000 jobs would be created across Nigeria and West Africa by WACOT Rice Limited through its partnership with the USAID on the rice outgrower expansion project. “The core objective of establishing WACOT in Argungu and the launching of this partnership today is to create a catalyst for investment and provide grants to more farmers,” the Deputy Chief of Party for USAID’s West Africa Trade and Investment Hub (WATIH) project, Mr Karl LittleJohn. “We want to show that we can create jobs. And we want to also increase trade investment with our partners across West

Image
21-October-2017

T-Bills Market Remains Bearish as CBN Raises N133.8b

By Dipo Olowookere The treasury bills market remained bearish this week with average yield increasing by 81 basis point to 17.92 percent. This was despite the Central Bank of Nigeria (CBN) auctioning N133.79 billion bills via the primary markets during the week. Business Post reports that the central bank sold 91-day bills worth N32.40 billion at 13.1 percent (against 13.25 percent), 182-day bills worth N35.00 billion at 15.3 percent (against 15.50 percent), and 364-day bills worth N66.39 billion at 15.59 percent (against 15.73 percent). Also at the market, there was maturities for T-bills and Open Market Operations (OMO) totalling N174.33

Image
01-April-2021

Eat’N’Go Opens Two New Outlets in Kano

By Modupe Gbadeyanka Two new stores of Eat’N’Go Limited, a leading franchisee for world-class food brands, Domino’s Pizza, Cold Stone Creamery, and Pinkberry Gourmet Frozen Yoghurt, have been opened in Kano. The opening of the new outlets in Kano is in line with the expansion drive of the company in order to extend its product and service delivery to several parts of Nigeria. At the unveiling of the new stores on Wednesday, March 31, 2021, the Governor of Kano State, Mr Abdullahi Umar Ganduje, who was represented by his aide on Rural Development, Mr Ibrahim Gaya, described the development as

Ad
Ad
Recent Stories
Image
02-October-2023

LCCI Seeks Upward Review of N30,000 Minimum Wage

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has described Nigeria’s minimum wage of N30,000 ($30) for 30 days as extremely poor and called for an urgent upward review of the wage structure. The President of LCCI, Mr Michael Olawale-Cole, during the chamber’s Independence Day message on Sunday, said an appraisal of the past 63 years showed that the Nigerian economy had performed sub-optimally with huge implications on citizens’ welfare and rising uncertainty. It noted that the economy was struggling with difficult conditions including high inflation, weak currency, declining reserves, falling household purchasing power, rising debt burden,

Image
02-October-2023

Kariko, Weissman Win Nobel Medicine Prize for COVID-19 Vaccines Research

By Adedapo Adesanya Scientists Katalin Kariko and Drew Weissman won the 2023 Nobel Prize in Physiology or Medicine for discoveries enabling the development of COVID-19 vaccines, the award-giving body said on Monday. The prize, among the most prestigious in the scientific world, is selected by the Nobel Assembly of Sweden’s Karolinska Institute Medical University and also comes with 11 million Swedish crowns (about $1 million). “The 2023 Nobel Prize in Physiology or Medicine has been awarded to Katalin Karikó and Drew Weissman for their discoveries concerning nucleoside base modifications that enabled the development of effective mRNA vaccines against COVID-19,” the

Image
02-October-2023

Ecobank Alerts Customers on Rise in SIM Swap Fraud

By Modupe Gbadeyanka Customers of Ecobank Nigeria have been urged to remain on the alert as some scammers are taking advantage of SIM swaps to dupe their unsuspecting victims. The financial institution issued this alert in an email message to customers, urging them not to lose guard. The bank said phone users, who attached their mobile numbers to their bank accounts, to take extra caution when swapping their SIM cards, so as not to be victims of fraudsters. The lender explained to customers that SIM swap fraud occurs when scammers use your phone number to access your accounts. “Scammers impersonate

Image
02-October-2023

Oando-Eni Deal: Workers Threaten to Shutdown Operations

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

Image
02-October-2023

Exploring The Capabilities Of The ChatGPT Trading Bot In Today’s Market

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

Image
02-October-2023

Tinubu Increases Planned Monthly Allowance to N35,000

By Adedapo Adesanya President Bola Tinubu has increased the initially proposed monthly allowance for federal civil servants from N25,000 to N35,000. The money is still to be paid monthly for six months. The increment was announced in a statement by the Minister of Information, Mr Mohammed Idris. This development came less than 24 hours after Mr Tinubu on his first Independence Day broadcast on Sunday morning announced the monthly payment of N25,000 allowance to junior civil servants to cushion the effect of the impact of petrol subsidy removal. He said the allowance would be paid for six months. However, after

Image
01-October-2023

Boosting Website Performance: Tips for Speed and Efficiency

By Rahul Baitha In today’s digital age, where instant gratification is the norm, website performance plays a critical role in delivering a positive user experience. Visitors expect websites to load quickly and respond seamlessly to their interactions. If your website lags or stumbles, you risk losing valuable traffic and potential customers. As a web designer or business owner, optimizing your website’s performance should be a top priority. In this comprehensive guide, we’ll explore essential tips and techniques to boost your website’s speed and efficiency. Understanding Website Performance Before diving into optimization strategies, it’s essential to grasp the fundamentals of website

Image
01-October-2023

NDLEA Nabs Suspected Kingpin in UK Drug Export Bust

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has arrested a suspect wanted for attempts to ship illicit drug consignments to the United Kingdom. This was made known in a statement signed by the NDLEA spokesman, Mr Femi Babafemi, on Sunday. He further disclosed arrests made by NDLEA operatives through interdiction operations that led to the seizure of four tons of illicit substances in the past week. According to the agency, the suspect, Mr Obiorah Chigozie, had been on its wanted list since September 15. This, he said, was when a consignment of 1.500kg skunk concealed in flour

Image
01-October-2023

BUA Cement Slashes Ex-Factory Prices to N3,500

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

Image
01-October-2023

NITDA Opens Applications for Tech Accelerator Fellowship

By Adedapo Adesanya The federal government through the National Information Technology Development Agency (NITDA) has opened applications for a tech startup accelerator fellowship program to empower Nigerians with innovative ideas. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the preparations for the training commenced in August with a meeting of stakeholders in tech to co-create innovative ways to achieve the target. He added that the meeting was the first in a series of ecosystem engagements to ensure that the government gets the best solutions from within. The new initiative from the NITDA is part of the