By KAYODE TOKEDE,  Lagos Federal and state generating revenue service agencies generated a whopping sum of N99.26 billion as tax income from Zenith Bank and 15 other firms in the country between January to June of 2017 (H1), investigation by LEADERSHIP has revealed. A total of seven financial institutions, two industrial companies, four petroleum marketing companies, one conglomerate, one household company and a multinational company were investigated by LEADERSHIP. Of the N99.26 billion revenue paid by these companies, the seven financial institutions contributed about 77.4 per cent or N73.5 billion of the total revenue, as federal government continued to brace up its policies that will enforce tax payment compliance across the country. According to LEADERSHIP findings, the 16 firms had paid revenue services agencies N99.9 billion between January to June of 2016. United Bank for Africa (UBA) leads in the list of financial institutions tax payment in six months of 2017, followed by...
The Nigerian Copyright Commission (NCC) says it has seized pirated materials worth about N926 million in the last eight months in Lagos metropolis. Mr. Obi Ezeilo, the Zonal Manager of the Commission, Lagos Office, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos. He said that the seizures were made between January and August 2017 in several locations within the city. “NCC has scaled up its enforcement activities in the last eight months and we have seized pirated items to the tune of over N926 million, removed from containers at Apapa Port, warehouses and shops. “So, in terms of enforcement and prosecution, things have dramatically changed over the last eight months and the creative industry should be well aware of that.” According to him, 12 suspected pirates were arrested in the last eight months while 21 pending cases are in court. He said that the Commission had also...
By MARY TITUS, Abuja - The chairman of Bon Hotels International West Africa, Mr Otto Stehlik, has said the group will continue to be in the forefront of the efforts to ensure that Nigerians have the rights skills that will drive the nation’s tourism and hospitality sectors of the economy. According to him, whatever challenges Nigeria is facing in terms of making tourism and hospitality a national revenue earner, will become a thing of the past, when basic issues that slows the economy are resolved. Speaking in Lagos when the board and management of Bon Hotels International West Africa, in partnership with African Alliance Group, (AAG) hosted Corporate Nigeria in Lagos, Stehlik said the special dinner invitation was part of the group’s effort to ensure that Africans and Nigerians in particular have great competitive advantages against European and American in terms of managing world class hotel groups. He said though Africa remains a...
By Bukola Idowu, Lagos Nine banks in the first six months of the year made N59.596 billion from account maintenance charges and electronic banking fees even as customers continue to groan under the several bank charges that are deducted from their accounts. United Bank for Africa, Stanbic IBTC, Access Bank, Guaranty Trust Bank, Zenith Bank, FBN Holdings, Diamond and Fidelity Banks had jointly made N34.849 billion through electronic banking charges, although it was less than N76.155 billion which they made through the same channel in the first half of 2016. With the exception of Zenith Bank which recorded a rise in income from electronic banking fees, the other banks had significant declines in the income from electronic channels. There was also a decline in what the banks made through account maintenance charges. In the first half of the year, eight banks made N24.747 billion, a reduction in the charges compared to N28.368 billion...
The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Wednesday said that the bank would continue to explore further avenues to ensure that interest rates were supportive of domestic production needs. Emefiele said this while delivering a keynote address at the 24th edition of the CBN annual seminar for finance correspondents and business editors in Awka. The theme of the dseminar is “Import Substitution and the Dynamics of Interest and Exchange Rates Management in Nigeria”. Emefiele, represented by Mr Issac Okorafor, Acting Director, Corporate Communications Department, said CBN would also continually fine tune measures to ensure and guarantee a stable exchange rate regime. With on-going recovery in economic performance, he said the CBN would record improved outcomes in its effort towards taming inflation, reducing interest rates and guaranteeing exchange rate stability. The governor added that the bank was consistently devising ingenious approaches to solve the country’s peculiar challenges and would continue...
stories By Chika Okeke,  Abuja The President/Chairman of Council, Association of Housing Corporations of Nigeria (AHCN), QS Mohammed Baba Adamu has stated that despite the commitment of Federal Mortgage Bank of Nigeria (FMBN) to housing development that Nigeria’s housing needs are still high. Adamu who stated this in Abuja when he led members of the association on a courtesy visit to the headquarters of FMBN, said the commitment was manifested in the bank’s recent reforms which provided effective avenue for housing finance. According to him, “we are aware of the diverse housing problems in the country and the enormous challenges of government in tackling these problems over the years despite all efforts of successive governments.” He noted that the activities of the association over the decades gave birth to the Federal Housing Authority (FHA), Nigerian Building and Road Research Institute (NBRRI), the 1990 National Housing Policy (NHP), National Housing Fund (NHF) and FMBN. He...
...Says Nigerians must go back to farming By MSUE AZA, Kafuna President Muhammadu Buhari yesterday in Kaduna, commissioned the 150 million dollar Olam Poultry Farm and Feed Mill, saying Nigerians must go into full farming to build the nation’s distressed economy. Buhari, while declaring that change was gaining momentum in the agricultural sector, noted that Nigeria’s exit from economic recession, according to the National Bureau of Statistics, could only be applauded with its positive impact on Nigerians. The President who arrived at premises of the Olam grains company along Kilometer 24 Abuja-Kaduna expressway, left shortly to Abuja to receive Ghanaian President. He stressed that with the country’s exit from recession, it was clear that Nigeria was getting out of its worst economic challenges. Minister of Agriculture, Chief Audu Ogbe, who read Buhari’s speech, said with the commissioning of Olam Integrated facilities in Kaduna, foreigners have realised that Nigeria is a destination for conducive investments. Buhari...
BY Kayode Tokede, Lagos Naira against the Dollar at parallel market dropped to N367 as speculation over Dollar currency scarcity hits market. The naira traded at N366 against the Dollar and N367 in some parts of the country as against N365/N364 which it exchanged early in the week. The Central Bank of Nigeria (CBN) on Tuesday intervened in the foreign exchange market on Tuesday, injecting $250 million. The naira thus exchanged for N476 against the pound from N472 the previous day and exchanged for N436 to the Euro as against N432 on Monday. On the Investors & Exporters Foreign Exchange Window (IEFX), the Naira closed trading at N360.00 from N359.16 it opened for trading while daily turnover increased to $110.25 million. On the international market, the naira traded at N359.43 to a dollar as against N353.99 which it traded at on Monday. It traded at N476.78 to the British pound as against...
By Bukola Idowu, lagos and MARK ITSIBOR, Abuja - In an effort to further attract foreign capital into the country, the Central Bank of Nigeria (CBN) has begun issuing electronic certificates for capital imported into the country by improving its currency transfer process. CBN in a circular signed by its director, Trade and Exchange Department, W.D. Gotring said the new certificate will replace a hard copy now issued when capital is imported. According to the apex bank, the move is targeted at enhancing transparency and efficient processing of foreign investment to the country. Investors or companies are required by a 1995 law to get certificates within 24 hours declaring they have invested foreign currency in Nigeria. They must have the certificates to repatriate returns on those investments. Under the old rule, investors struggled to meet the one-day deadline to get the certificates, bankers say. Nigeria grew out of recession in the second quarter...
By CHIMA AKWAJA, Lagos - Nigeria is to experience huge technology transfer of over $4 billion from India as the governments of both countries rekindle long- standing relationships at the third Indo-Africa ICT Expo which ended yesterday in Lagos with over 3,000 delegates from across Africa and India witnessing the inauguration of the technology event. Already having strong presence in Africa, India, through the conference is seeking stronger ties with Nigeria in particular, and has therefore offered its assistance in all areas of technology. Along those lines, the Nigerian minister of communications, Barrister Adebayo Shittu,  who led the ministers from India, Ghana and top officials from Ethiopia, Rwanda and other African countries to inaugurate the conference, in his keynote address at the event expressed the country’s readiness to partner with India in all possible areas to achieve a digital economy Nigeria. Shittu, who allayed fears of stakeholders in the ICT industry about the...