Economy
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FIRS commences full-scale enforcement on defaulting taxpayers
The Joint Tax Board (JTB) in collaboration with the Federal Inland Revenue Service (FIRS) would immediately commence a “full scale Enforcement Exercise” on defaulting taxpayers. This was disclosed in a statement by the Special Assistant to the Executive Chairman of the FIRS, Johannes Wojuola on Tuesday. According to the statement the decision was “upon the effluxion of the amnesty provided…
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Dangote says new cement promo is way of giving back N1bn to its customers
Dangote Cement’s sales Director, Funmi Sanni has stated that the ongoing cement promo of the company is a way of giving back a whopping sum of N1 billion to its loyal customers.She said customers are Kings and Queens and that the customers’ have done so much to ensure the dominance of Dangote Cement in the market, and as such, giving…
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Twitter vows legal fight after Musk pulls out of $44bn deal
Elon Musk, the chief executive officer of Tesla (TSLA.O) and the world’s richest person, said on Friday he was terminating his $44 billion deal to buy Twitter (TWTR.N) because the social media company had breached multiple provisions of the merger agreement. Twitter’s chairman, Bret Taylor, said on the micro-blogging platform that the board planned to pursue legal action to enforce…
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Kenyan court freezes Flutterwave bank accounts over alleged money laundering
A high court in Kenya has granted an exparte motion which sought temporary freezing of bank accounts belonging to Nigerian fintech Flutterwave and four Kenyans on the request of the Assets Recovery Agency (ARA), the agency said. According to reports, the deposit of Sh7 billion ($59 million) from 56 accounts in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB and Co-operative…
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Equities market appreciates by N12bn over gains in large/medium capitalised stocks
Equities trading at the Nigerian Exchange Limited (NGX) on Thursday posted its first gain this week as capitalisation gained by N12 billion. In summary, the All-Share Index (ASI) grew by 7.19 basis points or 0.01 per cent to close at 51,563.73 basis points. Similarly, the overall market capitalisation value gained N12 billion to close at N27.807 trillion. The market positive…
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Flutterwave denies money laundering allegations in Kenya
Fintech company Flutterwave has denied allegations of money laundering levelled against the Kenya arm of the company. The company denied the allegations in a statement released on Monday. Kenyan newspaper, The Star, had reported that the country’s high court had frozen 56 bank accounts, including Flutterwave’s, holding a whopping Sh7 billion ($59 million) suspected to have been laundered by foreign…
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We’ll ensure changes in DisCos don’t disrupt service – FG
Minister of Power, Mr Abubakar Aliyu says the ministry will ensure that the changes in corporate governance do not impact on the service and stability of the Distribution Companies (DisCos). Mal Isa Sanusi, Special Adviser on Media to the minister, made this known in a statement in Abuja on Wednesday. Sanusi said that the minister had reassured electricity consumers that…
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FIRS boss charges professional bodies on contribution to Nigeria’s tax devt
Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has called on professional bodies in the regulation of tax practice to lead conversations on matters of tax policy and tax laws in the country. Nami made the call on Wednesday while hosting a meeting of the Council Members of the Chartered Institute of Taxation of Nigeria (CITN), the Institute…
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Equities market drops by N16bn as Champion Breweries, NEM Insurance lead losers table
The equities market of the Nigerian Exchange Limited (NGX) extended its losing streak for the third consecutive session as market capitalisation shed N16 billion. The NGX All Share Index (ASI) decreased by 29.96 basis points or 0.06 per cent to close at 51,556.54 basis points. Similarly, the market capitalisation lost N16 billion to close at N27.795 trillion. The downturn was impacted by…
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Nigeria, Ghana to promote efficiency in regulatory oversight
In recognition of the importance of enhanced coordination and cooperation concerning issues of common regulatory interest, the Securities and Exchange Commission (SEC) Nigeria has pledged to work with her Ghanaian counterpart to achieve desired results. This is in order to nurture market innovation and fair competition as well as to promote efficiency in regulatory oversight within the west African sub…
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