Business

The Court of Appeal, Lagos Division, has dismissed an appeal brought before it by Barrister Jimoh Ibrahim, the chairman of Global Fleet Group who is challenging the seizure of 12 of his assets by the Asset Management Corporation of Nigeria (AMCON), and freezing of all his accounts over his alleged N69.4billion debt. The judges upheld the arguments of AMCON’s lead…

The Lagos Internal Revenue Service (LIRS) and the Federal Inland Revenue Service (FIRS) have issued a public notice on the Memorandum of Understanding (MoU) signed by both agencies to establish a Joint FIRS and LIRS Audit and Investigation Team aimed at encouraging the exchange of information between both agencies. In a communique signed by Ayodele Subair, Executive Chairman, LIRS, and…

Bank customers applying for Form A and demanding foreign exchange (FX) are mandated to present Tax Clearance Certificate (TCC) alongside other required documents on the Central Bank of Nigeria (CBN)’s Trade Monitoring System Portal. Form A is an application form designed by the CBN to pay for service transactions (invisible trade) like foreign tuition, training courses and medical bills. FCMB…

The National Bureau of Statistics (NBS) on Tuesday disclosed that at the end      of            2021,     tax-to-Gross Domestic Product (GDP) ratio stood at 10.86 per cent for Nigeria   compared to an estimated six per cent previously reported.                According to NBS report, revenue from oil taxes in 2021 stood at N2.15trillion from N1.65trillion in 2020, while non-oil taxes was at N16.7trillion in 2021…

BUA Cement Plc has announced on the Nigerian Exchange Limited (NGX) that it had secured a $500 million facility from the International Finance Corporation (IFC) and partners to develop energy-efficient cement production capacity and strengthen its equipment and logistics capabilities in northern Nigeria. The company, in a statement, said this investment, marked the largest-ever investment by IFC, will create up…

…2nd in Sustainability brand in Africa among top 100 brands For the sixth consecutive year, the Dangote brand has been adjudged as the Most Admired African Brand among top 100 brands in the continent. Dangote, as the most Admired African when respondents are prompted to recall an African brand specifically was followed by the Telecommunication outfit, MTN in the second…

The Securities and Exchange Commission (SEC) has expressed its determination to deepen and diversify the capital market in a bid to create more wealth for investors and Nigerians as well as stimulate economic growth. This was stated by the Director General of the SEC, Mr. Lamido Yuguda during a meeting at the weekend. He stated that when capital markets are…

Following the recent review of its Differential Premium Assessment System (DPAS) Framework, the Nigeria Deposit Insurance Corporation (NDIC) has sought input from critical stakeholders towards making the document more robust and all-embracing. In a release by the Director, of Communication and Public Affairs Department, Bashir Alhassan Nuhu, the NDIC said the Differential Premium Assessment System Framework was reviewed to make…

FBN Holdings Plc on Friday reported 5.26 per cent drop in profit before tax over hike in total operating expenses in the full year ended December 31, 2022. The Holdings’ reported profit before tax dropped to N157.9billion in 2022 from N166.66billion reported in 2021, while profit after tax dropped by nearly 10 per cent to N136.31billion in 2022 from N151.15billion…

Access Bank Plc has launched a French Business Desk to strengthen business relationships between Nigeria and France. This followed the opening in Paris earlier this month the first subsidiary of the bank in the European Union. The Access Bank French Desk in partnership with Business France, was created as a platform to connect French and Nigerian companies, providing them with…