Author Archives: NW Reporter

FIRS formulates new tax regime for multinationals, enterprises

The Federal Inland Revenue Service (FIRS) has developed a new tax regime for multinationals and enterprises operating in the country. Speaking in Lagos at the opening of a stakeholders’ engagement on ‘Filing of Transfer Pricing (TP) Returns,” the acting Executive Chairman, FIRS, Alhaji Kabir Mashi, said the regime would also help fight tax evasion that are embedded in under-pricing of ...

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Part of Transcorp Hotel in Calabar Razed by Fire

The power generating section of Transcorp Metropolitan Hotel in Calabar, Cross River State was on Friday razed down by fire. The incident, which occurred around 4pm was said to have been caused by a pumping machine which ignited while one of the staff of the hotel staff was trying to refuel a 500kv generator from the storage tank. Although no ...

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FG, states, LG share N629.12bn for January

The Federal Government, states and local governments in Abuja on Thursday shared N629.12 billion from the Federation Account for January. The Accountant-General of the Federation, Jonah Otunla, made the announcement when he briefed newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting. Otunla said that the distributed revenue, which included Value Added Tax (VAT), had a gross ...

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Minister calls for Forensic audit of missing $20b oil money

The Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, in Abuja called for independent forensic audit to resolve the puzzle over unremitted funds to the CBN. Okonjo-Iweala made the call at the Senate Committee on Finance hearing on the alleged missing $20 billion. “Let us now focus on the original $10. 8 billion which was the shortfall we had as ...

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AVCA invests $10m in Nigerian SMEs

Small and Medium Enterprises (SMEs) in Nigeria on have received a boost with the investment of $10 million in the sector by the African Private Equity and Venture Capital Association (AVCA). Tokunboh Ishmael, a board member of AVCA, disclosed this at a press briefing heralding the association’s 11th annual conference in Lagos. Ishmael, who is also the Chief Executive Officer, ...

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Dana Air begins local flights

Dana Air will next Tuesday recommence two daily flights between Lagos and Port Harcourt. The re-launch of its flight services comes on the back of the heels of the recent addition of a Boeing 737-500 series aircraft as well as the successful outcome of an operational audit conducted on its entire operations by the Nigeria Civil Aviation Authority Flight Safety ...

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Nigeria May Devalue Naira By 2015

Nigeria’s currency may be devalued in 2015 as forex reserves reduces and the naira feels the pressure following the US Federal Reserve’s tapering policy, a recent research indicates. The research by leading Emerging Markets & Frontiers investment bank, Renaissance Capital projects an $8 billion decline in Nigeria’s forex reserves. The report was released after the company’s 5th Annual Pan-Africa Investor ...

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NERC to quicken power sector growth

The Nigerian Electricity Regulatory Commission (NERC) said it would fast-track the implementation of local content development in the electricity sector to grow the sector. Dr Sam Amadi, Chairman of NERC, made the promise in Abuja at a public consultation on the draft of the enforcement regulation on national content development for the electricity market. He said that the regulation was ...

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Two filling stations sealed for hoarding, diverting kerosene

The Department of Petroleum Resources (DPR) has sealed two filling stations for hoarding and diverting 25 truckloads of kerosene. The filling stations are Sunmart Progress Nigeria Limited at Giri on Gwagwalada Road, Abuja, and Ajifun Investment Nigeria Limited on Abuja-Kaduna Express Way, Suleja, Niger. The stations were sealed during a routine inspection and monitoring of filling stations by the DPR ...

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Public warned on bogus money changers

The Association of Bureau De Change Operators of Nigeria (ABCON) has urged members of the public to be wary of unregistered money changers who were in the habit of defrauding people. The association said it had come to its attention that some fraudsters posing a bureau de change operators had set up shop to swindle people. To checkmate the trend, ...

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