NAIJA BIZ

FIRS tightens noose on deduction of stamp duty, CIT, others

The Federal Inland Revenue Service (FIRS) has tightened regulations regarding payments of Stamp Duty, Withholding Tax and Company Income Tax (CIT). This is in a bid to curb tax evaders or defaulters in the country. Chairman, FIRS, Muhammad Nami, insisted that revenue collecting agencies must now deduct stamp duty, withholding tax and CIT from their […]

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FIRS’ Nami doubtful of meeting Buhari’s revenue target, runs to Lagos for help

The Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammed Nami, said his agency might not meet the N8.5 trillion revenue target set by his principal, President Muhammadu Buhari. Nami said that for such ‘unusual’ target to be visible, it would need the Lagos Inland Revenue Service (LIRS) to share certain information. According to the FIRS boss, the […]

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MainOne’s subsidiary set to launch local version of Microsoft Stack Cloud

MainOne’s data centre subsidiary, MDXi, is set to announce the local launch of Microsoft’s Azure Stack to its customers. This will become part of the company’s managed cloud services. According to a press statement that was seen by Nairametrics, MDXi will launch the Stack platform in collaboration with Microsoft and HPE. The service will officially be […]

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World Bank approves $2.2 billion loan for Nigeria

World Bank, has approved about $2.2 billion loan for Nigeria to drive human capital and economic development across the country in 2020. The global lender explained that the fund is meant to be channelled to boost public and private sector capacity on governance, social and environmental safeguards, immunization, digital economy. These projects are expected to […]

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Nigeria lost $750 million to crude oil theft in 2019 – NNPC

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said Nigeria lost about $750 million to crude oil theft in 2019. According to him, the operations of the NNPC had been under threat from oil thieves and pirates. Attacks weaken Nigeria’s economy: Kyari explained that the continued attack on the operation of NNPC […]

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Senate invites Bigi and Pepsi manufacturers, as stiff competition continues

Popular soft drinks manufacturers, Messrs 7-Up Bottling Company, makers of Pepsi, and Rites Foods Limited, makers of Bigi drinks were recently invited by the Nigerian Senate to resolve the issue of competition between them. The Senate Committee on Ethics, Privileges and Public Petitions invited the companies to a closed-door meeting following a petition by the lawyers of Rites Foods […]

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US gives Buhari condition for Nigeria’s travel ban review

The United States Government has stated that the recent visa policy ban placed on Nigeria is a temporary measure, as it gave the Nigerian government conditions that could likely necessitate the review of the ban. The condition involves Nigeria improving on its data intelligence such that it would be easy to investigate any immigrant wishing to visit the […]

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DMO appoints new Government Stockbroker

The Debt Management Office (DMO) has announced the appointment of City Stockbrokers Limited (CSL), a member of the FCMB Group Plc, as the new Government Stockbroker. Following the appointment, City Stockbrokers Limited would replace Stanbic IBTC Stockbrokers Limited, which served as the first Federal Government Stockbroker, with the mandate that includes posting Bid and Offer Prices on […]

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HSBC to reduce staff strength by 35,000, restructures operations

One of the largest banking and financial services organisations in the world, Hongkong and Shanghai Banking Corporation (HSBC) has decided to cut 35,000 jobs worldwide over the next three years as it restructures its operations and streamlines it to Asia. Why it matters: The bank said the action would be taken because it needed to reduce costs and build a […]

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Carbon supports Techpreneurs in Africa with $100,000 fund initiative

Carbon has introduced Disrupt Fund, a $100,000 Pan-African fund, to reduce the lack of funding holding back budding tech entrepreneurs on the continent. In a statement issued by Carbon and seen by Nairametrics, the Fintech firm disclosed that it is committed to helping ‘Techpreneurs’ surmount funding challenges limiting their operations. Details: Disrupt Fund was designed to invest […]

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Despite intensive advertising, International Breweries reported lower revenue and a loss

By all means, International Breweries Plc was very aggressive with its marketing and advertising strategies in 2019. However, it appears that the effort did not quite reflect in the brewer’s bottom line. This is because not only did revenue drop, there was a loss after tax of N9.1 billion in Q4 2019. International Breweries is the second-largest brewer […]

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Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry

Many Nigerians have taken to Twitter to express their displeasure over news that members of Nigeria’s House of Representatives have chosen to buy foreign cars as utility vehicles, after rejecting an initial proposal to patronise local carmakers like Innoson. The lawmakers resolved to purchase some 400 units of Toyota Camry 2020 model instead. Note that the exotic cars cost between N9 million and N12 million, depending on […]

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CBN’s forex intervention is counter-productive – Manufacturers

The Manufacturers Association of Nigeria (MAN) has lamented over the low rate that local raw materials are utilized in the manufacturing sector. The body attributed the development to the policy adopted by the Central Bank of Nigeria’s (CBN) to regulate the official foreign exchange (forex) market. According to MAN, since the CBN commenced the intervention […]