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The Tax Appeal Tribunal (TAT) has directed the Nigeria Liquefied Natural Gas (NLNG) Limited to pay the Federal Inland Revenue Service (FIRS) $27.5 million as full and final settlement of the revised company income tax (CIT) for the 2016 assessment year. According to NAN, this directive was part of a judgment delivered by the tribunal sitting …
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A daring escape took place at the high-security Koutoukalé prison in Niger on Thursday, July 11, resulting in the freedom of hundreds of terrorists, criminals, and drug traffickers. The prison, located near the capital city of Niamey, was the scene of a violent mutiny that overwhelmed guards and allowed inmates to escape with weapons and …
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A major drug cartel behind the production and distribution of deadly psychoactive substance, methamphetamine, popularly called ‘mkpuru mmiri’ has been taken down by operatives of the National Drug Law Enforcement Agency, NDLEA, following the arrest of the leader of the syndicate, 42-year-old Joachin Chikaodi Mbonu and his associate in his mansion tucked in his Umuomi …
The Port Terminal Multiservices Limited Command of Nigeria Customs Service has collected a total of N152,648,517,532.05 between January and June 2024 which represents 49.7% increase above the N101,981,098,502.07 collected same period of 2023. Customs Area Controller of the command,Comptroller Tenny Daniyan disclosed that the 2024 half year collection is N50,667,419,029.98 higher than previous year’s figures …
A former Chairman of the Special Investigation Panel for the Recovery of Public Property, Okoi Obono-Obla, has alleged that the loot recovered by his panel under former President Muhammadu Buhari were returned to the looters. He added that the Buhari administration failed to fight corruption, supposedly the bedrock of people’s trust in him. Obono-Obla, who …
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– The biggest U.S. banks would have enough capital to withstand severe economic and market turmoil, the Federal Reserve’s annual “stress test” exercise showed on Wednesday, but firms faced steeper hypothetical losses this year due to riskier portfolios. The exercise found 31 big banks would weather a spike in the jobless rate, severe market volatility, …
Nigerian Exchange Group Plc (NGX) announced the launch of NGX Invest, a cutting-edge web application designed to transform the primary market equity capital-raising process, specifically public offers and rights issues. This innovative platform aims to enhance efficiency and ensure regulatory compliance for all stakeholders in the capital market. NGX Invest represents a significant leap forward in digitalising equity …
Consequent on the judgment of Justice Kehinde Ogundare of the Federal High Court sitting in Lagos on the terms of settlement of the three-count charges bordering on abuse of Naira notes preferred against Okechukwu Pascal (alias Cubana Chief Priest) by the Economic and Financial Crimes Commission, EFCC, it is needful to emphasise that the Commission …
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The Central Bank of Nigeria (CBN) has permitted eligible International Money Transfer Operators (IMTOs) to sell foreign exchange (FX) on Nigeria’s official window. This directive, effective immediately, is part of CBN’s plan to ensure greater remittance flows through formal channels and improve the efficiency of the foreign exchange market. The circular read: “As part of …
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Global ratings agency, Moody’s, has stated that in 2024, Nigeria will spend about 36 per cent of its revenue on interest spending on debt.In a review of the Nigerian economy, the firm noted that the country’s credit outlook was positive, citing the sustenance of reforms instituted in 2023. It further pointed out that the hawkish …
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