Business Archives - Page 15 of 24

Oct

25

2023

Tax tribunal orders MTN to pay $72.5m

News5G Network, Business, Economy, Metro, MTN

The Lagos State division of the Tax Appeal Tribunal has ordered MTN Nigeria Communications to pay $72,551,059 in tax default to the Federal Inland Revenue Services from 2007 to 2017. However, the Tribunal absolved the telecommunication firm from paying the sum of $21,039,807 as penalties and interest on the principal sum. A five-person panel led by Professor A. B. Hamed gave the verdict and order recently while delivering judgment in an appeal numbered TAT/LZ/VAT/075, filed by the telecommunication company against the request by the FIRS to pay the default. The Office of the Attorney General of the Federation released a…

Sep

19

2023

By Amos Oge Kalu

Nationwide blackout resulting from a new failure of the national grid

Business, Economy, MetroBusiness, Economy, Electoral Amendment Bill, Metro

A nationwide blackout is the result of yet another national grid failure. The national grid apparently failed on Tuesday at 11:31 a.m., according to OHAFIA News. Emeka Ezeh, Head of Corporate Communications, Enugu Electricity Distribution Company, EEDC, verified that the business lost supply from the grid around 11:31 a.m. on Tuesday in an exclusive interview with OHAFIATV News. "In fact, we haven't had supplies since around 11.31 a.m. In our network, sua has not been used. That is the predicament we are in, but there has been no actual proof of a systemic breakdown", he said. The president of the…

Sep

15

2023

By Amos Oge Kalu

The headline inflation rate in Nigeria rises to 25.80%

Business, Economy, MetroBusiness, Economy, Metro

Inflation in Nigeria went from 24.08 percent in July to 25.80 percent in August. This information was released by the National Bureau of Statistics on Friday in its most recent Consumer Price Index Report for August 2023. In comparison to July 2023, the headline inflation rate in August 2023 increased by 1.72 percent. The headline inflation rate was 5.27% points higher on an annual basis than the rate, which was 20.52% in August 2022. As a result, the graph showed that, on an annual basis, the headline inflation rate rose in August 2023 compared to the same month the year…

Aug

14

2023

By Amos Oge Kalu

Forex: CBN takes action to halt the naira’s wild collapse

Business, Economy, Metro, News2023, Business, CBN, Economy, Metro, Next Level

According to the Central Bank of Nigeria, fresh steps would be taken to stabilize the naira's value relative to the dollar. After meeting President Bola Tinubu on Monday at the State House about the bank's efforts to stop the decline, Folasodun Sonubi, acting governor of the CBN, disclosed the information. According to him, President Tinubu voiced his concern about the effects of recent changes in the foreign exchange market, particularly on regular people. The CBN is aggressively trying to increase market liquidity and stability, including resolving challenges in the parallel market, Sonubi said he promised the President. Sonubi emphasized that…

Aug

09

2023

By Amos Oge Kalu

Abia state to provide land as Hungarian company invests $1.5 million to increase manufacturing

Abia State, Business, Economy, News, PoliticsAbia State, Alex Otti, Business, Economy, Politics

The creation of a manufacturing plant within the state is subject to negotiations with the Hungarian company Ortoprofil, which have been authorized by the governor of Abia State, Alex Otti. According to information obtained by Nairametrics, Ortoprofil intends to invest $1.5 million in the state of Abia to create raw materials, shoes, prosthetics, and other items through a partnership. The Governor's Chief Press Secretary (CPS), Kazie Uko, released a statement on Monday announcing this event. The choice was made during a meeting over the weekend between high-ranking members of the Hungarian government, led by Mr. Gabor Kruss, Deputy Ambassador of…