Business

The long-drawn legal battle by the South African Company, Multichoice Africa Holdings B.V with the Nigerian government-owned Federal Inland Revenue Services (FIRS) over the disputed $342m tax has been struck out.

The Tax Appeal Tribunal on Tuesday struck out the appeal instituted by the company for want of diligent prosecution and ordered it to pay up the $342m tax assessment handed over to It by the FIRS.

Multichoice Africa Holdings is the parent company of Multichoice Nigeria and has engaged FIRS in fierce legal fireworks to challenge the assessment of the FIRS on its unpaid Value Added Tax (VAT) amounting …

Britain’s upcoming budget will invest almost £7.0 billion ($9.6 billion, 8.3 billion euros) on transport outside London, the Treasury said on Saturday, as part of plans to cut economic inequality.

Finance minister Rishi Sunak will unveil the transport initiative during his autumn budget and spending review due on Wednesday.

Prime Minister Boris Johnson’s so-called “levelling up” programme is seen as vital to keeping voters in former strongholds of the main opposition Labour party who backed him in the 2019 general election.

Read Also: Britain’s ‘Love Of France Is Ineradicable’ – Boris Johnson

His Conservative party won a swathe of seats …

FBN Holdings (FBNH) Plc has reacted to the viral report about the acquisition of a majority stake in the company by billionaire Femi Otedola.

FBN in a statement to the Nigerian Exchange (NGX) Ltd. said it was yet to receive any notification of the purported acquisition.

The statement signed by the FBNH Company Secretary, Mr Seyi Kosoko, said the company would notify the appropriate agencies and authorities whenever it received any notice of significant shareholding by the registrars.

Read Also: COVID-19: Otedola Calls Out Those Yet To Redeem Pledges

“The attention of FBNH has been drawn to media reports of …

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 7 pips to 6.4307 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day.The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

The safe-haven dollar found support just below last week’s peaks on …

The stunning recent runup in global oil prices could threaten economic growth and is unlikely to retreat until 2023, the World Bank said Thursday.

Average crude prices are expected to end the year at $70 a barrel, 70 percent higher than in 2020, according to the latest Commodity Markets Outlook.

That in turn is pushing up other energy prices like natural gas, the report said.

Read Also: World Bank To Fund Extra COVID-19 Jabs For Poorer Nations

“The surge in energy prices poses significant near-term risks to global inflation and, if sustained, could also weigh on growth in energy-importing countries,” …

Following scarcity of containers, a total of ₦290 billion ($579.75 million) will be paid to shipping lines as freight rates by rice importers before the end of the year. The affected rice importers, who have their rice trapped in Thailand and other Asian countries, are from Nigeria, Ghana, Togo and the Republic of Benin.

Findings by Africa Daily News, New York revealed that in the first week of October 2021, the shipping lines imposed $150 on a tonne of parboiled rice valued at $405 because of scarcity of containers. Of the total amount, it was revealed by the Thai Rice …

Telecommunications giants, MTN Nigeria Communications Plc, has disclosed compensations for its subscribers to make up for the network downtime experienced sometime last Saturday.

Africa Daily News, New York recalls that on October 9, MTN Nigeria users witnessed hours of network failure which was reportedly caused by an outage that left customers without a connection.

Chief Executive Officer, MTN Nigeria, Olutokun Toriola, apologised again to customers for the inconvenience, stating that new measures were being implemented to mitigate a repeat of such an event.

‘On behalf of the entire MTN team, I want to start with a heartfelt apology. We

The Nigerian Communications Commission (NCC) has confirmed it is 97% ready for the imminent implementation of 5G deployment in the country.

In a statement issued on Thursday and made available to Africa Today News, New York, NCC Executive Vice Chairman, Professor Umar Danbatta, confirmed the readiness at the annual African Tech Alliance Forum (AFRITECH) 2021, held in Lagos with the theme: ‘Embracing Changes and Digital Transformation in the New Normal.’

Danbatta stated that this paradigm shift in communication has led to a significant increase in network connectivity requirements as a result of an unprecedented upsurge in internet traffic, occasioned by …

The National Information Technology Development Agency (NITDA), has revealed that the Federal Government has set a target to achieve 95 digital literacy in the country by 2030.

Director-General of NITDA, Kashifu Abdullahi made this disclosure on Tuesday at an Innovation, Research, and Software summit organised by the National Association of Computing Students in Abuja.

Speaking on the topic titled, ‘Technology Renaissance for Innovation and Productivity’, Abdullahi revealed that the government had already trained 200,000 youths in the use productivity tools, digital content creation and digital marketing in 2021 alone.

He said, ‘Globally, the most valuable companies in the …

The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala has stated that the Federal Government of Nigeria’s trade costs are too high to attract foreign investment.

The former Nigerian finance minister disclosed that the cost was equivalent to 306% tariff, one and half times higher than the cost in high-income countries.

She made the declaration via a video link on the second day of the Mid-term Ministerial Performance Review at the presidential villa, Abuja, with President Muhammadu Buhari, ministers and other top government officials in attendance, where she stressed on the need to improve security to attract foreign …

The Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has claimed that only 41 million pay taxes in Nigeria out of the over 200 million population in the country.

Nami made the disclosure on Friday at the ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill’ in Abuja.

He lamented that in spite of the 41 million tax payers in the country, Nigeria still earned lower than what its counterparts across Africa generates from Personal Income Taxes (PIT).

‘If you also compare that with South Africa where they have a total population of about …