Business

₦23bn accrues to FIRS from taxes on corporate accounts

February 22, 2019 4:31 am

The Federal Inland Revenue Service (FIRS) has generated over ₦23 billion in unpaid taxes from the recently suspended substitution exercise on corporate bank accounts, which was marked by the imposition of restriction on the accounts of tax-defaulting organisations. This was disclosed in Lagos yesterday by the FIRS Chairman, Mr. Babatunde Fowler.

The FIRS boss made the disclosure at the Manufacturers Association of Nigeria (MAN) Interactive Forum on Tax Matters.

Read More…

Illicit financial flows

Nigerians overseas remitted ₦9 trillion in 2018

February 22, 2019 3:35 am

7 times the size of foreign aid to Nigeria

Remittances by Nigerians living abroad provided a boost to the economy in 2018 as the total value of remittance from migrants amounted to $25 billion, (about ₦9 trillion), the highest diaspora inflow into the country in the last 13 years.

Read More…

Central banks in ECOWAS meeting on single currency

February 22, 2019 1:33 am

Central banks of members of the Economic Community of West African States (ECOWAS) are meeting to take stock of the progress made so far on a single currency for the region by 2020.

The 53rd meeting of the Committee of Governors of Central Banks opened on Thursday in Dakar.

The meeting is organized by the Central Bank of West African States (BCEAO) and the West African Monetary Agency (AMAO).

Read More…

Amazon drops plans to build a new headquarters in New York

February 15, 2019 8:39 am

Amazon’s not taking a bite out of the Big Apple after all. The tech behemoth ditched plans to build a new headquarters in New York after facing intense backlash from some community members.

Activists, politicians and others balked at the $1.525 billion in incentives New York offered Amazon to put the headquarters in Long Island City, Queens.

They also feared residents would be priced out of their homes. Amazon had selected New York and Northern Virginia as the dual homes of its second headquarters, each expected to come with 25,000 workers.

So, is New York’s loss another city’s gain? Not …

ExxonMobil allegedly denying Nigerians job offers

February 13, 2019 1:43 am

There are allegations that ExxonMobil may have resorted to anti-labour practices aimed at drastically excluding Nigerians from core activities in the company.

Sources alleged that the intention was to make the company a complete foreign firm in spite of its joint partnership agreement.

In fact, there are allegations that the company has resorted to activities that have continued to quietly eliminate its Nigerian employees and replacing them with hoards of new imports in disregard to Nigeria’s existing laws and development guidelines, thereby subjecting more Nigerians to premature job losses.

Readmore…

Naira remains stable at ₦358 per dollar in parallel market

February 12, 2019 1:46 am

The Naira yesterday was stable at N358 per dollar in the parallel. However, the naira depreciated by 41kobo in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the window rose to N361.95 per dollar from N361.54 per dollar last week Friday translating to 41 kobo depreciation of the naira.

The depreciation was due to a 65 percent decline in volume of dollars traded which fell to $113.86 million from $328.4 million last week Friday.

(Vanguard)…

Foreign Investors leaving en masse from Nigeria

February 10, 2019 10:17 am

A sizable chunk of investment capital belonging to foreign investors found its way out of the shores of Nigeria through the equities market in 2018 compared to 2017. But the Central Bank of Nigeria has expressed the hope that the trend would soon be reversed with renewed efforts to put the economy in proper shape, reports Bamidele Famoofo

In the last three years, the rate of outflow of foreign portfolio investment from the equities trading segment of the Nigerian Stock Exchange has maintained a sustainable increase. Data churned out by the NSE in January which captured the activities in …

Weststar to Introduce Mercedes new GLE in Nigeria

February 9, 2019 1:59 pm

The new GLE, Mercedes-Benz SUV trendsetter is set to debut in Nigeria by the 1st quarter of this year, Weststar Associates Limited, the authorised general distributor of Mercedes-Benz in the country has said.

Weststar’s statement said the Mercedes-Benz GLE has marked a new era for the mid-sized SUV segment. Years after getting a new identity with a change from the M-Class nomenclature to the GLE, the best-selling Mercedes-Benz SUV continues to set the pace. In October 2018, the latest installment of the GLE was presented to the public for the first time at the Paris Motor Show with a …

TRENDING

Breaking

𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

follow on social media

Facebook Twitter Youtube Telegram Linkedin

subscribe to newsletter

© 2018 - 2020 Africa digital news, New York
Powered by

People and Polity