Tuesday, December 18Penning issues that shape nations...

BUSINESS

Report: SPDC JV Paid N5.31 Trillion To Nigeria Government In 4 Years

Report: SPDC JV Paid N5.31 Trillion To Nigeria Government In 4 Years

BUSINESS, NEWS
  Shell Petroleum Development Company, (SPDC), joint partner's economic contribution to the Nigerian government between 2013-2017 is $23 billion (N5.31 trillion). The monies were paid under the joint venture agreement between government-owned Nigerian National Petroleum Corporation (NNPC 55% share), SPDC, (30% share), Total E&P Nigeria LTD (10%) and the Eni subsidiary Nigerian Agip Oil Company Limited (5%). Shell's share of royalties and corporate taxes paid to the federal government in 2017 stood at approximately $1.1billion (N333.33 billion), SPDC $0.4billion; SNEPCo $0.7 billion). This was contained in latest edition (April 2018) of "Shell In Nigeria Briefing Notes" which was presented to journalists in Warri, Delta state on Thursday. The copy of the document...
Boosting Maritime Business Top Chant Of Forthcoming Warri Economic Summit

Boosting Maritime Business Top Chant Of Forthcoming Warri Economic Summit

BUSINESS, NEWS
The need to re-energize the socio-economic life of Warri, the commercial nerve center of Delta state with the view to identifying growth and profit centres like the moribund Maritime business is the key objective of hosting the Warri Economic Summit 2018. Chairman of Warri South Council Area of Delta State, Hon. Michael Tidi stated this while addressing newsmen on Thursday, on the summit tagged; “Warri Rising” in partnership with the other organizations. He said the summit is also aimed at drawing national and International attention to the economic and security challenges facing the oil city. According to him, the non-dredging of the Warri river to allow bigger vessel free passage to the Warri Port would be dweller on by resource persons who would proffer solution to the prob
Emir Sanusi Knocks Osinbajo, Ministers Over Absent From Washington Investors Meeting

Emir Sanusi Knocks Osinbajo, Ministers Over Absent From Washington Investors Meeting

BUSINESS, NEWS
Sanusi Lamido, the Emir of Kano has expressed anger over the absence of the Vice President, Yemi Osinbajo and other Ministers at Washington Investment Meeting. In a briefing with journalists in Washington on Saturday, the United States’ capital, in an event organised by the Nigerian embassy in Washington DC, Sanusi Lamido said, “We had a meeting today with investors. We came in, then they trooped into the Ambassador’s office to sit down, while investors were waiting,” he said. He added, “We had a list of people who were in town. The Vice President, some ministers, were in town, they haven’t come up.” According to the Sanusi, government officials who were suppose to attend the event were absent, and this has brought about worries that Nigeria might lose investment opportunities
How EFCC Recovered N28bn For FIRS – Babatunde Fowler

How EFCC Recovered N28bn For FIRS – Babatunde Fowler

BUSINESS, NEWS
  Babatunde Fowler, Executive Chairman of the Federal Inland Revenue Service, FIRS, has lauded the Economic and Financial Crimes Commission, EFCC for its role particularly in the recovery of N28billion from various tax defaulters across the country. “Through the intervention of the EFCC, the agency has been experiencing high level of tax compliance and it’s yielding positive results”, he said. Fowler gave the commendation on Tuesday, April 10, 2018 when he led a delegation of the FIRS officials comprising top management members of the agency on a visit to the EFCC. According to him, “when tax defaulters are reported and invited to your office (EFCC), we see results, we don’t know how you do it, but we are seeing results and people are complying”. He believed that th
We’ll Protect Investors, Police Assured NFF President, Council Boss In Warri

We’ll Protect Investors, Police Assured NFF President, Council Boss In Warri

BUSINESS, NEWS
  The police boss in charge of "B" Division, Warri, Delta state, CSP Annette Eyoh has assured investors of a safer environment, saying that the police will do everything possible to ensure that businesses are protected in Warri. He spoke recently during the inspection of the construction work at the site of Brown-Hill Events Centre, Ogunu in Warri, being erected by President of Nigeria Football Federation, NFF, Mr. Amaju Melvin Pinnick in the metropolis. The police boss said that they will do everything possible within their powers to ensure criminal elements are flushed out of the city of Warri and its environs in order to make it more business conducive for investors and the people. “We must protect our investors and to achieve this, we must create a peaceful environ
Seplat Says It Has Refinanced Its US$300m Revolving Credit Facility

Seplat Says It Has Refinanced Its US$300m Revolving Credit Facility

BUSINESS, NEWS
Nigerian indigenous oil and gas firm, Seplat Petroleum Development Company Plc, has announced that it has successfully refinanced its existing US$300 million Revolving Credit Facility (RCF) due December 2018 with a new four year US$300 million revolving credit facility due June 2022. Seplat Petroleum Development Company which is listed on both the Nigeria Stock Exchange and London Stock Exchange, says the RCF carries initial interest of Libor +6 percent payable semi-annually. In conjunction with the issuance of the US$350 million 9.25 percent senior notes due 2023, the pricing of which was announced separately on Tuesday, the Company envisages its pro forma gross debt post-closing of both the Notes and the RCF will be US$550 million. The proceeds from the Notes and RCF will b...
Fowler: We’ll Soon Start Selling Properties Of Companies Who Don’t Pay Tax

Fowler: We’ll Soon Start Selling Properties Of Companies Who Don’t Pay Tax

BUSINESS, NEWS
Babatunde Fowler, executive chairman, Federal Inland Revenue Service (FIRS), says the federal government is processing court documents that will allow it sell properties of companies who have been evading taxes. Speaking on Wednesday on The Core, a Channels Television programme hosted by Kadaria Ahmed, but reported by TheCable, Fowler said the N20 billion realised from the voluntary assets and income declaration scheme (VAIDS) was paid by 262 people. “We have identified properties worth N2 trillion that belong to corporate organisations that have never filed any tax and now we are in the process of getting a court order to start selling those properties if the owners do not come and pay the taxes,” the former executive chairman of Lagos Inland Revenue Service said. “And this i
Sterling Bank Fingered In Alleged Unlawful ‘Conversion’ Of N219m Belonging To A Customer

Sterling Bank Fingered In Alleged Unlawful ‘Conversion’ Of N219m Belonging To A Customer

BUSINESS, NEWS
The Management of Sterling Bank Plc, has been allegedly accused of unlawful 'conversion' of the sum of N219,000,000.00 (Two hundred and Nineteen Million Naira) belonging to Ohha Microfinance Bank Ltd. This followed a transaction between the said Microfinance Bank Ltd and the Branch Manager, Market Road Branch, Enugu State,  Mr. Oliver Anidiobi who reportedly received the said sum of money from the Microfinance Bank and also acted as its Account Manager. BigPen Online was told that Ohha Microfinance Bank Ltd maintained two fixed deposit accounts with Sterling Bank Plc with Account No. 514/1152051/74/0 Deal Ref. Slip No. DD No. 0138058 and Account No. 514/11520505/1/74/1 Deal Ref. Slip No. DD No. 0133059. It was gathered that Sterling Bank Plc at point of lodging the sum informe
Fake Tax Officials On The Prowl In Nigeria, Finance Minister Raises Alarm

Fake Tax Officials On The Prowl In Nigeria, Finance Minister Raises Alarm

BUSINESS, NEWS
  Kemi Adeosun, Nigerian Minister of Finance, has warned that phone calls purportedly from tax officials should be verified as they may be faked. Mrs. Adeosun advised tax payers to demand for written notice when they receive phone calls from tax officials. She was responding to the activities of some fake tax officials alleging to be officials of the Voluntary Assets and Income Declaration Scheme (VAIDS). In a statement on Sunday, the Minister said, “My attention has been drawn to reports of some unidentified tax officials requesting for bank details and address of tax payers. “If you receive a phone call from someone claiming to be from the Tax Office, do not panic. Ask them to send you a written notice. Do not provide any details like your address or bank details,
Medview Aborts Flight, Applies Emergency Brakes on Runway

Medview Aborts Flight, Applies Emergency Brakes on Runway

BUSINESS, NEWS
Medview Airline on Sunday suddenly aborted it’s trip to Maiduguri few minutes taxing on the runway in Abuja, Nigeria’s capital city. The aircraft carrying over 90 passengers on board was brought to a sudden halt after the pilot applied what could be best described as an emergency brake. “It’s not something that can be fixed quickly, we need to get a component of the aircraft from Lagos,” says captain Niyi Ogunowo, the flight pilot. Passengers who were all wearing long faces were full of praises to God as the incident didn’t happen after take off. “I give thanks to God that this incident didn’t occur while the flight was on the air; only God knows what would have happened. “At the same time I appreciate  God for His supernatural intervention; only God knows the disaster that