Category Archives: Business

Okada With Customized Umbrella Spotted in Lagos (Photos

Such a Unique Pattern, lol.. Its was seen been used by a Bike rider in Lagos.

See more photos below!

P0RN: Some People Use Their Phones To Watch P0rn While Others Do This… [PIC]

On the internet, some people use their phones to watch p0rn. Some use their phones to e-fight. Some use their phones to show how intelligent they are. Some use it to a$$-lick while some use it to make legit money. Money that will keep coming every month and from year to year.

Breaking: Igbo Dominated Market In Jos Destroyed By Strange Heavy Explosive Goods Worth Millions Destroyed (PHOTOS)

Traders on Saturday morning broke down in tears following a fire outbreak which gutted the popular Terminus Market in Jos. The market which is mostly populated by Igbo businessmen was said to have been destroyed some years ago following a bomb explosion which was allegedly linked with the Boko Haram Islamic sect.

During the latest fire incident which was said to have started last night, several warehouses were burnt to ashes.

The total amount of money lost to the incident could not be ascertained as of the time of this report.

The spokesperson of Plateau State Police Command, Matthias Tyopev, a Deputy Superintendent of Police, confirmed the fire incident.

He said, “Yes, there was a fire incident at the popular Terminus market in Jos. Goods and warehouses were destroyed. The Plateau State Commissioner of Police (Undie Adie), and chairman of Jos North Local Government Area were there to ascertain the level of damage and you will get the details from me later.

“For now, we can’t estimate the total amount lost because of the fire because so many people were involved; the money lost unquantifiable because the fire incident was very severe.”

Aggrieved Man Dumps New Range Rover Outside Showroom With Complaints Written On It.

A customer who was driven round the bend by Land Rover has written a list of complaints on his £63,000 motor — and left it outside the showroom. The black Range Rover Vogue has been seen by thousands of motorists a day after it was dumped in the middle of a  central reservation opposite the dealership.

The 2016 model is covered in printed gripes against the company along with the message: “Do not use this dealership.”

Another message on the back door reads: “Range Rover do not care.”

On both sides of the car, the customer has written: “Bad customer service. Totally incompetent, Lack of communication. Cannot fix the car.”

The car has been outside Lancaster Land Rover in Erdington, Birmingham since Tuesday.

Its owner, a soon-to-be dad who does not wish to be named, says he staged the protest to warn off other potential customers.

He claims he bought the motor as a gift for his pregnant wife but within days there were problems with the engine oil and air bags.

He said that despite taking out a three-year warranty, when he called to complain he was left on hold for five-and-a-half hours and nothing was done to repair his car.

A spokesperson from the dealership said: “We do not discuss individual customer cases.

“A general manager and a representative from Land Rover are meeting with the customer on site to agree a way forward.”

The protest has caught the eye of passerby who have posted their thoughts on social media.

REVEALED!! Top 10 Weakest Currency In Africa (See List)

De-Latinos Bubbles Despite Fire Incident; “We’re Back to Business” – Management (Photos)

The Management of De-Latinos Concepts, a popular sit out and club in Umuahia is assuring their esteemed customers and the public that the unfortunate fire incident that occurred on Tuesday night (July 17,2018) at about 11.30pm had since been put under control and normal businesses had resumed.

 

Banks, ex-CEOs indicted as N720b cash disappears

NHIS audit uncovers how funds were stolen through curious investments

THERE is the N720 billion “invested” by the National Health Insurance Scheme (NHIS) in 12 years?

Nobody seems to have an answer. Not even NHIS boss  Prof. Usman Yusuf, The Nation has learnt.

He said the “investments” had no approvals of successive Ministers of Health, past boards of the NHIS and the Office of the Accountant-General of the Federation (OAGF).NHIS

He said billions were lost to diversion and under-payment of interest.

Banks, former Executive Secretaries, select management staff and interest groups were all neck-deep in the scandal, Yusuf alleged.

According to the NHIS Executive Secretary/Chief Executive Officer, there is no trace yet of the N720billion.

Yusuf opened the lid on the corrupt practices in NHIS in a power-point presentation to the agency’s Governing Council in response to a query by the board.

He said when he discovered the scandal, he engaged forensic accountants to get to the root of the matter.

The Nation had exclusively reported that a team raised by the Federal Government  discovered  that over N138billion of the NHIS cash was trapped in 17 banks, financial companies and individuals’ pockets from January 2011 to date.

In a memo to the Executive Secretary, the Chairman of the Governing Council of NHIS, Dr. Enyantu lfenne, asked him to “clear these concerns(trapped funds and Forensic Audit)  and guide Council on the way forward.”

In his response to the query, the Executive Secretary said the rot in the NHIS was unimaginable.

He said: “Over N720billion of NHIS funds were “invested” over 12 years. No approvals from Minister, Board or Office of the Accountant-General of the Federation(OAGF).

“There was no transparency. In the deals were the Chief Executive Officers, banks and other interest groups. Billions of Naira were lost to diversion and underpayment of interest.

“The Executive Secretaries and select management staff were all neck deep in this.”

The Executive Secretary gave insights into the rot he inherited in NHIS and the dispute over forensic audit of the finances/ investments of the agency.

He added: “When I resumed in August 1, 2016, I could not ascertain the state of the finances of the Scheme. My preliminary findings from the review of financial records were shocking to say the least.

“I was unable to ascertain how much of the Scheme’s funds was with commercial banks, for how long and at what rate of return.

“It was unclear to me how much of the Scheme’s money was still with commercial banks before TSA and how much was transferred to TSA.

“The audited accounts of the Scheme for years ended 31st December 2011 to 2016 were in arrears and had not been signed by the previous CEOs.

“In view of all these anomalies and to bring transparency in the finances of the Scheme on December 21st 2016, I engaged the services of professional accounting firm Messrs. Sofura Professional Services to carry out a forensic review of the Scheme’s accounting system and banking transactions.

“Their scope of work included reconciliation of all NHIS current and investment accounts held with commercial banks, reconciliation of NHIS TSA with the CBN.

“Upon their engagement, I called a meeting of NHIS Management made up of all heads of departments and introduced the firm and its partners and the  work they have been engaged to do.

“After the meeting, the firm began its work reviewing documents and interacting with relevant staff. I was briefed regularly by the firm on the progress of the work.

“As part of the work, I wrote letters to commercial banks requesting and mandating them to give them all necessary cooperation relating to their engagement.

“Terms of their engagement were clearly spelt out in their letter of engagement; (I) An annual engagement fee of N2, 300,000.00 per annum for retainership and;

”Reimbursable expenses and fees for each specific service undertaken for the Scheme as may be agreed upon by both parties from time to time will be paid on submission of evidence for payment to the Scheme at the end of each assignment.

“I am pleased to report that this is the first time in the 13-year history of the NHIS that a forensic audit has been undertaken in the operation of the Scheme including a review of the records of the Finance & Accounts, Contribution Management, Audit and Procurement Departments.

“Following my resumption from suspension on February 6, 2018, I became aware of the  engagement of Aruna Bawa & Co. by the office of the Attorney General of the Federation to carry out an audit and recovery of NHIS funds held by financial institutions, Companies and individuals into the Federal Government’s treasury.

“The information on the basis of which Aruna Bawa & Co. sought to recover NHIS funds is a product of work that I, as the CEO of NHIS,  commissioned by engaging Messrs Sofura Professional Services.

“It is noteworthy that  Bawa the principal partner of Aruna Bawa & Co. worked for Sofura professional Services on this assignment.

“In the course of the work, I knew Mr Aruna Bawa as a member of the Sofura team. NHIS has never had any contractual agreement with Mr Bawa or his firm.

“On March 5, 2018, I wrote a letter to the Attorney-General of the Federation (AGF) asking him to cancel the engagement of  Aruna Bawa and his firm as it was based on misrepresentation and that NHIS has no contractual agreement with him.

“I visited the NHIS Council Chairman at her home after inauguration of the board and told her about the issue and that I had written a letter to the AGF asking him to cancel Mr Bawa’s engagement.

“The Chairman suggested I should see the AGF and personally brief him which I promptly did.

“I have been receiving letters from banks asking me to confirm if Bawa is representing the Scheme.

“I have written to the AGF asking him to write to him and all the institutions he had introduced him.

”Messrs Sofura Professional Services is the only legitimate firm that the Scheme has a valid contract with and have been working since engagement.

“In fact, I authorized them to meet with the CBN team yesterday to explain their work at the request of the CBN team which they gave me an update on.

”Apparently, Bawa has been going to the Chairman’s house with bags of documents telling her that I and Messrs Sofura Professional Partners have ulterior motives in our quest to recover NHIS funds, hence the Chairman’s “query”.

The NHIS Executive Secretary also explained why he attended the 71st World Health Assembly in Geneva, Switzerland from May 21 to 26.

He said the trip was not a jamboree as being insinuated in some quarters.

He said: “The World Health Assembly is an annual event by Ministers of Health from member nations.

“Nigeria’s delegation included the Minister of State for Health(HMSH) as the  leader and heads of Agencies under the Federal Ministry of Health(FMoH).

“The theme of the Assembly this year was Universal Healthcare Coverage (UHC). As a signatory to the Commitment to UHC, Nigeria’s delegation was ably represented by the

NHIS which is the lead Agency in Nigeria’s drive to UHC.

“With the commitment of President Muhammadu Buhari’s government to fund the Basic Health Care Provision Fund (BHCPF) for the first time since the passing of the National Health Act, the NHIS will receive N275bn to cover vulnerable Nigerians across all geopolitical zones.

All our development partners are very excited for our government’s political will.

“The World Bank and Gates Foundation have already committed an initial $20m into the fund.

“NHIS delegation of only five was grossly inadequate considering the multiple presentations on UHC, Healthcare financing, Equity in Health care, Resource mobilization, aggregation of fragmented pools etc.”

The Governing Council of NHIS was yet to take action on the submissions of the Executive Secretary and response to its query as at the time of filing this report.


Breaking; MTN May Shutdown Network Soon

There is a strong indication that if the picketing of its companies by the Nigerian Labour Congress, NLC, continues, telecom company, MTN Nigeria may shut down its network. This undoubtedly will have untold consequences on  the economy as millions of Nigerian subscribers and other telecom service providers connected to its network will be down and out.

Damage MTN facility during the picketing

 

The umbrella body of the telecom operators in Nigeria, the Association of Licensed Telecom Operators in Nigeria, ALTON has threatened that it would advise its members to consider preventive shut down in order to avoid further damage to network facilities, if nothing is done to checkmate the situation. In a release signed by the Chairman of the association Engr Gbenga Adebayo, “News of the picketing of the offices and disruption of operations of one of our members has been brought to our attention. ALTON is very concerned about this unfortunate development. Members of ALTON are law-abiding organizations who are committed to best practices in all areas including labour related matters. As responsible corporate citizens, our members have always provided platforms for their employees to associate freely in accordance with the law and the constitution. Employees of our members are able to join or form associations and unions if they so desire. “However, the practice is that membership of any associations and unions is  voluntary. In line with fundamental human rights regarding freedom of association as guaranteed by the constitution, individuals must not be compelled to join an association or union if they do not choose to do so. “Picketing of such nature as reported, leading to injury to persons and damage to properties, creates an unfortunate situation where employees are coerced to join unions and associations without respect for their individual rights of voluntary association. Damage to any telecom facilities will lead to the disruption of critical national security and economic services which will expose innocent citizens to great danger. Damage MTN facility during the picketing “Attempts have been made to disrupt the network operations of some of our members through the shut down and vandalisation of critical network facilities. The implication of such disruption will lead to severe poor quality of services with attendant national security implications and far reaching implications on other services that are dependent on the telecommunications industry. “We hereby strongly request government and its law enforcement agencies to intervene expeditiously; otherwise we will advise our members to consider preventive shut down in order to avoid further damage to network facilities. We trust parties will respect each other’s constitutional rights in the interest of our nation Nigeria”. MTN said on Monday that all efforts it made to have an amicable resolution with the trade  union were futile leading to the union disrupting its operations and damaging its properties. Corporate Relations Executive of MTN Nigeria,   Tobechukwu Okigbo said: “On Monday July 9, 2018, officials of the labour congress were at the MTN offices to picket, but MTN in its civil manner, invited the officials into the headquarters in Ikoyi, Lagos, in order to reach unified decisions and prevent any form of violence or incivility. “However, the protest became violent and disorganized in different locations as properties within MTN premises were vandalized. Doors and gates were destroyed and alleged officials of NLC breached the fences and  forced their way  into the premises. In Ikoyi, MTN flag was lowered and the NLC flag was hoisted in its place. Numerous staff of the company were injured in the process of the protests and many assumed the roles of human shields over their colleagues, protecting them from the angry protesters. “Today’s violence and the needless destruction of property is deeply saddening. As always, our primary concern is the safety and well-being of our employees, some of whom were attacked by supposed NLC operatives and have sustained injuries.”

3 Online Businesses That Makes You Profit From The First Month

For a while, I have tried so hard to motivate those that needed the extra push to wake up from their slumber and make money on the internet, especially the unemployed graduates. Several of them have responded to the calls and have decided to take the bull by the horn. This post will show you businesses that will make you money within 6 months.

NNPC Tanker’s Trailer Boy Seen Battling Fuel Leakage In Lagos (Video)

JUST IN!! Fuel Scarcity Looms As NUPENG Issues 7-Day Ultimatum

MTN Now Allows The Rollover Of Data Plan Bundles As Instructed By NCC

Lagos CEO Arrested And Arraigned Over N97Million Fraud. Photo

 

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, on Thursday, June 28, 2018, arraigned one Efe Egube and his firm, Oceanic Energy Services Limited, before Justice Oluwatoyin Taiwo of the Special Offences Court sitting in Ikeja , Lagos on a two-count charge bordering on forgery and obtaining by false pretence to the tune of N97, 020, 000.00.

The defendant was said to have fraudulently obtained a loan facility from Enterprise Bank( also known as Heritage Bank), with forged documents.

Count one reads: “That you, Efe Egube, Oceanic Energy Services Limited, on or about the 10th day of August, 2013 at Lagos, within the Ikeja Judicial Division, with intent to defraud, obtained the sum of N97, 020, 000.00 (Ninety-seven Million and Twenty Thousand Naira) from Enterprise Bank (a.k.a. Heritage Bank) by falsely representing that the money was the cost of facilitating a Local Purchase Order (LPO) contract from Dangote Industries Limited, which representation you knew to be false.”

Count two reads: “That you, Efe Egube, Oceanic Energy Services Limited, on or about the 25th day of September, 2013 at Lagos, within the Ikeja Judicial Division, knowingly forged a Local Purchase Order (LPO) dated 25th day of September, 2013 with LPO No. 0002775 with intent that the document may in any way be used or acted on as genuine to the prejudice of another.” The defendant, however, pleaded not guilty when the charge was read to him.

In view of his plea, the prosecution counsel, Bilikisu Buhari, asked the court for a trial date and prayed that the defendant be remanded in prison custody.

The defence counsel, E.D. Onyeke, informed the court that he had filed and served the prosecution summons for bail on behalf of his client.

He also prayed the court to grant his client bail in liberal terms. However, the prosecution counsel, Buhari, told the court that the defendant was a flight-risk, adding that he once jumped an administrative bail granted him by the Commission.

After listening to both counsel, Justice Taiwo granted the defendant bail in the sum of N10million, with two sureties in like sum.

One of the sureties must be a close relation to the defendant, while the other must be a land owner within the jurisdiction of the court. The two sureties must be properly identified and their addresses verified by the Court Registrar.

Justice Taiwo adjourned the case to October 18 and 19, 2018 for commencent of trial.

NCC Begins Implementation Of Data Roll-over This Week

Barring any unforeseen circumstance, millions of internet users in Nigeria would this week start enjoying the benefit of rolling over unused data which they could not exhaust at the original expiry date following the introduction of the Data Roll-Over policy by the National Communications Commission (NCC).

According to the NCC, the Data Roll-Over policy would come into effect this week following complaints from millions of data subscribers that they were being short-changed by internet service providers as a result of the non-implementation of the policy in the country.

The official statistics provided by the NCC as at year showed internet users in Nigeria were in the region of between 98.3 million and 149.3 million, connected to mobile telecommunications, with players in the industry predicting steady growth of mobile telecommunications subscribers.

Delivering his address at the 39th edition of Consumer Town Hall Meeting (CTM), in Akpabuyo Local Government Area of Cross River State, the Deputy Director, Consumer Affairs Bureau, Alhaji Ismail Adedigba, said the Data Roll-Over policy was among the latest in the recent directives introduced by the telecommunications regulatory body to ensure that subscribers enjoy the worth of what they subscribed to.

“As you may be aware, the Commission has been inundated with various complaints such as: Unsolicited text messages and calls; Failure/refusal to roll over unused data at the expiration and activation/subscription to data and value-added services (VAS), without prior consent of the subscriber, among others.

“In response to the above major complaints, the Commission, as consumer-centric institution has taken appreciate steps such as: Development of 2442 DND Short Code to solve unsolicited text messages/calls; Issuance of directives to Service Providers on Data Roll-over which now enabled consumers to roll over unused data for period of time, ranging from 1 day to 7 days , depending on your data plan. This takes effect from 26th of June, 2018.

“Issuance of directives to Service Providers on forceful subscription of data and Value Added Services (VAS) which directs Service Providers to resist from forceful/automatic renewal of data services without prior consent of subscribers. This has taken effect from 21st of May, 2018.

“The Commission also developed 622 Toll-Free Line through which you can easily lodge complaints for any unresolved service issues to the NCC,” Adedigba said.

Adedigba added that the CTM in Akpabuyo was one in the series of such endeavours lined-up to educate Nigerians and protect consumers from , what the Commission views as “unwholesome practices by some service providers.”
He said the programme was to enable a “tripartite meeting of the Regulators, Operators and Consumer to resolve pressing consumer issues with respect to provision of telecom services.”

Adedigba said that, so far, adequate steps had been taken to regulate illegalities and violation of consumer’s right by some service providers, and that in future more policies aimed at protecting the customer would be rolled out to further protect telecommunications subscribers

Man Celebrates Beautiful Female Barber Who Cut His Hair In A Saloon In Abuja. Photos

A man has nothing but praises for a female graduate who has decided to fend for herself in the midst of unemployment. The young and beautiful lady is said to be dedicated to her work as a barber, a profession which is mainly dominated by men in Nigeria.

Ayuba Maji who paid the lady a visit at her saloon in Abuja to get his hair cut, urged other Nigerian slay queens to follow suit and hustle for themselves without relying on men to take care of them.

Below is what he wrote on Facebook.

Come o, who says Nigeria youth are lazy? and who says what Man can do a Woman cannot do?  Oyah see

This friend of mine inspired me today knowing what she’s does for a living, she’s a graduate, but no time to wait for the government frustration, she’s good and dedicated to her business, ask for any hair cut, she will give you the best of it.

Her name is Jane Samson a pretty lady from Kaduna stays in Abuja…. Go to behind Babangida Market Lugbe you will find her, and she’s ready to give you the best of what you want when it’s come to hair style.

Nigerians rise our destiny is in our hands. Never you wait for the best of the government, my brothers and sisters you will get nothing and you will wait in vain.

This is a challenge for other beautiful ladies out there waiting for a man to feed them, go and look for something doing, don’t rely on any man, to avoid complain in the long run. Don’t say I didn’t warn you oo. Mention that your lazy friend lol. you are on your own.

JUST IN!! We Posted Misleading Information About GTBank, Supreme Court Judgment – Innoson

GTBank Vs Innoson At The Supreme Court: What Really Happened

The long running case between Guaranty Trust Bank and Innoson finally had its day in the Supreme Court, and although there have been some wild tales on what transpired, here is the factual story of how it went down.

Even before the doors of the Supreme Court had shut for the day, what was meant to be a simple directive by the Apex Court on the case between Guaranty Trust Bank and Innoson had been turned on its head, with false versions of the Court’s directives spread online and across social media.

BREAKING!!! Supreme Court Orders Gtbank To Pay Innoson Boss N12bn In 14 Days

Today, 7th of June 2018, The Supreme Court struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that GTBank pays over N6 Billion into an interest yielding account at the Court of Appeal. Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion.

BREAKING!! Innoson Boss, Innocent Chukwuma Cries Out, Reveals Why Police Declared Him Wanted!

Nigeria, China Finally Seal The Yuan Deal

China’s central bank said Thursday that it has inked a currency swap agreement with its counterpart in Nigeria. The agreement will allow the two sides to swap a total of 15 billion Chinese yuan (2.35 billion dollars) for 720 billion Nigerian naira, or vice versa, in the next three years, the People’s Bank of China (PBOC) said on its website.

Naira Rain In Aba As Orji Kalu Foundation & Mascot Kalu Foundation Storm Eziama(See Photos)

Naira Rain in Aba: Orji Kalu Foundation & Mascot Kalu Foundation Petty Loan Scheme(Photos)

Court stops planned sale of 9mobile

Court stops planned sale of 9mobile

…Shareholders demand refund of $43.33m Investment

The Abuja division of  Federal High Court has halted the planned sale of embattled telecommunication firm, Etisalat (now 9mobile) following opposition to the move by some

aggrieved shareholders

The shareholders – Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors, complained of being left out in the firm’s decision-making processes and are therefore demanding the refund of their investment estimated at $43,330,950 (N1.56 billion). The decision was consequent upon a suit filed before the court by the shareholders.

In the said suit marked: FHC/ABJ/CR/288/2018, Karlington Telecommunications Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria (CBN), Etisalat International Nigeria Ltd and Nigerian Communication Commission (NCC) were all been listed as defendants.

Justice Binta Nyako had, after listening to Mahmud Magaji, who  moved an ex-parte motion on behalf of the aggrieved shareholders, ruled that “an order is made for the maintenance of status quo as at today (yesterday).”

Justice Nyako, who said, “the defendants ought to be heard,” also ordered the service of processes on them (the defendants), including the 3rd and 5th (First Bank and Etisalat), whose addresses are outside jurisdiction.

The judge, who also ordered that “the writ be marked as concurrent,” adjourned to May 14 for mention. The plaintiffs said in a statement of claim that they bought shares in Etisalat from the 1st and 2nd defendants (Karlington Ltd and  Premium Holdings) through “a private placement memorandum  in which the 3rd defendant (First Bank) served as a custodian of the plaintiffs’ share certificate.”They said while the 1st plaintiff (Afdin Ventures) “bought 1,300,391 Class A shares at $13,003,910,” which it paid for on August 14, 2009, the 2nd plaintiff (Dirbia Ltd) acquired 3,300,004 Class A shares at $30,030,040, for which it made payment on September 3, 2009.

Delta state has become dumping ground for Donkey meat – Butchers cry out

Delta State chapter of the National Butchers’ Union of Nigeria Wednesday lamented that Delta state has become a dumping site for donkey meat otherwise known as “Jackie”.

The Chairman of the Board of Trustee of the butchers union, Comrade Toju Awala made this disclosure in a chat with newsmen in Pessu Market in Warri South Local Government Area.

Awala, who doubles as the Warri branch chairman of the butchers union, said most of the donkey meat come from Agbor to Warri and Udu markets as early as 4 o’clock every morning.

He lamented that their business is being hampered by persons, who deal on donkey meat, and operate private abattoirs in several parts of the state.

Awala stated that the Delta state government is not helping matters as they have written several petitions to the Ministry of Agriculture in Delta State as well as the Warri South Local Government Council to assist in developing an abandoned abbatoir in Pessu market so as to monitor what people consume.

While disclosing that the only response they got from the government is that the issue is before the Delta Assembly for debate whether “Donkey meat is fit for consumption”, Awala “called on the government to support the union in fighting those involved in the sale of donkey meat.

“Delta State has become a dumping site of Jackie. It is not supposed to be. We are advising them. They should desist from it and those who normally go to the forest and buy from their hand, it is not good for consumption.

“They should desist from it. Come to the abattoir approved by the government, public place, and buy meat.”

Awala observed that dealers do not slaughter donkeys in the government-approved abattoir in Pessu market, Warri.

According to him, “We operate in government abattoir here. As far as government abattoir is concerned, we have veterinary doctors on ground who monitor the cows before slaughtering. Even the slaughtering, they monitor it.

Those people who deal on Jackie have a private abattoir they operate in. Most Jackie come from Agbor down to Warri to Udu markets.

“My state chairman, Comrade Akusu, who lives in Agbarho,we met, we set up a task force on this issue. We got some group of people along Ughelli road by NEPA there. They have a hideout there. We had to put ourselves together to monitor,” Awala said.

Kenya Airways Sacks 22 Of Its 26 Nigerian Workers

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5 Reasons Why Should Become A Business Owner

BREAKING!! MMM Founder And Russian Businessman, Sergei Mavrodi Dies At 62

Orji Kalu Showcases His Made in Aba Shoes, Woos Investors (See Photos)

 

Former governor of Abia state, Dr. Orji Uzor Kalu is discussing with some big Italian investors to come into the Aba Shoe industry,  IGBERE TV has learnt.

Beer, cigarettes to cost more

Consumers of alcoholic beverages and tobacco are soon to pay more as President Muhammadu Buhari at the weekend approved an amendment to the excise duty rates with effect from Monday, June 4, 2018.

Minister of Finance, Mrs. Kemi Adeosun, who made this known yesterday in Abuja, stated that the new excise duty rates were spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products.

She disclosed that the new excise duty regimes followed all-inclusive engagements by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders.

According to her, the upward review of the excise duty rates for alcoholic beverages and tobacco was to achieve a dual benefit of raising the government’s fiscal revenues and reducing the health hazards associated with tobacco-related diseases and alcohol abuse.

“The Tariff Technical Committee (TCC) recommended the slight adjustment in the excise duty charges after cautious considerations of the government’s Fiscal Policy Measures for 2018 and the reports of the World Bank and the International Monetary Fund Technical Assistance Mission on Nigeria’s Fiscal Policy.

“The effect of the excise duty rates adjustment on trade and investment was also assessed by the Federal Ministry of Trade and Investment and it adopted the recommendations of the TTC.

“Furthermore, peer country comparisons were also carried out showing Nigeria as being behind the curve in the review of excise duty rates on alcoholic beverages and tobacco,” she said.

Following the president’s approval, Adeosun disclosed that the new excise duty rate on tobacco was now a combination of the existing ad-valorem base rate and specific rate while the ad-valorem rate was replaced with a specific rate for alcoholic beverages.

“For alcoholic beverages, the current ad-valorem rate will be replaced with specific rates and spread over three years to moderate the impact on prices. This will curb the discretion in the unit cost analysis (UCA) for determining the ad-valorem rate and prevent revenue leakages.

“For tobacco, the government will maintain the current ad-valorem rate of 20 per cent and introduce additional specific rates with the implementation to be spread over a three-year period to also reasonably reduce the impact on prices,” she explained.

Under the newly approved excise duty rates for tobacco in addition to the 20 per cent ad-valorem rate, each stick of cigarette will attract a N1 specific rate per stick (N20 per pack of 20 sticks) in 2018, N2 specific rate per stick (N40 per pack of 20 sticks) in 2019 and N2.90k specific rate per stick (N58 per pack of 20 sticks) in 2020.

The minister explained that Nigeria’s cumulative specific excise duty rate for tobacco was 23.2 per cent of the price of the most sold brand, as against 38.14 per cent in Algeria, 36.52 per cent in South Africa and 30 per cent in Gambia.

Wines would attract N1.25k per Cl in 2018 and N1.50k per Cl each in 2019 and 2020, while N1.50k per Cl was approved for spirits in 2018, N1.75k per Cl in 2019 and N2.00k per Cl in 2020.

The president has also granted a grace period of 90 days (three months) to all manufacturers before the commencement of the new excise duty regime to enable them adjust accordingly.

There is, however, no increase in excise duty of other locally excisable products at the moment.

The minister added that the new excise duty regimes are in line with the Economic Community of West African States (ECOWAS) directive on the harmonisation of member-states’ legislations on excise duties.

The ECOWAS Council of Ministers had at its 62nd and 79th Ordinary Sessions in Abuja in May 2009 and December 2017, respectively, issued directives on the harmonisation of the ECOWAS Member States’ Legislations on Excise Duties.

The directives seek to harmonise member-states’ legislations on excise duties of non-oil products and also stipulate the scope of application, rate of taxation, taxable event and amount.