Business

After a series of delays, the Dangote Refinery, a mammoth $19 billion project in Nigeria, is finally poised to commence fuel production as the first crude shipment arrives at the facility, marking a significant milestone for the country’s oil industry. Quoting industry sources and tanker tracking data, S&P Global, in a report on its website, spglobal.com, said that the OTIS tanker, carrying a 950,000 barrel cargo of Nigeria’s Agbami crude, set sail on December 6 and is currently en route to Lekki, the nearest land port to Dangote’s offshore crude receiving terminal. The tanker is expected to arrive on December…

A multi-billion naira hotel, Sun Heaven Hotels & Resort, in Umuahia, Abia State is now ready to receive guests, according to the management of the hotel. “The doors of the hotel will be opened for business December 1, 2023”, the management said in a statement issued on Friday. The high-rise five-star hotel, with hundreds of lavished rooms and suites is located in an ambiance environment reflecting its high-end amenities and exceptional comfort. Sun Heaven Hotels and Resort, is located at Umuagu Ibeku Road, 440236, Umuahia, Abia state. Phone numbers: 09081255948, 0813 063 0979 and 0805 654 4263

The Federal Inland Revenue Service (FIRS) has cautioned Ministries, Departments and Agencies of Government (MDAs) against the appointment of consultants and concessionaires to collect taxes due to the Federal Government or any of its agencies, as the FIRS is the sole agency of government saddled with the responsibility of tax collection. In a Public Notice it issued Thursday, 22nd September, 2022, signed by its Executive Chairman, Muhammad Nami, the FIRS accused some MDAs of including functions of assessment, collection, accounting and enforcement of taxes and levies in their agreements with concessionaires and consultants. “It has come to the notice of…

The Road Infrastructure Tax Credit Scheme has been described by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami as one of the greatest innovations of the Federal government in its resolve to tackle Nigeria’s infrastructure deficit. The scheme which provides for public-private partnership intervention in the construction, refurbishment and maintenance of critical road infrastructure in the country with participants being entitled to Tax Credits against their future Companies Income Tax was the subject of debate at the Senate Stakeholder and Public Hearing on the 2023 Medium-Term Expenditure Framework (MTEF) and Fiscal Paper, which held yesterday at…

The naira has continued its downward trend, falling to N702 per dollar at the parallel market on Monday. The figure represents N10 or 1.4 percent depreciation compared to the N692 it traded last week. Bureaux De Change (BDC) operators in Lagos and Abuja, who spoke to TheCable, said that there is high demand for foreign currency in the street market. The street traders, popularly known as ‘abokis‘ put the buying price of the dollar at N690 and the selling price at N700-N702, leaving a profit margin of N10-N12. Last month, the naira weakened to N707 a dollar. It later strengthened…