World News

Naira continues free fall at official rate, exchanges at N426.58 per dollar

Naira continues free fall at official rate, exchanges at N426.58 per dollar

The naira lost against the dollar on Wednesday at the Investors and Exporters’ window, exchanging at N426.58. The figure represented a depreciation of 0.57 per cent compared with N424.17 it exchanged for the dollar on Tuesday. The open indicative rate closed at N426.50 to the dollar on Wednesday. An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N426.58. The naira sold for as low as N414 to the dollar within the day’s trading. A total of 144.03 million dollars was traded in foreign exchange at the official Investors…
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NCAA Suspends Dana Air Operations Indefinitely

NCAA Suspends Dana Air Operations Indefinitely

The Nigerian Civil Aviation Authority (NCAA) has suspended Dana Airlines’ Air Transport Licence (ATL) and Air Operator Certificate (AOC), indefinitely. NCAA Director-General, Captain Musa Nuhu, announced this in a statement on Wednesday. He stated that the suspension of the operations of the airlines would take effect from midnight of July 20. “The suspension was made pursuant to Section 35(2), 3(b) and (4) of the Civil Aviation Act, 2006 and Part 1.3.3.3(a)(1) of the Nigeria Civil Aviation Regulations (Nig.CARs), 2015,” Nuhu said. According to him, the suspension order has since been communicated to the management of Dana Airlines. The NCAA chief…
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Sri Lankan President To Resign Wednesday As Protesters Break Into Palace, Use Swimming Pool, Bed, Others

Sri Lankan President To Resign Wednesday As Protesters Break Into Palace, Use Swimming Pool, Bed, Others

The Speaker of the Sri Lankan Parliament, Mahinda Yapa Abeywardena has said the President, Gotabaya Rajapaksa will resign effective on Wednesday, July 13, 2022. Earlier on Saturday, Rajapaksa was forced to flee his residence in Colombo as thousands of protesters laid siege to the compound, RT reported. However, the parliamentary speaker announced this in a televised statement on Saturday night. According to him, “to ensure a peaceful transition, the president said he will step down on July 13.” The announcement came hours after Prime Minister Ranil Wickremesinghe declared that he would also be willing to step down, paving the way…
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BREAKING: Boris Johnson resigns as British Prime Minister

BREAKING: Boris Johnson resigns as British Prime Minister

Prime Minister Boris Johnson has agreed to resign, his office said Thursday, ending an unprecedented political crisis over his future that has paralyzed Britain's government. An official in Johnson's Downing Street office confirmed the prime minister would announce his resignation later. The official spoke on condition of anonymity because the announcement had not yet been made. Johnson had rebuffed calls by his Cabinet to step down in the wake of ethics scandals. He gave in after more than 40 ministers quit his government and told him to go. It was not immediately clear whether Johnson would stay in office while…
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VAT Row: Court of Appeal Rules In Favour of FIRS

VAT Row: Court of Appeal Rules In Favour of FIRS

The Court of Appeal, sitting in Lagos today has upheld the appeal filed by the Federal Inland Revenue Service (FIRS), against the Lagos Hotel Owners Association of Nigeria. The Court of Appeal set aside the Federal High Court judgment in favour of the Association. In 2019, the Association had gotten a judgment from the Federal High Court sitting in Lagos, whereby the court had invalidated the powers of the FIRS to collect VAT from the members of the Association. The FIRS thereafter appealed the judgment at the Court of Appeal. Today judgment has affirmed the authority of FIRS to collect…
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Peter Obi’s $12.24m Investment For Anambra Now Worth $5.4m – Anambra State Govt Reveals

Peter Obi’s $12.24m Investment For Anambra Now Worth $5.4m – Anambra State Govt Reveals

An investment of $12.24 million made by Peter Obi as Anambra State governor on behalf of the state government in International Breweries is now down to $5.38 million. Peter Obi had claimed in an interview with Arise TV in 2018 that he invested over $20 million in International Breweries on behalf of Anambra state as a governor, and that the investment was worth almost $100 million at the time. In the interview, Obi said, “Tomorrow, they are commissioning a facility in Sagamu, International Breweries, the biggest brewery in Africa. Anambra state is the single highest shareholder in that facility, I…
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Soludo debunks claim on Obi’s $20m investment, says it’s fake news

Soludo debunks claim on Obi’s $20m investment, says it’s fake news

Chukwuma Soludo, governor of Anambra, has debunked a statement credited to him that a purported investment of Peter Obi, the presidential candidate of Labour Party, in the state has yielded returns. Obi served as Anambra governor three different times from 2006 to 2014, owing to a series of legal battles occasioned by impeachment and issues on election schedule. The former Anambra governor’s presidential ambition has gained popularity among Nigerian youths on social media. In May, there were posts on social media claiming that Soludo said Obi invested $20 million in SABMiller Plc, now AB InBev, on behalf of the state…
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Woman discovers ‘husband’ to be female, 10 months after marriage

Woman discovers ‘husband’ to be female, 10 months after marriage

A woman only found out that her husband was a woman in disguise 10 months after their wedding day. The 22-year-old woman, who has been identified by her initials NA, shared her story on social media after the case made headlines. It comes after the accused, who is referred to by their initials AA, appeared before the Jambi District Court in Indonesia on Tuesday, June 14. The victim claimed that she matched with the scammer on a dating app in May 2021, according to a report by The Nation. The accused pretended to be a male US-trained surgeon and a…
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FIRS To Commence Nationwide Monitoring On Tax Compliance

FIRS To Commence Nationwide Monitoring On Tax Compliance

Visits to include MDAs, NGOs, other corporate bodies... The Federal Inland Revenue Service (FIRS) has stated that it would embark on a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance exercise from July, 2022. This information is contained in a public notice announcing the compliance monitoring exercise, and signed by the FIRS Executive Chairman, Muhammad Nami. The exercise is coming on the heels of an earlier notice by the Service to commence the enforcement and recovery of unremitted tax deductions owed the Federation by some States and Local Governments. The VAT and Withholding Tax Compliance Monitoring exercise will…
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FIRS To Commence Recovery of Unremitted Tax Deductions By States, Local Governments

FIRS To Commence Recovery of Unremitted Tax Deductions By States, Local Governments

The Federal Inland Revenue Service (FIRS) has stated that it will commence the process of enforcement and recovery of unremitted tax deductions owed by some States and Local Governments in Nigeria. This decision is contained in a Public Notice, signed by its Executive Chairman, Muhammad Nami, where the tax authority noted that most States and Local Governments have failed to remit to the Service Withholding Tax (WHT) and Value Added Tax (VAT) deductions from payments made to contractors and service providers by them as required by law. The Notice, highlighting relevant portions of the Companies Income Tax Act (CITA) and…
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