Business - Abia ThinkTank News

Oct

05

2024

0 Comments

By Abia ThinkTank

FGN Names 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu(Full List)

Economy, Business, FGN, News Flash

63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (See Full List) The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms. This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday. The exemptions are outlined in the official ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024. The announcement follows the recent introduction of fiscal concessions aimed at revitalising Nigeria’s oil and gas sector, as disclosed by the…

Sep

18

2024

0 Comments

By Abia ThinkTank

NNPCL/Dangote: Fresh Dispute Emerges Over Supply Volume

Business, Economy, News Flash, Oil & Gas

NNPCL/Dangote: Fresh Dispute Emerges Over Supply Volume More controversy has emerged in the execution of a sale-purchase deal on premium motor spirit, otherwise known as petrol, between the Nigerian National Petroleum Company Limited, NNPCL, and Dangote Refinery. Findings by Vanguard yesterday indicated that while the NNPCL believes Dangote cannot supply an adequate quantity of the product, Dangote told Vanguard it had already delivered 111 million litres of the product within three days (last Sunday to yesterday), adding that loading was still ongoing steadily.NNPCL last weekend said Dangote could only deliver 16.8 million litres out of the 25 million litres it…

Sep

18

2024

0 Comments

By Abia ThinkTank

Meet Nigerian Woman Who Produces Over 10,000 Tons Of Cassava And Makes Over $12 Million Annually

Business, Economy, News Flash

MEET A WOMAN WHO PRODUCES OVER 10,000 TONS OF CASSAVA AND MAKES OVER $12 MILLION ANNUALLY Meet Yemisi Iranloye, the Nigerian entrepreneur who has become the undisputed "Cassava Queen." Despite facing competition from multinational corporations, she has maintained her dominance in the cassava industry. With her company, Psaltry International, Iranloye produces an impressive 10,000 tons of cassava annually, generating an astonishing annual turnover of $12 million. Her success is a testament to her unwavering determination and business acumen. Iranloye's journey began in her hometown of Ilesa, Osun State, Nigeria. She started her business with a modest investment and a deep…

Sep

17

2024

0 Comments

By Abia ThinkTank

IPMAN Laments Selling Of Dangote Petrol Higher Than Imported Fuel

Business, Columns/Opinions/Letters, News Flash, Oil & Gas

IPMAN Decries Selling Of Dangote Petrol Higher Than Imported Fuel The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the pricing of petrol from the Dangote Refinery, urging the Nigerian National Petroleum Company Limited to ensure it is not sold at a higher price than imported fuel. IPMAN argues that such a disparity would be counterproductive to the nation’s drive for energy self-sufficiency and could negatively impact consumers and marketers alike. According to IPMAN on Monday, the pricing strategy for locally refined petrol should reflect the advantages of domestic production, offering Nigerians a more affordable option. The…

Sep

16

2024

0 Comments

By Abia ThinkTank

EFCC Arrests Five Chinese Nationals For Alleged Illegal Mining Activities

Business, Crime, News Flash, Security

EFCC Arrests Five Chinese Nationals For Alleged Illegal Mining The Economic and Financial Crimes Commission (EFCC) has announced the arrest of five Chinese nationals involved in illegal mining activities in Akwa Ibom State. The arrest was made by operatives from the EFCC’s Uyo Zonal Directorate, following intelligence reports of unlawful mining operations in the region. In a press release, the EFCC disclosed that the suspects were apprehended by a Special Task Force on Illegal Mining at Ndito-Eka-Iba village in the Ibiono Local Government Area (LGA) of Akwa Ibom State. The illegal mining operation targeted ilmenite, a valuable titanium-iron oxide mineral…

Sep

16

2024

0 Comments

By Abia ThinkTank

NNPC Announces New Petrol Price Across 36 States And Abuja

Business, News Flash, Oil & Gas

NNPC Announces New Petrol Price Across 36 States, FCT Nigerian National Petroleum Company Limited (NNPCL) has said that it will sell the petrol lifted from the Dangote Refinery at a price above N1,000 per litre in the far north. NNPC spokesperson, Olufemi Soneye, disclosed this on Monday, in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’. Soneye explained that the price may go for as high as N1,019/litre in places like Borno State, and N999.22 in Abuja, Sokoto, Kano, and others. In Oyo, Rivers and other areas in the…

Sep

16

2024

0 Comments

By Abia ThinkTank

It’s Very Misleading – Dangote Refinery Speaks On Selling Petrol At N898 Per Litre

Business, Columns/Opinions/Letters, Economy, News Flash, Oil & Gas

It’s Very Misleading — Dangote Refinery Speaks On Selling Petrol At N898 Per Litre Dangote Petroleum Refinery says the claim by the Nigerian National Petroleum Company (NNPC) Limited that the refiner sold petrol at N898 per litre is misleading. In a statement on Sunday by Dangote Group, the company described the statement by NNPC as “mischievous”. There had been several news reports that NNPCL said it purchased fuel at N898 per litre from the Dangote Refinery in Lagos. But in a statement on Sunday by Dangote Group, the company described the statement by NNPC as “mischievous”. The Press statement reads:…

Sep

14

2024

0 Comments

By Abia ThinkTank

Abia State Gov. Alex Otti Urges Traders To Relocate To ABIA, Assures Them Of Adequate Security And Business Friendly Atmospheres

Abia State, Business, Economy, News Flash

ABIA STATE GOV. ALEX OTTI URGES TRADERS TO RELOCATE TO ABIA, ASSURES THEM OF ADEQUATE SECURITY AND BUSINESS FRIENDLY ATMOSPHERES: Governor Alex Chioma Otti OFR has assured leaders and traders of Alaba International Markets, Oyinbo, Ladipo, and United Market Leaders and Traders Association of Nigeria of adequate security measures, a business-friendly atmosphere, and a conducive environment to invest and do business in Abia State. Through his Special Adviser on Trade, Commerce, and Industry, Chief Nwaka Inem, Governor Otti expressed his administration's readiness to create physical infrastructural development and facilities that will serve as a one-stop business hub for investors and…

Sep

12

2024

0 Comments

By Abia ThinkTank

Emetu Charges Local Government Heads Of Service And Financial Management Officers To Follow Due Process In The Management Of Funds

Abia State, Business, Columns/Opinions/Letters, News Flash

EMETU CHARGES LOCAL GOVERNMENT HEADS OF SERVICE AND FINANCIAL MANAGEMENT OFFICERS TO FOLLOW DUE PROCESS IN THE MANAGEMENT OF FUNDS Abia State Deputy Governor, Engr. Ikechukwu Lekwachi Emetu, FNSE, has enjoined Heads of Service and other key Officers in the financial management of the local government to follow all laid down procedures in the Financial Memoranda, Fiscal Responsibility Act, the State Public Procurement Act, and other extant rules and financial regulations to obviate any form of misapplication of funds that may tend toward corruption. Emetu stated this during a 3-day seminar/workshop for financial managers of the local government organised by…

Sep

09

2024

0 Comments

By Abia ThinkTank

Benue Government Seals Ortom’s Oracle Business Over Tax Default

Business, Economy, News Flash, Northern Nigeria

Benue Govt Seals Ortom’s Oracle Business Over Tax Default The Benue State Board of Internal Revenue Service (BIRS) weekend sealed off the premises of Oracle Business Limited, owned by former Governor Samuel Ortom over an alleged N93.5 million tax default. Also sealed in the Makurdi operation led by the BIRS acting Chairman, Mr. Sunday Odagba and Board Secretary/Legal Adviser, Mr. Ushahemba Dekaa were Jagshu Filling Station over alleged N2.1millon default and Ubgechi Filling Station also in default of alleged N2.1million. The enforcement was a sequel to an order of a Makurdi High Court empowering the Board to enforce the consequences…