Benue revenue board seals 3 banks, other outfits over unpaid taxes

The Benue Board of Internal Revenue Service (BIRS), has sealed up six firms, including three commercial banks, over alleged non-payment of taxes to the tune of N 774.5 million. Executive Chairman, BIRS, Mrs. Mimi Orubibi, who led the team that carried out the exercise on Wednesday in Makurdi, said the firms had failed to remit Personal Income Tax/Assets to BIRS. The banks sealed were Access Bank, Ecobank and UBA. Also sealed were Ostrich Bakery, Nile Drill Technologies and Lower Benue River Basin Development Authority (LBRDA), all situated within Makurdi metropolis.…

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Naira dips against dollar at investors’ window

The Naira on Wednesday depreciated to N360.16 to the dollar at the investor’s window, losing 70kobo from N360.09 traded on Tuesday. Trading at the parallel market saw the naira closed at N362 to the dollar, while the Pound Sterling and the Euro closed at N514 and N445, respectively. At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N514 and N445, respectively. The Nigerian currency traded at N305.60 to the dollar at the official Central Bank…

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Experts say CBN’s 2018 single-digit inflation rate target not feasible

Two financial experts on Monday said that the 2018 single-digit inflation target of the Central Bank of Nigeria (CBN) would not be feasible, due to the downside risks occasioned by electioneering spending. The experts expressed the viewpoint in separate interviews in Lagos, while reacting to the March inflation figure released by the National Bureau of Statistics (NBS). Dr Uche Uwaleke, Head of Banking and Finance Department, Nasarawa State University Keffi, said the apex bank’s single-digit inflation projection appeared impossible in a pre-election year. Uwaleke said the target would not be…

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METROInvestors destroy Wonder Bank office in Cross River

Aggrieved investors, Friday, destroyed an office of a ‘Wonder Bank’ at 34 Bassey Duke in Calabar South local government area of Cross River State. The investors made up of market women, business owners and students alleged that the ‘Wonder Bank’ swindled them of several millions of naira. The victims according to DAILY POST investigations decided to destroy the office of the company after the management was nowhere to be found. Many investors, who had come to collect their money waited for more than for several hours but there was nobody…

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Over 600,000 subscribe to GEEP micro-credit facility – Coordinator

No fewer than 600,000 Nigerians have benefitted from the Federal Government’s social intervention scheme under the Government Enterprise and Empowerment Programme (GEEP) programme for entrepreneurs. The Executive Director, Micro Enterprises, Bank of Industry and Coordinator of GEEP, Mrs Tonyi Adeniji, disclosed this on Thursday in Onitsha, Anambra State. Adeniji who spoke on the two-day National Micro, Small and Medium Enterprises (MSMEs) Clinic, said that over 4, 000 persons in Anambra had benefitted from the credit facility of N100 billion earmarked for the programme across the country. “GEEP micro-credit is one…

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Bank in Omu-Aran remains shut due to Offa bank robbery

An atmosphere of fear and anxiety has continued to envelop the Omu-Aran community as the only commercial bank in the town has yet to re-open for customers following the recent robbery attack on some banks in Offa both in Kwara State. TBI Africa reports that the bank, which began skeletal services in January 2017, three years after a similar attack on banks in the community, had since the last robbery, closed shop. The situation became compounded as the community was preparing for the funeral outing and thanksgiving service for its…

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GTB shareholders commend management for hard work

Some shareholders of Guarantee Trust Bank (GTB) on Tuesday commended the management and board of directors of the bank for its team work and successes recorded in the 2017 financial year. The shareholders who spoke at the 28th Annual General Meeting (AGM) of the bank in Lagos also expressed joy for the declaration of N2.70 dividend per ordinary share of 50 kobo. TBI Africa reports that the bank had earlier declared gross earnings of N419.23 billion, a profit before tax of N200.24 billion and profit after tax of N170.47 billion…

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AfDB breaks ranks with World Bank and IMF on use of coal for power in Africa

The African Development Bank (AfDB) is set to back coal-fired projects in Nigeria, Kenya and other African nations in a departure from the International Monetary Fund (IMF) which has a ban on fossil fuels, CAJ News reports. Kenya is developing a one-gigawatt generator near Lamu on the coast, using the latest clean-coal technology but the World Bank and IMF have refused to engage on the project.  They have also banned funding to South Africa’s Eskom for coal plants. While Nigeria only has low-grade or “young” coal deposits, the government has agreed to…

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Aston Martin plans to appoint three banks to prepare 4 billion pounds float – source

LONDON (Reuters) – Aston Martin is preparing to appoint three banks to manage a possible London stock market listing of the luxury car manufacturer that could value it at between 4 billion pounds and 5 billion pounds, according to a source with direct knowledge of the matter. An Aston Martin logo is pictured during the 88th Geneva International Motor Show in Geneva, Switzerland, March 6, 2018. REUTERS/Denis Balibouse Ferrari NV98.58 RACE.MIMILAN STOCK EXCHANGE —(–%) RACE.MI The British sportscar maker plans to hire Deutsche Bank, Goldman Sachs and JPMorgan to help…

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