Dangote Sinotrucks, Honeywell, 33 others enjoying three-year tax holiday - NIPC – Newstrends
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Dangote Sinotrucks, Honeywell, 33 others enjoying three-year tax holiday – NIPC

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A total of 35 companies, including Dangote Sinotrucks West Africa (trucks, tippers, and tractors) and Honeywell Flour Mills Nigeria Plc (pasta and macaroni), are currently enjoying a three-year tax-free holiday under the pioneer status incentive.

The Nigerian Investment Promotion Commission (NIPC) stated this while announcing the approved PSI applications of eight companies in the third quarter of 2021.

The commission said this in its PSI report published on Friday.

Industries that qualify for the PSI are exempted from paying company income tax for an initial period of three years with the possibility of an extension for one or two years.

The incentive is listed in the Industrial Development Act (Income Tax Relief), administratively regulated by the NIPC.

The NIPC said it received 28 new PSI applications and six applications for extension in the third quarter.

Approvals-in-principle were granted to 16 companies, three extension applications approved, and eight PSI applications were granted.

According to the report, the eight new beneficiaries include Belanova Apartment and Suites Limited (hotel development); Al-Wabel Rice Mill Limited (rice milling); JMG Nigeria Limited (electric generators, power control, and distribution); Jigawa Rice Limited, (rice milling); and DCP Cement Plc (manufacture of cement).

Others are Locodove Ventures Limited (office building), Resource Improvement and Manufacturing Company Limited (processing of edible oil), and Okpella Cement Plc (manufacture of cement).

According to the report, a total of 168 PSI applications are still pending.

Auto

Weststar unveils new Mercedes-Benz E-Class, sets Nigeria’s auto landscape aglow

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Weststar unveils new Mercedes-Benz E-Class, sets Nigeria’s auto landscape aglow

Weststar Associates Limited, the authorized distributor of Mercedes-Benz in Nigeria, has announced the arrival of the all-new Mercedes-Benz E-Class, a development expected to set the nation’s auto landscape aglow again.

The iconic vehicle is said to set new standards in luxury and innovation, bringing the legend and renowned heritage of the Mercedes-Benz brand to car lovers and enthusiasts in Nigeria.

The Mercedes-Benz E-Class is described as the epitome of meticulous craftsmanship and technological prowess, with its harmonious blend of cutting-edge technology, exquisite design and unparalleled performance.

Just like its predecessor, the new E-Class promises to redefine the automotive landscape in Nigeria and provide an unrivaled driving experience.

According to the auto firm, the new E-Class marks the advent of a new generation, introducing more technology and luxury.

Specifically, it says the powertrains are complemented by a fresh exterior design, creating a captivating presence on the road.

It says inside the car are new technology features permeating the cabin, providing a digital atmosphere that is both immersive and intelligent.

The new E-Class takes its digital experience to the next level with the all-new Mercedes-Benz User Experience (MBUX) Superscreen.This powerful central onboard computer processes information with remarkable speed, delivering near-instantaneous responsiveness.

It integrates a range of apps and games, including TikTok & Angry Birds, making it a versatile tool for both entertainment and productivity.

The Superscreen also introduces the Routines function, an intelligent feature that curates your driving experience based on various conditions and functions, automatically adjusting settings such as heating, cooling, ambient lighting, seat massage, and more.

The MBUX Superscreen also debuts video conferencing in the all-new E-Class, this is enabled by a built-in camera and applications like Webex& Zoom.

The standard Burmester® 4D surround sound system, complemented by Active Ambient Lighting, transforms music into a visual and auditory masterpiece. Coordinated colours and tones are illuminated on the instrument panel, elevating the music-listening experience.

The interior is designed to prioritize comfort and quality. The spacious passenger accommodation is graced with premium materials, including leather upholstery and metal trim, resulting in a rich and upscale ambiance.

The new E-Class remains a four-door layout, emphasizing passenger experience and convenience. It boasts of an aerodynamic design that not only enhances its appearance but also reduces wind noise. With the assistance of nearly 500 microphones, engineers have meticulously measured and minimized wind noise, ensuring a serene cabin environment even at high driving speeds.

The exterior design comes with a host of features such as light alloy wheels, chrome highlights, and a Mercedes-Benz pattern radiator grille.

Additionally, the new E-Class boasts flush-fitted doors and metallic paintwork.

The new E-Class comes with upgraded standard equipment that includes KEYLESS-GO, and the AVANTGARDE equipment line for the interior and exterior.

The new E-Class offers two remarkable powertrains to cater to diverse driving preferences. The E 200 model boasts an advanced 4-cylinder petrol engine with mild hybrid and 48-volt on-board electrical system, delivering a combined power output of 204 horsepower with a torque of 320nm.

While the E 300 model features tremendous pulling power even at low engine speeds, with its advanced 4-cylinder petrol engine with mild hybrid and 48-volt on-board electrical system, it delivers an even more powerful output to 258 horsepower and 400nm of torque.

The E-Class is also equipped with a 9G-TRONIC 9-speed automatic transmission, which ensures seamless power delivery, and its suspension system includes Airmatic air suspension with ADS+ continuously adjustable damping and rear-axle steering.

The rear-axle steering comes with up to 4.5 degrees of articulation.

At high speeds, this noticeably improves driving stability. While at low and medium speeds, the driver negotiates bends with more agility and benefits from a smaller turning circle when parking and maneuvering.

The firm says at Mercedes-Benz, safety always comes first. This is greatly emphasized in the new E-Class which is equipped with an array of new and extended driving assistance systems; including Active Lane Keeping Assist, Active Distance Assist DISTRONIC, PRE-SAFE® Impulse Side, Blind Spot Assist, and Active Parking Assist with PARKTRONIC.

This enhances driver safety and reduces workload, making driving more comfortable and secure for Nigerian road users.

According to the statement, the all-new Mercedes-Benz E-Class is now available nationwide at Weststar’s authorized Mercedes-Benz dealerships such as Barbedos Cars Limited, MB Automobile Services Limited, Skymit Motors Limited, Sunny Motors Limited, and Tetralog Nigeria Limited.

 

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Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market

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Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market

The official market observed a modest increase in the value of the Naira against the dollar, concluding at N1,597.24 to $1, marking a 0.34% enhancement from the prior closing figure of N1,602.75 to $1 from the preceding week’s end.

This recent closing figure of N1,597.24 to the dollar signifies the first instance of a rate ending beneath the N1,600/$1 mark since March 5th, 2024.

Additionally, data from NAFEM disclosed a slight rise of 2.20% in forex dealings, reaching $140.45 million as opposed to the $137.43 million noted earlier.

On Monday, within the Investors and Exporters (I&E) window, the naira saw mixed results against major global currencies.

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The I&E FX window recorded a high of N1640/$1 and a low of N1,400.00, indicating a fluctuation of N240/$1.

In the parallel market, the naira appreciated by 0.78% against the US dollar, trading at N1,608 compared to the previous figure of N1,614 per dollar.

Against the pound sterling, the naira modestly gained by 0.74%, ending at N2,030/£1 from the earlier rate of N2,045/£1.

It also made gains against the euro by 0.58%, closing at N1,725/€1 up from last week’s Friday rate of N1,735/€1.

The country’s foreign reserves saw a slight increase of $2.71 million as of March 14, 2024, amounting to $34.416 billion—a 0.008% rise from the previous day’s reserves of $34.413 billion.

Nigeria’s foreign reserves have been on an upward trajectory for 20 days (approximately 3 weeks), starting from February 13, 2024.

Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market

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Railway

Vandals destroy rail track in Kaduna community

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Vandals destroy rail track in Kaduna community

Vandals have destroyed a rail track at Chidunu village in the Chikun Local Government Area of Kaduna State.

The hoodlums taking advantage of high rate of insecurity in the area stormed the village and reportedly loaded their three trucks with track materials forcefully removed from the rail.

Public Relations Officer for the Northern District of the Nigeria Railway Corporation, Alhaji Abdullahi, in a statement on Monday, said two of the truck were stopped and impounded by security agents.

However, a Canter truck driver absconded with a portion of the stolen materials.

Some of the vandals were also apprehended by security operatives around the community.

Abdullahi highlighted the logistical challenges with the urgency to act before nightfall and the volatile nature of the area.

“It was difficult to arrange for logistics to evacuate track rails and sleepers before it got dark,” he said, emphasizing the collaborative efforts with local vigilantes and hunters to bolster surveillance along the affected railway stretch.

“We received a report on Sunday that the vandals were arrested during their illicit operation with two long trucks loaded with rail track materials,” Abdullahi said.

He added that the case has been handed over to the Nigeria Security and Civil Defence Corps (NSCDC) for further investigation.

“The case is at present with the NSCDC, O.C. Anti-Vandal for further investigation,” Abdullahi stated.

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