Business
FIRS goes for N1.8tr tax liability from Multichoice coffers
The Federal Inland Revenue Service (FIRS) yesterday moved to recover N1.8 trillion from the accounts of MultiChoice Nigeria (MCN) Limited and MultiChoice Africa (MCA).
According to the revenue collector, some banks have been appointed to freeze the accounts of the Cable television service providers.
FIRS Director in charge of Communications and Liaison Department Abdullahi Ahmad said in a statement in Abuja that the appointment of banks as accounts freezing agents followed the groups’ refusal to grant the service access to their server for audit.
But MCN said the action taken by the FIRS was unnecessary because it is already in talks with the service.
The N1.8 trillion is said to be the taxes the companies owe Nigeria which contributes 34 per cent of their total revenue in Africa.
FIRS described the level of tax evasion by the two firms as “alarming,” adding that MCA has never paid a kobo to the Federal Government as Value Added Tax (VAT) since it began business in the country.
It also accused MCN of not “ giving accurate information on the number of its subscribers and income” in the country.
FIRS Executive Chairman Muhammad Nami said the decision was taken due to MCN’s persistent breach of agreements and undertakings with the revenue agency.
The FIRS statement was however silent on the number and names of the banks appointed to “sweep balances in each of the above-mentioned entities(MCA and MCN)’ accounts and pay the same in full or part settlement of the companies’ respective tax debts until full recovery.”
The statement reads: “All bankers to MCA and MCN in Nigeria have been appointed as Collecting Agents for the full recovery of the aforesaid tax debt”.
The agency further stated that the agent banks should notify it of “any transactions before execution on the account, especially transfers of funds to any of their subsidiaries.”
Faulting reasons for the FIRS action, MCN said apart from complying with the tax laws of Nigeria, it is in talks with the agency over the issue.
“MultiChoice Nigeria has not received any notification from FIRS. MultiChoice Nigeria respects and is comfortable that it complies with the tax laws of Nigeria. We have been and are currently in discussion with FIRS regarding their concerns and believe that we will be able to resolve the matter amicably,” Bamidele Johnson, spokesman for the cable television service provider said in a terse statement.
It added: “The companies persistently breached all agreements and undertakings with the Service, they would not promptly respond to correspondences, they lack data integrity and are not transparent as they continually deny FIRS access to their records.
“The companies are involved in the under-remittance of taxes which necessitated a critical review of their tax-compliance level.
“The group’s performance does not reflect in its tax obligations and compliance level in Nigeria. The level of non-compliance by MCA, the parent company of MCN is very alarming.”
FIRS lamented that “the issue with tax collection in Nigeria, especially from foreign-based companies conducting businesses in Nigeria and making massive profits is frustrating and infuriating.”
It said: “Regrettably, Companies come into Nigeria just to infringe on our tax laws by indulging in tax evasion. There is no doubt that broadcasting, telecommunications, and the cable-satellite industries have changed the face of communication in Nigeria. However, when it comes to tax compliance, some companies are found wanting. They do with impunity in Nigeria what they dare not try in their countries of origin”.
The statement further confirmed that Nigeria which contributes 34 percent of the total revenue of the Multi-Choice group is followed by Kenya with 11 percent.
Zambia contributes 10 percent while the rest of Africa where the group has presence accounts for 45 percent..
FIRS said apart from the ¦ 1.8 trillion unpaid tax by MCA and MCN, information at its disposal also revealed $342,531,206 tax liability for relevant years.
Faulting reasons for the FIRS action, MCN said apart from complying with the tax laws of Nigeria, it is in talks with the agency over the issue.
“MultiChoice Nigeria has not received any notification from FIRS. MultiChoice Nigeria respects and is comfortable that it complies with the tax laws of Nigeria. We have been and are currently in discussion with FIRS regarding their concerns and believe that we will be able to resolve the matter amicably,” Bamidele Johnson, spokesman for the cable television service provider said in a terse statement.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
READ ALSO:
- Nigeria denies alleged plot to destabilise Niger Republic
- Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
- Troops arrest four Ambazonian rebels in Taraba
Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
READ ALSO:
- Like Ibadan, stampede claim 10 lives for Abuja Catholic church, 17 in Anambra
- Marketers react after NNPCL slashes petrol price to N899 per litre
- Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG
The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
READ ALSO:
- Badenoch’s negative portrayal of Nigeria Police unfair-PCRC
- Bitcoin price crashes to $95,000 as market continues to react to Federal rate cuts
- Bauchi high court dismisses blasphemy, cybercrime charges against Rhoda Jatau
All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
-
Railway1 day agoLagos Rail Mass Transit part of FG free train ride – NRC
-
metro10 hours agoWhy we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
-
metro2 days agoCourt stops customs from seizing imported rice in open market
-
metro3 days agoIbadan stampede: Tinubu orders probe as death toll hits 40
-
metro2 days agoIbadan stampede: Ooni reacts after arrest of ex-wife
-
metro2 days agoAfe Babalola: Court grants Dele Farotimi bail, barred from media interviews
-
metro1 day agoNIMC warns against extortion, reaffirms free NIN enrollment
-
News3 days agoAdebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024