Business
Kogi govt denies imposing bread tax on bakeries, sellers
The Governor of Kogi State, Alhaji Yahaya Bello, has denied any knowledge of any plan by the state government to impose a tax on loaves of bread.
He described as an embarrassment the report credited to the state government as endorsing a new tax to be paid by bakery operators and sellers on every loaf of bread.
Bello made the clarification through the Kogi State Deputy Governor, Chief Edward Onoja, in a statement.
He said, “We have just seen a purported consultancy agreement between one of our ministries and a private firm to impose an ill-conceived levy on bread in the state.
“For the records, neither the governor nor the state executive council has imagined or proposed such a devilish tax regime, how much less imposing same on any food or essential commodity, not to mention bread which is a staple and the lifeline of many a household.”
The governor added that such a claim was “in fact, an embarrassment to the state government.”
The deputy governor revealed that his boss directed him to debunk the news to underscore how serious government considered the disinformation.
“I am directed by His Excellency to give the lie to news of an alleged tax imposed on each loaf of bread to be sold in Kogi State. There is no iota of truth in the claims that we have approved such wickedness, because we have not and cannot.”
He added that Governor Bello’s responses to issues impacting the welfare of his people during the COVID-19 pandemic as a proof that such a tax ran counter to everything the administration stood for.
“It is well-documented in the media that Governor Yahaya Bello has fought powerful forces, more than any other governor perhaps, to keep his people safe. As COVID-19 ravaged the country and the world, he has mobilised them for lifestyle changes that defeated the virus in the state.
“He spared them lockdowns and the inherent disruptions to their lives and livelihoods characteristic of COVID responses in other places. He scrupulously obeyed WHO and NCDC guidelines to provide testing to high risk individuals.”
Onoja said Governor Yahaya Bello remained undaunted because of his desire to protect his people at all costs.
He added, “Today, the results of my governor’s novel approach to the novel coronavirus are evident for all to see on every daily update given by the federal authorities.
“Kogi State sits at the bottom of that list, and even those five cases allocated to us are controversial at best. To put it mildly, we have had no confirmed case of COVID-19 in Kogi State.
“About three months ago, we rolled out the Kogi Care Initiative, for which Council approved N1.56 billion as a post-COVID economic stimulus and recovery programme customised for different sections of our people – the poor, the elderly and the MSMEs.”
He therefore rejected the idea that “we can now impose a tax on individual loaves of bread sold in the state.”
The deputy governor said that no additional financial burden would be imposed on Kogi citizens and assured that “any business which has met the regulatory requirements for doing business in Kogi State including payment of routine tax is entitled to operate freely, and that includes bakeries and bread traders.”
Business
MTN, Airtel to share network infrastructure in Nigeria
MTN, Airtel to share network infrastructure in Nigeria
Airtel Africa has partnered with MTN Group to expand digital inclusion by sharing network infrastructure in Uganda and Nigeria.
In a statement in Lagos on Wednesday, Airtel said the sharing agreements aim to improve network cost efficiencies, expand coverage, and provide enhanced mobile services to millions of customers.
A sharing agreement is a formal arrangement between two or more parties to share resources, assets, or services.
According to the telecommunications company, the partnership will benefit customers in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.
Airtel assured that both parties will ensure the agreement complied with local regulatory and statutory requirements.
Sunil Taldar, chief executive officer (CEO) of Airtel Africa, said telecommunications companies are driving digital financial inclusion by building common infrastructure within the regulatory framework.
Taldar noted that the collaborative approach not only advances digital transformation and financial inclusion but also reduces the duplication of expensive infrastructure.
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As a result, Taldar said operational efficiencies are boosted, ultimately benefiting customers.
He further said telecoms continue to compete fiercely in the market, differentiating themselves through their brand, services, and offerings.
“The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively,” Taldar said.
“The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.”
Taldar added that following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel Africa are also exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda, and Zambia.
Ralph Mupita, MTN Group CEO, said there is a need to invest in coverage and capacity to ensure high-quality connectivity to meet customers’ increasing demands.
“As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress,” Mupita said.
“We continue to see strong structural demand for digital and financial services across our markets.
“To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.”
Mupita added that there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.
MTN, Airtel to share network infrastructure in Nigeria
Business
NNPCL in historic initial public offer, ready for capital market
NNPCL in historic initial public offer, ready for capital market
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of preparation for its much-anticipated listing on the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.
The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement on Thursday in Abuja.
According to the statement, the Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, revealed the development during a consultative meeting with partners at the NNPC headquarters.
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He stated that NNPCL is currently engaging with potential investors through an exercise called the “NNPC Ltd. IPO Beauty Parade,” which aligns with capital market regulations ahead of its Initial Public Offer (IPO).
“According to the CFIO, the aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the company,” the statement explained.
The statement further highlighted that NNPCL is seeking partnerships in three key areas: Investor Relations, IPO Readiness Advisors, and Investment Banking Partners. Companies with the most competitive offers will be selected for each category.
An IPO is a public offering in which a company’s shares are sold to institutional investors. Under the PIA, NNPCL is required to list its shares on the capital market in compliance with the Companies and Allied Matters Act (CAMA) 1990.
NNPCL in historic initial public offer, ready for capital market
Business
Naira rises to N1,560/$ in parallel market
Naira rises to N1,560/$ in parallel market
The Naira yesterday appreciated to N1, 560 per dollar in the parallel market from N1,570 per dollar on Wednesday. But the Naira depreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,540 per dollar from N1,539 per dollar on Wednesday, indicating N1 depreciation for the naira.
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