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Reps summon FRSC chair over tax clearance to P&G
The Public Accounts Committee of the House of Representatives has summoned Chairman of the Federal Inland Revenue Service, Muhammad Nami, to explain the alleged issuance of tax clearance certificate to Procter and Gamble (P&G) without payment of tax due to the government.
This followed a motion by a member of the committee, Zakari Dauda Nyampa, at an investigative hearing in Abuja.
The investigation was based on a query raised by the Office of the Auditor-General of the Federation on revenue remittances by the company between 2016 and 2018.
Nyampa said P&G had the turnover of P&G was N42bn, N41bn and N48bn respectively, but posted no profit.
“And FIRS went ahead to give them tax clearance, I want to move a motion that we invite FIRS to authenticate these certificates.”
The Chairman of the committee, Wole Oke, said, “Taxpayers could be issued tax clearance certificates on several bases; it could also be tentative tax clearance certificate; may be there is a business to pursue and they need tax clearance urgently to do so, they can be obliged.
“But once the financial year has come to an end, all the filing oath to be done; my worry is that, even though we have other options of assessing tax payer even when your operation resulted in a loss, we have other options.
“We can look at turnover basis, we can look at net current assets and all that; I am shocked that those options were not applied and yet your tax assessment read zero.
“Those are the issues; we cannot shave the FIRS (head) in their absence, they need to come here and tell us their own side of the story why we have this kind of situation,” he said.
He said the committee needed to look into the P&G import duty documents of equipment worth N6.4bn in 2017.
“If you look at the acceptance given to you dated March 6, 2017, your foreign content was N6.4bn for value of foreign content, machinery and equipment.”
Financial Director, P&G, Ogunbodele Emiola, told the committee that the company paid education tax in the years in which profits were made.
“We’ve made significant investment, we’ve built a factory, the biggest and highest investment by any US company in our industry in Nigeria and that was done during the period under assessment,” she said.
Uncategorized
Lagos-Calabar coastal road: Train track work begins 2025, says minister
Lagos-Calabar coastal road: Train track work begins 2025, says minister
The Federal Government plans to begin constructing train tracks on Section I of the Lagos-Calabar Coastal Highway in 2025.
The Minister of Works, David Umahi, made this announcement during an inspection of Sections I and II of the project, which are located within Lagos and being handled by Hitech Construction Company Ltd, on Friday, December 20, 2024.
The details of the announcement were published in a statement on the ministry’s official website on Saturday.
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“The President has given very serious attention to road infrastructure. Don’t forget that this Coastal Highway and, of course, the four Legacy Projects all have the train track incorporated. The construction of the train track for this section I is going to take off in 2025,” Umahi stated.
The Works Minister outlined plans to enhance the Lagos-Calabar Highway in Sections I and II of Phase 1, including solar-powered CCTV cameras, lay-bys every 5-15 kilometers, and security posts for improved safety and monitoring.
He announced that 20 kilometers of Section 1 are scheduled for commissioning by May 2025. The Federal Controller of Works, Engr. Olukorede Kashia, noted challenges such as large refuse dumps and unsuitable soil conditions requiring extensive remediation during the project.
Lagos-Calabar coastal road: Train track work begins 2025, says minister
Entertainment
Copyright: Court orders Adele’s song removed from platforms
Copyright: Court orders Adele’s song removed from platforms
A Brazilian court has ordered the removal of Adele’s 2015 song Million Years Ago from radio and streaming platforms worldwide following a copyright lawsuit filed by local composer Toninho Geraes.
The ruling, delivered by Judge Victor Torres, comes after Geraes accused the British singer of copying his 1996 classic Mulheres, originally performed by Brazilian artist Martinho da Vila.
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Geraes claims the track from Adele’s album 25 closely mirrors his 1995 composition, demanding recognition and compensation for the alleged infringement.
In the lawsuit, Geraes is seeking $160,000 in moral damages, lost royalties, and a songwriting credit on Adele’s track.
The court has also imposed a fine of $8,000 per act of non-compliance on the Brazilian subsidiaries of Sony Music and Universal Music Group.
Copyright: Court orders Adele’s song removed from platforms
Uncategorized
Marketers react after NNPCL slashes petrol price to N899 per litre
Marketers react after NNPCL slashes petrol price to N899 per litre
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has praised Dangote Refinery’s management for bringing the price of its gasoline down to N899.50K per litre.
PETROAN spokesperson Joseph Obele said in a statement on Thursday that the action is a huge relief for drivers and Nigerians in general.
“This price reduction, a decrease of N71 per litre from the initial price of N970, is a significant relief for motorists and Nigerians at large, especially during the holiday season,” PETROAN stated.
According to PETROAN president, Billy Gillis-Harry, Dangote Refinery’s price cut would lessen Nigerians’ suffering and lower living expenses over the holiday season.
“The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period,” he said.
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Anthony Chiejina, a company representative, stated that the price cut is intended to reduce transportation expenses during the holiday season. Additionally, the refinery stated that customers could purchase an extra litre of fuel on credit for every litre of fuel purchased with cash.
In November, the privately held refinery reduced the price of its gasoline to N970 per litre. “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” said Chiejina.
News Direct earlier reported that oil marketers have continued to rely on imports to deliver gasoline across the country, even though two significant refineries in Nigeria started producing the fuel within the last three months.
According to data gathered last week, marketers imported 2.3 billion litres of gasoline between September 11 and December 5, 2024. This ongoing importation runs counter to previous declarations made by certain marketers who stated their intention to cease importing and instead concentrate on locally produced goods.
Marketers react after NNPCL slashes petrol price to N899 per litre
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