- LFZDC to Spend $250m on Sand Filling
The Lekki Free Zone Development Company has commenced sand filling on 50 hectares of land, adding that the work will cost $250m.
The company said it was equally working on office complex that would have 60,000 spaces.
The Managing Director of the company, Mr. Ding Yonghua, disclosed this during an oversight visit by the Senate Committee on Trade and Investment on Friday.
“I believe by the end of the year, the structure will be completed,” he said.
He listed other projects to be completed by the company in 2017 to include water treatment plant, a single mooring system, N-4 road, and a 4-star hotel, adding that 116 companies had been registered to operate in the zone out of which only 46 companies had begun operation.
The Chairman of the committee, Senator Fatimat Rasaki, representing Ekiti Central Senatorial District, advised the management of the company to activate deliberate business policies requiring companies operating in the zone to source their raw materials locally where available.
She observed that with virtually every material input sought abroad by companies operating in the free trade zone, Nigeria had very little to gain and as such, the impact and purpose of the zone might be defeated.
The Lekki Free Zone established by a tripartite agreement involving a Chinese consortium, the Federal Government and the Lagos State Government now has 46 companies already operating in the trade zone with another 70 companies registered to begin operation before the end of 2017.
Senator Rasaki, who was in company with two other members, Senator Robert Boroffice of Ondo North and Yusuf Yusuf, representing Taraba Central, also sought to have officials of the National Drug Law Enforcement Agency at the zone.
Yonghua sought the Federal Government’s support in the areas of access road and offshore banking policy.
He stressed that construction of wider access road to the zone was critical as the existing dual carriage was too small to contain traffic to the zone when most of the companies would start operation.
He said, “It now time for the Federal Government to support the zone with the construction of external roads as planned. As we know, the Apapa Port, for instance, has six lanes, yet the roads are congested. Here, we have just a dual carriage way.”
Nigeria Corporations Paid N238.1 Billion Income Tax Via E-channels in 2020
Companies in Nigeria have started embracing electronic payment platforms established to ease the tax payment process and facilitate accountability.
According to the National Bureau of Statistics (NBS), businesses operating in Nigeria paid the highest amount of taxes through electronic channels in five years in 2020.
The statistics office puts the total amount paid in Company Income Tax (CIT) through the electronic channels at N238.1 billion in 2020.
The amount represents 16.9 percent of the total CIT paid in 2020 as more businesses adopt safer online payment methods.
NBS noted that payments were done through E-transact, E-tax pay and Remita.
However, a further breakdown of the report showed taxes fell by 13.5 percent from N1.63 trillion in 2019 to 1.41 trillion in 2020 due to the lockdown that crippled business activities in the first half of the year.
Taxes paid by Nigerian owned companies declined by 2.78 percent from N813.17 billion in 2019 to N790.58 billion in 2020. While taxes paid by international companies declined from N615.52 billion achieved in 2019 to N388.77 billion in 2020.
Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes
Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.
In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.
Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.
In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
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