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Lagos Approves 15% Discount on Land Use Charge

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Ambode
  • Lagos Approves 15% Discount on Land Use Charge

The Lagos State Government Wednesday approved 15 percent discount for all owners of properties in the state, which would pay their land use charge between now and April 14.

The state government said it would inaugurate Ajah Flyover before May 29, revealing the plan to remove three more roundabouts in Lekki-Ajah corridor to ease vehicular movement.

The state governor, Mr. Akinwunmi Ambode, disclosed the plan to remove three additional roundabouts at the State House, Alausa where he received the Managing Director of Chevron Nigeria, Mr. Jeffrey Ewing and other top management staff members of the oil giant.

Ewing visited the State House alongside the General Manager, Policy, Government and Public Affairs, Chevron Nigeria Limited, Mr. Esimaje Brikinn and General Manager, Deep Water, Chevron Nigeria Limited, Mr. Lanre Kalejaiye, among others.

However, in a statement by the Ministry of Finance yesterday, the state government said it had extended the discount window for the payment of land use charge till April 2017.

He noted that the discount window would allow Lagos residents to further enjoy the discount of 15 per cent, noting that prompt payment of land use charge would make the state excel and its residents enjoy laudable programmes.

He urged residents to desist from payment of tenement rate and ground rent as section 22 of the State Land Use Charge Law, warning that late payment or non-payment of land us charge on an annual basis “would attract accrued penalties and accumulation of arrears.”

It, also, urged all property owners in the state “to take advantage of the extended discount window and ensure payment is made on or before April 4 in order to encourage the government in the delivery of services to the general public.”

When visited by the managing director of Chevron Nigeria, Ambode disclosed the plan to remove three roundabouts along Lekki-Ajah axis from next week in order to solve the challenge of traffic congestion that had become intractable along the corridor.

He added that the action was in line with the resolve of government “to totally eliminate traffic in the axis. The affected roundabouts are Igbo Efon, Chevron and Third roundabouts.”

He explained that the state government had tried as much as possible “to improve on the business environment. The state government would continue to invest in security and infrastructure to make life comfortable for residents and investors.

“We have tried to improve services within the state. The area of operation of Chevron which is the Lekki axis is not left out. Few weeks back, we improved on the traffic management towards that axis. We believe the move would also enhance productivity of the people.”

He ascribed the resolve to remove three additional roundabouts along Lekki-Ajah axis to the impact of the elimination of the first set of roundabouts had, noting that the state government would begin eliminating three roundabouts next week.

“From next week, we will commence the elimination of additional three roundabouts in the axis most especially Chevron, Igbo Efon and Third Roundabout. We believe doing that will totally eliminate traffic in that axis and we hope to also open the Ajah Flyover before the end of May,” Ambode said.

He said the essence of any government “is to create the enabling environment for businesses to thrive,” assuring that he would continue to do his best to provide safe and sound environment.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government Begins Disbursement of N200bn Support Fund to Manufacturers and Businesses

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The Ministry of Industry, Trade and Investment has initiated the disbursement of the long-awaited N200 billion Presidential Conditional Grant Scheme.

This is the beginning of a vital phase in the government’s strategy to provide financial assistance to manufacturers and businesses across Nigeria.

The scheme, which is being administered through the Bank of Industry (BOI), has been divided into three categories of funding, totaling N200 billion.

The disbursement process comes after an exhaustive selection process and verification of applicants to ensure transparency and accountability in the allocation of funds.

Doris Aniete, spokesperson for the Ministry of Industry, Trade and Investment, announced the progress in a statement posted on the trade minister’s official X (formerly Twitter) handle.

Aniete highlighted that verified beneficiaries have already started receiving their grants, signaling the beginning of the phased disbursement strategy.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy,” stated Aniete.

She further disclosed that by Friday, April 19, a substantial number of verified applicants are set to receive significant disbursements.

However, Aniete emphasized that disbursements are ongoing, and not all applicants will receive their grants immediately, assuring that all verified applicants will eventually receive their grants in subsequent phases.

The initiation of the disbursement process comes after more than eight months since President Bola Tinubu announced the grant for manufacturers and small businesses.

The scheme aims to mitigate the adverse effects of recent economic reforms and foster sustainable economic growth by empowering businesses with financial support.

President Tinubu had outlined the government’s commitment to strengthening the manufacturing sector and creating job opportunities through the disbursement of N200 billion over a specified period.

The funding is intended to provide credit to 75 enterprises, each able to access up to N1 billion at a low-interest rate of 9% per annum.

However, the implementation of the programme has faced challenges, including delays and criticisms regarding the registration process.

Femi Egbesola, President of the Association of Small Business Owners, expressed concerns over the slow pace of data collation and suggested that genuine businesses were being discouraged from accessing the loans.

Despite the hurdles, the commencement of the disbursement process signifies a significant step forward in the government’s efforts to provide vital support to manufacturers and businesses, potentially revitalizing economic activities and driving growth across various sectors.

As beneficiaries begin to receive their grants, the impact of this initiative on the nation’s economic landscape is eagerly anticipated.

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MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

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Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

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Geregu Power Plc Announces N14.46bn Profit in Q1 2024

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Geregu Power Plc

Geregu Power Plc has announced a profit of N14.46 billion for the first quarter (Q1) of 2024.

This represents a 307% increase when compared to the same period last year.

The power-generating company, known for its pivotal role in Nigeria’s energy sector, disclosed its outstanding financial results in its interim financial statement filed with the Nigerian Exchange Limited on Tuesday.

This disclosure comes shortly after the firm’s Deputy Chief Executive, Julius Omodayo-Owotuga, hinted at the promising financial outlook during the company’s recent annual general meeting held in Lagos.

According to the interim report, Geregu Power Plc’s revenue surged to N50.42 billion in the first quarter of 2024, representing an increase of 254.37% year-on-year appreciation.

The company’s net finance income transitioned from a negative position to N133.61 million. This positive momentum was supported by a moderation in finance costs, which decreased from N3.141 billion to N2.29 billion as of March 2024.

Speaking to stakeholders at the recent annual general meeting, Femi Otedola, Chairman of Geregu Power, expressed satisfaction with the company’s exceptional financial performance in 2023.

Otedola highlighted the board’s decision to propose a dividend distribution of N8 per share for the 2023 financial year as a testament to their commitment to rewarding shareholders and confidence in the company’s future prospects.

The robust financial results for the first quarter of 2024 further solidify Geregu Power’s position as a leading player in Nigeria’s energy landscape.

The company’s commitment to operational excellence, strategic investments, and adherence to international standards, such as obtaining ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria, underscores its dedication to driving sustainable growth and value creation.

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