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Nigerian Breweries Paid N326 Billion in Taxes in the Last Five Years

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Nigerian Breweries Plc revealed during the commissioning of its N5 billion ultramodern automated production line built in Ijebu Ode that the Federal Government has listed the company as one of the highest tax-paying companies in the country.

According to the brewing giant, it has paid N326 billion in tax and duty payments in the last five years.

Speaking at the launching of the new automated production line at Ijebu Ode in Ogun State, Chairman, NB Plc, Chief Kolawole Jamodu, said: “We have been listed as one of the highest tax-paying companies in Nigeria and the highest in the manufacturing industry, with tax and duty payment of approximately N326 billion over the last five years. We have paid over N1 billion in combined taxes of PAYE, levies and other duties to the Ogun State Government.”

Mr Jordi Borrut Bel, Managing Director/Chief Executive, NB, who also spoke at the commissioning said the PET line represents about N5 billion in direct investment.

This PET line represents a direct investment of about N5 billion and it comes at a time when the effect of COVID-19 has made other businesses wary of making such huge capital investment.

“Despite this we remain confident and optimistic that the commissioning of today will give birth to certainty. And with the right decision and policies, companies such as ours would continue in providing refreshment for millions of men, women and children in Nigeria.

“This new PET line will increase our production capacity for non alcoholic drinks starting with Maltina and the newly introduced variance of Maltina Pineapple, Maltina Vanilla and other brands like Amstel and high malt,” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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TAJBank Drives Educational Infrastructural Development in Akwa Ibom

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TAJBank Drives Educational Infrastructural Development in Akwa Ibom

TAJBank, Nigeria’s most innovative Bank has reiterated its commitment to contributing it quota to the growth and development of the Nigerian education sector.

This occurred at the recent commissioning of new infrastructure at Saint John Paul School, Akwa Ibom State with several dignitaries in attendance such as Senator Godswill Akpabio, Minister of Niger Delta Affairs, Chairman of the school, Her Excellency, Mrs Uloma Akpabio, The Sole Administrator, NDDC, Mr Akwa Efiong and other dignitaries.

The special guest of honour, Minister of Niger Delta Affairs, Senator Godswill Akpabio, commended the Bank for believing in the vision of the school and accepting to provide financing for expansion of the institution’s infrastructures. This, he said, was an evident indication of the Bank’s willingness to collaborate with credible bodies in its drive to contribute to the significant improvement of the nation’s education sector.

Senator Akpabio also urged the Bank to open a branch in Uyo as a priority once it gains its national license.

Representing the Bank at the event, Mr Nasir .T. Usman, acknowledged the enormous strides that the leadership of Saint John Paul School Akwa Ibom has made to fill in the gap of quality education in Nigeria taking into cognizance critical factors such the need for affordability to the general populace. He noted that the results were evident in the school’s nine years of existence as it had succeeded in molding students of great intellectual output and high moral standing.

In just over one year of operations, TAJBank has recorded several milestones. Recently, the Bank was awarded Bank of the Year by Leadership Newspapers Group for its remarkable performance and efforts in driving financial inclusion to people at the grassroots.

TAJBank offers an array of products and service offerings which are widely available to customers. Some of these products include: Partnership (Mudarabah) Term Deposit, Lease (Ijarah) Finance, Partnership (Mudarabah) Savings/Current Accounts, Qard Savings and much more.

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Prada’s Profits Drop by $219 Million, Sales in China Up by 60%

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Prada’s Profits Drop by $219 Million, Sales in China Up by 60%

The year 2020 has been a truly challenging year for all kinds of businesses, including the most popular luxury brands. Due to store closures, Prada Group as well as luxury groups LVMH and Kering gained underwhelming financial results and tremendous losses in the first two quarters of 2020.

According to the research data analyzed and gathered by Comprar Acciones, Prada Group swung to a $219 million loss in Q1 and Q2 2020. In comparison, it was able to attain profits of around $190 million in the same period last year.

Prada’s Sales in China Up by 60% in Q2 2020

Due to the closure of 70% of its stores, Prada sales in the United States fell by 42%. Sales also dropped by 44% in the Middle East, 41% in Europe, while both the Asia Pacific and Japan experienced a 39% decline.

Other luxury brands such as LVMH and Kering also experienced drastic declines in their retail and wholesale sales. In the first half of 2020, Kering’s revenue collapsed by 29.6%. LVHM, the world’s biggest luxury group, also experienced a dramatic drop. From Q1 to Q3 2020, its total revenue stood at $36.9 billion, down by 21% year-over-year.

On the other hand, its sales in China have sharply recovered since the end of March 2020 when its stores have been reopened for the public.

By the end of Q2 2020, Prada registered a 60% sales growth in China. In July 2020, its sales were up by 66%. Additionally, a massive 44% of the company’s total global sales came from the Asia Pacific region.

Based on a study by American consultancy company Bain & Company, 37% of the total sales in luxury goods worldwide in 2019 came from Chinese shoppers. The bulk of these Chinese customers were travelling abroad at the time of their purchase.

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BUA, Sinoma CBMI of China to Sign Contract to Build 3 Additional Production Lines of 3mmtpa Each

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BUA to Sign Contract to Build Three Additional Production Lines of 3mmtpa Each

BUA, Nigeria’s second-largest cement manufacturing company, on Tuesday announced it is in the process of signing a contract to build three additional production lines of million metric tonnes per annum each this week.

The leading cement manufacturer disclosed this in a statement issued via the Nigerian Stock Exchange.

It said the contract will be between BUA and Sinoma CBMI of China, the company that will do the construction in Adamawa, Edo and Sokoto States.

The statement reads, “BUA Cement Plc hereby notifies the Nigerian Stock Exchange, its esteemed shareholders and the investing public that the Company will sign a contract for the building of additional three production lines of 3 million metric tonnes per annum each this week.

“The contract will be signed between the Company and Sinoma CBMI of China and the Production lines will be located at Adamawa, Edo and Sokoto States.”

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