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NNPC Emerges Highest Tax Payer In 2021

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Value added tax - Investors King

The Nigerian National Petroleum Corporation (NNPC) has emerged the nation’s highest taxpayer in 2021, according to the latest list of taxpayers released by the Federal Inland Revenue Service (FIRS).

According to the FIRS, MTN Communication, Mobil Producing Limited and other companies in the oil and gas sector also topped the 2021 list of taxpayers.

The Executive Chairman of the FIRS, Mr. Muhammad Nami, disclosed this in Abuja.

According to Muhammed, NNPC topped the list, becoming the nation’s highest taxpayer in 2021 as was done the previous year. He revealed that the FIRS collected a total of N6.405 trillion in tax revenue, above its N6 trillion projection.

“The Service surpassed its tax collection target in 2021, and in doing so, crossed the N6trillion threshold for the first time,” the Chairman said.

He noted that the feat recorded by the Service was made possible by the uncommon leadership of President Muhammadu Buhari, the supervisory Ministry, the backing of the National Assembly and its leadership, as well as the cooperation of all other stakeholders in the tax area.

He added: “To everyone who contributed to FIRS’ success in 2021, we say thank you.

“Of particular importance is the contribution of our much-esteemed taxpayers; they defied the very harsh global economic conditions imposed by the lingering COVID-19 pandemic to produce a heroic performance in tax payment, compliance, and support.

“The combined efforts of all taxpayers made it possible for the Service to achieve the tax revenue collection of 2021 which provided our governments with necessary funds to meet their social contracts with the citizens”.

Other companies involved in the top list include Shell Petroleum Development Company Limited, Chevron Nigeria Limited, Total E & P Nigeria Limited, Airtel Networks Limited, Nigeria Petroleum Development Company Limited, and Nestle Nigeria Plc.

Nigeria Breweries Plc, Total Upstream Nigeria Ltd, Dangote Cement Indorama Eleme Petrochemicals Ltd, NIG Agip Oil Co. Ltd, British American Tobacco Marketing, Guaranty Trust Bank Plc, Stanbic IBC Bank Plc, and Lafarge Africa Plc were among the remaining companies.

In other news, Investors King reported that the NNPC restated a promise to ensure a free flow of petrol – this would be made possible as Nigeria has a store of 1.6 billion litres of fuel.

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Finance

Shiba Inu Token Yields Double-Digit Gains Ahead of the Launch of Shibarium

The cryptocurrency which is often referred to as the Dodge Killer has yielded double-digit gains in the past 24 hours. 

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shiba inu - Investors King

Shiba Inu, the second largest meme coin has witnessed a massive spike in trade volume and wallet addresses ahead of the launch of its layer-2 scaling solution Shibarium.

The cryptocurrency which is often referred to as the Dodge Killer has yielded double-digit gains in the past 24 hours. 

Investors King understands that Shiba Inu was one of the top gainers on the Binance platform in the wee hours of Saturday. It is up by 13.5% as of the time of writing this report, data from the Binance platform shows. It is currently trading at $0.000014 from a low of $0.00011 recorded at the end of January 2023.

The WhaleStats shows that Shiba Inu is now the most traded crypto among the top 1000 Ethereum on Saturday, leading to its trading volume exploding by 94%. 

Similarly, the WhaleStats also reported that ETH investors hold a whopping $631.2 million worth of SHIB tokens. The sensational meme token has also displaced Polkadot (DOT) to claim the 12th-largest cryptocurrency by market cap. 

Amid this momentum, a well-known crypto analyst, Ali Martinez tweeted that SHIB could run up to $0.000017 before hitting stiff resistance. 

“#ShibaInu will find stiff resistance at $0.000017, where nearly 93,000 addresses had previously purchased around 465 trillion $SHIB”, he tweeted. 

Martinez added that Shiba Inu is positioned for more swing upward once it successfully climbs above the resistance level. 

With the potential release of Shibarium,  a kind of layer-2 network, the Shiba network will likely be equipped with more fundamentals which could drive more growth.

In a post shared on the Twitter platform, Shiba Inu’s lead developer Shytoshi Kusama stated that Shibarium is like a sturdy pine tree that with the right care — “water, sunlight, and proper soil” — will survive even the harshest of winters. 

What do we know about the Shibarium Layer-2 Network? 

The Shibarium Layer-2 Network has the potential to help fasten transactions in the Shiba ecosystem. It could also reduce transaction costs and provide enhanced security.

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Scarcity of Naira Worsens at Nigerian Banks as Customers Shun Cash Deposits

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New Naira Notes

Since the Central Bank of Nigeria (CBN) announced the extension of deadline for return of the old naira notes, checks by Investors King has revealed that most Nigerians have refused to deposit money in the banks.

This development was said to have been triggered by the low circulation of the resigned N1000, N500 and N200 naira notes and inability of the nation’s commercial banks to load their Automated Teller Machines (ATMs) with the new notes.

Investors King had reported that CBN Governor, Godwin Emefiele had directed commercial banks to ensure they load there ATMs with the new notes.

However, banks have not lived up to expectations even as reports of naira racketeering rock the financial institutions.

Most ATMs have been witnessing crowds as customers fight their way out on long queues to withdraw cash.

At various banking halls across the country, activities of financial transactions have decelerated drastically as customers complain of lack of cash.

While most banking halls were desolated as a result of paucity of funds in bank vaults, the few banks that were said to be preparing to load their ATMs were beseiged by frustrated customers, mostly operators of Pont of Sales (PoS).

Customers who visited bank counters to withdraw cash said they were given lower denominations such as N5, N10 and N20.

A bank official disclosed that the CBN had restricted commercial banks from to paying denominations lower than N200 notes owing to scarcity of new notes and to also discourage the spending of the larger denominations.

Confirming lack of cash to pay customers, the Chairman of the National Association of Microfinance Banks, Osun State chapter, Tunde Lawal, said the situation has led to the collapse in operations of many of the banks.

There was confusion at a microfinance bank in Osogbo early Thursday when some aggrieved customers threatened protest as bank officials flee. They had claimed that the bank was not attending to them.

Meanwhile, operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have started monitoring the cash disbursement exercise in Bauchi State as the agency noted that the operation would spread across the country.

The joint taskforce comprising operatives of the ICPC and its sister anti-graft agency, the Economic and Financial Crimes Commission (EFCC) and some officials of the apex bank was said to have been necessitated following reports of hawking of the new notes by black marketers.

The Lagos and Ondo States Chambers of Commerce, Industry have said the implementation of the new naira policy introduced by the CBN was designed to run micro small and medium enterprises and the common man out of business.

The spokesperson for the agency, Adeboro Onibalusi said the new policy has caused hardship for Nigerian Masses especially micro small and medium enterprises operators.

In a statement signed by the chambers’ Director-General, Chinyere Almona, the Lagos chapter noted that the CBN’s inability to properly plan and implement the phasing out of old naira notes has caused serious strain on many businesses.

 

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Banking Sector

Kuda Bank Says Customer Deposits Are Safe Despite Mobile App Issues

The fintech company assured that the application glitches will soon be fixed and customers will gain access to their money again.

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Kuda Bank - Investors King

Kuda Bank, a leading digital microfinance bank, has said there is no cause for alarm as their customers’ money is safe despite the mobile application issues.

The fintech company operating in Nigeria further assured that the application glitches will soon be fixed and customers will gain access to their money again.

Investors King gathered that currently, users of Kuda are having difficulties in accessing the bank app. Some have bitterly complained that their account balance reads zero despite having money in the account.

The Kuda bank management has, however, responded to the complaints by its customers through its official Twitter handle.

The digital bank admitted that the application was having issues and apologised to its customers for their inability to access their money or use the application adequately.

It stated that the company is aware of the mobile app malfunctioning, as well as the zero account balance error.

According to its statement, work is ongoing to rectify the issue and when properly completed, customers will be alerted. It stressed that their money has not been tampered with and the glitch will soon be resolved.

The company’s response on its Twitter handle, @joinkuda reads, “We are sorry that you still haven’t been able to use your Kuda app. 

“We are working with our cloud services provider to sort out the downtime, and we will let you know when it’s been fixed. Your money remains safe and you will be able to access it as soon as services are restored.

“We know that the ₦0.00 balance error reported by several people is worrying but we assure you that it’s just what the app is displaying because of the downtime, not the amount of money you actually have. We will keep sharing updates as we make progress.”

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