NIPC: Oil, aviation firms file for tax holiday

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Eight firms from power, oil and gas, ICT, and aviation sectors have filed fresh applications to the Nigerian Investment Promotion Commission (NIPC) for tax holiday. The commission disclosed this in its Q2 Pioneer Incentive Status report just released. A pioneer status incentive grants companies making investments in qualifying industries and products a tax holiday of three years from the payment of company income tax. The three-year tax holiday has the possibility of an extension for one or two additional years to enable the industry concerned to make a reasonable level…

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Factions: Uneasy calm as pensioners maintain conflicting stance

Dorothy Ewah

  The registration of a new pension body, Federal Parastatals and Private Sector Pensioners’ Association of Nigeria (FEPPAN) in the first quarter of 2019 by Minister of Labour and Employment, Sen. Chris Ngige, is still generation friction among the retirees.   Recently, majority of the affected pensioners under the Sectoral Units and Parastatals urged the Federal Government to respect their decision to remain under the Nigeria Union of Pensioners (NUP).   This was contained in a communique signed by the Chairman of all Sectoral Unions and Parastatals, Alex Abu, after…

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NBS scores Edo high on job creation

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  The unemployment rate in Edo State dropped from 25.1 per cent in the 3rd quarter of 2018 to 19 per cent in the 2nd Quarter of 2020, the National Bureau of Statistics (NBS) has said.   According to the “Labour Force Statistics: Unemployment and Underemployment Report,” released by the NBS last Friday, Edo State has the lowest unemployment figure in the South-South region.   Specifically, the report said: “The unemployment rate among states in the South-south is as follows: Akwa-Ibom 45.2 per cent; Bayelsa 27.8 per cent; Cross River…

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Group describes revelations from NDDC as nauseating

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A Niger Delta-based civil society organisation- Niger Delta Movement for Peace & Justice, has noted with great concern and total displeasure the ongoing massive looting, corruption, abuse of office and impunity in the Niger Delta Development Commission (NDDC) perpetuated by interim management committee under the supervision of the Minister of Niger Delta Affairs. In a statement signed by the National Coordinator of the movement, Comrade Etifit Nkereuwem,  the group said the recent revelations of accusations, allegations and counter accusations and allegations by the Minister of Niger Delta Affairs and IMC against…

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MAN: COVID-19, others may push investors out of Nigeria

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Following report by the board of Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited to divert its retail businesses and exit Nigeria, the Manufacturers Association of Nigeria (MAN) has warned that the action could lead to some foreign firms leaving the shores of the country post-COVID-19. Acting Director-General of MAN, Ambrose Oruche, dropped this hint in a chat with New Telegraph in Lagos, saying that lots of businesses have recorded huge revenue losses, especially in the manufacturing sector. Oruche said that the COVID-19 crisis had changed the strategic…

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Vessels lift N113.6bn natural gas to Asia, Europe

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  Despite weak demand and low prices, Nigeria has commenced export of  675, 691 metric tonnes of liquefied natural gas valued at N113.6billion ($252.37million) this month to various destinations. The gas,  which has started leaving Onne Port, is being ferried by 10 vessels as price hit $373.5 per tonnes in China. Although some cargoes have   taken longer time to reach their destinations, while others are still  idle at sea, data by the Nigerian Port Authority Shipping Position, however, revealed that LNG Bonny II left the Onne Port with 68,610 tonnes; Methane Princess, 61,309 tonnes;…

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COVID-19: Firm rewards frontline workers for essential services

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In appreciation of frontline workers, who have been committed to the overall well-being of Nigerians during the COVID 19, the La Casera Company (TLCC) has disclosed plans to reward front line workers with the ‘La Casera Heroes.’ This initiative, the company said, was to celebrate and recognise frontline heroes that have been providing essential services since the first index case was reported in Nigeria early this year. Speaking at the gift presentation and the unveiling of the La Casera Heroes Campaign, the Managing Director, The La Casera Company, Chinedum Okereke,…

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Labour faults irregular appointment into civil service

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Organised labour under the umbrella of Association of Senior Civil Servants of Nigeria (ASCSN) has deplored upsurge in irregular appointments in the federal public service. In a statement made available to Newsfieldglobal, the immediate past President of the association, Comrade Bobboi Kaigama, recalled that recruitment in the service had always been guided by the Public Service Rules (PSR) 020201-020412 with specific guidelines documented without  being open ended. He, however, lamented that despite such rules tgere were still cases of irregular appointments/recruitments into the Federal Public Service including indiscriminate transfer of…

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AIICO records 26% growth in gross written premium

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AIICO records 26% growth in gross written premium AIICO Insurance Plc has reported gross written premiums of ₦31.9 billion, representing 26 rise from the same period in 2019 (Q2’19: N25.4bn). The growth was driven by sustained positive performance across the major lines of business of the group. A statement made available to New Telegraph said the group’s shareholders’ funds increased by 9.39 per cent from N27.9 billion in 2019 to N30.5  billion, driven by the group’s earnings for the period and its strong matching of long term asset and liabilities,…

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MTN seeks to sell stake in Jumia

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  MTN Group Limited is planning to sell part or all of its $243 million interest in Jumia Technologies AG as Africa’s biggest wireless carrier looks to pay down debt and enter new markets. According to Bloomberg, MTN, which had previously marked the online retailer as a non-core business, is reviving plans for a sale after Jumia’s shares surged 142 per cent this year, recovering from a dip in 2019, one of the source familiar to the plan said.  No final decisions about the sale have been made, the people…

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