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Nigeria Capital Importation Rises to $1.13bn in Q1 2023

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By Tony Obiechina, Abuja

Capital importation grew by 6.78 per cent in the first quarter of 2023, according to the National Bureau of Statistics (NBS).

The total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022.

On a quarter-to-quarter basis, foreign investment into the country increased by 6.

78 percent but dropped by 28 percent on a year-to-year basis.

“Total capital importation into Nigeria in Q1 2023 stood at $1.

13 billion, lower than $1.57 billion recorded in Q1 2022, indicating a decrease of 28 percent,” the NBS said.

“When compared to the preceding quarter, capital importation rose by 6.

78 percent from $1.06 billion in Q4 2022.”

Only eight of the 36 states and the federal capital territory (FCT) received capital investments in Q1 2023.

Lagos remains the top destination for foreign investment ($704.87 million), followed by FCT ($410.27 million), Akwa Ibom ($5.121million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

Others are Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).

Further analysis by TheCable Index shows that the highest capital importation was received through portfolio investment, which accounted for 57.32 percent ($649.28 million).

Other investments accounted for 38.31 percent ($435.76 million) and foreign direct investment (FDI) accounted for 4.20 percent ($47.60 million) of total capital importation.

The sector that received the highest capital investment was banking ($304.56 million), representing 26.89 percent of total capital imported. The production sector recorded $256.12 million, the IT sector had $216.06 million), consultancy ($0.02 million), oil and gas ($0.75 million), and brewing ($0.65 million).

By banks, the report shows that Citibank Nigeria Limited ranked top with $424.13 million (37.45 percent). Standard Chartered Bank Nigeria Limited was next with $360.33 million (31.81 percent) and Stanbic IBTC Bank had $151.85 (13.41 percent).

President Bola Ahmed Tinubu has continued to reiterate his administration’s commitment to ensuring consistency in policy and a better business climate to attract investment.

In a recent meeting with Shell Petroleum Development Company (SPDC), Tinubu said attracting investments was “a promise I made personally to Nigerians. Whatever it takes, I will fulfil that promise to Nigerians”.           

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Edo 2024: NPFL Reschedules Insurance, Shooting Stars Match

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The Nigerian Football Premier League (NPFL) has rescheduled the Day 3 Match of the league between Bendel Insurance FC of Benin and Shooting Stars FC of Ibadan to Oct 2.

The announcement is contained in a letter addressed to the chairmen and general managers of the clubs by the Chief Operating Officer of the league, Davidson Owumi.

The Benin Arsenal were to host the Oluyole Boys as the two clubs are fondly called by their fans, on Sunday.

The match, however, clashed with 2024 off-cycle governorship election in Edo, when vehicular movement is usually restricted. (NAN)

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Tax Evasion: BIRS Shutdown Ortom’s Company over N93.5m

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From Attah Ede, Makurdi

Benue Internal Revenue Service (BIRS) has shutdown Oracle Business Ltd, belonging to former Governor Samuel Ortom for allegedly owing taxes to the tune of N93.5m.

The premises of Jagshu and Ubgechi Filling Stations were also shutdown over alleged N2.

1m and N2.1m tax defaults respectively in Makurdi.

The tax defaulters operation was carried out at the weekend by the Acting Executive Chairman of Benue Internal Revenue Service, Sunday Odagba in company of the Board’s Secretary/Legal Adviser, Ushahemba Dekaa

The action followed an order from a State High Court sitting in Makurdi which mandated the Board to enforce the consequences of the default.

The BIRS Legal Adviser, Ushahemba Dekaa told journalists after sealing the premises of Oracle Business Ltd that the company defaulted in its obligations for payment of taxes for six years, hence the clamp down.

According to him, the board has been monitoring the tax of the company all these while and the company keep on going back and forth in relation to payment which they failed to do.

He said the board equally organized several meetings and engagements with the companies, yet no compliance even when BIRS were using soft approach to ensure that they paid their taxes and levies but all to no avail.

On his part, the Group Managing Director of Oracle Business, Chris Omiyi argued that the company got letters of tax evaluation totalling N138m. “We sent our tax consultant to them and the liability dropped to N38million.

“Even that amount was spurious but because we are peace-loving we agreed to pay the N38million. But there is still a dispute of N15million which we are to resolve in the office. They fixed a date for the resolution, we got there the people we deal with were not on seat.

“The issue is that you said a company owes tax and we have started paying what you said we owe. Whatever that is in dispute we bring it forward and if it is overruled then we pay that which is in dispute because we have paid all others.”

In his remark the BIRS Acting Chairman, Sunday Odangba stated Oracle Business and other affected companies failed in their obligations.

He explained that the board on several occasions served them demand notices which they did not object and they did not pay.

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Unijos Constructs 10-lane Swimming Pool for NUGA Games Hosting

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The Management of the University of Jos has commenced the construction of a 10-lane Olympic Size Swimming Pool ahead of the upcoming National Universities Games Association (NUGA).

Prof. Tanko Ishaya, the Vice Chancellor of the University disclosed this on Monday while handing over the project site to Kaplan Consults Ltd.

and Caniyota Ltd.
, the firms handling the project.

The NUGA games, to be hosted by the university, is scheduled to hold between April and May 2025.

Ishaya, who explained that the project was being funded with Internally Generated Revenue, said that the swimming pool is one of the key facilities needed toward a successful NUGA games.

“Once this project is completed, all the necessary sporting facilities required for us to host the best NUGA games will be in place.

“I am calling on the contractors to carry out this job within the 16-week specified period; we need a quality job as well.

“We will expect briefing on weekly basis on the progress of work because we want this facility to be ready at least three months before the competition,” he said.

Earlier, Mrs Halima Auta, the university’s Director of Physical Facilities, explained that the swimming pool, a view pavilion and changing rooms would be handled by Kaplan Consult Ltd., while the training pool, all procurement and installations would be done by Caniyota Ltd.

Responding on behalf of the Contractors, Mr Kinsley Nathaniel of Kaplan Consults Ltd., promised to deploy the expertise needed to execute the project to an international standard. (NAN)

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