Five GTBank Branches shut Over N1bn Tax Evasion

  Five branches of Guaranty Trust Bank (GTB) in Nigeria have been sealed over N1 billion tax evasion. The Kano State Internal Revenue Service (KIRS), which carried out the actio on GTBank facilities, said the closure is in line with an order issued by Kano State High Court over the bank’s failure to audit and pay its taxes between 2014 and 2019. The affected branches include that of Murtala Muhammad Way, Wapa, Zaria Road, Bachirawa and France Road. Briefing newsmen during the exercise, the Legal Director of the agency, Barrister…

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NNPC in epoch-making haulage of 96 line pipes for $2.8bn AKK project

  Phase one of 1,300km Trans-Nigerian Gas Pipeline (TNGP) project for gas delivery to Europe received a boost   The execution of $2.8 billion Ajaokuta-Kaduna-Kano, AKK gas pipeline project was boosted at the weekend through the delivery of 96 pipes from Warri Southsouth region to Itakpe in Kogi state, Northcentral Nigeria by rail. The conveyance by rail was made possible through the efforts of the Nigerian National Petroleum Corporation, NNPC, a major stakeholder in the project. The Corporation, which confirmed this in a message obtained by Platforms Africa from its…

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Nigeria prints N60bn notes, ups debts to N16trn as financial crisis worsens

  “In another year or so, where will we find this money that we go to Abuja to share every month?” Governor of Edo state, Godwin Obaseki, laments as financial crunch takes toll on states   The Nigerian Government has printed about N60 billion notes to augment allocation shared to states in March by the Federation Accounts Allocation Committee. The Governor of Edo State, Southsouth part of the country, Godwin Obaseki, who raised the alarm over Nigeria’s financial trouble, particularly gave the continued shrinking oil revenue as the reason. Besides,…

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Africa gets single trade Currency Soon +All you should know in 9 paragraphs

  The Secretary-General of the African Continental Free Trade Area (AfCFTA’s) announced that the continent will soon have its own uniform payments and settlement platform to ease the burden of doing business in 42 currencies. Wamkele Mene revealed the plans at a webinar organised by the ruling South African ANC’s Progressive Business Forum on the AfCFTA on Friday. ‘Working with the Afreximbank [the African Export–Import Bank established to finance, promote and expand intra-African and extra-African trade] we are developing a pan-African payments and settlement platform to overcome this challenge of…

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Dangote, BUA’s bickering worsens, Nigerian billionaires take feud to Sugar

  We wrote it, Dangote confirms authorship of letter to Minister Against BUA The bickering between two Nigerian billionaires, Alhaji Aliko Dangote and AbdulSamad Rabiu, has continued to degenerate. This time, the two business Lords from Kano, Northwest Nigeria, have taken their long-time sour relationship, which became obvious from Cement price war to the Sugar industry. Dangote Sugar Refinery PLC (DSR), owned by Africa’s richest man, has confirmed that it wrote a letter to the minister against BUA. BUA was earlier reported to have said that it was ready to…

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Nigerians cough up N542.73bn electricity bills to DisCos in one year

  Nigerians paid a whooping N542.73 billion electricity bills in the year 2020. The 11 Electricity Distribution Companies (DisCos) across the country, collectors of the revenues, on the other hand, recorded a shortfall of N273.42 billion in the year. They, findings by Platforms Africa showed, received a total of N542.73 billion out of N816. 15 billion they billed their consumers. This is an increase of N42.46 billion from the total of N230.96 billion shortfall recorded in 2019. Checks also revealed that the amount the DisCos generated from their consumers in…

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Nigeria Eyes $8.7bn Investments from Refineries, Pipelines’ Repairs

  Mele Kyari: Corporation remains destination of choice for global investors The Nigerian National Petroleum Corporation (NNPC) expects an investment of about $8.7 billion to flow in during the rehabilitation of the Warri Refinery and Petrochemical Company (WRPC), the Kaduna Refinery and Petrochemical Company (KRPC), as well as the revamping of some of its 5,000-kilometre pipelines throughout the country. In a virtual presentation titled: “Accessing Energy Infrastructure Opportunities at the NNPC”, at an event hosted by the United States Department of Commerce, the Group Managing Director of the NNPC, Mallam…

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Afreximbank’s $1bn fund for PH Refinery Rehab, fruit of transparency- Kyari

. As NNPC, NEITI Renew Commitment to Deepen Transparency The Nigerian National Petroleum Corporation (NNPC) on Thursday declared that it secured financing agreement for the rehabilitation of the Port Harcourt Refinery by the African Export Import Bank (Afreximbank) as a fruit it reaped from its transparency and accountability. Though the rehabilitation is to gulp $1.5 billion, the financing deals secured from the Afreximbank, Platforms Africa gathered, is $1 billion. Group Managing Director of the NNPC, Mallam Mele Kyari, said while playing host to the management team of the Nigeria Extractive…

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Reasons Iconic 70 Series Land Cruiser is Most Reliable Toyota Ever Built

  Launched in 1984 and still manufactured today, the 70 Series Toyota Land Cruiser is an indestructible off-roader that has reached legendary status in its almost four decades of service. From the Sahara Desert to the Australian outback, you can, according to a report by autoevolution, find it roaming freely on some of the most unforgiving terrains on this planet. The Land Cruiser started life after the end of World War 2 as a military utility vehicle heavily inspired by the American Jeep. Its iconic nameplate was also influenced by…

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DPR confirms Platforms Africa Exclusive Story on Shakeup, Deputy Directors

  Six new deputy directors promoted to fill vacant positions, DPR spokesman says     The Department of Petroleum Resources (DPR) on Tuesday confirmed the World-Class exclusive investigative story published by Platforms  Africa on the shake up; removal and replacement of six deputy directors, at the agency. The Oil sector regulator, which confirmed the news over 24 hours after it was broken by Platforms Africa, maintained that it had promoted “six deputy directors to fill vacant positions” created by the shakeup “in the regulatory agency.” Head, Corporate Affairs, DPR, Mr…

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