• Reps to probe 14 power firms over power purchase agreement

    Reps to probe 14 power firms over power purchase agreement

    Indications emerged yesterday that the engagement of 14 firms by the Federal Government under its Power Purchase Agreements (PPA) by the Nigerian Bulk Electricity Trading (NBET) may be subjected to legislative investigation.

    The House of Representatives Committee on Power said the agreement with the 14 firms breached due process as there was no proper guideline for the engagement.

    Doubts were also raised over the nation’s ability to meet the 20,000 megawatts (Mw) power generation target set for 2020.

    The Dan Asuquo-led House Committee, […]

  • FIRS shuts more firms over N368m tax evasion

    FIRS shuts more firms over N368m tax evasion

    The move by the Federal Inland Revenue Service (FIRS) to put an end to excessive tax liabilities by corporate bodies across the country continued yesterday as it grounded business activities in some companies in Lagos, Enugu and Abuja over tax debts totalling N368.11 million.

    In Yaba, Lagos, the office of Courteville Business Solutions Plc. was shut over a tax debt of over N313 million. A company official told the FIRS team that he was aware of the company’s debt but not […]

  • FIRS shuts firms in Warri, Lagos, Ilorin over unpaid taxes

    FIRS shuts firms in Warri, Lagos, Ilorin over unpaid taxes

    It was gathered that the Federal Inland Revenue Service (FIRS), yesterday, ramped up its tax enforcement drive when its teams shut down the premises of companies with tax liabilities in Warri, Lagos and Ilorin.

    In Warri, Delta State, the enforcement team visited two companies including JAD Construction, where the FIRS team evicted all the staff before sealing off the premises for unremitted taxes in excess of N400million, accumulated from 2013.

    “These defaulters had the option of clearing the arrears to avoid being […]

  • Interbank Rates Soar As Naira Firms At Parallel Market

    Interbank Rates Soar As Naira Firms At Parallel Market

    According to reports, the interbank lending rates which is the rate at which banks lend amongst themselves soared to an all time high of 128 per cent from 70 per cent last week Friday after banks funded their accounts to participate in a currency forward, even as the value of the naira gained strength at the parallel market.

    The naira which sold around N460 to the dollar at the weekend closed yesterday stronger at N455, although bureau de change operators said […]

  • FIRS shuts firms in Abuja, Asaba, Lagos, Onitsha

    FIRS shuts firms in Abuja, Asaba, Lagos, Onitsha

    Some companies have been shut by the Federal Inland Revenue Service (FIRS) as it resumed its tax enforcement exercise in Lagos, Abuja, Asaba and Onitsha yesterday.

    In Abuja, the FIRS team, led by Chinazo Edeh, sealed off Urban Shelter Limited, a property development firm, located in the Wuse Zone 5 Area for allegedly owing N637 million in arrears of taxes accumulated from 2008 to 2016.

    Mohammed Sanni, Tax Liason Officer of Urban Shelter, said the company has submitted a payment plan which […]