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NIGERIA NEWSPAPERS: TODAY’S BUSINESSDAY NEWSPAPER HEADLINES [13 SEPTEMBER, 2018].

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FIRS Memo on WHT Credits Utilization: What Misgivings
Thu, 13 Sep 2018
An internal memo of the Federal Inland Revenue Service (FIRS) dated July 25, 2018 and captioned ‘Re: Circular on Withholding Tax Utilisation and K-Card Update Key Deliverables’ (Memo) has become public knowledge. The Memo directed all Tax Controllers and State Monitors to issue to taxpayers, a letter in a template captioned ‘Overpayments/Withholding Tax Confirmation/Reconciliation for…
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Premiership Rugby rejects 275m CVC takeover bid
Thu, 13 Sep 2018
Premiership Rugby has declined to accept a 275m offer from the private equity firm CVC for a 51% share because the clubs are fearful of handing control to a third party. With collective losses of around 35m, the clubs remain on the lookout for fresh investment but at Tuesday’s board meeting they unanimously agreed that…
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Fernando says McLaren must focus on reliability
Thu, 13 Sep 2018
Fernando Alonso says McLaren must focus on improving its reliability in a bid to maximise its prospects at this weekend’s Singapore Grand Prix. Alonso scored 32 points in the opening five Grands Prix but has added just 12 in the nine events held since, during which period he has failed to greet the chequered flag…
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Break makers call for review of VAT on bread, wheat grains
Thu, 13 Sep 2018
The Premium Breadmakers Association of Nigeria (PBAN), an association comprising owners, managing directors and partners of premium bakeries in Nigeria have called on the federal government to review the Value Added Tax (VAT) on bread and 15 percent levy on wheat grain imports, which have had an adverse effect on their operations. BusinessDays checks…
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ABC driving innovation in Nigeria’s road transport
Thu, 13 Sep 2018
ABC Transport Plc, an inroad into the road transport sector, did not only innovate the sector but deepened local road transportation and made it an alternative mode of transport for all classes of people in Nigeria. It is also on record that ABC Transport introduced formal road transportation within the West Coast, with the introduction…
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AfCFTA will open new vista of legal practice- Seni Adio, SAN
Thu, 13 Sep 2018
The Nigerian Bar Association Section on Business Law (NBA-SBL) On Wednesday August 29, 2018 held its annual general meeting during the NBA Conference in Abuja, where a newly elected council for the section was inaugurated. Among those elected to steer the affairs of theNBA-SBLfor the next two years are Seni Adio, SAN as chairman, Ayuli…
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Nigeria’s import of consumer goods rises by 18 % in Q2 2018
Thu, 13 Sep 2018
The value of consumer goods imported in Nigeria rose by 18 percent (year-on-year) to N131.2 billion in the second quarter (Q2) 2018 from N111.3 billion in Q2 2017, according to the recently released National Bureau of Statistics (NBS) foreign trade report. Consumer goods imported which comprise durable, semi durable and non -durable recorded N26.4 billion,…
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Court acknowledges MultiChoice appeal, rejects application to adjourn matter indefinitely
Thu, 13 Sep 2018
The Federal High Court on Monday September 10, 2018 acknowledged the appeal of MultiChoice against its interim order prohibiting increase in DStv or GOtv subscription rates.The Presiding Judge, Justice Nnamdi Dimgba however refused the application by MultiChoice to adjourn the matter indefinitely.The case was thus adjourned to October 9th, 2018. Multichoice had on Friday August…
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Uncertainty clouds DisCos operations as performance review nears
Thu, 13 Sep 2018
A cloud of uncertainty hangs about the operations of Nigeria’s eleven electricity distribution companies (DisCos) as the November deadline for review of their performance agreement with the Federal Government when privatised national electricity assets were handed over to them, approaches. According to the privatisation rules drawn up in 2005, successful core investors were required…
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30 000 petty traders access FG’s ‘Trader Moni’ in FCT
Thu, 13 Sep 2018
30,000 traders have so far accessed federal Governments Trader Moni programme for ‘petty traders across the federation, the Bank of Industry (BoI) said on Wednesday in Abuja. Trader Moni is the micro credit programme being promoted by President Muhammadu Buharis administration, which gives petty traders access to capital for their businesses. The programme, is going…
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NDIC advocates stronger ethical standard in banking industry
Thu, 13 Sep 2018
The Nigeria Deposit Insurance Corporation (NDIC) has called for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the banking industry. Umaru Ibrahim, managing director and chief executive made the call during the courtesy visit by the executive members of the Chartered Institute of Bankers…
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Sell-off hits bank valuations as stocks trade at depressed P/B ratios
Thu, 13 Sep 2018
Nigerian banks have been particularly hit hard by the sell-off in the stock market with lenders trading at depressed valuations using the price-to-book (P/B) ratio measure. The P/B ratio compares a firms market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarters book…
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NSE reclassifies E-Tranzact as low-priced stock
Thu, 13 Sep 2018
The Management of Nigeria Stock Exchange (NSE) on Tuesday announced the reclassification of E-Tranzact International Plc from Medium priced to low priced stock. This decision taken by the NSE was in compliance with Rule 15.29: Pricing Methodology, Rulebook of the Exchange on dealing members. Justifying the move, a statement by the NSE recalled…
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