Updated: Sanwo-Olu reverses self, says didn’t promise to end Apapa gridlock in 60 days

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Contrary to his earlier promise to resolve the Apapa gridlock within his first 60 days in office, Lagos State governor, Babajide Sanwo-Olu, on Tuesday reversed himself, saying he never made such promise. The governor was fielding questions from State House Correspondents after meeting with President Muhammadu Buhari in Abuja. “Interestingly, some media houses are actually…

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Dangote Sugar posts profit before tax of N34.6bn in 2018

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Leading sugar manufacturing company, Dangote Sugar Refinery plc, on Monday received commendations from shareholders for its resilience despite the harsh operating environment of the 2018 financial year as well as for continuous payment of dividend. At the Annual General Meeting of the company held in Lagos, Bisi Bakare, national coordinator, Pragmatic Shareholders Association of Nigeria…

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Tax Appeal Tribunal exempts Voluntary Pension Contribution from PAYE

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The Tax Appeal Tribunal (TAT) sitting in Lagos on Tuesday June 18, 2019 delivered judgment in the case of Nexen Petroleum Nigeria Limited (the Appellant) and Lagos State Internal Revenue Service (the Respondent) to the effect that Voluntary Pension Contribution (VPC) is a valid deduction for calculating Pay-As-You-Earn (PAYE) tax on employee’s emoluments. KPMG’s Tax…

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FMDQ, UNEP, others champion Lagos Financial Centre for sustainability

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With the global momentum towards building sustainable financial systems, the increasing significance of environmental, social and governance (ESG) factors on financial sector development and the growth in green and sustainable finance initiatives world over, the City of Lagos recently joined 23 other international financial centres, including London, New York, Paris, Geneva, Hong Kong, Shanghai, Seoul,…

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Delay in Azura II take-off worsens Nigeria’s power woes

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The inability of Azura Power Holdings to move ahead with its planned expansion of its Azura power plants that would have added additional 1,000 megawatts of electricity to the national grid may have compounded Nigeria’s power woes. The phase I of the Azura project, the 461MW open cycle gas turbine Azura-Edo power station, was completed…

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