Business

On Monday, President Muhammadu Buhari signed the Finance Act which reviewed the VAT rate from 5 to 7.5 per cent.

The market capitalisation of listed equities grew by N150 billion to close at N15.142 trillion against N14.992 trillion posted on Wednesday.

He is currently an Alternate Executive Director in the International Monetary Fund (IMF) In Washington DC, United States of America, the presidency said.

The six countries issued the condemnation at the end of an extraordinary meeting of their ministers of finance and governors of their central banks on Thursday.

Mr Adegbite said the federal government is reaching out to the states to create a win-win situation.

“We usually charge N100 – N150 on N5000 before, but we have added N50 to it, so we collect N200. Do not forget that POS charge too is there. It is becoming challenging.”

The company said it “will be contacting the relevant authorities across a number of jurisdictions without delay” to report “what appears to be an attempt to defraud” the company.

The bank made this known in a disclosure notice sent to the Nigerian Stock Exchange (NSE).

“Every payment, which for one reason or another could not be made before the coming into effect of the Finance Act, will now suffer 7.5 per cent charge for VAT.”

Reps say only constitutional amendments can make such reshuffling stand.

The official said Nigeria had decided not to make any statement that would be “misinterpreted or misunderstood”.

Trade dropped by 1.18 per cent after 11 days of consecutive uptrend.

The new dates for the meeting is Thursday and Friday, January 23 and 24.

NSE resumed trading for the week still on a bullish trend following investors’ interest in MTN Nigeria Communication due to the tax debt reprieve.

Nigerians will pay more for specific goods and services that attract VAT this year.

On January 3, OPEC predicted that oil prices in 2020 will recover smartly from late 2019 levels.

“Through our bank’s intervention, one of the companies we funded did the first major export of shea butter out of Nigeria in 2018.”

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, attributed the growth to activities of investors who anticipate higher dividend yields.

The new Registrar General, who already assumed duties, is from Bauchi State.

The market capitalisation of listed equities improved by N10 billion to N15.174 trillion from N15.164 trillion reported on Thursday.

BUA Cement has a combined capital of over N1.2 trillion.

The listing of BUA’s shares on Thursday added N1.18 trillion to the NSE market capitalisation.