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Kogi State IRS Shuts Down Companies For Refusing To Pay Tax

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Kogi State IRS Shuts Down Companies For Refusing To Pay Tax

Two telecommunications providers, Forte oil, and the Bank of Agriculture are some of the companies that have incurred the ire of the Kogi State Internal Revenue Service and were shut down for what the tax service said was refusal to pay taxes. Collectively, the Kogi IRS says the companies owe almost half a billion Naira to the state government.

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Kogi IRS official responsible for enforcement, Jamil Isah, says the two telecom providers jointly owe the state more than four hundred million Naira in taxes, while forte oil and bank of agriculture owe about eight million Naira.

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CBN, SEC Grant Approval In Principle To Access And Diamond Bank Amid Merger

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CBN SEC Grant Approval IN Principle To Access And Diamond Bank On Proposed Merger

The Central Bank of Nigeria and the Securities Exchange Commission have granted an approval in principle to Access Bank and Diamond Bank on their proposed merger.

An Access Bank Executive Director, Victor Etuokwu, says the banks were expecting the final approval to come after the banks’ shareholders meetings.

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Etuokwu said the banks have received two of three approvals needed for the process, and that the final approval would be completed in the next sixty days.

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Etuokwu said the new bank that would emerge after the merger would focus on retail and corporate banking.

Robert Giles in charge of retail at Diamond Bank says customers will be able to use Automated Teller Machines, ATMs, of either bank at no cost.

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Maritime Expert Urges FG To Develop Policies To Boost Ship Ownership In Nigeria

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Maritime Expert Urges FG To Develop Policies To Enable Ship Ownership In Nigeria

The federal government has been asked to develop policies that would help increase local ship ownership that would help in the training of Nigerian seafarers.  Currently, there are no locally-owned ships operating in international waters.

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The call was made in Abuja on Tuesday by Mfon Ekong Usoro, secretary-general of the Abuja M.O.U. On Port State Control for West and Central African Region.

She said the absence of locally-owned vessels trading at the international stage has reduced opportunities for hand-on experience for Nigerian seafarers.

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Usoro said this has reduced the abilities of Nigerian seafarers to compete against their contemporaries around the world in areas of international shipping.

She called on NIMASA to invest in a training ship like that of South Africa’s Samsa and create berths for sea training for Nigerian seafarers.

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China Central Bank Injects $83 Billion Into Economy

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China: Central Bank Injects $83 Billion Into Economy

China’s central bank has on Wednesday injected a record $83 billion into the country’s financial system in order to avert a cash crunch that could destabilise the country’s economy.

The country’s weakening economy has made policymakers to step up stimulus measures in protecting jobs,

But a raft of measures last year from big rail projects to tax cuts seem to have had little impact so far, with recent data suggesting activity is cooling more quickly than expected.

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A senior economist in Hong Kong, Trinh Nguyen said, it is very obvious the economy of China needs help and so many authorities agreed to that.

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Wednesday’s injection was aimed at ensuring there are ample funds in the financial system, which is facing strains as tax payments peak in mid-January, and as demand for cash picks up ahead of the Lunar New Year holidays starting in early February, People’s Bank of China (PBOC) said.

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The injection which is the bank’s largest net single-day injection came a day after China’s state planner, central bank and finance ministry all offered reassurances to investors, signaling more spending and other types of policy support.

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