Business

Why We Withdrew Suit Against FG – MTN

Published

4 years ago

January 11, 2020

Eric

MTN Nigeria Communications Plc on Friday said its case with the Federal Government over alleged revenue indebtedness of N242.24 billion and $1.28 billion had been withdrawn.

MTN Nigeria stated this in a regulatory filing to the Nigerian Stock Exchange (NSE) signed by its Company Secretary, Uto Ukpanah.

The company said its legal counsel received a letter from the Attorney General of the Federation, which formally withdrew the government’s demand for the funds.

“MTN Nigeria is pleased to report that its legal counsel has received a letter dated Jan. 8 2020 from the Attorney General of the Federation and Minister of Justice (the AGF) formally withdrawing the demand for N242,244,452,215.97 and $1.283,610,357.86 alleged revenue indebtedness,” the company said in a statement.

It said the letter confirmed that the AGF had referred the matter to the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) with a view to resolving the contentious issues.

“MTN Nigeria will consequently follow due court process to withdraw its legal action against the AGF and engage with the FIRS and NCS on the issues.

“MTN Nigeria remains committed to conducting its business in accordance with applicable laws in Nigeria,” it said.

The statement quoted Mr Ferdi Moolman, the company’s Chief Executive Officer, as saying that the company was pleased with the decision of the AGF.

“We are very pleased with the decision of the AGF and we commend him for his wisdom.

“We maintain our dedication to building and maintaining cordial relationships with all regulatory authorities in Nigeria.

“And we remain fully committed to meeting our fiscal responsibilities and contributions to the social and economic development of Nigeria,” Mr Moolman stated.

The News Agency of Nigeria (NAN) reports that Lagos division of the Federal High Court adjourned the suit filed against Nigeria by MTN over the disputed claims of tax evasion to January 30 and 31.

The telecoms firm had filed the suit against the government, following the demand by the AGF that MTN should pay the tax bill relating to the import of equipment and payments to foreign suppliers from 2007 to 2017.

The plaintiff was seeking among other declaratory reliefs, a declaration that the AGF’s demand of the sums of N242.24 billion and 1.28 billion dollars from MTN was premised on a process which was malicious, unreasonable and made on an incorrect legal basis.

(NAN)

Business

Glo Launches New Internet Solution Products for Homes, Businesses

Published

2 weeks ago

April 8, 2024

Eric

Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.

Business

Naira Appreciates Further, Sells at N1,280/$ at Parallel Market

Published

3 weeks ago

March 30, 2024

Eric

The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

TheCable

Business

NNPC Denies Reducing Petrol Pump Price

Published

3 weeks ago

March 28, 2024

Eric

The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.