01 Jul

Daily Watch – FIRS goes tough, Stock market rebounds

  • The trade volume between Nigeria and India has hit $16 billion. The High Commissioner-designate to Nigeria, B.N.Reddy, said during the launch of the India-Nigeria Business Promotion Council, said that as India’s biggest trading partners in Africa, both countries must share experiences and assist each other in areas of interests. Nigeria’s Minister of Industry, Trade and Investment, Okechukwu Enelamah, in his remarks, pleaded with Indian investors who were present at the event to open world class hospitals and medical centres in Nigeria.
  • Nigeria’s Stock market rebounded to a positive position Thursday after three consecutive negative days. Investors recovered ₦81.63 billion from their investment in shares traded on the NSE. Market capitalisation increased by ₦81.63 billion to close at ₦10.239 trillion from ₦10.157 trillion. The All share Index surged by 0.8 per cent to close at 29,812.91 points. The performance, according to market operators was largely buoyed by the renewed buying sentiment in bellwether stocks such as DANGCEM, which gained 1.0 percent, GTBANK, 4.2 percent and ZENITHBANK 2.2 percent. Volume of shares traded on the NSE rose 19.8 percent, while the value traded declined 13.5 percent to close at 305.8 million units and ₦2.9 billion respectively.
  • The FIRS has shut the operational headquarters of HFP Engineering in Ajah, Lagos, over unsettled tax liabilities of ₦536 million. The FIRS enforcement unit also sealed Meditarian Nigeria Limited in Victoria Island, which has a tax debt of over ₦4 billion accumulated between 2008 and 2013, according to a statement by the agency. Also affected was Dimension Data in Victoria Island. The company has tax liabilities in excess of ₦540 million, according to the FIRS. The same fate befell Sirius Energy Resources, located in Victoria Island, whom the FIRS says owes ₦11 million in taxes. The enforcement team also visited NICON Hotel in the VGC after it was informed that Global Fleet, an alleged tax-defaulting company owned by Jimoh Ibrahim, was operating from there, but the hotel was not sealed off. This was after Ibrahim came out to explain to the team that Global Fleet was currently being managed by the Asset Management Corporation of Nigeria. In Ilupeju, a member of staff of TSL Logistics explained that company did not owe the ₦724 million ascribed to it by the FIRS, given that it submitted a credit note of ₦211 million to the agency on Tuesday. The FIRS staff however, insisted that the document from her office indicated a tax debt of ₦724 million against the firm, and ordered that the office be sealed at 4.25pm.