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Dangote Faults CBN’s 26% Interest Rate

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In a recent address at a summit organized by the Manufacturers Association of Nigeria (MAN), Aliko Dangote, Chairman and Chief Executive of the Dangote Group, strongly criticized the Central Bank of Nigeria (CBN) for its decision to increase the interest rate to nearly 30 percent. This decision was made during the CBN’s Monetary Policy Committee meeting in May, where the Monetary Policy Rate (MPR) was raised from 24.75 percent to 26.25 percent.

Dangote expressed grave concerns about the impact of such high interest rates on businesses, stating that they hinder economic growth and job creation. He emphasized that under these conditions, no meaningful job creation can occur, and economic growth becomes severely constrained.

Furthermore, Dangote called on the Nigerian government to prioritize supporting existing businesses, particularly in the manufacturing sector, by creating a conducive environment for their operation. He stressed the importance of addressing challenges such as power supply and providing affordable financing to stimulate growth and development.

Highlighting the interconnectedness of manufacturing and economic prosperity, Dangote stated that a country dependent on imports remains economically vulnerable and unable to achieve sustainable development.

The MAN President, Otunba Francis Meshioye, echoed Dangote’s sentiments by criticizing government policies and their impact on the manufacturing sector’s performance. He noted a significant number of manufacturers exiting the sector in recent years and urged a reassessment of support mechanisms to bolster manufacturing under the current administration’s agenda.

The summit, attended by Vice President Kashim Shettima and other government officials, provided a platform for industry leaders to address crucial issues affecting the Nigerian manufacturing landscape and advocate for policy changes that could revitalize the sector.

In summary, Dangote’s remarks underscored the urgent need for a more supportive economic environment in Nigeria, particularly concerning interest rates and government policies affecting manufacturing. His stance aligns with broader industry concerns about the sector’s viability and its critical role in national economic development.

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CAC unveils new service fees starting August 1

For companies, notable revisions showed that the voluntary striking-off fee has been raised from N25,000 (for small companies) to N50,000, and N100,000 for public entities.

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The Corporate Affairs Commission (CAc) on Tuesday, announces an increments for its service fees review certain service fees effective the 1st day of August 2025.

In a statement , the Commission said that the new fees are a reflection of the current economic conditions and rising operational expenses.

The CAC added that the new development is expected to have implications for business owners, legal practitioners, compliance officers, and stakeholders engaging with the corporate registry for post-incorporation filings and regulatory services..

Said CAC: ” the reviewed fee structure affects services offered to companies, limited partnerships, business names, and incorporated trustees.

For companies, notable revisions showed that the voluntary striking-off fee has been raised from N25,000 (for small companies) to N50,000, and N100,000 for public entities.

Relisting of a Company now costs N50,000 for LTD/GTE and N100,000 for public companies.

Due Diligence Search (Self-Service) has been fixed at N50,000 across all categories.

The commission said the request for an extension of time to hold the annual general meeting will now cost N100,000 for public companies, and N50,000 for others.

Historical Search Reports: Depending on the type, public users will now pay N20,000 to N30,000 per request.Other charges include N25,000 for restriction of the director’s residential address and N5,000 per certified true copy of documents or extracts.Under Limited Partnerships, the updated fees are as follows voluntary Striking Off and Relisting: N25,000, letter of good standing: N10,000, Registration and CTC of Documents: N30,000, Change of Name: N10,000.

For Business Names, the structure reflects modest increments of N10, 000 for voluntary striking off, relisting: N25,000, application for cessation N10,000, CTC of Documents/Extract: N5,000 each, restriction of Proprietor’s Address: N25,000.

The commission stated that name reservations across the board remain at N1,000 while name reservations for restricted words cost N5,000.”

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June Tax Returns: FIRS Extends Office Hours to Weekends

“As you are aware, the month of June marks the peak of the annual Companies Income Tax (CIT) filling season, with many taxpayers whose financial year ends 31st December expected to file their tax returns by June 30.“

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THE Chairman of the Federal Inland Revenue Service (FIRS), Zaacheus Adedeji, has directed the extension of tax office operations to weekends for the month of June.

In a statement on Monday, Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, explained that the directive is part of Adedeji’s commitment to matching the agency’s customer-centric policy with tangible action.

The statement reads: “The weekends service, which started on June 14, will end on Sunday, June 29, “and it is aimed at helping companies who are mandated by law to file their tax returns by the end of the month meet up with the deadline.”

“With the directive, tax offices are expected to open for business from 10:00 a.m. to 4:00 p.m. on Saturday and 12:00 p.m. to 4:00 p.m. on Sunday throughout the month of June.”

Consequent upon Adedeji’s approval, the Coordinating Directors of Large Taxpayers Group (LTG), Government and Medium Taxpayers Group (GMTG) as well as Emerging Taxpayers Group (ETG), Ms Amina Ado, Dr Dick Irri and Mr Kabir Abba respectively have conveyed the decision of the management to all staff in the tax offices in the three groups.

“As you are aware, the month of June marks the peak of the annual Companies Income Tax (CIT) filling season, with many taxpayers whose financial year ends 31st December expected to file their tax returns by June 30.“

To ease the process for taxpayers, enhance service delivery, and maximize tax collection during this critical period, management has approved extension of tax office operations to weekends for the month of June 2025,” a directive jointly signed by the three Coordinating Directors said.

The FIRS chairman, on assumption of office, reorganized tax operations for ease of tax payment, leading the transformation of the agency from merely being a tax-collecting entity to a service-providing body.

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Dangote Expands Sugar Refinery Business To Ghana

The Dangote Group say that the investment will reduce Ghana’s $162 million annual sugar import bill and boost local industrial growth.

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Africa ‘s richest industrialist- Aliko Dangote, is constructing another sugar refinery in Ghana

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The Dangote Group say that the investment will reduce Ghana’s $162 million annual sugar import bill and boost local industrial growth.

The expansion is also part of Dangote’s broader goal to expand integrated agriculture across Africa.

The factory, located at Kwame-Danso Bono East Region as part of the government’s “One District, One Factory” initiative, has the capacity to crush 12,000 tons of sugarcane per day throughout a 25,000-hectare irrigated sugarcane plantation.

It will also produce byproducts like molasses and ethanol.

In a LinkedIn post, the Dangote Group described the project as more than just a factory, calling it “a catalyst for self-sufficiency, employment, and continental transformation.”

Meanwhile, Dangote Sugar Refinery Plc – its Nigerian operation is already the country’s largest sugar producer, with a crushing capacity of 1.44 million tonnes.

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