Business
FG inaugurate collaborative task team on overtime cargoes at ports
The Federal Government has inaugurated a collaborative task team of the Nigerian Ports Authority, Nigeria Customs Service, Federal Ministry of Transportation, saddled with responsibility of addressing lingering issues of overtime cargoes at the national seaports and terminals while also proffering best-case situations on how the cargoes can be cleared.
While inaugurating members of the task team in Abuja, Permanent Secretary, Federal Ministry of Transportation and Chairperson of the Committee, Dr Magdalene Ajani, said the inability to clear overtime cargoes at the ports and terminals had affected the number of cargoes that can be handled due to limitation of space.
Also, Ajani observed that this has resulted in a drastic drop in the volume of cargo coming into the country, adding that the reduction in cargoes has ultimately affected Internally Generated Revenue which is now lost to the neighbouring countries, while explaining that the clearing of overtime cargoes should not be confined to the Ikorodu Lighter Terminal, Lagos Port Complex, and TinCan Island Port Complex but all other ports and terminals within the country.
On the composition of the task team, Ajani said, ”It was a result of a series of meetings between the Minister of Transportation, Mu’azu Sambo and the Comptroller General, Nigeria Customs Service, and the Permanent Secretary, FMT, Dr Magdalene Ajani.”
Ajani, in a statement by the Director, Press and Public Relations of the ministry, Henshaw Ogubike, called on the task team to bring their professionalism to bear in the discharge of the onerous task.
Ajani, while reading the “Terms of Reference” said the team work includes but not limited to confirming the inventory of submission by the NPA on the actual number of overtime cargo in the ports and other locations; conducting a joint examination of all such cargo to determine contents suitable for use or consumption; providing a list separating goods for disposal by public auction and those to be deposed by condemnation/destruction.
“Others include gazetting all cargoes identified as overtime for disposal; determining the methodology for public auctioning at various ports/locations; determining the recoverability of part of the Terminal Operator’s revenue arising from long occupation of economic spaces and transfer charges; ensuring that the process is in conformity with applicable customs practices and any other task that may arise in the cause of the assignment.”
Responding on behalf of the team, Comptroller Adekunle Oloyede of the NCS, assured that the task team is a one-stop shop that will certainly unravel the overtime cargo challenge.
The task team is expected to submit its report within eight weeks.
Photo: Ambassador Idaere Gogo Ogan
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled plans to attract up to five billion dollars structured investments to the oil-producing region in five years.
The Chairman of NDCCITMA, Ambassador Idaere Gogo Ogan, made the disclosure at a pre-summit conference ahead of the Niger Delta Economic and Investment Summit in Port Harcourt, Rivers State.
He said that the initiative would catalyse no fewer than 500,000 direct and indirect jobs as well as spur investments and create wealth.
He said the summit with the theme, “Driving Investment, Innovation, and Industrial Growth in the Niger Delta”, slated for Port Harcourt, would deliberate on investment mobilisation, enterprise growth, industrial expansion, and regional coordination.
Business
Dangote: Middle East crisis might take us back to ‘Work from home’ COVID era
In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week.
The President of the Dangote Group, Aliko Dangote, has expressed concerns about the ongoing Middle East crisis taking many countries back to the COVID19 era’s work from home.
Dangote stated this on Monday, after a meeting with President Bola Ahmed Tinubu at his residence in Lagos.
While expressing concern about the economic impact of oil price uncertainty, Africa’s Richest man noted that Nigeria and other African countries might be forced to start working from home, just like the COVID19 era.
Dangote called for prayers and international intervention to end the conflict which has affected the price of fuel and other energy sources in the country.
He said, “In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week. And they will look at the situation. If it doesn’t improve, they will ask everybody not to go to work anymore. We will do like that time of COVID, where people will now go and work from home,” Dangote said.
It’s not only energy. Some people will try to take a chance and say, ‘Ah, this is an opportunity. So, let me make money. So, if this thing doesn’t de-escalate, it is going to keep going up and governments cannot really now go and add salaries also. So, people will really feel the pinch,” he said.
Dangote explained that the crisis would hit hardest at ordinary Africans operating small businesses, “People who are barbers, people who are doing bread, people who have industries who have to pay their own generator, I mean, you can see what is happening,” he said.
Business
Binance seeks out-of-court settlement in Nigeria tax evasion case
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
Binance Holdings Limited on Tuesday said it is exploring a resolution of the tax evasion charges filed against it by the Federal Government, signalling a pause in the trial.
Sunday Agaji, the company’s counsel disclosed this before Emeka Nwite of the Federal High Court in Abuja.
Moses Ideho, counsel to the government a deputy director in the legal department of the Federal Inland Revenue Service (now Nigeria Revenue Service), confirmed the development.
Although the matter was slated for continuation of trial, Ideho told the court he had been informed earlier by the defence that the company had approached the tax authority to discuss an out-of-court settlement.
Agaji said discussions were ongoing.
“My lord, parties are exploring settlement. That is essentially where we are,” he said.
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
( Business Day)
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