Top News Update 02/08/2017
1. More than half of Nigeria’s VAT comes from Lagos –Adeosun
2. Dangote sells N86bn cement stake to foreign investors
3. Investors earn N902b gain in July rally
4. Netherlands trains 22 Nigerians on dairy milk production
5. FAA to revalidate Nigeria’s aviation safety status
6. Unilever Nigeria reduces share sale figures
More Than Half Of Nigeria’s VAT Comes From Lagos –Adeosun
Kemi Adeosun, minister for finance, says more than half of Nigeria’s value added tax (VAT) comes from Lagos state alone. Speaking at the parley between the federal government and progressive governors forum (PGF) in Abuja on Tuesday, Adeosun said the 87 percent of Nigeria’s VAT is derived from four states and the Federal Capital Territory (FCT). In other words, only 13 percent of Nigeria’s VAT comes from 32 other states in the federation. According to her, no country in the world with high tax compliance rate is poor, and no rich country has a low tax compliance rate.
Dangote Sells N86bn Cement Stake To Foreign Investors
Dangote Industries Limited sold 2.3 per cent stake in Dangote Cement Plc to foreign investors on Tuesday in a stock market deal valued at N86.1bn ($236m). Africa’s biggest cement maker has been selling small stakes to increase its free float, which is well below the Nigerian Stock Exchange’s required level. Reuters, on Tuesday, quoted a spokesman for the NSE as saying that 416 million shares of Dangote Cement were sold at N210 each in six off-market deals negotiated between Stanbic IBTC and Meristem Stockbrokers.
Investors Earn N902b Gain In July Rally
Equity ivestors in Nigerian capital market netted N902 billion in capital gains in July 2017 as expectations on corporate earnings reports and improved macroeconomic outlook boosted the market to its highest performance in more than 31 months. Aggregate market value of all quoted equities closed July at N12.354 trillion, representing an increase of N902 billion on N11.452 trillion recorded at the beginning of the month. The All Share Index (ASI)-the value based common index that tracks share prices at the Exchange, also indicated a month-on-month average return of 8.23 per cent to close the month at 35,844.00 points, as against its opening index of 33,117.48 points for the month.
Netherlands Trains 22 Nigerians On Dairy Milk Production
Foreign investors from Netherlands have trained 22 Nigerians on dairy production and preservation of milk as part of efforts to diversify from oil to agric sector of the economy. The President Netherlands Alumni Association of Nigeria Practical Training Centre (PTC+) Chapter, Mrs. Atinuke Akinyemi, disclosed this during a two-day international summit held at the Conference Centre, Obafemi Awolowo University, Ile-Ife yesterday.
FAA To Revalidate Nigeria’s Aviation Safety Status
The United States’ Federal Aviation Administration (FAA) will this month carry out an audit of Nigeria’s aviation industry to revalidate the Category One safety status given to the country about six years ago. The Nigerian Civil Aviation Authority (NCAA) made this known on Tuesday and said that a four-man team representing FAA would audit the regulatory body to ensure that the industry aligns with the given standard, which Nigeria met in 2011 when it was awarded the certification for the first time.
Unilever Nigeria Reduces Share Sale Figures
Unilever Nigeria has scaled back the amount it planned to raise from shareholders via a rights issue to N1.96 billion ($5.39 million). The household products maker, majority owned by Unilever, had planned to raise N63 billion through a rights issue and said in April it would ask shareholders to approve the share sale. The company said yesterday it would issue 14 new shares to existing shareholders for every 27 held at N30 each, a 25.2 per cent discount to yesterday’s market price of N40.13.