$300,000 Tax: Leave Ghana If The Suffering Is Unbearable, Reps Advise Nigerian Traders

Nigerian traders in Ghana have been given a piece of advice by Nigeria’s House of Representatives – quit if the trade laws of that country is insufferable.

The government of Ghana had, about two years ago, imposed a minimum tax of $300,000 on foreigners trading in major markets in the country, giving them the option to pay or leave the markets.
The Chairman of the House Committee on Diaspora Affairs, Hon. Abike Dabiri-Erewa (ACN-Lagos), who gave the advice on behalf of the House, said though further diplomatic talks with Ghanaian authorities were desirable, the traders still had the option of leaving the country.
She said: “We believe that this can be amicably resolved, but we cannot continue begging to continue staying in Ghana. I understand your problems, but I think we have intervened enough to decide other ways.
“I don’t support the idea that the traders should contemplate the option of leaving the major markets to remote areas. It is like you are trading in Wuse Market, then they come and tell you to relocate to Karshi. It will not help you.”

Presidential Media Chat: Jonathan to speak to the nation on Sunday

The presidency this afternoon announced that President Goodluck Jonathan will on Sunday, November 18, 2012 speak to the nation.
Dr Jonathan in the next edition of the Presidential Media Chat, is expected to respond to issues bothering on national interest . He will be interviewed by a panel of reputable media practitioners.
Presidential Spokesman, Dr Reuben Abati who confirmed this in a statement said the Media Chat which will be broadcast live on the network services of the Nigerian Television Authority (NTA) and the Federal Radio Corporation of Nigeria (FRCN).
DailyPost

Lawmakers Investigate N13 billion Foreign Missions’ Debt

Foreign Affairs Minister, Olugbenga Ashiru

The house of representative has vowed to investigate the contentious N13b debt owed by the ministry of foreign affairs for its foreign missions.
The investigation became necessary when the lawmakers noticed that the ministry’s 2013 budget, according to them lacked focus on programmes aimed at promoting the worth of the country in other nations.
During the 2013 budget defence of the Ministry of Foreign Affairs yesterday, the House Committee on Foreign Affairs faulted the allocation of N788, 496,120 to a conference on women empowerment.
Regarding recurrent expenditure for 2013, covering its Directorates excluding the Nigerian Institute of International Affairs (NIIA) and its 118 overseas Missions, the ministry of foreign affairs proposed N23, 516,878,688 for personnel and N23, 487,974,123 for overhead, which translates to N47, 004,852,810.
In the same field, the ministry is proposing N23, 646,102,870 for capital expenditure.
The Ministry was led to the House by the Minister, Olugbenga Ashiru.
In his remarks, the Chairman of the Committee, Nnnena Ukeje, said the ministry should be promoting the interest of the country with an aim of getting something in return in every contact, instead of accepting everything shoved at it by other countries.
At the point the committee questioned the N13 billion debt owed by the country’s missions, maintaining that the Ministry should present evidence on how the debt was incurred as well as explain if the N13billion has become a recurring decimal.
“Has the N13billion become a recurring decimal as it is appearing again in 2013 budget?” Ukeje asked.
According to Ashiru, despite the fact that the money has not been released, as it was not appropriated for in the 2012 budget, the Committee made known that it would probe how the debt was incurred.
In addition, it has raised a 23-man special committee to fine-tune the Petroleum Industry Bill (PIB), which has passed second reading.
The Speaker, Aminu Waziri Tambuwal, announced the members of the Special Ad-hoc panel after the closure of the second day of debate on the contentious bill with the title: “A Bill for an Act to provide for the establishment of a legal, fiscal and regulatory framework for the Petroleum Industry in Nigeria and for other related matters and a Bill for an Act to establish the National New Frontier Agency for the purpose of exploration and production of oil and gas in the Frontier of Chad Basin, Dahomey Basin, Imo Basin, Benue Trough, Bauchi Basin and Sokoto Basin and for other matters connected therewith”.
Ishaka Mohammed Bawa, the Chief Whip of the House was named head of the Ad-hoc panel and Minority Whip, Samson Osagie as the Deputy Chairman of the panel. Tambuwal said they were to take further legislative action of aspects of the PIB.
The Ad hoc Committee is to conduct a public hearing on the bill.
Some lawmakers said the provisions of the PIB were full of inconsistencies and loopholes that would most definitely have negative impact on the nation.
BusinessNews

Flour Mills to Start Sugar Refinery in December

Square Cubes of Sugar

Flour Mills of Nigeria Plc, the country’s biggest miller by market value, will start production at its 750,000-metric ton sugar refinery in December, Chief Financial Officer Jacques Gauthier said.
“We are confident we will have our first production trials in December,” Gauthier said on a conference call with analysts today from Lagos, Nigeria’s commercial capital, where the plant is located.
Nigeria, Africa’s most populous nation of more than 160 million, wants to cut food imports by raising domestic supplies. The country, which produced enough food to feed its population in the 1960s, is now the world’s largest importer of rice and sub-Saharan Africa’s biggest importer of wheat and sugar.
Flour Mills has received approval “in principle” from the Securities and Exchange Commission to acquire the minority shareholding of Nigerian Bag Manufacturing Company Plc, Gauthier said. The Flour Mills board will announce “shortly” the next stage of its negotiation with shareholders in the bag producer, he said.
Flour Mills shares have fallen 3 percent this year, compared with a 27 percent rise in the Nigerian Stock Exchange All-Share Index.
 BusinessNews

Wife of Vanguard reporter regains freedom

Mrs Marian Onoyume, the wife of Vanguard Newspaper’s reporter who was recently abducted by unknown gunmen has finally regained her freedom form her captors after collecting N280, 000 ransom today.
In a statement sent out by her husband, Jimitota Onoyume said:”I announce the safe release of my darling wife,Mrs Marian Onoyume, who was abducted on Monday. The kidnappers were considerate as they finally stepped down their ransom to N280,000 when they realised that I don’t have money as a Reporter.”
According to him, the abductors said they were misinformed by their linkman about his financial capacity.
“They were very considerate. My wife said they were very kind hearted. They had planned to delay the release till 8 p.m today because of the heavy presence of security men in my community and the entire Ethiope East local government area”.
While expressing gratitude to friends and relatives who were very supportive, elated Onoyume thanked the St Mathias Anglican church,Eku, St Patricks Catholic Church Eku, other churches in the community and the church of the Lord Aladura, Lagos headquarters who prayed fervently while his was in the kidnapers’ den.
He also thanked Vanguard Publisher, Chief Sam Amuka, the staff and the entire media organizations for being behind him.
DailyPost

Wealthy Nigerians, Pastors Spend $225 million on Private Jets

Nigerian pastor and private jet owner David Oyedepo.

A few wealthy Nigerians spent at least $225 million acquiring private jets between March 2010 and March 2011, a Nigerian newspaper reported on Monday.
According to the report published by the Punch Newspaper, a couple of the acquisitions were made by billionaires Aliko Dangote and Mike Adenuga. Last year, Dangote acquired a US$45 million Bombardier jet as a gift to himself on his 53^rd birthday, while Mike Adenuga purchased a Bombardier Global Express XRS. Both Dangote and Adenuga own at least two private planes each.
Apart from wealthy business tycoons, Nigerian clergymen and spiritual leaders are also joining the very elite league of jet owners.
In March this year, David Oyedepo, a Nigerian cleric generally believed to be Africa’s wealthiest gospel preacher, acquired a Gulfstream V jet for US$30 million. Oyedepo, who presides over the Winners Chapel, one of Africa’s largest churches, now owns a private collection of four aircraft. In addition to his latest acquisition, he previously owned two Gulfstream planes and a Bombardier Challenger Aircraft. He is also reportedly creating a private hanger to accommodate his flying toys.
Oyedepo is not the only Nigerian clergyman to own a jet. Pastor Enoch Adeboye, the revered overseer of Nigeria’s largest congregation, The Redeemed Christian Church of God, is also a proud jet owner. In March 2009, the great man of God spent $30 million on a Gulfstream jet amidst widespread criticism. Pastor Sam Adeyemi, another cleric and founder of the Daystar Christian center, a flourishing Pentecostal congregation which repeatedly preaches financial prosperity, is also a jet owner.
It’s not cheap to own a private jet. On average, it costs hundreds of thousands of dollars annually to maintain a personal plane. The majority of Nigerians frown at such flagrant displays of opulence, particularly on the path of their clergymen, given that 60% of Nigerians still live below the poverty line.
Paradoxically, the same people who complain about the extravagant lifestyles of their spiritual leaders are the same ones who finance it. Every Sunday, swarms of worshipers rush to the church to give away their hard-earned money to the pastors’ coffers in the form of tithes, offerings and special gifts with the deluded hope of multiplied financial blessings in return. For many, this is but a pipe dream. Deep down, the pastors smile; they’ve got just the perfect suckers.
Forbes

FG Plans New National Carrier Stocked With 30 New Aircraft

Defunct Nigerian Airways

The Federal Government has disclosed plans to launch a new national carrier by 2014 that will have a fleet of nothing less than 30 new aircraft.
Director of Operations, Federal Airports Authority of Nigeria, Mr. Henry Omeogu, disclosed this to newsmen at the Port Harcourt International Airport.
The new airline which is to be entirely driven by the private sector will be heavily regulated. One of the rules is that the air carrier will not be allowed to have fairy used or old aircraft.
Omeogu said, “We are going to have about 30 brand new aircraft and they (aircraft) will be our national carrier. The effort will be private-sector driven. We will insist that others who would want to be part this should come with brand new aircraft.”
He also added that the plans would be concluded by 2014.
BusinessNews