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Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Friday, August 14, 2020

August 14, 2020

FG Signs Agreement For Concessioning Of Calabar And Kano Economic Zones

The federal government yesterday signed a Memorandum of Understanding (MoU) with multinational professional services company, Ernest & Young, the preferred transaction partner for the planned concessioning of the Calabar and Kano Special Economic Zones (SEZs).
The agreement was signed in Abuja by the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo and the Director General of the Bureau of Public Enterprises (BPE) Mr. Alex Okoh on behalf of the federal government while Mr. Damilola Aloba signed for Ernest & Young.
The National Council on Privatisation (NCP) at its meeting on June 12, 2018 approved the reform of the two Special Economic Zones (SEZs).
Ernest & Young, the transaction adviser was selected through a competitive tendering process.
A total of nine firms were shortlisted from the national database to compete for the provision of transaction advisory services for the reform of the two SEZs.
At the event, the BPE DG said getting the transaction advisers was borne out of a determination to help concession the two federal government-owned outfits, which have been sub-optimally managed.
He said: “What we are looking at is to have a three-tier structure for the concessioning of the two outfits. One is the selection of a property ownership company that will have the legal ownership of the two outfits (economic zones) .We will then approve a concessionaire through a competitive bidding process which Ernest and Young will guide us through, and then the concessionaire will sign a management company that will be in the process of managing the tenants and all the people who are going to be operating there.”

Sunday, June 28, 2020

June 28, 2020

After Backlash, Access Bank To Refund Stamp Duty Deductions To Customers


After social media outcry, Access Bank on Sunday said it will refund its stamp duty deductions made from the account of its customers.

Stamp duty deductions apply to all credit received into current and savings accounts in respect to electronic transfer and teller deposits of N10, 000 and above. 

The money is remitted to the Central Bank of Nigeria.

The  bank has also promised to revert deductions made between Saturday and Sunday back to customers.

In a statement on Sunday, the bank said it recognized that it is a tough period for customers.

“We have considered your feedback and have decided to pay the stamp duty on our customers’ behalf for the affected period only,”.
“This means that individuals and SMEs who were debited for the accumulated stamp duty charge for February to April 2020 will be refunded.”

In an earlier statement, the bank had notified customers that it did not deduct stamp duty charges on transactions that occurred between February 1, 2020, and April 30, 2020.



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