Companies
NAICOM releases guidelines of minimum paid-up share capital for insurance companies
File Photo The National Insurance Commission (NAICOM) on Tuesday released guidelines for the payment of Minimum Paid-up Share Capital by insurance and re-insurance companies in compliance with the first phase recapitalistion directive deadline of Dec. 31. Mr Pius Agboola, Director, Policy and Regulations, NAICOM, for the Commissioner of Insurance, said that the guidelines were in furtherance to the commission’s earlier circulars referenced /25/2019, dated May 20, 2019, July 23, 2019 and December 30,2019 respectively on the subject matter. Agboola said that the minimum paid-up share capital shall be through any or a combination of either and existing paid-up share capital, cash payment for new shares, retained earnings – capitalisation of undistributed profits. He listed also payment in kin...
Bristow Helicopters fires 100 pilots, engineers over coronavirus effect on operations
Bristow Helicopters has announced the sack of about 100 pilots and engineers following the devastating effect of the coronavirus pandemic on its operations and finances. The announcement comes barely 24 hours after Air Peace announced the sack of about 70 pilots citing the pandemic’s effect on its finances. The post Bristow Helicopters fires 100 pilots, engineers over coronavirus effect on operations appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Mike Pompeo: Donald Trump days away from moving against TikTok
President Donald Trump is days away from announcing strong action against the popular Chinese-owned video sharing app TikTok to protect US national security, Secretary of State Mike Pompeo said Sunday. The post Mike Pompeo: Donald Trump days away from moving against TikTok appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
FIRS clarifies stamp duty rates, others
Following several requests by taxpayers seeking clarifications on the current administration of Stamp Duties Act in the country, the Federal Inland Revenue Service (FIRS) has published detailed information to guide taxpayers and the general public on rates payable as stamp duty. The clarification guide, which is contained in a Public Notice signed by Executive Chairman, FIRS, Mr. Muhammad Nami, published on its website, stated that Stamp Duty is chargeable on both physical and electronic instruments in two ways i.e. Ad-valorem, where duty payable is a percentage of the consideration on an instrument; or Flat Rate, where a fixed sum is chargeable irrespective of the consideration on dutiable instrument or document. The notice described stamp duty as a tax payable in respect of dutiable inst...
Grand jury indicts Woodberry for ‘wire fraud’
Olalekan Ponle, a Nigerian held in the United States for alleged multi-million-dollar fraud, has been indicted by the grand jury, a group of lawyers empowered to conduct legal proceedings and investigate potential criminal conduct. Ponle, popularly known as Woodberry, alongside Ramoni Abbas, also known as Hushpuppi, was arrested in the United Arab Emirate on June 10 for multiple fraud charges after a raid by operatives of the Dubai crime unit. According to the complaint, an unnamed Chicago company was defrauded into sending wire transfers totalling $15.2 million. Companies based in Iowa, Kansas, Michigan, New York and California also were victims of the fraud, prosecutors say. Newsmen reported how the Federal Bureau of Investigation (FBI) nabbed Ponle through details accessed from his What...
UK government takes $500 million stake in space exploration firm OneWeb
As part of a consortium that includes Indian telecom Bharti Global, the UK government will invest $500 million and take a “significant equity share” in space exploration firm OneWeb, it announced Friday. OneWeb, which has its headquarters in the UK, filed for Chapter 11 bankruptcy protection in the US in March, after it was unable to secure financing. Bharti Global also will invest $500 million as part of the deal. OneWeb is one of several companies working on an Internet-from-space project, using a combination of low-altitude satellites to beam internet connectivity to ground terminals on Earth’s surface. It was slated to launch a constellation of 650 spacecraft, and its plans included providing internet coverage for the Arctic. So far, it has launched 74 satellites for the project. Frida...
Governor Wike: Oil workers constitute 60 percent of coronavirus cases in Rivers
Rivers State Governor Nyesom Wike has stated that 60 per cent of coronavirus cases recorded in the state are oil workers returning from rigs. Wike disclosed this Wednesday when the management team of Mobil Producing Nigeria Unlimited paid him a courtesy visit at Government House, Port Harcourt. He stated that it was for that reason the state government insisted that oil workers coming into the state must be tested to confirm their coronavirus status, noting that oil remains the mainstay of the economy and that government actions are not targeted at anybody or organisation. He recalled that recently the Nigeria Airforce Base, Port Harcourt, also quarantined 14 oil workers out which three tested positive. “It is not in anybody’s interest to deny people to carry out their official duties. Oil...
EU must focus on health, jobs now, fiscal matters later – Commission
European Union (EU) countries must now focus on investment in public health and protecting jobs and companies, and worry about fiscal sustainability later, the European Commission said on Wednesday. European Commissioner for Economic and Financial Affairs Paolo Gentiloni said that EU should coordinate its approach to economic recovery once the coronavirus pandemic subsides in its annual recommendations to the bloc’s 27 countries. Budget gaps in all EU countries except Bulgaria will widen well beyond the EU’s usual ceiling of 3 per cent of gross domestic product this year as governments use public money to prop up economies that are expected to plunge into their deepest recessions ever this year. Public debt is also going to rocket, breaching the EU’s normal requirement that it should be fa...
