The Nigerian Labour Congress has demanded that tax laws should be waived for earners of the ₦30,000 new minimum wage. The union who adopted the motion during the NLC National Delegates’ Conference in Abuja, said pressure should be put on the FIRS to raise the tax bar so that the ₦30,000 minimum wage would fall below taxable income.
MTN Nigeria will list on the Nigerian Stock Exchange in the first half of this year. CEO of the MTN Group, Rob Shuter, said the company has decided to pursue the listing by means of introduction, which is phase one of the planned Initial Public Offering. The shares of the phase one, which would be completed by the first half of 2019, would be opened to Nigerian investors as part of the second phase of the listing. In the phase two listing, the telco will be doing a project to increase the Nigerian participation in MTN Nigeria, targeting more free float of around 35 percent, more than the mandatory free float of 20 percent for the main board. Meanwhile, a Federal High Court in Lagos on Thursday, fixed March 26 to hear a preliminary objection to a suit by MTN Nigeria Communication Ltd, against the Attorney General of the Federation, over an alleged ₦242 billion and $1.3 billion import duties and withholding tax assessments.
The Federal Ministry of Power, Works and Housing has reopened the remaining stretch of Leventis Bridge in Apapa. The outward bound stretch of the bridge was reopened on Wednesday evening, after about eight months of rehabilitation. The FG had in December 2018 reopened one of the closed bridges in the area, the Ijora/Apapa Bridge, five months after it was closed for repairs. Director of Highways, South West, Federal Ministry of Power, Works and Housing, Funsho Adebiyi, said that section of the bridge was shut for repairs after a fire incident caused by illegal occupants under the bridge, which he said weakened the slabs at the Leventis end. Adebiyi said people living under the bridge should relocate as the appropriate law enforcement agencies would be contacted to enforce their evacuation. The Federal Controller of Works, Lagos, Adedamola Kuti, said the FG had series of maintenance work on bridges in Lagos, adding that the Leventis Bridge was the fourth to have been completed in the state.
Investors in the now defunct Fortis Microfinance Bank may have lost over ₦11 billion, following its liquidation. Fortis last traded at ₦2.58 on the Nigerian Stock Exchange on the 27th of July, 2018 and has a total of 4.5 billion shares in issue, thus resulting in a total market cap of ₦11.8 billion. In a notice dated 6 February, 2018 the bank stated that it had experienced a run on its operations, due to its suspension from trading by the NSE. It also stated that some anomalies were discovered in the third quarter of 2017. In March last year, an interim committee was named to oversee the affairs of the bank.