Business
Osun Seals Segilola’s Premises Over Infractions
The Osun State Government has sealed up the business premises of Segilola Resources Operating Limited, in keeping with a court order.
It was gathered that today 30th September, 2024, the state moved in compliance with an order permitting her to distrain the company for various flagrant tax violations.
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Some of the violations were listed as failure to disclose fully the employees directly and indirectly involved in its business activities, obstruction of tax processes by failing to provide timely tax information and documents.
Biztellers reports that Segilola Resources Operating Limited, a subsidiary of Thors Explorations Limited, a company listed on London and Toronto Stock Exchanges, is one of the major companies carrying out mining activities and mineral exploration in Osun State.
According to the Hon Commissioner for Information and Public Enlightenment, Osun State, Kolapo Alimi, this move comes after a series of demands, meetings, consultations, and engagements, the company still remained adamant and remorseless in its tax evasion and other violations.
Alimi disclosed that the Attorney-General of Osun State approached the court and consequently obtained an Order of the Court to seal up the company until the due sum calculated from 2019 to 2023 is fully liquidated into the Osun State Government Account.
The state notes with regret that while some companies make billions of naira in the state, especially in the mining sector, they are not ready to give the state its lawful dues, he added.
While the issue of shareholding values due to the acquisition of Osun State’s interest in Tropical Mines is purely commercial, we will continue to hold the company responsible for all its actions, Alimi sated.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
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