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Tax Related News Summary for 2nd November 2018

UNION BANK GROWS Q3 PROFIT TO N14.7BN

Union Bank of Nigeria Plc has said its Profit After Tax (PAT) for the third quarter of 2018 grew by 18 percent to N14.7 billion from N12.4 billion in the corresponding period of 2017.

The bank disclosed the figure in its financial statement filed at the Nigerian Stock Exchange (NSE).

The Punch, November 2, 2018. Page 29

NIGERIA IMPORTS 1.2M VEHICLES IN SIX YEARS

The National Bureau of Statistics (NBS) has revealed in a report tagged, "Nigerian Ports Statistics, 2012 to 2017 that the Nigerian economy received more than 1.2 million used and new vehicles that were imported into the country."

According to the report, the vehicles came through, Apapa, Tin Can, Onne, Calabar and Delta ports.

Estimates showed that Nigeria spends over 8 billion dollars annually on vehicle importation.

Thisday, November 2, 2018. Page 19

STAKEHOLDERS SEE AUTOMATION AS FUTURE OF TAX ADMINISTRATION IN NIGERIA

The Head of International Tax, Federal Inland Revenue Service (FIRS), Mr. Mathew Gbonjubola, at a tax breakfast dialogue on Tuesday said that FIRS is committed to modernising and introducing technology in tax reforms to plug revenue leakages.

He said a lots of progress has been made through digitalising significant aspects of tax administration in Nigeria.

Business Day November 02, 2018. Page 13

NSE SUSPENDS SIX FIRMS FOR NON-RENDITION OF FINANCIAL ACCOUNTS

The Nigerian Stock Exchange (NSE) has suspended trading on six companies not filling their accounts in accordance with the post-listing requirements of the exchange. The companies are: DN Tyre& Rubber Plc, FTN Cocoa Processing Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc.

Thisday November 2, 2018. Page 43

CADBURY RECOVERS FROM LOSS TO PROFIT OF N172M IN NINE MONTHS

Cadbury Nigeria Plc has reported a profit of N172 million for the nine months ended September 30, 2018, compared with a loss of N64 million in the corresponding period of 2017.

Details of the unaudited results showed an annual turnover of N26.959 billion, which is an increase from N24.365 billion posted in the corresponding period of 2017.

Thisday November 2, 2018. Page 45

VITOL ACQUIRES 50% OF PETROBRAS DEEP-WATER NIGERIAN FIELD FOR $1.4BN

https://www.businessdayonline.com/exclusives/article/vitol-acquires-50-petrobras-deep-water-nigerian-field-1-4bn/

Business Day November 02, 2018. Page 2

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