NEWS

Dangote To Get 3-Year Tax Relief After Constructing Apapa-Oworonshoki Road

Published

7 years ago

October 4, 2017

The management of Dangote Group has said it will get a three-year tax holiday after constructing the 35km Apapa-Oworonshoki road.

Devakumar Edwin, an executive director in the company, made this known in a statement shared with TheCable on Tuesday.

Edwin said “the company has never benefited any tax waivers or credits in its entire history except when it is industry based and same applies to all industry players.

“It is very painful when some people accuse our company of benefitting 10 years’ tax rebate from the government. There is nothing like tax credit in all these.

“We volunteered to construct the Apapa to Oworonshoki long highway at a cost that will be about 15 to 25% less than the lowest bid on the road.

“We hope to get back our money after three years by removing the sum from the tax we are supposed to pay.”

He explained that the company proposed to the government to take out 50% of the total cost of the road from its proposed tax in the first year after completion and 25% in each of the next two years.

“The government came forward and said, good enough your company is repairing a road that is very important to all Nigerians… is it possible to help us do proper road construction of 35 kilometers from Apapa to Oworonshoki?

“We advised the government to go for a competitive bidding and also that we will take it up at a cost that will be lower than the lowest bid received by the government.

“Since the government may not be handy with cash, we proposed that we will recover our money over three years in installments against our future tax.

“The reality is the government will not pay us for the construction, but we will only offset our costs against our three years tax.”

He explained that the company volunteered to repair the Apapa road as part of its corporate social responsibility initiative and that the construction would be carried out at 15-25% lesser than the lowest bid.

The federal government had said it would use tax incentive order to hand over the Apapa area comprising Creek Road, Liverpool Road, Marine Beach to Mile 2, Oshodi, Oworonshoki to the Lagos end of the Toll Gate on the Ibadan Expressway to Dangote Group.

Apapa-Oworonshoki Road

Credit: TheCable

Related Topics:Apapa-Oworonshoki Road Dangote Tax Relief

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ENTERTAINMENT

Guinness World Record: Tunde Onakoya Is Yet To Be Defeated After 44 Hours Of Chess Marathon

Published

19 hours ago

April 19, 2024

Reporter

Tunde Onakoya To Break 58 Hours Of Chess Marathon | fab.ng

Nigerian chess champion Tunde Onakoya is trying to break the world record for the longest chess marathon! The record he is set to break is 58 hours.

Tunde Onakoya has already been playing in the chess marathon for approximately 44 hours straight. This is at the time of this writing. Starting on April 17th and going until April 19th, the event is happening in the famous Times Square in New York City.

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A post shared by Tunde Onakoya (@tunde_onakoya)

So far, Onakoya has beaten everyone he’s played, including a really good chess player from New York named Shawn Martinez.

Tunde Onakoya beats a very worthy opponent and one of New York’s finest, National Chess Master Shawn Martinez!

6 hours down, 52 hours to go!#TundeChessMarathon pic.twitter.com/oXBjfakdBm

— Tunde Onakoya (@Tunde_OD) April 17, 2024

Onakoya’s manager, Taiwo, says the official rules allow for 5-minute breaks every hour. But Onakoya only took a total of 30 minutes of rest after playing 12 people in a row for 15 hours! That’s intense! He said he’s playing two sets of games at the same time, and he can’t lose any of them to win the record.

He wrote,

“The opponent on the first set is Shawn Martinez, a US National Chess Master, and he will play with Tunde throughout the attempt.

“Opponents in the second set are random players. He can’t lose any game on either set.

“Only Tunde’s match against Shawn Martinez is considered valid for the record. He is not competing in his simultaneous play against random opponents in the second set. NYC, come out and play regardless.”

For more news updates, check here.

MUSIC

Davido’s ‘Unavailable’ Reaches 100 Million Views On YouTube

Published

3 days ago

April 17, 2024

Reporter

'Unavailable' Reaches 100 Million Views On YouTube | Fab.ng

There’s no stopping Davido’s “Unavailable”! The song continues to dominate the music scene, racking up impressive accolades and eye-catching streaming numbers. This solidifies its status as a global smash hit. This isn’t just a catchy tune; it’s a cultural phenomenon.

Streaming Domination

The song has surpassed a staggering 100 million streams on both YouTube and Spotify. This is a particularly impressive feat for Davido on Spotify, as “Unavailable” becomes his first single to achieve this milestone on the platform.

Music Video Success

The song’s vibrant music video, featuring South African artist Musa Keys, has also reached the coveted 100 million view mark on YouTube. This adds “Unavailable” to Davido’s exclusive club of songs with over 100 million streams, joining his 2017 hits “If,” “Fall,” and “FIA.”

Critical Acclaim and Industry Impact

The song’s impact extends far beyond streaming numbers. “Unavailable” was even crowned Rihanna’s favourite song of 2023, a huge co-sign from a musical powerhouse. Furthermore, the song dominated the Afrobeats scene, becoming the most streamed Afrobeats release of the year.

Continued Growth

Capitalizing on the song’s success, Davido released a remix EP featuring collaborations with established artists like Jamaican dancehall star Sean Paul and American rapper Latto.

View this post on Instagram

A post shared by Le SNEP (@snepmusique)

The song’s international appeal is further solidified by achieving Gold certification in France after surpassing 15 million streams in the country.

Check out more music updates here.

BREAKING NEWS

EFCC Detains Cubana Chief Priest Ahead Of Arraignment Today

Published

3 days ago

April 17, 2024

Reporter

Cubana Chief Priest: Arraigned Over Naira Abuse | Fab.ng

Pascal Okechukwu, also known by his alias Cubana Chief Priest, is slated to make a courtroom appearance today, Wednesday, April 17, 2024. This comes as the Economic and Financial Crimes Commission (EFCC) gears up to formally charge him.

Reportedly, the EFCC has held the socialite in custody ahead of his scheduled arraignment before Justice Kehinde Ogundare at the Federal High Court located in Lagos.

Cubana Chief Priest is facing three charges related to the improper handling of Nigerian currency during social gatherings.

The allegations stem from an incident on February 13, 2024, at Eko Hotel. Here, the EFCC claims Cubana Chief Priest engaged in activities that involved spraying and manipulating ₦500 notes issued by the Central Bank of Nigeria. This was for two hours while participating in festivities.

The EFCC’s prosecution team, led by Rotimi Oyedepo (SAN) along with seven other legal representatives, formally complained on April 4, 2024.

The commission contends that Cubana Chief Priest’s actions violated Section 21(1) of the Central Bank Act 2007 and are subject to legal consequences.

In light of the recent conviction of Bobrisky, a prominent figure known for controversial acts, he received a six-month prison sentence for a similar offence. The EFCC released a statement indicating that several celebrities are currently under investigation for alleged misconduct involving the national currency.

In the statement, the agency’s spokesperson, Dele Oyewale, said,

“Many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.

“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”

The agency that fights corruption (the anti-graft agency) has been flooded with videos showing people mistreating the Nigerian currency (naira abuse). They made it clear that they would only be looking into and punishing new cases of this kind of behaviour.

Get more updates here.