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Business News

Federal Government urged to scrap 12.5% new vessel tariff  

The Nigerian Shipowners Association (NISA) has asked for the removal of duty paid on new vessels purchased by Nigerians. 

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Federal Government urged to scrap 12.5% new vessel tariff  

The Nigerian Shipowners Association (NISA) has asked for the removal of duty paid on new vessels purchased by Nigerians.

According to Aminu Umar, the President of NISA, in an interview in Lagos, the 12.5% duty charge on new vessels had deterred shipowners from registering their vessels at the ship registry established by the Nigerian Maritime Administration and Safety Agency (NIMASA).

The duty, which had been revised from 15% down to 12.5%, created a one-sided competition between foreign shipping companies and domestic shipping companies, with foreign operators being charged a lower rate compared to what the domestic shipping companies are charged when a new vessel is brought into the country.

shipping tariffs, Nigeria

Meanwhile, according to the Director-General, NIMASA, Dr Dakuku Peterside, the agency is working with the Federal Ministry of Finance and the Nigerian Customs Service to reduce special duty rates for the acquisition of new vessels.

We are engaging both the Customs and the Federal Ministry of Finance to create a special tariff regime for those bringing in vessels and vessel spare parts into the country. That will help reduce tariff on vessel acquisition and importation of spare parts,” Dr Peterside.

[READ MORE: FG announces opening date for Lagos-Ibadan road diversions]

Mr Umar stated that the 12.5% tariff was rather high and asked for the complete removal of the special duty, comparing the maritime industry to the aviation industry where they pay zero taxes on new aircraft acquired.

We have made a presentation to the government to make the environment-friendly through suspension of the duty on Nigerian-owned vessels.

Our counterparts in the aviation sector pay zero duty on new aircraft but a Nigerian shipowner is made to pay 12.5% of the total cost of the vessel as duty. This runs into millions of dollars.

The big picture: If calls by the association of Nigerian Ship Owners for the complete removal of the special duty is answered, it could place the Nigerian Shipping companies in a better position to maximize the benefits of African Continental Free Trade Agreement.

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Tech News

Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.

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Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.

This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.

The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base

Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.

Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.

This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.

Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.

For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).

Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.

Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.

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