Business
FIRS Sues Hotel La Don Ltd Over N6.8 Million Tax
The Federal Inland
Revenue Service (FIRS) has sued Hotel La Don Limited for failing to pay Company Income Tax (CIT), Education Tax (ET) and Value Added Tax (VAT) of N6,757,733.24 million.
The FIRS filed a notice against the respondent in default to pay N1,514,531 million for CIT, N302,906 for ET and N4,940,296 million for VAT.
The total of N6,757,733.24 million owed by the respondent was for 2010 to 2013 year of assessment.
The Acting Chairman of the Tax Appeal Tribunal (TAT), Mr Nnamdi Ibegbu, in Abuja, recently however, adjourned the case until January 15, 2015 for continuation of hearing.
Counsel to the respondent was not in court.
Earlier, Counsel to the Appellant, Mrs Najaatu Bashir, had complained about the respondent, saying, “this company has been giving us problems’’, and demanded to file a motion for judgment.
Ibegbu then ordered that fresh hearing notice be issued and served to the respondent first.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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