Vice-President Yemi Osinbajo, says Africa needs to deepen cooperation and collaboration with the rest of the world to enjoy maximum benefit from international taxation initiatives.

Osinbajo spoke at the opening session of a panel at the ongoing Africa CEO Forum held in Abidjan, Cote d’Ivoire, according to a statement issued on Monday by Laolu Akande, vice-president’s spokesman.

The theme of the forum was ‘Economic sovereignty: From ambition to action’.

Osinbajo said there was an utmost need for collaboration between Africa and the rest of the world, adding that caution must be considered when it comes to economic sovereignty.

“I think that we have to be a bit more careful with the concept of economic sovereignty because we really need to collaborate more and with the way that development is going, we need to watch some of these things,” the vice-president said.

“For instance, if we look at the way that technology is going which is key for us in Nigeria, particularly issues of taxation of tech companies and all of that, it is evident that this is difficult and it is a major expression of sovereign power — the power to tax.

“The way that the world and technology are structured today, there is no way that you can use the same basis — personal and territorial basis — for taxation.

“These are multinational enterprises that spread across countries and continents.

“We have got to cooperate with the world and the international tax system to ensure that we are able to derive maximum benefit; we have got to take a seat at the table and ensure that all of the various initiatives on international taxation favour us in Africa.”

According to him, while Africa is looking inwards, it also needs to look outwards as well because a lot of money is obviously used by tech companies across the world and a lot of African countries are value creators for these companies.

Osinbajo also said Africa needs to explore ways to tap into its intellectual capacity.

“The world is now more about intellectual capital. We have to think of how we can work with the world to achieve maximum benefit for our intellectual capacity,” he said.

On his part, Abdulsamad Rabiu, chief executive officer, BUA Group, said to fast-track development, Africa should look inwards.

Rabiu said leveraging opportunities provided by the Africa Continental Free Trade Agreement (AfCFTA), and improving infrastructure, are some of the key areas that leaders in the continent must focus on.

President Alassane Ouattara of Cote d’Ivoire, while giving his opening remarks, commended the organisers for bringing together public and private sector leaders across the continent and beyond to discuss and develop new paths aimed at boosting the transformation of economies across Africa.

He said despite the COVID-19 pandemic, efforts have been geared towards fruitful collaborations, as well as “building new partnerships between the public and private sectors, especially providing opportunities for young Africans with particular focus on green economy”.

Other speakers on the panel were President Nana Akufo-Addo of Ghana; Makhtar Diop, managing director of the International Finance Corporation; Patrick Njoroge, governor, Central Bank of Kenya; Kate Kanyi Tometi-Fotso, chief executive officer, Telcar Cocoa; and Karim Beguir, chief executive officer, Instadeep.

BafanaBafana:
Osibanjo is so tech inclined.

BafanaBafana:
Osibanjo is so tech inclined.

TheRareGem1:
https://www.thecable.ng/osinbajo-africa-must-collaborate-with-world-to-benefit-from-intl-taxation-initiatives/amp

SalamRushdie:
money laundering
Dapo Apara, a Nigerian chartered accountant, has accused a former governor of Lagos State, Bola Tinubu; a consulting firm, Alpha-beta, and a former commissioner in the state, Akin Doherty, of money laundering, fraud, tax evasion, and sundry corrupt practices.

Mr Apara, in writ of summons deposed to at a Lagos high court, claimed that Mr Tinubu and Alpha-beta reneged on certain agreements reached in the past about the management and control of the consulting firm.

Alpha-beta is a consulting firm handling the computation, tracking and reconciliation of Internally Generated Revenue (IGR) in Lagos State in return for a commission.

Mr Apara, who claims to own 30 per cent stake in the company, alleged that Mr Tinubu “has directed and dictated the affairs” of the company by diverting assets to himself at the detriment of the claimant (Mr Apara).

Mr Apara claimed that apart from owning 30 per cent stake in the company, other stakeholders are Michael Ogunmola, trading under the name and style Mono Consulting (40 per cent); Tunde Badejo, trading under the name and style Ebo Consult (15 per cent); and again, Tunde Badejo, trading under the name and style Intergrev Services (15 per cent).

He also claimed that the company was being used for “massive corruption purposes including tax evasion, bribery of government officials, diversion of funds” and money laundering.

The 40-page writ of summons, seen by PREMIUM TIMES, was issued by Mr Apara’s lawyer, Tade Ipadeola.

Details of the claims include an order compelling an account of all sums due to Mr Apara from 2010 till date; an order tracing all funds and assets due to him from the inception of the company to date; an order of specific performance of certain clauses of the partnership agreement that created the company by extant partners; an order for payment to the claimants by the defendants, all sums adjudged to be due to him on the submission of the accounts; and payment of 10 percent interest on the sums adjudged to be due to him.

https://www.premiumtimesng.com/news/headlines/419179-tinubu-alpha-beta-others-accused-of-fraud-tax-evasion-money-laundering.html

solmusdesigns:




Baba don resume him duty as motivational speaker hahahaha.... Atleast he still has a. Job. Unlike Amaechi and Ogbonaya Onu



.

solmusdesigns:




Baba don resume him duty as motivational speaker hahahaha.... Atleast he still has a. Job. Unlike Amaechi and Ogbonaya Onu



.

BafanaBafana:
Osibanjo is so tech inclined.

FuckAllTheMODs:
Na God go punish that mod that banned my main account for a year for no reason other than because the lady involved is his friend.
And so shall any blessing coming your way be blocked unjustly.
You won't know peace, all the peace coming your way shall be blocked unjustly.
Any thing you involve yourself in sham be kicked unjustly.
All your effort wasted OR trashed unjustly.

I kukuma dey find reason to dump this forum before.

Even an international site like facebook's and twitter's admin teams that is wide no dey do reach this local forum, thunda faya that MOD.

If it was for a genuine reason, I wouldn't complain but because of a hole.