These giants never allowed the political environment to determine or reshape their futures. They had their destinies in their hands over 30 years ago, today they own arguably the best bank in Nigerian.

Very long but worth it:
Sometime in 1988, I received a call from a good friend, Mr Akin Akintoye, about an interesting investment opportunity with a few colleagues. After a series of meetings, it became very clear to me that we were about to embark on an audacious but incredibly special journey, and I was excited about the prospect of being a part of such a project. For almost 2 years, I worked alongside the likes of Akin Akintoye, Fola Adeola, Tayo Aderinokun (of blessed memory), Gbolly Osibodu, Bode Agusto and a few others on this investment project. As of 1988 when we began the journey, Fola was 34, Tayo was 33, Gbolly was 33, Bode was 33, Akin was 35 and I was 33. The objective: To own a BANK.

It was a bold objective considering our respective ages at the time, but certainly not an impossible task in our eyes. So we began to hold countless meetings at Fola’s residence in 1988, until we eventually shifted base to Tayo’s First Marina Trust office in Victoria Island. By late 1989, we were ready to put in our bank application at CBN, along with the required minimum capital. This effort was spearheaded by Fola and Tayo (the two brains behind the entire operation), and supported by about 40 persons (including myself), most of whom were in their early 30s and working for different organizations at the time.

The end product? We formed arguably one of the finest financial institutions Nigeria has ever seen- Guaranty Trust Bank (known as GT Bank today). The bank was licensed on the 1st of August, 1990 and we commenced banking operations later that year. A group of young boys in their early/mid 30s OWNED a bank! We simply dreamt big, and turned this dream into reality.

I am taking the liberty to reflect on this chapter of my personal history against the backdrop of some of the criticism about the ages of some of President Muhammadu Buhari’s ministerial nominees. The argument being brandished about is that by nominating the likes of Chief Audu Ogbeh as ministers, our President is somehow blocking the destinies of younger Nigerians by preventing them from occupying such positions. People are quick to reference Yakubu Gowon and Murtala Mohammed as being relatively young when they ascended to power, and they argue that the same opportunities that young people had in the past are no longer available today. They also argue that around the same time we were forming GT Bank in the late eighties, there were also a number successful young entrepreneurs who distinguished themselves as well - Bola Tinubu (Treasurer at Mobil Oil), Gbade Ojora (ED Mobil Oil), Jim Ovia (Zenith Bank), Erastus Akingbola (Intercontinental), Dele Momodu (Publishing), Tony Elumelu (Standard Trust), Liyel Imoke (Politics), O’tega Emerhor (Standard Alliance Insurance), Aig Imoukhuede and Herbert Wigwe (Access) and Atedo Peterside (IBTC) are some of the noteworthy youngsters who made an impact in various fields in Nigeria at the time. But what some of the proponents of the argument against the older ministerial nominees fail to realize or remember is that even in my early thirties, we also had very established industrialists like MKO Abiola, Otunba Subomi Balogun, etc, who all operated during our time. We respected them, but neither felt overwhelmed by their success, nor daunted by the prospects of climbing up the ladder. We simply forged ahead with our plans and damned the consequences. The point is nobody cleared the way for us back then, so young Nigerians today should not expect that anyone would clear the way for them either.

Perhaps, at play is the venting of some on-going frustrations by the younger generation today, but it is important to put things into proper perspective. Since pre-independence, the Nigerian youth have played a pivotal role in nation-building and economic development. The vast majority of the founding fathers that led the struggle for our independence were relatively young. Chief Obafemi Awolowo was 37, Akintola was 36, Ahmadu Bello was 36, Balewa was 34 and Enahoro was 27 when they led the struggle for independence after the death of Sir Herbert Macaulay. Only Nnamdi Azikiwe was over 40 (he was about 42 at the time). Indeed, even the post-independence military hierarchy was fueled by the active participation of young persons in nation-building at critical periods of our nation’s history. The first coup in 1966 was led by a 29 year-old Nzeogwu and countered by the likes of T.Y. Danjuma, Shehu Musa Yar’adua and a few others, all in their 20s. The subsequent coup brought a 32 year-old Yakubu Gowon into power. Many of the military administrators who governed the states under successive military governments (including our current president, Muhammadu Buhari) were in their 30s. Similarly, the major beneficiaries of Nigerian indigenization policies in the early 70s were young private sector entrepreneurs. The likes of Subomi Balogun, Oladele Olasore, Sam Asabia blazed the trails in banking at relatively young ages, while super civil servants such as Allison Ayida, Phillips Asiodu, Ahmed Joda, Ime Ebong, Ibrahim Damcida etc held forth in public administration in their early 30s. This trend of young people playing active roles in nation building and economic activities continued well into my own generation in the 1980s and 90s, so it is not difficult to understand how we were able to muster the courage and determination to forming a bank at the time.

I have spent a lot of time mentoring, observing and interacting with young Nigerians. Today’s youth are no different from those of my generation about 30 years ago. They are faced with the same pressures, frustrations, uncertainties and life vicissitudes that we faced in our late twenties and early thirties. However, the marked difference is how young Nigerians apply themselves today. Most of us who made an impact in our early thirties came from modest means. We were not rich, and we did not have any noteworthy inheritance. Nobody did us any favours, and the older generation did not give us a pass or a nudge in the right direction. In fact, the military administrations at the time made it extremely difficult for us to participate optimally in business, governance and politics. We did not have social media, and there was no technology to aide our goals. We were simply big dreamers determined to make a difference. We were highly enlightened and career-oriented, so we were able to force our way through the door by working extremely hard.

So what exactly needs to change amongst young Nigerians today?

First, young Nigerians have to humble themselves. You have to be willing to learn the ropes and hone your craft. Around the age of 27, I left the relative comfort of a steady career at CBN to learn under the tutelage of Otunba Subomi Balogun, the visionary and pioneer behind FCMB. Working as Otunba Subomi Balogun’s executive assistant was an experience of a lifetime. He was (and still is) a well-organized and thorough individual. He strongly promoted excellence and perfection, and did not condone indolence, laziness or poor quality work. He was also an impeccable dresser, always elegantly attired in all-white traditional wear or perfectly tailored suits. I picked up these virtues and adopted his style of leadership and management in my future endeavors. I was opportuned to travel with him to attend corporate and other board meetings. I gained valuable and practical experiences in corporate board management and boardroom politics, which became useful tools later in my career.

Secondly, you must know your worth. Do not settle for less, and do not allow yourselves to be used by selfish political interests. Challenge the status-quo. Challenge the establishment. The youth make up a sizeable portion of the Nigerian populace. By extension, they have the loudest voices and the biggest potential. Alan Moore, a prominent British author opined that “People shouldn't be afraid of their government. Governments should be afraid of their people”. This is especially true with regards to young Nigerians. You are more powerful than you give yourselves credit for. Our current president was victorious in large part due to the votes cast by young Nigerians, and you must continue to remind yourselves of this fact, because 2019 is already fast approaching.

Thirdly, and crucially, young Nigerians have to eliminate distractions. Do not get carried away by the allure of good living, bling, fame and fortune. Stay on the straight-and-narrow path. Distractions are the proverbial pot-holes; they slow you down from reaching your destination and damage your wheels in the process. By all accounts, social media is obviously the biggest distraction. It is a powerful tool, but can also derail you from focusing on the bigger picture. The most discerning amongst you will know how to navigate social media without hindering your ability to make significant inroads in the economic and political fabric of Nigeria. I have been impressed with what the likes of Linda Ikeji, Bellanaija, Don Jazzy, TY Bello, Jimi Mohammed, Banke Meshida-Lawal and other young Nigerians have been able to accomplish at such a young age, and it should serve as an inspiration to other young Nigerians in various fields as well.

Finally, take advantage of opportunities, no matter how small or inconsequential they may be at the time. Expect no helping hands. And when these opportunities present themselves, grab what you can. During our cabinet meetings, my boss and mentor, Asiwaju Bola Ahmed Tinubu always quipped that “Power is never served a-la-carte”. This is indeed true in the context of where young Nigerians currently are, and where they need to be.

Our nation is at a critical crossroads. The age bracket between 18-35 years constitutes the majority of our working population group, and naturally, they should be the most productive and active segment of our country’s economic activity and nation-building efforts. Unfortunately, the youth of today are indolent, unemployed and generally incapacitated. Some are unable to make ends meet, and have not shown any sustained interest in holding leadership position. They abstain from holding governance positions at the local, state and national levels. Ironically and confusingly, they allow themselves to be used as street (and very recently, internet/online) thugs, miscreants and protesters to pursue the selfish agendas of older politicians.

Despite all of this, I have a lot of faith in the youth of today, but young Nigerians need to start having faith in themselves as well. You need to wake up from your slumber, and pilot the much-needed change process urgently. You must be willing to side-step all the pit-fall distractions and refocus your collective mindsets. You have to be guided by a desire to excel, and you must continue to push yourselves to grow in a tough, competitive and cut-throat environment that still exists today. Who knows? With a bit of conviction, commitment and guile, you may be able to produce a young, vibrant and dynamic Nigerian as our President much sooner than you think!

Femi Pedro.
Former Lagos State Deputy Governor

Stella Obasanjo died and went to heaven ...
As she stood in front of St. Peter at the Pearly gates, she saw *_a huge wall of clocks_* behind her.

*She asked*, "What are all those clocks?"
*St Peter answered*,
"Those are *Lie-Clocks*.
_Everyone on earth has a Lie Clock._
*_Every time you lie, the hands on your clock will move."_*

"Oh," *said Stella*, "whose clock is that?"
*"That's Bishop Ajayi Crowther's*. _The hands have never moved, indicating that he never told a lie."_

*"Incredible," said Stella*. "And whose is that one?"
*St Peter responded*, "That's *Nnamdi Azikwe's clock*. _The hands have moved twice, telling us that Zik told only two lies in his entire life."_

*"Where's my husband, Obasanjo's clock?"* asked Stella.
_"Obasanjo's clock is in Angel Gabriel's office. *He's using it as a ceiling fan, it's rotating with high speed:*_

*What of Lai Mohammed's?*:
_His own clock is being upgraded,
*to be used as a helicopter rotor for its incredible speed!!!*

Nigeria should just do hard reset

See people taking panadol for another person headache.

How FIRS Plans To Raise N4.9trn Revenue

The Federal Inland Revenue Services, FIRS under the leadership of Babatunde Fowler, the executive chairman has raised non-oil revenue generation to the federal government coffers to an all-time high. Against a backdrop of N4.957trillion tax revenue target the agency handed down to itself for 2016, it is clear that its monthly remittances to the Federation Accounts Allocation Committee, FAAC have raised the bar of tax receipts in the economy.

Wahab Gbadamosi, spokesman of FIRS told LEADERSHIP Sunday that the Service has been meeting up to 80 per cent of the target by monthly breakdown up to June.

The tax agency plans that Value Added Tax,VAT would account for N2 trillion, representing 40.35 per cent of the total target, while company income tax, CIT would account for N1.877 trillion or 37.87 per cent of the target. In specific terms, these two taxes will provide, approximately, 78 per cent of FIRS’ total revenue target of 2016 leaving 22 per cent of the target to be shared between Petroleum Profits Tax, PPT, Education Tax, EDT and National Information Technology Development Levy, NITDEL. In its blueprint, the FIRS earmarks about 50 per cent increment in CIT using a base of N1.2 trillion. This puts the CIT target at a minimum of N1.8 trillion, and at least 250 per cent increment in VAT collection using a base of N800 billion; a minimum of N800 billion as PPT collection, and a minimum of N280 billion from other taxes.

In the month of June, the Service yielded N165billion to the Federation Account, out-performing both the NNPC and the Nigerian Customs. This feat from FIRS saw the month’s amount for sharing among the three tiers of government go up from N281.5 billion shared in April, N305.13 billion shared in May and N559.032 billion in the month of June.

Findings by our correspondent showed that the tax agency is making much effort at ensuring compliance, including undertaking a nationwide VAT and Withholding Tax monitoring exercise and nationwide tax payer registration exercise anchored by the FIRS Federal Engagement and Enlightenment Tax Teams, (FEETT). The FIRS is also collaborating with relevant stakeholders to ensure effective enforcement of the tax regime just as it is equally expanding its dragnet to capture tax evaders.
A document from the Service which was made available to LEADERSHIP Sunday indicated that between December 2015 and now, the FIRS has stepped up its tax enforcement duties, shutting down over 40 company offices across the country.
Part of FIRS’s efforts at growing tax revenue, according to the document, is its collaboration with the Ministry of Budget and National Planning in designing strategies for enhancing non-oil revenues for the country.

Tax contributes only seven per cent to Nigeria’s Gross Domestic Product (GDP), a situation tax professionals have blamed on recalcitrant attitude of taxable individuals and companies to tax payment and weak implementation of tax regulations on the part of tax authorities.

According to Fowler, only one in every three of corporate organisations in the country pays tax. He said FIRS has resolved to have at least 99.9 percentage success level of compliance. What that means is that every individual and corporate organisation at both the state and federal level that is within the tax net must pay the appropriate tax.
On assumption of office, Fowler directed a nationwide VAT and WHT compliance check. The result of this exercise saw a collection of over N122 billion in three months. The initiative, directly overseen by the office of the executive chairman also recorded a registration of 565,743 new corporate taxpayers as at March, this year.

LEADERSHIP Sunday recalled that while addressing the leadership of the Nigerian Economic Summit Group, (NESG) who paid a courtesy visit to her office in Abuja last week, the minister of finance, Mrs Kemi Adeosun revealed that the federal government was reworking the country’s tax system. “We are already overhauling our tax policy. We want to have a realistic picture of tax,” she said.

The FIRS success master plan includes ensuring a minimum of 90 per cent compliance across all tax types and all taxpayer categories, to be achieved by increased focus on sector based audits to ensure that all audit backlogs are cleared

It also included ensuring maximum possible registration of taxpayers, through a nationwide tax registration drive, which has commenced and which is expected to achieve a target of at least 500,000 previously unregistered campanies by end of 1st quarter, 2016. As at March this year, 565,743 corporate companies have been registered, out of which 2000 have paid various tax types totalling N 395,771,462.93. This strategy is driven by improved use of technology, collaboration with state boards of internal revenue and other relevant state and federal agencies such as Corporate Affairs Commission, Central Bank of Nigeria, Nigeria Customs Service, Banks, tax consultants and private audit firms.

The tax agency is also deploying the use of technology to block leakages and improve efficiency in collection through introduction of auto-VATCollect platform for VAT collection in all key sectors such as telecommunications, power, hospitality, e-commerce and financial services. It is also putting in place Government Integrated Financial Management Information System (GIFMIS)—an electronic platform which will ensure that VAT and WHT is collected from all government contracts and transactions at source.
The tax agency plans to strengthen tax administration by appointing new sector heads to drive tax compliance in different sectors. This will ensure specific focus on the relevant sectors, improve accountability and performance management as well as ensure targets are understood and achieved within agreed timelines. State coordinators have been appointed for each state of the federation, with a coordinator covering a maximum of three states. This will further strengthen tax administration across the nation and build on existing collaborative efforts with State Boards of Internal Revenue Service (SBIRS)
Part of the strategies included plans to improve performance management by a strategic use of reward for performance and sanction for non-performance. Leakages within the tax administration will be identified and blocked, while rewards will be paid to whistle blowers as provided under the FIRS Act.

There will be increased use of taxpayer education, publicity and enlightenment to achieve improved compliance. The strategy is to complement Federal Engagement and Enlightenment Tax Team (FEETT) which has been set up to carry out continuous engagement and enlightenment of taxpayers nationwide.

http://www.firs.gov.ng/Lists/FIRS%20Events/DisplayEvents.aspx?ID=53

See the video of how Nigerian military bombarded the militants at Arepo



https://www.youtube.com/watch?list=PLQVEfM2iqyeJ2EYhSYIWnJzmUMlumiY2h&v=cqEKV9XSsEI

A day will come that i will make front page...

Hehehehe...

you never can tell

Tax Debt: FIRS seals Peter Obi’s company, other companies in Lagos, Kano
​The Federal Inland Revenue Services (FIRS) on Tuesday stepped up its tax enforcement duties, shutting companies in Kano, Lagos and Onitsha for outstanding tax liabilities.

In Onitsha, the warehouse of Next International Company was sealed. The company is owned by former Anambra Governor, Peter Obi.
The company has tax liabilities of N20.4million. The breakdown showed that the company has failed to pay Company Income Tax, Withholding Tax and Education Tax since 2006.
In Kano, the FIRS enforcement team, led by Umar Garba, sealed Sani Brothers Transport Company Limited, Triumph Nigeria Limited, Multi System Nigeria Limited and NorthWest Cable Manufacturers Limited.
The companies are owing N12. 3million, N6.5million, N3.3million and N5.8million respectively.
At each of the company offices, Mr. Garba read the relevant laws empowering the FIRS to shut down operations.
He also told staff of the companies that he was relying on figures from the FIRS.
In Lagos, the enforcement team sealed the offices of Secure ID Limited, situated at 2 Olawale Dawodu Street, Ikoyi, over a tax debt of N151million.

Culled from http://www.premiumtimesng.com


Theophilus Olufemi

The Senate President, Dr Bukola Saraki, has hired a maid and a nurse to take care of the late Rasheed Yekini’s mother, Alhaja Sikirat Yekini.

Saraki, represented by the Director of Football, Abubakar Bukola Saraki FC, Alloy Chukwuemeka, disclosed this on Friday in Ijagbo, Oyun Local Government Area of the state.

He also donated a tricycle to the younger brother of late Rasheed Yekini, Hakeem.

Saraki said that he had financed the sinking of a borehole and renovated the residence of Alhaja Sikirat Yekini, upgraded her shop to a mini mart.

He said the visit was to meet with the family and see how they could be assisted to better their lots .

He explained that the aim was to make the family not to feel neglected or abandoned.

The Senate President also announced an annual football competition for U-13 boys “so another Rasheed Yekini can be discovered among the youth from Ijagbo, Ira and Offa.”

Saraki said that the competition will be sponsored yearly by him and would be tagged Rasheed Yekini U-13 football competition.

The Senate President also challenged well to do Nigerians to remember the Yekini family always.

He also donated balls, jerseys and trophy for the Rasheed Yekini U-13 football competition.



http://punchng.com/saraki-hires-maid-nurse-rasheed-yekinis-mother/




Theophilus Olufemi

This should make front page naaaa

Tax Debt: FIRS seals Peter Obi’s company, other companies in Lagos, Kano
​The Federal Inland Revenue Services (FIRS) on Tuesday stepped up its tax enforcement duties, shutting companies in Kano, Lagos and Onitsha for outstanding tax liabilities.

In Onitsha, the warehouse of Next International Company was sealed. The company is owned by former Anambra Governor, Peter Obi.
The company has tax liabilities of N20.4million. The breakdown showed that the company has failed to pay Company Income Tax, Withholding Tax and Education Tax since 2006.
In Kano, the FIRS enforcement team, led by Umar Garba, sealed Sani Brothers Transport Company Limited, Triumph Nigeria Limited, Multi System Nigeria Limited and NorthWest Cable Manufacturers Limited.
The companies are owing N12. 3million, N6.5million, N3.3million and N5.8million respectively.
At each of the company offices, Mr. Garba read the relevant laws empowering the FIRS to shut down operations.
He also told staff of the companies that he was relying on figures from the FIRS.
In Lagos, the enforcement team sealed the offices of Secure ID Limited, situated at 2 Olawale Dawodu Street, Ikoyi, over a tax debt of N151million.

Culled from http://www.premiumtimesng.com


Theophilus Olufemi

All employers who failed to remit your hard earned money will now face the wrath of the law

The National Pension Commission (PENCOM) is currently compiling list of companies and companies defaulting in remitting employees contributions to Pension Fund Administrators (PFAs).

The Commission also said it would involve the Economic and Financial Crimes Commission (EFCC) and other law enforcement agencies to prosecute defaulters.

Director-general of PENCOM, Mrs Chinelo Anohu-Amazu, who disclosed this in Lagos yesterday at a world press conference to announce the third edition of the World Pension Summit Africa which would be hosted by the agency in Abuja between September 27 and 28,said it is a criminal act for any one or bodies to collect employees’ fund for pension purpose and refuse to remit same to the relevant PFA.

The PENCOM boss said her agency’s current effort was designed to continually nurture transparency in pension administration in Nigeria.

“In its 12years of existence, PENCOM has painstakingly built a strong, transparent and dependable pension system in Nigeria, which is overseen by a dynamic and efficient regulatory structure. Its efficient regulation has enabled generation of pool of long-term funds in the region of N5.73trillion as at the end of June 2016,”she said.
She said of the 24 states that have embraced the employees scheme, only 10 had since commenced full implementation of same.

She added that her agency is desirous to ensure that all the states in the country as well as the self-employed in Nigeria embraced the scheme so that employees would have something to fall back on at retirement age.
On the summit theme: “Pension Innovations: The African Perspective,” the DG said the topic was chosen because her agency seeks to drive the revolutionary strides and achievements of African governments in the area of pensions and social benefits.

“PENCOM also seeks to galvanize not only the Nigerian pension system but also those of other African countries towards sustainability and socio- economic impact,” she added.

The take home from the above are stated below:
1) Companies that have failed in the past to make deductions should start with immediate effect.
2) Where any employer had made deductions but failed to remit same, now is the time to remit all outstanding deductions.
3) For those that have not correctly account or keep proper records of the amount deducted and remitted, it is high time you corrected all past mistakes and also ensure such errors are avoided going forward.


http://leadership.ng/news/546744/pension-efcc-to-prosecute-defaulting-companies-pencom

On August 11, 2016, Mrs. Monsurat Amasa who is the Head, Corporate Affairs of Lagos State Internal Revenue Service released a statement in respect of Hotel Occupancy and Restaurant Consumption Laws. See below for the summary of the statement released for your information:

The Lagos State Internal Revenue Service, LIRS, has begun a massive clampdown on corporate tax defaulters and evaders in Lagos. Just last week no fewer than eighteen hotels and event centers were allegedly sealed up under the Hotel Occupancy and Restaurant Consumption Laws (HORCL) of Lagos State 2009.

The affected Hotels and Restaurants were reported to be owing the State a cumulative sum of ninety one million one hundred and fifty seven thousand, two hundred and eighty six Naira, seventy five Kobo (N91, 157,286.75).

Speaking tough on the stand of the state government, Director of Legal Services of the LIRS, Mr. Seyi Alade gave a stern warning during the state-wide tax enforcement exercise that defaulting Hotels, Restaurants and Event Centers would now face the full wrath of the law if they fail to deduct and remit their taxes as provided by the law.

According to him, failure to deduct and remit taxes as and when due attracts very serious penalties that may lead to the sealing and the seizure of the goods and chattels of the affected entities.

He said the LIRS gives a long rope by issuing multiple notices to the taxpayers to inform and also remind them of their tax liabilities and only recalcitrant taxpayers are shut down as in the present case.

He therefore urged all business entities operating in the state to ensure prompt remittance of their taxes to avoid the costly disruptions that could be visited on their businesses as a result of a distrain exercise.

Earlier in the year, the chairman of LIRS, Mr. Folarin Ogunsanwo had urged Lagosians to comply with the relevant tax laws of the country , saying Lagos state will not hesitate to bring to justice any defaulting individuals and corporate bodies as the capacity of LIRS is not in doubt.‎

List of Hotels shut include Zaaz hotel, Cottage hotel 2, Pcadilly Suites, Starfire hotel, Le Parisian, D Yard entertainment, Florida international motel, Suite 29, Taesuites, Nufcam hotel, Peaceland, Larex hotel, Cristabol place, posh Spice, Hotel De Jas, BEC IND CATERING COMPANY, Soul center and Atlantic product limited.

The above statement shows that it is no longer business as usual and the take home here is that the operators of hotels, event centers and restaurants should ensure compliance with Hotel Occupancy and Restaurant Consumption Laws (HORCL) of Lagos State 2009 in terms of
• Invoicing.
• Records keeping
• And the remittance of consumption tax.

Theophilus Olufemi
08138214124