₦airaland Forum

The House of Representatives has approved the sum of N30,000 as the new national minimum wage.
The approval followed the adoption of the report by the ad hoc committee set up on the New Minimum Wage Bill presented to the National Assembly by President Muhammadu Buhari on Thursday.
Passing the bill for the third reading on Tuesday, the lawmakers unanimously approved the N30,000 recommendation by the committee in consonance with the resolution by the tripartite committee set up by the President.
Buhari had in the executive bill sought the approval of N27,000 as against the N30,000 agreed by the stakeholders.
Dogara said, “Today, we passed the new national minimum wage Bill 2019 in keeping with our commitment to improve the welfare of the Nigerian workers.
“The Bill was given speedy and accelerated passage in just two legislative days as a House of the Nigerian people.”
The ad hoc committee had recommended and adopted N30,000 minimum wage.
According to the bill, any employer who fails to comply shall be liable to a fine not exceeding five per cent of the offenders’ monthly wage.
The House resolved in the Committee of the Whole to consider the report. It resumed with the synopsis of the bill.
According to the chairman of the Committee, Mr. Yussuff Lasun, the bill did not cover employers whose staff strength is below 25.
Raising a point of order, the House Majority Leader, Mr. Femi Gbajabiamila, was of the opinion that the bill should take effect from six months after assent.
On the contrary, the lawmakers moved that the bill should take immediate effect as soon as the President signs it into law.
But the Speaker held a different opinion, noting that with the absence of appropriation, the bill could not be implemented.
To save the House from further debate, the Chairman House Committee on Rules and Business, Edward Pwajok, moved for an amendment to include that the bill becomes effective from the date it is assented to.
The bill, therefore, passed third reading on the floor of the House.
The House is to harmonise with its counterparts in the Senate for onward transmission to the President for his assent.

The Federal Inland Revenue Service (FIRS) on Saturday urged Small and Medium Enterprises (SMEs) to pay taxes to attract investors.
FIRS Deputy Director, Mrs Angel Fadahunsi, made the appeal at the Techpoint Build expo held in Lagos.
The News Agency of Nigeria (NAN) reports that Techpoint Build is a conference and exhibition that connects startups and SME community with industries, bringing together people from across Nigeria and neighbouring countries.
According to her, taxes are collected from business owners to sustain the nation and to provide amenities that will enhance both lives and businesses.
“SMEs need to pay taxes, firstly because it is the law, needed for the development of the nation, provision of social amenities like road, hospital, taxes are needed to sustain these things.
“Lots of SMEs are looking for investors that will invest in their business but an investor will only invest in businesses that pays tax to avoid being shut down,” she said.
Fadahunsi also adviced the SMEs that in planning for their business, they needed to factor paying of bills like taxes into it. She said that complaining that taxes paid were too much was not the case as tax payment whether with the federal, state or local government was essential to avoid business closure.
She listed some basic steps that would guide the SMEs as to first register the business immediately to get the Tax Identification Number (TIN) which she added was free.
She urged them to keep proper records of their business expenses as much as possible , so that when they start making profit, they would be able to make the right tax payment.
She pointed out that the Value Added Tax goes with goods and services and grace period was not attached to it, adding that once profit was made, tax was required.
“Tax is laid on profit between 20 to 30 per cent and that is why proper business records is required.
“If the business did not make any profit in a year, it behoves the owner to file the returns so that the FIRS will know,” she said.
Also Mrs Kemi Balogun, Team Lead, Tech and Service Partnership, AXA Mansard Insurance PLC., said that insuring businesses was to protect it from unforseen events.
According to her, an SME is not expected to have so much money to put, so when one sets up their business, the first insurance policy to do has to do with the persons and employees health.
“Insurance is affordable for an SME and is key to making the business stand against all odds.
“Having good health is paramount and you cannot run your business well if you are sick, so the need to insure against accident and others.
“The next is insuring the equipment and structure, the assets that so much money was put in to start the business against theft, flood, fire and others,” she said.

The Corporate Affairs Commission (CAC) has approved the name for non-governmental organisation called Edubox International Foundation.
Founder of the foundation, Tosin Sanusi said the aim of the NGO is to help position Nigerian students and youths to become relevant to the country and the entire world by supporting their academics and empowering them with the requisite skills needed for national growth.
“We hope the NGO will ensure students further their education without financial constraints and also serve as a centre for skills acquisition for youth,” Sanusi said.
Sanusi further noted that the foundation would provide a platform of sponsorship for destitute students who are intelligent and can’t afford education.
According to him, the proposed trustees for the foundation shall be Mr. Kelvin David; Mr. Sanusi Tosin Moses; Igwe Hephzibah Adaeze; Nwaigwe Marilyn Chinwe; Joshua Christian Amuzie and Mr. Hassan Ahmed Adekunle.
Meanwhile, the CAC said technology has played a pivotal role in streamlining the inter agency partnerships between them and other government agencies.
The Acting Registrar-General of the commission, Azuka Azinge, told stakeholders in Abuja at the Technology As A Catalyst: Ease of Doing Business 2018 Conference.
Azuka Azinge, Acting Registrar General, Corporate Affairs Commission (CAC), extol the benefits of using technology in running the commission.
According to her, technology has made it possible for applicants to do their company registration online without coming to CAC office.
“Technology has made it possible for the commission to run 24 hours registration, which they were not doing before and online payment is now available at the commission because of technology. Technology has changed the face of how we do business now,” Azinge noted.

The Executive Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, has said that the service will this year surpass the N5.3tn revenue generated in the 2018 period.
He said this during a chat with finance journalists on Thursday in Abuja.
Fowler said that the service had embarked on a series of reforms aimed at making it easier for taxpayers to pay their taxes.
He said the reforms had started yielding results as the service was able to generate its highest ever tax revenue of N5.3tn in 2018.
The FIRS boss explained that while huge revenue could be generated from oil, such revenue was unsustainable due to the volatile nature of the crude oil prices.
Fowler said the government recognised the importance of non-oil revenue to economic development, adding that this was why the service was being positioned to generate adequate revenue for the distribution by the three tiers of government.
He said, “We recorded some improvements last year as well made the sum of N5.3tn which is the highest in the history of the service.
“But it’s not about that but on what it can do. Many people believed that if we are generating so much money, then the Federal Government budget has no problem being funded.
“But they tend to forget that what we generated is shared between the three tiers of government.
“We generated N5.3tn and the highest before then for the country was N5.07tn. But the difference here is that in 2012, the oil revenue tax accounted for 64 per cent while in 2018 oil revenue accounted for 46 per cent.”
He said as a result of the dwindling oil revenue, the FIRS was working hard in ensuring taxes were collected and remitted for the benefits of the nation and all the three tiers of the government by targeting non-oil revenue.
In carrying out its mandate within the dynamic economic environment, the FIRS boss said the service had adopted initiatives to ensure a robust tax administration that was beneficial for all stakeholders.

The Alliance for New Nigeria (ANN) has condemned the plan by the Federal Government to increase Value Added Tax (VAT) from the current 5 to 7.5 percent, adding that the proposed increase smacked insensitivity on the part of government to the suffering of Nigerians. Lanre Oyegbola, Director General, ANN 2019 Presidential Campaign, in a press statement, said, “An additional 2.5 percent of VAT would automatically increase the shelf price of most items from the moment it is implemented and this would create a ripple effect across both the formal and informal sectors of the economy.” The campaign director general noted that the All Progressives Alliance (APC) government is one that gives with one hand and takes it away with the other given the timing of the increase in the VAT.
He said one could not explain the fact that while the President Muhammad Buhari-led government was yet to agree to the minimum wage deal with labour, the same government was at the same time increasing the VAT, adding that it was a show of deception and insensitivity to the plight of Nigerians.
Oyegbola called on Nigerians to reject every form of deceit the government might bring to the table.
He also called on the people of Nigeria to vote against the APC and the Peoples Democratic Party (PDP) in the February 16 2019 presidential election.

a. Introduction
The Federal Inland Revenue Service (FIRS) has published the Income Tax (Country-by-Country Reporting) Regulations, 2018 (CbCR Regulations). The CbCR Regulations was made public on 19 June 2018 and have an effective date of 1 January 2018.
The Country-by-Country reporting is a response to evidence-based research on the direct consequence of harmful tax practices that result in profits being moved away from where they were made to the ultimate benefit of the taxpayer.
b. Implications of CbCR
The CbCR is one of the three-tiered transfer pricing documentation approach recommended by the Organisation for Economic Cooperation and Development (OECD) in the Action 13 report of the Base Erosion and Profit Shifting (BEPS) project unveiled in October; 2015. The CbCR contain information on the location of revenue, profits, taxes, employees and economic activity within large MNE Groups, based on a standard template. The objective of the CbCR is to allow tax administrations to perform high-level transfer pricing risk assessments and to evaluate other BEPS related risks.
In Nigeria, the ultimate parent entity (UPE) of an MNE Group that is resident for tax purposes in Nigeria would be obliged to file the CbCR, where the consolidated revenue of the Group is N160 billion or above. As provided in the Regulations, the CbCR must be filed within 12 months following the MNE Group’s accounting year end.
An MNE Group member (Constituent Entity) whose UPE is not tax resident in Nigeria, is required to notify the FIRS of the identity and tax jurisdiction of the entity responsible for filing the CbCR. This notification must be made no later than the last day of the reporting accounting year of the MNE Group.
c. Notification and Consequence for Non-Compliance
To show commitment to driving compliance with the Regulation, the FIRS has subsequently released guidelines for completing the CbCR template and more recently, a Public Notice reminding MNE Groups operating in Nigeria of their obligation to make the above notification to the FIRS. The public Notice serves as a wake-up call for MNE Groups to comply and avoid stiff administrative penalty imposed by the Regulations for non-compliance.
Penalty for late filing of CbCR has been determined at N10,000,000 for the first month of default and N1,000,000 for every month the default continues while penalty for incorrect/false report is N10,000,000. Penalty for failure to notify FIRS of the MNE Group’s UPE, Surrogate Parent Entity or identity & residence of the Group’s reporting entity has been determined at N5,000,000 for the first month of default and N10,000 for every day the default continues.

The absence of Mr Joseph Daudu (SAN) on Wednesday stalled proceeding over the tax assessment of his firm by the Federal Inland Revenue Service (FIRS) at the Tax Appeal Tribunal, sitting in Abuja.

The appellant, Daudu, said he was dissatisfied with the FIRS assessments of his Withholding Tax (WHT), Personal Income Tax and Value Added Tax (VAT) for the period from 2010 to 2017.

Specifically, he expressed dissatisfaction with the decision to assess him with respect to WHT and VAT in the sum of N 1, 226, 115, 562.33.

He, therefore, prayed the tribunal to restrain FIRS.

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The Acting Registrar-General, Corporate Affairs Commission (CAC), Mrs. Azuka Azinge, has said a total of 327,676 business names were registered while 41,719 Incorporated Trustees were registered in the last three years.

According to her, the breakdown of the filings showed that registered companies recorded 145,329 fillings, business names recorded 26,593 filings, while 18,156 incorporated trustee filings were returned in the period under review.

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The Federal Inland Revenue Service, FIRS, made a whooping N300.4 billion in three years, between 2016 and 2018 as the cost of collecting taxes.

According to the law setting up the revenue collection agency, FIRS is allowed to deduct four percent as cost of revenue collection from non oil taxes before remitting the remaining to the Federation Account.

According to data from the FIRS, a breakdown of the N300.4 billion cost of revenue collection by the FIRS showed that N85.99 billionwas received in 2016, which is about 2.6 per cent of the total actual taxes of N3.30 billion collected in 2016.

In 2017, the FIRS received N100.3 billion as the cost of revenue collection out of the N4.02 trillion it generated, while in 2018 fiscal year, the service got N114.1 billion as the cost of revenue collection out of the N5.32 trillion revenue it generated for that year.

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THE Oluwo of Iwo, Abdulrasheed Akanbi over the weekend underscored the need for people of Osun to pay tax in order for the government to bring about effective development in the state.

He made the appeal in Iwo township during the “Thank You” tour of the state governor, Mr Gboyega Oyetola to the people of the community.

According to Oba Akanbi, “there is no other way than to pay tax. We cannot continue to rely on funds from the Federation Account if we want to develop this state. What if there is no oil money?”

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The federal in land revenue Service (FIRS) is to leverage digital platform sin widening the tax net to meet the N8trillion revenue projection of the government for 2019. In growing the nation’s revenue through taxation to surpass the N5.3tn generated in 2018, the highest revenue generation for the FIRS, there is a need to strengthen legislation on Nigeria’s digital economy.

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In 2017, when the Federal Government signed the Executive Order to commence the Voluntary Assets and Income Declaration Scheme, many people doubted the political will of the administration of President Muhammadu Buhari to fully implement the tax amnesty programme.

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KANO – As part of efforts toward deepening communication with its customers the Corporate Affairs Commission (CAC) held its quarterly consumers’ forum in Kano aimed at making business registration simple, fast and cheaper.
In her address, Lady Azuka Azinge, CAC Acting Registrar Genera, said the forum was a periodic event intended to bring together management of the commission, stakeholders and members of the public to interact on issues pertaining to its services.
She maintained that the forum was an opportunity for stakeholders and members of the public to have a one-on-one interaction with top management of the commission.

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Types of taxes in Nigeria in 2019? Official website of FIRS lists many types of taxes collected in Nigeria. As of today, there are 9 of them: CIT, WHT, VAT, PPT, PIT, SD, CGT, NITDL, EDT Finances have to be counted, taxes must be paid. You already know what are the types of taxes in Nigeria. Now, let us shortly describe each of them.

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The training comes as part of P&G’s efforts to encourage financial inclusion for women, to strengthen women’s capacity in entrepreneurship and promote a business management culture among the beneficiaries of the training.

Recently, Procter and Gamble (P&G) in conjunction with the United Nations’ Entity for Gender Equality and the Empowerment of Women (UN Women), and the implementing partner, Afrigrants Resources, successfully held a graduation ceremony for 250 small business women entrepreneurs in Kaduna State after a three month period of intensive training on financial literacy.

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The Federal Capital Territory Administration (FCTA) said that it has so far identified and captured, in its database, over one million taxpayers in the Federal Capital Territory (FCT).

Read more: https://sunmoladavid.com/federal-capital-territory-administration-identified-1milion-tax-payer-abuja/

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Mr Victor Olomo, the Managing Director, Process Concepts and Technologies (PROCONTEC) Ltd, has urged Federal Government to consider granting low interest loans and tax holidays to manufacturers and exhibitors at the ongoing Science and Technology Expo taking place in Enugu.

Read more: https://sunmoladavid.com/revenue-generation-nnpc-firs-customs-got-n249bn-2018/

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A whopping N248,871,621,023.767 billion went into the coffers of the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and the Nigerian National Petroleum Resources (through the Department of Petroleum Resources) as income from cost of revenue collection for the Nigerian government in 2018 alone.

Read more: https://sunmoladavid.com/revenue-generation-nnpc-firs-customs-got-n249bn-2018/

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President Muhammadu Buhari on Friday in Abuja pledged that the Federal Government would look into the issue of illegal tax collections to encourage more private sector businesses to thrive in the country.
Read more: https://sunmoladavid.com/buhari-pledges-end-illegal-tax-collections/

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AWOLOWO HOUSE/GLASS HOUSE

2ND FLOOR LEFT WING (AYONAK)

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IKEJA LAGOS NIGERIA.

TEL; 2348038460036

Accountancy Services – Inner Konsult LTD
Inner Konsult Ltd offers the full range of services you would expect from an accountancy practice including limited company services. If you’re considering starting your own limited company we can advise and assist you with a free consultation to establish your exact requirements.

Accountancy Services -
We can then take care of every part of the process from company incorporation to filing your annual returns and everything in between. Inner Konsult Ltd is dedicated to the highest level of customer care and service, giving you total peace of mind that your accounts will be taken care of in a timely and professional manner.
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The Federal Government has been granted $200 million loan for the funding of the nation’s electrification project.“The Board of Directors of the African Development Bank Group has approved a $150 million sovereign loan to the Federal Government of Nigeria to finance the Nigeria Electrification Project (NEP),” AfDB said in a statement.

“The Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by the People’s Bank of China and administered by the African Development Bank, has also approved a $50 million loan to the Federal Government of Nigeria to co-finance the project.”
According to the statement, the joint financing is targeted at supporting the government efforts to address critical energy access deficit in the country, and catalyze achievement of universal energy access by 2030 targets.”

In 2017, the World Bank approved $350 million loan to Nigeria for the development of rural electrification projects in the country.“By supporting the electrification of unconnected and underserved communities, NEP will contribute materially to their economic development,” said the Managing Director of the rural electrification agency, Damilola Ogunbiyi.“Access to reliable, affordable and clean electricity will result in savings for households and businesses, which can be deployed to other uses.”
[url][/url]https://www.dailynewscable.com/afdb-grants-nigeria-200m-loan-to-finance-electricity-projects/

Rice importation into Nigeria would end by 2020, the Policy Adviser of the John Kufuor Foundation (JKF), Hon. Abraham Dwuma, has said.

He also said that Africa Rice Advocacy Platform (ARAP) under the JKF was also focused to achieve zero importation of rice on the continent.

Dwuma told the media in Ilorin that the Africa Rice Advocacy Platform (ARAP) had created a rice value chain to achieve this.

”Two years from now, Nigeria should have no business importing rice because I have travelled the length and breadth of the country and I know the potentials.

”Kebbi State alone can produce all the rice Nigeria needS; talk more of Sokoto and even Kwara.

“‘For, example, in Akwa Ibom, they have one of the best lands for rice production.

”When we came to Nigeria, farmers were doing 1.5 tonnes per hectare, now they are doing six tonnes per hectare two times in a year.

”We believe that with this platform, we will get there,” Dwuma said.

He said the foundation was borne out of the desire of former Ghanaian President, John Kufuor, to ensure that African farmers earn a living from rice production.

”When Kufuor won the World Food Prize, he said he realised that African farmers need a voice, then, if they need a voice, we have to bring them together.

”So, there was a need to do what we call the advocacy platform in four chosen countries; Ghana, Burkina Faso, Tanzania and Nigeria.

”Through this platform, we are not only talking to the government but to the farmers to improve their quality, their quantity and their work,” Dwuma said.

He, however, noted that for the value chain to be sustainable, it should be supported by business modules.

”What we are doing now is that we are creating the rice value chain and for this value chain to be sustainable, we need to be supported by business modules at all levels of the cabin.

”We are creating what we call business modules. For instance, if someone is an input dealer, he will be able to bring the right input to farmers and the farmers are being educated to do it well,” he said.

Also speaking, Secretary General of ARAP, Alhaji Abdulrauf Lawal, said the platform had made rice production easy in order to halt importation.

”It is a pity that we spend over a billion naira per day to import rice, that is N365 billion per year which can be used to venture into other things like youth employment and improvement of social amenities.

”We are using this much to import when we can plant rice in Nigeria; we have various types of rice; swamp rice and irrigated rice that will start growing with good water and climate.

“With the value chain that we are creating now from production, processing to marketing and consumption, it will get better,” he said.

Lawal, who doubles as the Deputy National Vice President of Nigeria Rice Advocacy Platform, however, noted that the platform was collaborating with the state chapters of the platform to support them.

“The platform was established in 2013 and it comprises of the seed producers, the mechanisation providers, the financial institutions, the processors and the farmers.

”We give the state chapters’ technology, seedlings and inputs for them to produce well because if the input isn’t good, the products won’t be good.

”We are also making their job easier by mechanising them to remove drudgery in rice farming,” Lawal said.

He, however, appealed for sponsorship for the platform to achieve its aim.

”Our major source of funding is Kufuor, but it is not enough, we need more people like him, most especially within Nigeria.

“ If Nigeria develops, the West Africa sub-region will develop; we will be a net exporter of rice,” Lawal said.
[url][/url]https://www.dailynewscable.com/hon-abraham-dwuma-rice-importation-ends-2020/

The Senate yesterday suspended consideration on the 2017 budget of the Nigerian Immigration Services (NIS) over passport contracts sharing formula.

The suspension was after the report of the Senate committee on Interior on the budget was presented by Senator Andy Uba (APC, Anambra) during yesterday plenary session.

After the presentation of the report, Senator Bassey Akpan (PDP, Akwa Ibom) moved a motion for the suspension of the budget consideration. It was seconded by Senator Solomon Adeola (APC, Lagos).

The Senate resolved that a technical committee be constituted comprising chairmen and vice chairmen of committees on anti- corruption, judiciary and interior to be headed by the committee on interior.

The committee is to meet with the Ministers of Justice, Interior, Comptroller General of Immigration and Economic Financial Crimes Commission (EFCC) to look into revenue and expenditure of the Immigration with a view of terminating the contract. The committee is to report back in 2 weeks.

A copy of the NIS budget revealed the sharing formula for E- passport as follows; FG 45 percent, NIS 7 percent, Ministry of Interior (MOI)1 percent and partners 47 percent.

It showed that for CERPAC, FG will get 20 percent, NIS 7 percent, Ministry of Interior 1 percent and the private sector 72 share in line with the PPP agreement. CERPAC is a document that allows a non-Nigerian to reside in Nigeria.
[url][/url]http://businessnews.com.ng/2017/10/13/senate-halts-consideration-of-immigration-budget/

The assessed strategic partnership between the Central Bank of Nigeria (CBN) and the Association of Bureaux De Change Operators of Nigeria (ABCON) has been attributed to the relative stability of the naira at both the official and parallel markets despite campaign spendings by political parties so far.

Part of the partnership deal, which includes the sustenance of dollar supply to over 4,000 Bureau De Change (BDC) operators across the country through the International Money Transfer Operations (IMTOs) forex window has been seen as having helped the local currency sustain its status.

Accordingly, the CBN, spot rate closed last week somewhat flat at N306.75/$1 from N306.70/$1 in the prior week. Similarly, the exchange rate at the Investors & Exporters Forex window closed at N364.70/$1. At the parallel market and BDCs, the naira traded at N363/$1 throughout the week.
ABCON President, Alhaji Aminu Gwadabe, who spoke to financial journalists in Lagos, said the naira has remained stable despite political parties’ campaign spendings across the nation.

“The strategic partnership, actions and pre-actions of CBN and ABCON have stopped distortions to the exchange rate due to ongoing politicking and campaign spendings in the country,” he said.

According to him, the determination of the apex bank to maintain the IMTOs forex window for the over 4,000 BDCs on weekly basis has brought steady liquidity in the market and discouraged unethical market behaviours like hoarding, speculation and frivolous demand.

He however, said that ABCON has ensured that its members continue to make dollar accessible to critical end-users like travelers demanding personal and business travel allowances, school fees and medical bills payment abroad, among others.

Gwadabe noted that the ongoing ABCON automation and configuration of soft token for forex returns rendition by over 4,000 BDCs nationwide will enhance transparency and financial integrity of the operators.

This feat will no doubt strengthen the effectiveness of the technical compliance of the Anti money laundering and counter terrorism financing laws and help Nigeria’s assessment into the Financial Action Task Force coming up next year,” he stated.

He expressed gratitude for the observed increase in surveillance by the security agencies on illicit financial flow and controls at the nations boarders, but also noted that the secondary forex market currently enjoys huge confidence, making it difficult for forex speculators and illegal forex dealers to manipulate activities.
[url][/url]https://guardian.ng/business-services/how-cbn-abcon-partnership-is-stabilising-naira-amid-election-spending/

With at least N300 billion worth of investment at stake and potential job loss of at least 100,000, the
Lagos Chamber of Commerce and Industry (LCCI), has rejected the Nigeria Postal Commission Bill currently before the National Assembly.

According to the chamber, the bill is inimical to private sector investments in the courier business; and a negation of the Ease of Doing Business agenda of the federal government.

Furthermore, the group said the bill was not in consonance with the fundamental principles of the Economic Recovery and Growth Plan (ERGP), adding that the bill proposes imposition of levy, rate fixing and confers monopoly privileges on the nation’s postal service operator.
The Director-General of the Chamber, Muda Yusuf, in a statement, appealed that the progression of the bill be halted and the hurtful provisions expunged.

Specifically, the chamber expressed worry that the, “Imposition of an annual levy of 2.5 per cent of the turnover of courier companies to be paid to the proposed Postal Services Commission; Powers conferred on the proposed Postal Services Commission to fix rates for courier services; and monopoly privilege conferred on the Nigerian Postal Service for delivery of items weighing 1kg and below.”

The Chamber argued that the provisions are not consistent with the espoused commitment of the National Assembly to private sector development, which was affirmed by the Senate President, Dr. Bukola Saraki, at the inauguration of the National Assembly Business Environment Roundtable (NASSBER) in March 2016.

He said, “No sector of the Nigerian economy is subjected to such an arduous regulatory provision. We request that the bill be urgently reviewed by the National Assembly in the interest of economic progress and the welfare of citizens.

“The passage of the bill in its current form will put over 100,000 jobs in the courier sector at risk. It will as well put over N300 billion investments in courier services business in jeopardy. This would further worsen the country risk rating of Nigeria. The country is already grappling with enormous perception problems by investor.
[url][/url]https://guardian.ng/business-services/why-we-are-not-supporting-the-new-postal-bill/

The Equipment Leasing Association of Nigeria (ELAN), has called on the Federal Government to utilise the equipment leasing option to achieve its developmental initiatives.

The Chairman, Board of Directors of the Association, Olutoyin Okeowo, made this call during the 16th National Lease Conference, held in Abeokuta, Ogun State, with the theme “Enhancing the Value Proposition of Equipment Leasing to Nigeria’s Economy.”

This year’s event, according to the Chairman, “is the biggest gathering of stakeholders in the Nigerian leasing industry, which provides a major platform for engagement on pertinent issues affecting the development of the leasing industry and economy, exploring opportunities as well as promoting business networking.
Furthermore, he stated that “this year’s event is essentially aimed to further propagate the ideals of leasing to national economic development and stimulate more valuable investments at this period where the economy is still struggling to get out of the woods.”

The Chairman, in his opening remarks commended the government on its economic initiatives to revitalise the economy, including the Economic Recovery and Growth Plan (ERGP). Although the economy is still fragile, he said the economic trajectory has been showing positive signs.

“Indeed, the attributes of leasing, which centre on easy and convenient access to capital equipment, can be brought to bear to support the government developmental initiatives and achieve inclusive growth. Essentially, Leasing can provide the integral support for the massive investment in infrastructure, mining, agriculture, among others that would stimulate production and employment.”

In Nigeria, he noted, “The impactful visibility of leasing is increasing, contributing to capital formation in the economy and creating wealth. In 2017, outstanding lease volume was estimated at N1.44trillion, up from N1.2 6trillion in 2016, representing a growth rate of 14.5 per cent. Assets worth over N8.98 trillion has been financed in the past 10 years, and can significantly improve with the right support for the industry.”

Some of the benefits of leasing to government, according to him, include enhanced
Infrastructure development, improved budget system and control as well as creating wealth for national economic development.

The Chairman, therefore called on government at all levels, to utilise leasing in their developmental agenda and pledge the willingness of the leasing industry to collaborate with them to achieve the set out economic initiatives.

Chairman of the occasion and former Deputy Governor, Central Bank of Nigeria, Tunde Lemo, called on the present administration to leverage the attributes of leasing, which centre on easy access to capital equipment to support investment in infrastructure, agriculture, manufacturing and solid minerals to stimulate production and employment.

Lemo urged the government to factor the leasing industry into its development agenda, pledging the support and commitment of the industry to achieving set out economic initiatives.
[url][/url]https://guardian.ng/business-services/elan-tasks-government-on-equipment-leasing-option-to-boost-nations-economy/

Seplat emerges Pearl of capital market for 2018
The Securities and Exchange Commission (SEC) has restated its resolve to pursue initiatives that would aid financial inclusion in Nigeria and grow the economy.

Acting Director-General of the Securities and Exchange Commission (SEC) Ms. Mary Uduk, stated this at the 2018 PEARL Awards Night held in Lagos on Sunday.

Uduk pointed out that the SEC will continue to highlight and promote developments and trends in the Nigerian capital market and drive financial inclusion aimed at reducing adult exclusion from financial services.
She said: “Innovations in financial technology, has made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises, promoting financial inclusion and the affordability of financial services.

“A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth—and will create million more jobs. The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective.”

While commending the efforts of the Board of Governors and management of PEARL Awards Nigeria, for giving consideration to companies with good corporate governance practice, Uduk enjoined them to emphasise on more future editions and encourage companies with technological innovation in the capital market in the advent of the convergence of Finance and Technology (FinTech) in future.

Uduk also disclosed that the SEC is implementing various initiatives, which are aimed at making the market deeper, vibrant and more effective.

According to her, “The forbearance window for shareholders with multiple subscriptions has been extended by another year from the December 31, 2018 deadline previously communicated. Consequently, we enjoin those who have not come forward for the regularization of shares purchased with multiple identities, to do so.

“We have also developed a two-pronged approach to addressing the intractable challenges associated with transmission of shares related to the estate of deceased investors. The first step would involve engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares. Secondly, rules would be developed around the time frame for transmission shares and the fee structure.”

Also speaking at the occasion, the President of the Nigerian Stock Exchange (NSE), Abimbola Ogunbajo, stressed the need for listed firms’ to adopt international best practice in corporate governance.

According to him, this ensures corporate success, minimises wastages and mismanagement as well as improves investors’ confidence in the market.

“This year’s theme underpins the need for every company to adopt and sustain highest international standard of corporate governance. It ensures corporate success, maintains investors’ confidence to raise capital, minimises wastages and mismanagement. It is what every well meaning company must strive to maintain.”

The Chief Executive Officer of Pearl Awards Nigeria, Tayo Orekoya, while announcing Seplat Plc as the Pearl of capital market for 2018, said the Nigerian capital market witnessed turbulent times this year with huge losses in share value and value.

He however, noted that in spite of the challenges in the capital market and the economy, some companies continued to weather the storm, outperforming others thereby sustaining their leadership of the market.
[url][/url]https://guardian.ng/business-services/regulators-harp-on-financial-inclusion-good-corporate-governance-others/

The Presidency, the Senate and House of Representatives have assured Nigerians of their resolve to see the Petroleum Industry Governance Bill (PIGB) through in the current dispensation.

They disclosed this at the opening ceremony of the 18th International Health Safety and Environment (HSE) Biennial Conference on the Nigerian oil and gas industry organised by the Department of Petroleum Resource in Lagos, yesterday.

Nigeria’s Vice President, Prof. Yemi Osinbajo; the Senate President, Dr. Bukola Saraki; and the Speaker, House of Representatives, Yakubu Dogara, noted that final touches were being made on the bill at the National Assembly level to adjust for gaps identified on the version hitherto passed by the legislatures.
Commenting on the theme of the conference: ‘Driving Sustainability in the Oil and Gas Industry through Improved Stakeholders Environmental Stewardship’, Osinbajo, who was represented by the Minister of State, Petroleum Resources, Dr. Emmanuel Kachikwu, said the theme dovetail’s seamlessly with this administration’s vision and policy for the Industry as a vehicle for driving the industrialisation and growth of the Nigerian economy in a transparent, responsible and sustainable manner.

He said: “No discussion about the future of the oil and gas can be divorced from the Petroleum Industry Bill (PIB), which represents the most ambitious and comprehensive reform in decades of the oil and gas industry in Nigeria. While there have been varied reactions to Mr. President’s recent decision to return the Petroleum Industry Governance Bill (PIGB) to the National Assembly for slight amendments, permit me to state unequivocally that this administration remains fully committed to the passage of the PIGB and we are working closely with the National Assembly to ensure its timely passage.

“The reforms proposed in the PIGB reflect our collective desire to entrench transparency and sustainability of oil and gas operations in Nigeria to enable the country finally to realise the full potential of her hydrocarbon resources.”

Osinbajo said resolving the security challenge in the Niger Delta remains on the front burner for the current administration as it seeks to create a peaceful business climate that will attract investors and bring massive development to the oil producing communities.

The Director, DPR, Mordecai Ladan, in his remark, said the oil and gas industry seemed to be under a new threat, which is the renewed dislike and global war against fossil fuels and the quest for renewable and cleaner energy, purely for environment considerations, chief among which is the concern about global warming.
[url][/url]https://guardian.ng/business-services/presidency-senate-reps-assure-nigerians-of-pigb-passage/

David Adeleke aka Davido, has revealed how his father once arrested him because of his decision to go into music career.

He said his father was initially not in support of his decision to do music.

Davido, born in Atlanta, US, told newsmen in an interview that his father was not impressed when he left the US where he was studying Engineering to return to Lagos to pursue carrier in music.........
For more news click:http://naijacontacts.com/topics/view/128/why-my-father-arrested-me-davido

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