Simba Group Celebrates 25 Years of Business in Nigeria

0 0
Read Time:2 Minute, 39 Second

The Simba Group, one of the country’s business groups, has celebrated its 25 years of doing business in Nigeria. Over that time, the group has contributed significantly to the economy and garnered a host of awards and commendations for its various contributions to society. The event was held at Agidingbi, Ikeja, Lagos.

Beginning operations in 1988, the group has grown into a diversified conglomerate of seven companies engaged in various industries ranging from agriculture, communications, software, ICT infrastructure, transport, power and renewable energy.

Speaking at the recent event, the Group Managing Director of the company, Mr. Vinay Grover, paid tribute to those he referred to as members of the Simba Family, citing the companies’ employees – past and present – their business partners, suppliers, customers and other stakeholders. While appreciating the country’s business , he thanked the customers for accepting the Group’s wide range of products and services, and continuously challenging them to innovate and push the boundaries of product development.

During the event, other members of the ‘Simba Family’ spoke about the group’s contribution to society and in particular to the training they have provided to hundreds and thousands of individuals who support, service and maintain the group’s products.

Grover added: “As an organisation grows, it needs to look inwards as well as outwards; it needs to periodically step-back and reassess its strengths and weaknesses. While we endeavour to adapt our vision, so that it is relevant for the next twenty-five years, a few things will remain the same. We will continue to keep sustainable development at the core of our operating philosophy; we will continue to ensure our products and services contribute to the development of this economy; and we will continue to ensure our interactions with all stakeholders conform to our principles of integrity and fairness.”

Head of service operations, Mr. K.J.Anil, said: “A key part of our value proposition to our clients is our customer service, and this means that we need to be able to deliver service even in the remotest of locations. We are committed to developing the adoption of new technologies such as alternate energy solutions in Nigeria, and this means doing our part to educate users and contributing towards manpower development.”

The group’s training initiatives have not been limited to in-house activities. Their three-wheeler division, which markets and sells TVS King three-wheelers, has trained thousands of mechanics on-site in first-, second- and third-tier cities across the nation. They were recently commended by the government through the National Automotive Council, for their joint efforts in providing advance training to three-wheeler mechanics.

The training programme, which was conducted in the six geo-political zones of the country, was organized to improve the skills of mechanics and to update them on the latest knowledge in the automotive industry, especially on the maintenance and repair of the three-wheeler vehicles. Further to this, the group has also facilitated the training of technical resources – both internal and external to the group – in India and Kenya.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

NIGERIA: Enterprise Bank is Up for Sale

0 0
Read Time:5 Minute, 22 Second

By putting Enterprise Bank Limited first among the three bridged banks to be sold, the Asset Management Corporation of Nigeria (AMCON) may be testing the waters of privatisation with the doctrine of the smaller the size, the smaller the risk.

From all indications, the Asset Management Corporation of Nigeria (AMCON) is having a smooth sail in its bid to hand over the three bridged banks- Enterprise Bank Limited, Keystone Bank Limited and Mainstreet Bank Limited- to prospective buyers latest by the third quarter of next year.

Enterprise Bank was created from the defunct Spring Bank, while Keystone Bank Limited and Mainstreet Bank Limited emerged from the ashes of defunct Bank PHB and Afribank respectively in 2011 by the Central Bank of Nigeria (CBN) following the expiration of the deadline given to a number of sick banks to get buyers.

The corporation had acquired them in August 2011, after the intervention by the Nigeria Deposit Insurance Corporation (NDIC) and the CBN.
Although the three

banks have demonstrated their readiness to put their recent history behind them and compete favourably with their peers, AMCON insisted it must follow the timetable for the sale of the banks, which it drew in 2011 when the affected banks were bridged.
The process, expected to be concluded by the third quarter of 2014, according to AMCON, would lead to the full divestment of its shares in the three banks.

Enterprise Bank First
It was therefore a relief for members of the banking public a fortnight ago when AMCON, the main shareholder for the three banks, announced the plan to start the process by offering Enterprise Bank for sale in June. The corporation, which disclosed this in a statement, also explained that the sale of Keystone Bank Limited and Mainstreet Bank Limited would follow sequentially in order to ensure orderly and transparent transactions.

AMCON’s Managing Director Mustafa Chike-Obi, who spoke with THISDAY on the sale of the banks, explained that Enterprise Bank was picked because it is the smallest of the three affected banks.

“Enterprise Bank is the smallest and the cleanest of the three banks and anything learnt from the process of its sale can be applied in subsequent efforts. There is nothing magical about it,” he said.
No Official Discussion with Potential Buyers Yet

THISDAY sought to know the number of investors seeking to buy the bank, but Chike-Obi said AMCON has not been discussing with any investors officially, given the fact that such negotiations could only start after the report of the financial advisers to the bank is submitted.

According to him, financial advisers to work on the sale of Enterprise Bank would be announced in two weeks’ time while the sale of the bank is to take place in less than 30 days.

He, however, admitted that despite the determination of AMCON to stick to its timetable, quite a number of people and organisations, at informal level, have expressed their interest in buying over the banks.

“It is true that we have been receiving calls from interested investors,” Chike-Obi who insisted the timetable for the sale of the banks must be strictly followed said.

Watchers of the unfolding development, however, pointed out that the decision of the AMCON to use Enterprise Bank as a launch pad in its drive to divest from the bridged banks must have informed why it is the only bank of the bridged banks to make public its financial reports as it revealed that its gross earnings increased significantly to N40.4billion as at December 2012, compared to the N10.5 billion achieved in the five-month period ended 2011.

A Profitable Bride
The bank also realised a profit before tax (PBT) of N11.3 billion as at December 31, 2012, as against a loss of N5.2billion recorded in the five-month period it operated as at December 2011. Enterprise Bank’s deposit also grew from N162. 6billion in 2011, to N208.4 billion in 2012, just as its total assets climbed from N198.5 billion as at end of 2011 to N261.1billion in the year under review.

Speaking during its recent annual general meeting, the Chairman of Enterprise Bank Limited, Mr. Emeka Onwuka, attributed the achievement of the bank to the sustained growth in quality risk asset creation, which equally engendered growth in interest income.
The chairman stated that in addition to “improvements in our other banking income items such as commissions, fees, electronic banking income, significant improvements in trade-related transactions, facilitated through our strategic focus on Small and Medium Enterprise (SME) helped in boosting our fees and commission income.”

Onwuka said by the performance, “a solid foundation has been built by the bank to ensure a sustainable growth in its business activities.”

Commenting on some of the structures that had been put in place by the management of the financial institution, he said: “Renovations were carried out on the corporate head office and branches of the bank, which will enhance the competitiveness of the bank in the industry

“Several brand management initiatives were implemented in the year, in a bid to create more awareness about the bank in the marketplace. The bank’s electronic banking platform has been further enhanced by capital investments in Automated Teller Machines (ATMs), Point of Sale (PoS) terminals and several variants of electronic cards.”

Mainstreet, Keystone in Good Standing
Meanwhile, a source disclosed that apart from Enterprise Bank, the other two bridged banks, Mainstreet Bank and Keystone Bank, have also lived up to expectation.

“I can tell you that these three banks have done their homework well. You will be pleasantly surprised by the time the results of the other two bridged banks are made public.

“What we are seeing is the result of adequate supervision of the affected banks by the CBN and AMCON. In the case of Mainstreet Bank, the management has been able to use the bank’s rich history, wide spread and rich culture not only to improve on its customers’ base but also to grow its profit.

“Keystone Bank is a dynamic institution and a lot of innovations have been put in place by the current management. It is therefore not a surprise that these institutions are being sought after by investors ahead of the time earmarked for their sale,” the source said.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

MPR: Fear over Liquidity Risks Persists as CBN Maintains Statusquo

0 0
Read Time:9 Minute, 0 Second

The Central Bank of Nigeria (CBN) last week continued with the culture of rate tightening as it voted for the retention of the existing Monetary Policy Rate (MPR) at 12 percent. Analysts, however, share in the fear of the CBN that the prevailing political and economic conditions could trigger unrestrained spending with the attendant strains on the economy, reports Festus Akanbi

Up till Tuesday when the Central Bank Governor Sanusi Lamido Sanusi announced the decision of the apex bank’s Monetary Policy Committee (MPC) at the end of its meeting, opinions were divided as to whether or not the time was ripe for the committee to soften its stance on the prevailing Monetary Policy Rate (MPR), the benchmark rate for banks to lend to their customers. This is because for almost one and a half years, the statusquo had been an MPR of 12 per cent with a corridor of +/-200 basis points around the midpoint.
However, with a vote of seven members to three, the committee did not only retain MPR at 12 percent, it also left the Cash Reserve Requirement (CRR) unchanged at 12 per cent and Liquidity Ratio at 30 per cent, with the Net Open Position at 1.0 per cent.

CBN’s Explanations
The CBN Governor, who faulted the claims that the existing MPR was a constraint to lending because of the corresponding high interest rate, listed the ongoing military action in three states in the North-east and the attendant increase in spending as one of the reasons why the financial regulators has to be firm as far as the monetary policy is concerned.

“The recent military action in the North-east will result in additional spending. Although the government has announced that there will be no supplementary budget, the Coordinating Minister for the Economy and Minister of Finance (Ngozi Okonjo-Iweala) has already announced that there would be a drawdown on a Contingency Vote embedded in the 2013 Budget to cover emergencies. Overall, the committee is of the view that government spending will constitute a major risk to the inflation and exchange rate outlook, thus advising prudence in monetary policy action at this time,” Sanusi said. He warned that there could be further tightening if the crisis escalates.
Besides, Sanusi disagrees with those who believe the existing MPR is tight, saying emerging fundamentals in the nation’s economy do not support the claims of some of these critics, hence the reason for maintaining the status quo.

He said, “Personally, I don’t think we should change rates for the sake of changing rates. I think we should respond to situations. The government will spend money. We will keep monetary policy very tight. If the spending gets excessive, we will respond appropriately. The risks, if there is any from the fiscal side, are that we may actually have to tighten policy further if this warrants. I don’t think that at this point in time, a reduction in rates is not imminent.”

To support the CBN’s stance on MPR at 12 percent, Sanusi said the committee noted that in spite of increased borrowings, yields on FGN bonds have been declining steadily, signaling the impact of increased inflows while equity prices have been on an upward trend.
He added that the evidence did not, therefore, support claims of monetary policy being too tight.

What to Expect
Managing Director, Cowrie Assets Company Limited, Johnson Chukwu, explained that the implication of the retention of Monetary Policy Rate (MPR) at 12%, liquidity ratio and Cash Reserve Ratio by the Monetary Policy Committee (MPC) is that the current pricing of financial assets – loans, deposits, bonds, T/Bills, etc will remain largely unchanged. “That means that lending rates in the economy will remain pricey and the supply of credits to small and medium scale enterprise will continue to be scarce,” he added.

He believed the military action in the North-east is bound to affect agricultural activities in the zone. Given that agriculture accounts for over 40% of the Nigeria’s nominal Gross Domestic Product (GDP), any factor that limits agricultural production such as the ongoing war in North-east will certainly affect the nation’s GDP.

In addition to the impact on GDP, the economy may experience an uptick in inflation rate as a result of shortage of food supply from the North. This was partly the reason for the increase in inflation rate to 9.1% in April, up from 8.6% in March; and may worsen in subsequent months with the ongoing arms conflict between the Federal Government and Boko Haram.

War or No War, No Threat to GDP
Regional Head of Research, Africa, Global Research, and Standard Bank Razia Khan did not believe the war against terror in some parts of the country could jolt the economy in a serious manner.

According to her, the state of emergency in three states in the North may weaken agricultural sector performance in a fairly localised way (this is unlikely to impact on Nigeria-wide GDP, but risks to the price level should be watched). She is of the opinion that the prevailing tight monetary policy is yielding results with the continued inflow of foreign investments into the country.

“In all, by voting to keep interest rates on hold for now, the CBN has once again demonstrated its willingness to continue with a policy that has largely worked for it.  Monetary policy is not overly tight, but the credibility of policy has allowed for greater inflows into Nigeria, triggering a rally in bonds, and allowing for the accumulation of FX reserves – or a more substantial buffer against future shocks.
“Nonetheless, the MPC vote, 7-3 in favour of keeping interest rates unchanged, demonstrates that there is a subtle but important shift underway on the MPC.  Should inflation risks continue to be benign, then calls for greater easing are likely to grow.

In our view the period from July on, which would normally provide more evidence on whether food price inflation will remain capped, as well as a reduction in seasonal pressure on the naira, will provide the key indications on whether policy is likely to change,” Khan said.

Asked to be specific about the seriousness of the fear over the state of emergency in three states in the country, the Standard Chartered official said, “At this point in time, it’s a relative unknown.  If the operations are only needed in the short-term, then it is conceivable that fiscal costs will be contained.  According to Finance Minister Ngozi Okonjo-Iweala, a contingency reserve will be used to finance the operations, meaning that no new budget stresses are envisaged.

However, should operations drag on for longer than anticipated, then existing budgetary resources may not be sufficient?  A supplementary budget would then be needed, in our view. At this point it is difficult to tell.”
Another question posed bordered on the rigid position of the CBN on rates, which critics said are not in support of the clamour for economic stimulation.

Interest Rates not High in Nigeria
She said, “I am not of the opinion that a real interest rates are very high in Nigeria, given the inflation and growth backdrop and that even cutting interest rates 50 or 100 bps might make much difference to growth in the current circumstances, that the CBN necessarily has a ‘rigid’ position. Therefore, the accusation that ‘tight policy’ has been responsible for straining the real sector is overdone.

“By maintaining credible policy, the CBN has attracted greater foreign inflows, and precipitated a rally in bonds that has driven interest rates to much lower levels than might have been possible otherwise.

“So market interest rates – which might be used as a reference point for longer-term lending  (the kind that really matters for the real economy) are actually lower than might have been the case if say, they had cut 100 bps in a way that might make investors doubt the credibility of monetary policy in Nigeria.

“If people look at things clearly, the CBN’s monetary policy credibility should help to bring about sustained, lower interest rates in Nigeria eventually – this is what will benefit the real sector the most.
“Cutting recklessly today, having to reverse that with more tightening tomorrow – such a policy would be very damaging.  The CBN should receive plaudits for its consistency.”
She insisted that the CBN did the right thing.  They are doing the right thing for Nigeria in the long-term, rather than over-reacting to calls for short-term populist measures

“The criticism of the CBN’s so-called rigidity is not based on any appreciation of the factors that lead to overall development (It is precisely the relative dearth of that sort of long-term approach that has held Nigeria back for so many decades.  Investors are right to be concerned about what things might look like once Sanusi moves on),” she said.

Concerns over External Reserves
Is there any prospect of growing the nation’s external reserves in the face of the rising incidence of oil theft?
Khan, who said theft of Nigeria’s oil remains a key concern, said Nigeria is still essentially an economy that is overly dependent on a single resource for its forex earnings, and if those earnings are pressured, the continued accumulation of forex reserves might be called into question.

“In the short-term continued portfolio inflows into Nigeria might help, but if the oil output shock is sustained, even these may slow over time.  “There are no easy fixes and the challenge for the authorities remains to deal with the oil theft.  It is a bigger risk than Nigeria can afford,” she stated.

The investment and financial company, Financial Derivatives Company Limited, in a special report on the MPC decisions, believes there will be no impact in the money market since rates are already disconnected from the MPR. It, however, raised the prospect of increased portfolio inflows in the capital and forex market, following the recent interest rate cut in Europe.  The entry of foreign capital in the forex market will continue to help maintain a strong and stable naira.

On the negative side, FDC said in terms of growth, maintaining a tight monetary stance would continue to slow down credit to the private sector and stifle growth. Already, the NBS reported a decline in GDP growth from 6.99% in Q4’13 to 6.56% in Q1’13.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

NIGERIA: BoA, Agric Ministry Seal N3.5bn Financing Pact for Mechanisation

0 0
Read Time:1 Minute, 9 Second

The Bank of Agriculture (BoA) has sealed a N3.5 billion finance pact with the Ministry of Agriculture and Rural Development to improve agricultural productivity.

The deal was finalised in Abuja,  Friday, at the signing of a Memorandum of Understanding (MoU) between the Minister of Agriculture and Rural Development, Dr. Akinwumi Adeshina and the Managing Director, BoA, Dr. Mohammed Santuraki.
The MoU prescribed the establishment of an Agricultural Equipment Hiring Enterprise and it would help in the acquisition of 400 units of tractors.

Speaking at the event, Santuraki said the financing would be done through Public Private Partnership (PPP), as the bank had undertaken to finance the interested Service Providers Operators (SPOs).

He said President Goodluck Jonathan’s directive by that the bank be recapitalised to N15 billion would enable it “refocus the institution on its core mandate of agriculture and rural financing.”
He said: “We have reviewed our operating model, modernised the institution and retrain the staff to create a more sustainable and impactful institution."

He added that BoA was now positioned to review its operating model to conform to international best practices of successful agricultural development.
Adeshina, however, said the agreement would help to put additional 152,000 hectares of land under cultivation, which would in turn add 760,000 tons of food to the country’s national output per annum.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

NIGERIA: Ibeto Begins Payment of Nigercem Retirement Benefits

0 0
Read Time:1 Minute, 12 Second

Despite the frustrations being faced by the Ibeto Cement Company in its moves to begin operation at its recently acquired plant, Nigercem Plc, the company has announced the commencement of payment of retirement benefit to former staff members.

The company in a statement said pursuant to the emergence of Ibeto Cement Company Limited as the core investor and majority shareholder in the Nigerian Cement Company Plc, it has begun to fulfil its obligations to various stakeholders regardless of the opposition of Ebonyi State Governor, Chief Martin Elechi, to frustrate efforts by Ibeto to revive Nigercem.

“The company has commenced the payment of final withdrawals payment being retirement benefit scheme due to 72  staff members of Nigercem Plc from their contribution and that of the company from Crusader Life Insurance Limited,” it said.
The payment, which is presently taking place at the company’s liaison office in Enugu began yesterday and would end tomorrow.

“The foregoing welfare initiative by Ibeto no doubt is in consonance with its avowed aim and objective to resuscitate and revamp the moribund cement company despite unlawful challenges by Chief Martin Elechi,  governor Ebonyi State.

However, Ibeto Cement Company Limited is undeterred in its determination to resuscitate the company, and improve the socio-economic well-being and welfare of staff of Nigercem Plc, its host communities and Ebonyi State, the South-east geopolitical region and Nigeria in general,” the statement added.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Sambo Urges Nigerians to Contribute to National Development

0 0
Read Time:52 Second

Vice President Arc Mohammed Namadi Sambo has charged members of the Nigerian Community in Belgium to contribute positively to the development of their country and to at all times be good ambassadors of Nigeria by projecting a positive image of their country in all their dealings

The vice president made this call  Thursday at the Crowne Plaza Hotel, Brussels where he met and interacted with members of the Nigerian community and their friends in Belgium.
Arc Sambo used the opportunity to inform the gathering of the progress made by the country in the socio-economic and political spheres since their assumption of office.

He stated that the country has reached a GDP Growth rate average of about 7 per cent  with the non-oil sector continuing to be a major driver of the economy and that power generation has steadily improved while more emphasis was being placed on exploring alternative sources of power generation, distribution and unbundling of the Power Holding Company of Nigeria (PHCN) for participation of the private sector.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

NIGERIA: FG to Float Sinking Fund for Repayment of Matured Bonds

0 0
Read Time:1 Minute, 58 Second

 The Director General, Debt Management Office (DMO), Dr. Abraham Nwankwo Thursday disclosed plans by the federal government to create a sinking fund to enable repayment of part of maturing FGN bonds.

The purpose, according to him, is to ensure that money is not borrowed to refinance existing debts so as to avoid the accumulation of debts.

Although no amount has been specified for the sinking fund, the DMO is expected to advise the federal government on annual basis on the figure to be provided based on the debt maturity profile.

Addressing journalists in Abuja on the implications of the recent approval of the new Medium-Term Debt Management Strategy 2012-2015, by the Federal Executive Council (FEC), he explained that the new debt strategy was expected to significantly reduce the amount spent on debt servicing by achieving an optimal mix between the relatively more expensive domestic loans and the less costly external borrowing.

He said going by the new debt plan, the DMO anticipates achieving a more balanced public debt portfolio-preferably, in the ratio of 60 to 40 for domestic and external debt, respectively as against the current posture of ratio of 88 per cent for domestic and 12 per cent for external loans.
He put the difference between the domestic and external average cost of borrowing at about eight per cent per annum.

The DMO boss said going forward, the guiding principle for all borrowings would be value for money and targeted at specific projects such as the power sector to that monies borrowed are strictly used for the purposes for which they are obtained.

He said the new strategy would stabilise and deepen the domestic debt market to attract the inflow of more foreign investments into the country as government would be leaving ample space for the private sector to borrow from the domestic market.

According to him, the debt strategy, which is the first in the country, also has the potential to create more borrowing space for the private sector to access long-term funds to grow the real sector, as well as to encourage them to play prominent role in the development of critical infrastructural projects for economic growth.

He added that the new measure would help attain appropriate mix in terms of currency composition, interest rate structure and concessional versus commercial borrowing among other positive prospects.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

NIGERIA: FG Decries Tax Evasion by Companies

0 0
Read Time:1 Minute, 59 Second

 The federal government  Thursday expressed concerned over the large number of companies that  had refused to pay their taxes.

Speaking at the opening of the African Tax Forum in Abuja, the Minister of State for Finance, Alhaji Yerima Ngama, regretted that about 350, 000 companies had evaded engaged in tax circumvention within the last few years.

This, he said, had resulted in the low tax-to-GDP ratio in the country, stressing that the current rate of about seven per cent showed that majority of Nigerians were evading taxes.
He said: “Five years ago, 54 per cent of the business that take place in this country is informal but today, that has been reduced to 46 per cent.

“More people are organising their business better and registering their business and more importantly to adopt well known accounting principle.

“If you look at Ghana, the level of formality and organisation of business is better than Nigeria. Today, the tax collected in Ghana is about 21 per cent of their Gross Domestic Product.
Continuing, he said: “In fact, in most African countries, tax collection is about 10 per cent of GDP but in Nigeria, the total tax collected is just seven per cent of GDP. That shows that so many people and companies are not rendering tax returns."

According to the minister: “At the last count, about 350, 000 companies have not rendered tax returns in the country. So we need to strategise, we need to research and find out what could be done to improve tax rendition and tax collection, what could be done to encourage accounting for activities.

“There is nothing the tax man would do unless the accounts are rendered. Of course they can go and look at the level of activity but we need to improve. It is in the interest of everybody and the businesses to pay tax."

He said: “If you pay taxes, it would help to provide amenities and this might help to bring down the tax rate. But if taxes are not paid, the cost of doing businesses would be high because of lack of amenities.”

He called for better tax coordination and harmonisation within the continent in view of the fact that it is fast becoming a preferred destination for investors from across the world.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

NIGERIA: House Of Rep Tasks States on Ecological Fund Projects

0 0
Read Time:3 Minute, 9 Second

The House of Representatives Wednesday charged the Ministry of Environment in the 36 states of the Federation to monitor closely projects being executed through the Ecological Funds in their domains to ensure that they were not abandoned but  completed to the  benefit of the people.

The charge came same day stakeholders endorsed a bill seeking to regulate the location of telecommunication masts and minimise the radiation of electromagnetic waves on the environment.

Chairman, House Committee on Environment, Hon. Uche Ekwunife, gave the advice when the Commissioner for Environment in Niger State, Mallam Umar Mohammed Nasco, paid a courtesy  visit on her at the National Assembly complex.

Nasco, accompanied by  principal officers of the state Ministry of Environment were at the House to seek the  cooperation of  the Environment  Committee  in tackling  environmental challenges in the state.

Ekwunife said there was need for synergy between the federal and state governments if the various environmental and ecological challenges facing Nigeria must be resolved.

She said all projects initiated to solve environmental problems in various states should be taken seriously as that was the only way to halt the drift towards disaster in the environment.

She said the whole world was going green by taking steps to protect the environment, adding that Nigeria cannot be an exception.

The delegation had earlier requested for support in the area of public waste management, erosion and flooding of communities in the state.

According to Nasco, Niger State being a gateway to the Federal Capital Territory (FCT) had peculiar environmental challenges due to its closeness to Abuja and the rapid urbanisation that had occurred in the state.

He also asked for support for the actualisation of the Hydro Power Producing Areas Development Commission (HYPADEC), which he said, would help alleviate the sufferings of about 200 local communities located near hydro-power dams in Niger State.

The commissioner noted that the dams were built without the necessary Environmental Impact Assessment (EIA) to safeguard the interest of the people and their environment.

Meanwhile, stakeholders in the communications sector have endorsed  a bill for an act to provide for the protection of humans from certain levels of electromagnetic fields.

At a public hearing on the bill, the Ministry of Information, Nigerian Communications Commission (NCC), telecommunications companies and the Power Holding Company (PHCN) expressed support for the passage of the bill into  law.

They were, however, unanimous in their submissions that the law had become imperative to safeguard the lives of the people and prevent ailments that could result from over exposure to electromagnetic waves fields in the country.

Chairman, House of Representatives Committee on Science and Technology, Hon.  Abiodun Akinlade, observed that the effect of electromagnetic fields had become a source of concern  to experts since the advent of the GSM and other communication devices in the country.

These experts, he said, had postulated that electromagnetic fields have negative health implications on human beings, stressing that there was need to explore ways of reducing these impacts to a tolerable level.

“It is the need to regulate this electromagnetic emissions that prompted the House to introduce this bill.

“It is well recognised that there are established biophysical mechanisms that could lead to health effects as a consequence of exposure to very strong fields.

“For frequencies up to, say, 100 kHz the mechanism is stimulation of nerve and muscle cells due to induced currents and, for higher frequencies, tissue heating is the main mechanism. These mechanisms lead to acute effects,” he said.

According to him, the bill when passed will establish limits on human exposure to electromagnetic fields that would provide protection against known adverse effects from any installation or devise emitting such electromagnetic fields.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

NIGERIA: Court Throws out FG’s Move to Stop N37.6bn Compensation

0 0
Read Time:2 Minute, 6 Second

The Court of Appeal sitting in Port Harcourt Tuesday threw out a motion by the federal government seeking a stay of execution on the judgment by a Federal High Court which ordered the government to pay N37.6 billion compensation to the people of Odi community in Bayelsa State for the invasion of the community.

The three judges, Justices Ejembi Eko, Iheme Nwosu and J. Adda, threw out the motion by the federal government on the grounds of incompetency.

Responding to the development, one of the counsel to Odi community, Mr. Ifedayo Adedipe, said the court advised the counsel to the federal government to take advantage of the rule of the court if they were willing to go for an out of court settlement.

Adedipe said his clients were waiting. According to him, they would also welcome an out-of-court settlement.

The Federal High Court sitting in Port Harcourt had on March 13 struck out a bid by the federal government not to pay the N37.6 billion compensation to the people of Odi community as ordered by the court.

The court, presided over by Justice Lambo Akambi, ruled that the federal government’s application for a stay of execution of the judgment it entered on February 18 was frivolous and lacked merit.

Akanbi also ruled that the application of the federal government was not in good faith as the state had enough resources to pay the damages.

The federal government had, through its counsel, Mr. Michael  Nomeh, who held brief for Ade Okeaya-Inneh (SAN), urged the court to grant a stay of execution on the N37.6 billion damage the court awarded to Odi community pending the determination of its appeal.

He expressed the fear that it would be difficult to retrieve the N37.6 billion from the people of the community if its appeal succeeds.

But the people of Odi community, through their counsel, Lawal Rabana (SAN), argued that the federal government’s application should not be granted as the people of the community had gone through pains for years on account of the recklessness of the government.

Rabana, accompanied by the lead counsel, Lucius Nwosu (SAN) and Ifedayo Adedipe (SAN), also noted that the damages would not bring back to life those who died during the invasion, adding that the people were entitled to the compensation as ordered by the court.

The move Tuesday was another attempt by the federal government to evade the payment of compensation to the community.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %