Tax
CSCS reiterates commitment to deepening capital market
The Central Securities Clearing System (CSCS) has restatement its commitment in repositioning business to efficiently play a more active and leading role in deepening the Nigerian capital market growth. Also, CSCS grew its profit after tax by 41.4 per cent for the year ended December 31, 2020. The company results showed that amidst unprecedented economic and financial market conditions occasioned by the COVID-19 pandemic, the Group grew total income by 31.3 per cent year-on-year (YoY) to N12.09 billion. Profit after tax grew by 41.4 per cent to N6.93 billion, translating to N1.39 earnings per share. The group delivered 20.3 per cent return on average equity for the 2020 financial year, compared to 15.3 per cent in 2019 full year. The company’s total assets stood at N41.42 billion, as again...
Report: Nigerian politicians own 800 assets worth $400 million in London, Dubai
File Photo An Associate Fellow of Chatham House, London, Mr. Matthew Page, said yesterday that 800 property worth $400 million and owned by Politically Exposed Persons (PEP) in Nigeria were located in London and Dubai. The revelation is coming as the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanonye, said it dragged about 2,000 corporate entities into the country’s tax net. A statement issued by ICPC said Page made the disclosure in his paper presentation titled: “IFFs through the Real Estate and Education Sectors: Implications for Investigators,” at an event organised by the agency in Abuja. He urged the investigators of the ICPC to pay attention to real estate and education sectors-linked illicit financial flows. He noted ...
House rejects bill seeking to reduce cases in Supreme Court
The House of Representatives yesterday voted out a bill seeking to limit the category of litigations that can be appealed at the Supreme Court. The intention of the bill was to reduce the workload on the apex court, and speed up justice delivery. The lawmakers at the plenary yesterday considered for second reading, ‘A Bill for An Act to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999; the Constitution of the Federal Republic of Nigeria (First Alteration) Act, 2010; and the Constitution of the Federal Republic of Nigeria (Second Alteration) Act, 2010, to make appeals to the Supreme Court to be by leave in order to reduce workload on the court, expedite hearing and determination of appeals, and encourage efficiency and quality; and for related matters.’ Chai...
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
Bayelsa: We won’t retrench workforce amid dwindling revenues – official
The Bayelsa state government has assured civil servants in the state that it had no plans to downsize the workforce, amidst dwindling revenue. The government said on Thursday that although it was contending with an unwieldy wage bill, it would seek alternative sources of revenue to shore up its finances. The Commissioner for Finance, Maxwell Ebibai, gave the assurance at the transparency briefing for the months of January and February 2021, in Yenagoa, the state capital. Newsmen report that under the state’s Bayelsa Transparency Law, it had become mandatory for the government to make public its income and expenditures on a monthly basis. Ebibai, said the state government received N6.8 billion for February, 2021, as net receipts from the Federation Account, after first line deductions, as a...
Ekiti reduces stake in Wema Bank
Ekiti State, one of the shareholders of Wema Bank Plc, has reduced its stake in the bank by 666.670 million from 1.191 billion shares. Ekiti, Oyo, Ogun, and Osun States are shareholders in Wema Bank. While Oyo, Osun, and Ogun held 666.670 million or 1.73 per cent each, Ekiti held 1.191 billion or 3.09 per cent as at December 31, 2019. But in a notification to the Nigerian Stock Exchange (NSE), signed by the Company Secretary of Wema Bank Plc, Johnson Lebile, the bank said Ekiti State Government sold 666.670 million shares at 65 kobo per share on the floors of the NSE, amounting to N433.336 million. According to the bank, the transaction took place between March 3 and 4, 2021. With the transaction, Ekiti State now holds about 524.1 million shares. Neem Tree Limited remains the majority shar...
Troops eliminate terrorists on looting spree, burst Boko Haram tax collectors
The Nigerian troops on the evening of Monday, 22 March, ambushed and killed scores of Boko Haram/ISWAP elements who were reportedly on looting spree at Magumeri axis of Borno State. This is coming as troops from another sector bursted Boko Haram elements who were collecting taxes and levies from Villagers and herdsmen in Geidam area of Yobe State. Sources told PRNigeria that following a tip off, troops led by Lt Col Ibrahim Bunu, sighted scores of terrorists around 5pm on about 10 motorcycles heading towards Ngowala ward in Magumeri Local Government Area, laid ambush and eliminated them. The troops who were accompanied by civilian joint task force members, captured sophisticated weapons from the neutralized terrorists including AK 47 Rifles, Barreta assault rifles, hand grenade and Bandoli...
Biafra group threatens violence, orders oil companies out of Bakassi peninsula
FIle Photo The militia wing of the Biafra Nations League (BNL) has issued a quit notice to companies operating under Nigeria in the Bakassi peninsula. The group alleged that Nigeria gets 60 percent of the oil in the region and uses the money to “sponsor” the Nigerian military against secessionist. A BNL commander alias ‘Aso Rock’ accused the federal government of “killing armless pro-Biafra supporters in Imo State and Rivers State”. The native of Bakassi stated that Nigeria no longer had rights over the area since its territorial ownership was ceded to Cameroon. “We have asked the oil companies paying tax to the Nigerian government to evacuate, no deadline was given as we can chase them away anytime. “They cannot be drilling our oil to be developing the north and sponsoring military operat...
Activist asks court to compel Kano, others to refund VAT generated from alcohol
An Abuja-based activist, Sesugh Akume, has filed a suit before a Federal High Court in the nation’s capital, asking it to compel states that outlawed the sale of alcohol to refund the sums received through Value Added Tax imposed on alcoholic beverages. About 12 states practise Sharia law in Nigeria. They are Kano, Kaduna, Katsina, Kebbi, Sokoto, Borno, Yobe, Jigawa, Bauchi, Gombe, Zamfara and Niger. Based on Sharia law, some of the states prohibit the sale of alcoholic beverages and usually hold public events where bottles of alcoholic drinks are destroyed while gambling is also illegal. However, all the states receive VAT collected from alcoholic beverages sold in other states that permit the sale of the product. In an originating motion brought pursuant to Section 1(3), 4(5), 162(3), (4...
RTEAN: Commercial buses strike illegal
Pool Photo The Lagos State Chapter of the Road Transport Employers Association of Nigeria (RTEAN) on Monday said the stay-off-road action by commercial buses on the Lagos-Badagry Road was unnecessary. The Secretary of the chapter, Abdulrahman Amusan, told newsmen that the N800 ticket imposed on commercial buses in the state was for tax purposes. Newsmen report that the commercial bus drivers had on March 1, embarked on what they called “Cease Commuter Operation” on the Lagos-Badagry Expressway – from Badagry to Mile 2 – following what they termed an unbearable increment in ticketing and brutality by RTEAN. The drivers were still off the expressway while passengers remained stranded at various bus stops. It is still not certain when they will return to the roads. They claim that both the RT...
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
File Photo In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service. The overall objective of a system review is reform of the systems and procedures of public agencies with a view to identifying and eliminating, preventing, blocking and obstructing opportunities for corruption. To achieve this, the exercise targets detecting areas of vulnerabilities, actual weaknesses, leakages and corruption risks and to recommend ways of strengthening these systems and removing the discretionary gaps and such opportunities for both individual and institutional malfeasance on public resources. In addition, the review also targe...
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
File Photo In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service. The overall objective of a system review is reform of the systems and procedures of public agencies with a view to identifying and eliminating, preventing, blocking and obstructing opportunities for corruption. To achieve this, the exercise targets detecting areas of vulnerabilities, actual weaknesses, leakages and corruption risks and to recommend ways of strengthening these systems and removing the discretionary gaps and such opportunities for both individual and institutional malfeasance on public resources. In addition, the review also targe...
