Marriott International Hotels signs new 8 properties in Nigeria, By Andrew Iro Okungbowa
By Andrew Iro Okungbowa, (Contributing editor, Nigeria) Marriott International Hotels has signed a new deal to see it increase its visibility in Nigeria as the leading international brands with eight more properties expected within the next five years. This is according to the Vice President, Global Sales, Middle East and Africa, Vladimir Dabbah.
Dabbah made this disclosure recently at the hotel’s meet and greet session held for stakeholders in hospitality at the Sheraton Lagos Hotel and Towers in Ikeja.
This new signings will bring the number of Marriott hotels in Nigeria to 12, with four, namely Sheraton Lagos, Sheraton Abuja, Four Points By Sheraton Lagos and Le Meridien Ogeyi Place, Port Harcourt in its portfolio. It will be noted that the brand earlier last month relinquished management of two its properties in Nigeria, Le Meridien Ibom Hotel and Golf Resort, Uyo, Akwa Ibom State and Renaissance Hotel, Ikeja GRA, Lagos.
Dabbah noted that Nigeria is a strategic market in the region and that it is in the best interest of the brand to remain strong in the market hence it continues to seek a thriving relationship with major players in the market: “We have global relationships TMCs and we work with TMCs like America Express, BCD and others on a global level and in the local market, we localise that relationship with the same terms and conditions, with the same agreements that we have in place but the local connectivity is incredibly important.’’
To this end, he revealed that: “We are working with our owners in order to develop additional hotels. We have signed eight deals that will open over the next five years and we are continuously looking out for additional opportunities to grow. Nigeria is probably one of our most strategic markets for growth within the Middle East and Africa.
“Our goals are based on how we can add hotels within a certain country, bring them up to the level of talent within that country so that they can be efficient and effective within the hotels. It is about how you can develop the talents within Nigeria so that the people working in the Nigerian hotel industry are Nigerians.
‘‘Whether it is junior level or senior levels, we want to see our general managers from Nigeria for example. But you have to start from the bottom educating and providing the right level of training so that the employees would then grow and take on additional responsibilities and become leaders within the industry in the property segment.”
A number of stakeholders at the event commended the brand for its continuously seeking to deepen the market in Nigeria and Africa. According to the President of the National Association of Nigeria Travel Agencies (NANTA), Bankole Bernard, who is also managing director of Finchglow Travels and Tours Limited, there is need for mutual relationship between the brand and TMCs operating in the country so as to maximise the opportunities in the industry.
“The good thing about travel and hospitality is when we make provisions for those that have to travel somebody have to provide them with accommodation, the tour, where to buy things and so on.
‘‘It means that we constantly have to work together and that is the only way we can maximise the best out of this relationship.” He spoke on the window of opportunities in Nigeria even as he advised the hotel brand to take advantage of this in entrenching its presence in the country.
Also speaking at the event, Business Development Manager, Lagos Chamber of Commerce and Industry (LCCI), Doyin Ekundayo, said Nigeria is a big investment destination in Africa with a large population of over 180 million.
She said: “You cannot exhaust the investment opportunity that the country has. The beauty about Nigeria is that we have an untapped tourism industry and the market is so fresh. We were ranked 169 in the global index of ease of doing business but towards the end of last year we scaled up to 145, we remain a big investment destination in sub-Sahara Africa”.
She added that despite the glaring challenges the country is facing, the government is constantly putting structures and policies in place to check those challenges.
Nigeria: Robbers Attack Aircraft While Taxiing To Take Off
By SaharaReporters: A security scare occurred at the Murtala Muhammed Airport (MMA) in Lagos on Thursday night as burglars attacked Air Peace aircraft at the airport while it was taxiing to take off to Abuja.
The aircraft, a Boeing 737 was attacked at 7:35 pm by unknown bandits on the domestic runway of the airport.
A source close to the scene told our correspondent that suspected burglars opened cargo hold of Air Peace Flight 7138 taxiing for departure on Runway 18R (A1) of the Lagos Airport.
The Communications Manager, Air Peace, Mr. Chris Iwarah confirmed the incident and a passenger aboard the aircraft also tweeted about the incident.
The forced opening of the cargo of the aircraft led to delay in the departure of the aircraft for close to 2hours as security operatives attached to the airport carried out a comprehensive search on the airplane before being allowed to depart the airport.
Corporate Communications Manager of Air Peace, Iwarah said: “We are sincerely grateful to all our wonderful guests on board Flight 7138 for their support, patience and cooperation throughout the precautionary security checks conducted by Explosive Ordinance Disposal (EOD) squad, Federal Airport Authority of Nigeria (FAAN) Aviation Security (AVSEC) and our security team after suspected thieves opened the cargo hold of our aircraft holding for departure on Runway 18R (A1) of the Murtala Muhammed Airport, Lagos at about 7.35pm on Thursday, February 08, 2018.
“Pilot-in-Command, Capt. Adesola Arasi had to contact control tower when he was alerted by the light that came on in the cockpit suggesting that the cargo hold was opened for about 15 seconds and immediately shut.
“In line with our high security standards and the huge value we place on the lives of our guests and crew, Capt. Arasi insisted on having EOD squad check Flight APK 7138 before takeoff to be doubly sure nothing was deposited in the cargo hold by the suspected thieves to endanger the lives of our guests and crew. Air peace jet
“Our guests, who were fully briefed of the development by the pilot-in-command, were advised to disembark from the aircraft and board an Air Peace bus while the joint security operation by EOD, FAAN AVSEC and our security team lasted. The Lagos-Abuja flight was cleared by the security experts after an exhaustive screening of the aircraft lasting about 30 minutes.
“The flight eventually took off at 9.30pm and safely landed in Abuja at about 10.23pm. Our satisfied guests commended the professionalism of Capt. Arasi and his team as well as the high safety standards of Air Peace.”
Iwarah assured that the airline would continue to take all necessary measures to ensure the safety of its guests, crew and equipment.
He recalled that such incident was not the time it would be happening at the runway as there was a recent incident involving a private jet where luggage belonging to a Nigerian musician was alleged to be stolen by the airport runway thieves as the private jet was taxiing at the tarmac after landing.
Saharareporters revealed two incidents involving private jets at the airport in December 2017. One was an attack on a private jet arriving Nigeria from Turkey leading to the theft of a bag belonging to a flight attendant, and a second incident involved two popular Nigerian musicians, Tiwa Savage and Wizkid while arriving from a musical show in held in Uyo, Akwa Ibom state.
Nigerian federal aviation authorities covered up the incidents
International Air Transport Association (IATA), has announced global passenger traffic results for 2017, and said African airlines did better in 2017 than in 2016
African Airlines Added 7.5% Traffic Growth in 2017—IATA
African airlines performed better in 2017 than they did in 2016. International Air Transport Association (IATA), has announced global passenger traffic results for 2017, with Nigerian, South African, Ethiopian, and other African carriers pooling a 7.5 per cent rise in passenger traffic compared to 2016. According to IATA, capacity rose at less than half the rate of demand (3.6 per cent), and load factor jumped 2.5 percentage points to 70.3 per cent. While indicators in South Africa are consistent with falling economic output, “Nigeria has returned to growth, helped by the recent rise in oil prices,” the association stated. The African airlines, which accounts for 2.2 per cent of the global market share, showed marginal improvement when compared with other regions in the year under review.Global passenger traffic results show that demand (revenue passenger kilometres or RPKs) for the year ended 31 December rose 7.6 per cent compared to 2016.
The Guardian said this was well above the 10-year average annual growth rate of 5.5 per cent. While the rate of demand growth slowed to 6.2 per cent in December 2017, compared to December 2016, this largely was owing to less favourable comparisons to the even stronger growth trend seen in the year-ago period. Full year 2017 capacity rose 6.3 per cent, and load factor climbed 0.9 percentage point to a record calendar-year high of 81.4 per cent. IATA’s Director General and Chief Executive Officer (CEO), Alexandre de Juniac, observed that 2017 got off to a very strong start and largely stayed that way throughout the year, sustained by a broad-based pick-up in economic conditions. “While the underlying economic outlook remains supportive in 2018, rising cost inputs, most notably fuel, suggest we are unlikely to see the same degree of demand stimulation from lower fares that occurred in the first part of 2017,” de Juniac said. 2017 international passenger traffic soared 7.9 per cent compared to 2016. Capacity rose 6.4 per cent and load factor climbed 1.1 percentage points to 80.6 per cent. All regions recorded year-over-year increases in demand, led by the Asia-Pacific and Latin America regions. Asia-Pacific carriers posted annual demand growth of 9.4 per cent, compared to 2016, driven by robust regional economic expansion and an increase in route options for travellers. This was the first time since 1994 that Asia-Pacific led all the regions in annual growth rate. Capacity rose 7.9 per cent, and load factor climbed 1.1 percentage points to 79.6 per cent. European carriers’ international traffic climbed 8.2 per cent in 2017 compared to the previous year, underpinned by buoyant economic conditions in the region. Capacity rose 6.1 per cent and load factor surged 1.6 percentage points to 84.4 per cent, which was the highest for any region. Middle East carriers’ traffic increased 6.6 per cent last year. The region was the only one to see a slowdown in annual growth compared to 2016, and the region’s share of global traffic (9.5 per cent) fell for the first time in 20 years.
The market segment to/from North America was hit the hardest owing to factors including the temporary ban on large portable electronic devices in the aircraft cabin as well as the proposed U.S. travel bans affecting some countries in the region. Capacity climbed 6.4 per cent and load factor rose 0.1 percentage point to 74.7 per cent.
North American airlines had their fastest demand growth since 2011, with full year traffic rising 4.8 per cent compared to 2016. Capacity climbed 4.5 per cent, and load factor edged up 0.3 percentage point to 81.7 per cent. The comparatively robust economic backdrop supported outbound passenger demand. This was somewhat offset by a slowdown in inbound travel partly attributable to the new immigration and security restrictions put in place for travel to the U.S., as well as the extreme weather events that hit the U.S. later in the year. “Last year, more than four billion passengers used aviation to reunite with friends and loved ones, to explore new worlds, to do business, and to take advantage of opportunities to improve themselves. The connectivity provided by aviation enables goods to get to markets, and aid to be delivered to those in need. “Aviation truly is the business of freedom, liberating us from the restraints of geography to lead better lives. Aviation can do even more in 2018, supported by governments that recognise and support our activities with smarter regulation, fairer taxation, cost efficient infrastructure and borders that are open to people and trade,” de Juniac said.
Presidents Muhammadu Buhari of Nigeria and Xi Jinping of China
Nigeria-China Relations Flourishing, Trade Stood at 13.78billion USD in 2017—Chao
China has said its relationship with Nigeria is fruitful and flourishing. The Consul-General of the People’s Republic of China in Lagos, Mr Chao Xiaoliang, announced that bilateral trade between China and the West African country in 2017 amounted to about N4.97 trillion (13.78 billion dollars).
“Let me announce that the bilateral trade between our two countries in 2017 reached 13.78 billion dollars. The year 2017 also witnessed a fruitful year of Chinese and Nigerian friendships”, he said.
Chao made the announcement at the celebration of the Chinese New Year, also known as the Spring Festival in Lagos by hundreds of Chinese nationals, with their Nigerian and non-Nigerian friends.
According to him, the year 2017 also promoted more fruitful people-to-people friendships between Chinese and Nigerians.
“The cooperation between the two countries is flourishing, especially in the fields of politics, trade, infrastructure development, IT, agriculture and culture.
“Our People- to- People exchanges and cultural exchange programmes are growing rapidly. These achievements cannot be made without the efforts of our Nigerian friends, the Chinese community and enterprises in Nigeria,’’ he said.
News Agency of Nigeria reported that Chao also said that the Chinese Foreign Minister, Mr. Wang Yi, had visited Nigeria last year, to discuss ways of strengthening both countries relations with President Muhammadu Buhari. The consul-general also said that China and Nigeria had also promoted a number of cooperative projects in 2017, such as the Mambilla Power Project, the Lekki Deep Seaport and the Lagos- Calabar coastal railway.
Chao expressed optimism that there would be “greater opportunities’’ for both countries’ relations this year, especially for implementing China’s19th National Congress of the Communist Party (CPC) and the 40th anniversary of China’s reforms.
The Chinese New Year, also known as the Spring Festival, or the Chinese Lunar New Year, is an important Chinese festival celebrated at the turn of the traditional lunar Chinese calendar, which had been running for over 4000 years.
The annual event which is the grandest traditional festival in China, is also an important symbol of Chinese culture. During the Chinese New Year, families gather together, yearning for a better life, bidding farewell to the old year and ushering in the new one.
Tunde Fowler, Executive Chairman, FIRS, Chairman Joint Tax Board (Nigeria), Chairman, African Tax Administration Forum (ATAF) and Vice Chairman, United Nations committee of tax experts.
HOW FOWLER WILL SHAPE AFRICA’S ECONOMY IN 2018: A Special Report on the Nigeria’s Federal Inland Revenue Service
By Kings UBA, Abuja: There is no gain saying the fact that Africa currently habours the extreme poor of this world. Report of a British Broadcasting Corporation (BBC) research says that the poorest part of the world could be “the desolate, dusty town of Pibor on South Sudan’s border with Ethiopia where there is no running water, no electricity and little but mud huts for the population to live in. You would be hard put to find a poorer place anywhere on earth”. But BBC may not have seen poorer places in Africa where words could not illustrate the pretty appalling standard of living.
But on the contrast, Africa harbours some of the richest and most influential individuals in the world. Forbes list of world’s richest in 2017 has some Africans: from Nigeria, South Africa, Egypt among others. And these few extreme rich live side-by-side with the multitude of the extreme poor in this decrepit Africa society.
The question is, why is Africa this poor–always clustering at the bottom of the United Nations Human Development Index? Here are some analytics explanations: Hajia Amina Az-Zubair, Deputy Secretary-General of the United Nations a former Nigerian president’s senior adviser on poverty issues, told BBC that Africa is still suffering from the impacts of colonialism. She said that colonialism “was all about take, not build”, and that this attitude “transferred itself into a lot of mindsets” in Africa.
Drawing from Hajia Zubair’s inspiration, one could easily say that the problem with Africa has been lack of effective and efficient mechanism for wealth distribution, which is taxation.
To steer African economy in the right direction, there must be effective tax system in Africa. To a large extent, this is where the role of African Tax Administration Forum (ATAF) comes to play.
It is against this backdrop that the ATAF led by Tunde Fowler from Nigeria is repositioning ATAF to not only collect taxes but also to influence the governments of member countries to put the tax money to good use in the interest of the citizens.
Therefore, all hopes that Africa will pull through this economic lull are on taxation. And the bucks stop on Fowler’s desk. Fowler is the Chairman of the African Tax Administration Forum. He has been inaugurated alongside other four taxmen in Africa to join the 25-member United Nations Committee of tax experts. Fowler is also the Executive Chairman of Nigeria’s Federal Inland Revenue, one of the most promising economies in Africa.
Fowler’s Capacity to Deliver
Nigeria’s Minister of Finance, Kemi Adeosun, Executive Chairman, FIRS, Tunde Fowler and The Chairman, Nigeria’s House Committee on Finance, Alhaji Babangida Ibrahim at the 3rd ATAF Conference, 2017 in Abuja, Nigeria. Source/FIRS Gauge Magazine
The ATAF, which is the rallying point for taxation in Africa has received some breath since 2016 when Fowler was elected its Chairman. His election came when economies globally needed urgent help, and Africa needed more help. ATAF has become a body to reckon with on issues of African economy. ATAF is speaking in one voice now, more than ever, and this will be a piece of good news for Africa.
In September, 2017, ATAF launched Transfer Pricing Tool Kit which was a veritable answer to the questions of Base Erosion and Profit Shifting (BEPS) extreme tax planning and Illicit Financial Flow from Africa. The Thambo Mbeki High Level Panel on IFF had reported that Africa loses $50 billion annually to IFF. The tool kit was launched during ATAF third International Conference in Abuja, to address for the use of offshore marketing hubs for financial fraud. The risk is that the marketing hub pays an artificially low price to the mine, reducing profits in the host country, and sells the product onto a third party at market rate, allowing profits to accumulate with the hub, often in a low-tax jurisdiction.
Before the September meeting, ATAF had a High-Level Tax Dialogue: Forging the Nexus Between Tax Policy And Tax Administration in Africa in Uganda in August. ATAF, through its technical assistance country programs has consistently observed an urgent need for tax policy decisions to effect the legislative changes required for effective revenue collection. This ranges from comprehension of the subject at hand, effecting relevant laws for stakeholder involvement, and decisions that bridge the gaps for known avenues for IFFs, as well as the need to build capacity and expertise to address revenue loss.
Another exciting achievement has been the launch of the first African Tax Outlook, featuring 15 African countries, an important document for tax policy analysis. In cooperation with the OECD, also released was the inaugural edition of Revenue Statistics in Africa, featuring revenue data of eight-member administrations.
The last ATAF conference was a testimonial that Fowler’s ATAF is effective.
Fowler in Charge of the Federal Inland Revenue Service
Tunde Fowler is collaborating with Nigeria’s entertainment sector for tax education and tax campaigns. In the Photo: L-R: Musicians Dare Art Alade, KCee, Falz and the FIRS Executive Chairman. DAN File Photo, January 2018
It is given that oil revenue is still stuttering and its future is even bleaker. Nigeria is therefore focusing on the Non-oil component of the economy. In 2017, taxes from non-oil sources accounted for 63 per cent, while oil tax accounted for 38 per cent of the total collection. This is not coming on a platter of gold. There are some brains behind it, among whom is Tunde Fowler, the Executive Chairman of FIRS and Chairman of Nigeria’s Joint Tax Board. Minister of Finance, Kemi Adeosun, said recently that Nigeria is no longer an oil economy.
Despite the stress on oil revenue, Fowler’s FIRS generated N4.03trn in 2017. That was an 82.38 per cent of government target of N4.89tn for the year and N720bn more than the 2016 total collection figure of N3.3tn.
One could confidently say that Nigeria is gradually shedding the toga of oil dependent economy. This reality is a culmination of various tax reforms in the FIRS especially in the last two years when Fowler revolutionised the agency through Information and Communication Technology. FIRS introduced six key electronic solutions (e-Services) to enhance convenience, transparency and round the clock payment of taxes. Key services of FIRS could be accessed electronically are: taxpayer registration (through e-Registration); payment of Stamp Duties (through e-Stamp Duty); payment of taxes (through online payment: e-tax pay); receiving of electronic receipt after payment of taxes (through e-Receipt); filing tax returns (through e-filing) and online Tax Clearance Certificates (TCC) through electronic Tax Clearance Certificate (e-TCC).
The implication of e- Receipt is that when tax payments are made, an electronic notification will be automatically sent to the taxpayer’s email and or phone number within 24 hours after payment. If for any reason a taxpayer loses the print out, they can access FIRS e-Receipt platform by logging into the FIRS website and downloading their receipt. This process eliminates manual interventions.
The e-TCC provides an e-repository of all Tax Clearance Certificates (TCCs) issued by FIRS. It enables FIRS Staff and authorised third parties to verify TCCs, thereby reducing the incidence of fraudulent certificates. It automatically sends TCCs to the emails of taxpayers and also enables them to request for and print their TCCs online.
Although hard copies will still be available for collection, a system generated TCC is as tenable as the hard copy. The aim of this process is to ensure that taxpayers do not suffer unduly where there is need for urgent tendering of the TCC. The system allow for TCC validation so that a TCC could be verified by third parties online using the TCC number. Restricted TCCs could also be generated online for temporary use where there is an unresolved dispute. This will ensure that the taxpayer does not suffer unduly.
To do business with FIRS, one needs to be duly registered. Now, you could get registered and authenticated online by visiting the FIRS website www.firs.gov.ng and taking the following steps:
Long in and proceed to the e-Services tab
Click on the log-in or register tab and input your Taxpayer Identification Number (TIN) or RC Number
Choose a user-name and password upon successful registration
Click on Register and a PIN will be sent to your email for authentication to complete the process.
For taxpayers who have been registered with the Corporate Affairs Commission (CAC) but have no TIN, the e-registration process is as follows:
Enter the CAC registration number (i.e your RC or BN number
Enter the Completely Automated Public Turing test to tell Computers and Humans Apart (CAPTCHA) image that will be displayed
If your search is successful, you can input your email address and click on the send to my mail button to have the detail sent to your mail
Also check your spam folder if you do not see the mail in your inbox.
Newly incorporated businesses are to go to: www.cac.gov.ng and follow the end to end process which h includes payment of Stamp Duties to complete your incorporation process.
Under the new e-Stamp Duty from the FIRS, stamping could be done from the comfort of your home or office. In the past, it required a physical stamp. For a dutiable instruments, the process is as follows:
Obtain your credentials (username, password) through your mail
Choose a username or password upon successful registration
Log in and select the relevant Stamp Duty instrument
Fill in the form and pay online through the Integrated Payment Gateway
A link to download your e-Stamp Duty certificate will be automatically sent to your mail.
Stamp Duty is a tax levied on documents such as receipts, land transactions and other legal documents.
Fowler said that the introduction of the new solutions is one of the key steps to make services convenient, easy and available everywhere and at all times. “It is a revolution in tax administration that combines innovation, convenience and transparency”, the FIRS Chairman said.
Before Fowler became FIRS Chairman, he headed the Lagos State Internal Revenue Service (LIRS) where he transformed the state’s economy through the instrument of taxation.
Pere, a graduate of economics who was fishing in one oiled river in Bayelsa told reporters that African countries have had a lot of rulers who have exploited the African citizen.
“The ruling class take the collective till which belongs to the people. They do not pay taxes but they enforce tax payment on the lower class. They perpetuate themselves in offices so they could continue living large on the tax money squeezed from the poor”, Pere said dejectedly.
Pere said poor political leadership in Africa has engendered intra-class war—war among the poor. “We, the citizens are left to fight intra-class wars. It is ultimately the war from of the poor against the poor. Thousands are killed but nearly none of the ruling class has ever been a casualty”
There are so much wars in Africa. From one war that destroyed lives and livelihood to another more devastating war. But the problem of Africa is not war. Ellen Johnson-Sirleaf, former President of Liberia said she had underestimated the level of corruption in her country when she took office. “Maybe I should have sacked the whole government when I came to power,” she said. “Africa is not poor,” President Johnson-Sirleaf added, “it is poorly managed.”
The BBC report concluded that for Africa to have economic progress, Africans both the leaders and the led must have a re-orientation of the mind that supports “building (of the economy) instead of taking (from the economy)”
For Africa, 2018 will be a good year. Fowler’s ATAF has given itself multiple roles on African economy. What it requires is for Fowler to plot the tax graph and the job will be done.
Nigeria’s Revenue Agency, FIRS, Announces N720bn Increase in 2017 collection
Nigeria’s revenue authority, the Federal Inland Revenue Service ( FIRS ) has said it collected a total of N4.03 trillion in 2017. This is an increase of N720bn when compared with the Agency’s performance in 2016.
However, the figure represents 82.38% of government set target of N4.89 trillion for the last year.
A statement signed by Wahab Gbadamosi, Head, Communications and Servicom Department of the Service said “FIRS’ collection of N4.03 trillion is N720 billion (22%) more than the 2016 total collection figure of N3.305 trillion. The 2017 collection performance exceeded the 2016 collection performance of 78.75%.”
Executive Chairman of FIRS, Mr. Tunde Fowler was quoted to have said “with the support of the National Assembly, and that of other stakeholders, FIRS was able to collect over N4 trillion in 2017. This is an increase of over 20 per cent relative to our collection in 2016. We are hopeful that going forward, FIRS will be able to fund this country through taxation.
Going back memory lane, the FIRS Chairman recalled that when he was the Lagos Internal Revenue Service, LIRS Executive Chairman, the Oba of Lagos played an important role in tax collection. Apart from supporting LIRS morally, Fowler recalled that Oba Akiolu mandated the White cap chiefs to accompany LIRS officials to key markets and most parts of Lagos to sensitise the people on tax collection.
The FIRS Chairman shed light on FIRS’ collection in 2017: “we all recall that beginning from the second half of 2014, there has been a sustained decline in the global prices of oil. Oil Revenue Generated by FIRS in 2014 – 2.45 Trillion; Oil Revenue Generated in 2015 – N1.29 Trillion; FIRS Oil Revenue Generated in 2016 – N1.16 Trillion; FIRS Oil Revenue Generated in 2017 – N1.52 Trillion.”
This trend he said had adverse effect on the ability of oil dependent countries to meet their development objectives. “For us in Nigeria, the decline in receipts from oil revenue and the concomitant decline in accruals to States from the Federation Account has placed many States in a financial quandary to the point where basic obligations such as the payment of employee wages has become a perennial challenge. This is not the first time Nigeria will experience economic slow-down as a result of fluctuations in global oil prices.”
Fowler noted that the FIRS under his watch “hopes to ensure that we act differently this time around by looking beyond oil as the mainstay of our economy. By putting our hands together in contributing to our set goal, I am confident that we will surpass our past results and we’ll be well on our way to the future we hope to achieve.”
Fowler noted that though collection increased by 20 per cent relative to 2016, the Cost of Collection went down to 2.49 per cent in 2017 relative to the 2.60 per cent cost of collection in 2016 and 2.62 in 2015. This, the FIRS Chairman noted, attests to the growing efficiency in collection by the Service and to which the embrace of Information, Communication and Technology (ICT) tools contributed.
On his part, the Oba of Lagos noted that 60 or 70 per cent of FIRS collection comes from Lagos, to this end he said he will be sending a letter to Senate President Bukola Saraki to draw his attention to the 1851 treaty, which the colonial government signed with Oba Akintoye: that three per cent of all taxes collected in Lagos will go to the Oba, while 2 per cent of all exports will go to Oba Akintoye. “While I am not asking that this be paid to me now, it could be paid to the Lagos State Government”.
Nigeria he said now needs good governance that will deliver development to the people. “FIRS has collected N4 trillion and they will collect more in the futures. The legacy that Tunde Fowler has made in Lagos is still felt but you have more work to do,
Lagos does not discriminate against anybody just as the state will not accept any injustice from any quarters.”
He enjoined Senators and members of the House of Reps to dialogue with and give, President Muhammadu Buhari a chance as he loves Nigeria. He also called on the federal parliamentarians to support the anti-graft war by confirming the Economic and Financial Commission Chairman, Ibrahim Magu. Nigeria, the monarch assured will not break.
The FIRS contributed N2.78 trillion to the Federation Accounts. Representing 99.5% of the target for 2017 (7.5% higher than 2016 performance).
An analysis of the collection performance indicates that non-oil accounted for 63% while oil tax accounted for 38% of the total collection. Stamp Duty recorded the most increase in performance with 94%.
The achievements recorded by the FIRS from the administrative and operational initiatives introduced by the Executive Chairman, Tunde Fowler in 2015 and 2016 were designed to reposition the agency.
The 2018 Ease of Doing Business report, released by the World Bank Group late last year, shows that Nigeria moved up 11 places in terms of the ease of paying taxes. This contributed to Nigeria’s movement by 24 points/places in the (from 169th to 124th position in the Ease of Doing business globally.
The initiatives which directly impacted on business owners, implemented by the Service with the support of the Presidential Enabling Business Environment Council ( PEBEC ) contributed to Nigeria’s upward movement in global ease of doing business ranking.
Tony Elumelu, Nigerian philanthropist, investor and business development expert has empowered 3000 young African entreprenuers
‘Tony Elumelu Foundation has empowered 3000 African youths’
Mr Ezekiel Shammah, Manager, Jos Branch of the United Bank for Africa (UBA) and representative of Tony Elumelu Foundation (TEF) in Plateau State has said that the foundation had so far empowered 3,000 young entrepreneurs in Africa.
Shammah has also advised entrepreneurs in the north to show more interest in business start-up grants offered by the philanthropic Elumelu Foundation, TEF “Applications for business seed money and other services offered by TEF are abysmally low from the north, when compared with the entries from other parts of the country. Northern entrepreneurs should explore the opportunities offered by TEF,” he said on Monday.
Shammah spoke at a press press briefing in Jos, particularly urged young entrepreneurs in the north to show more interest in the foundation’s grants. He said that the foundation was offering 5,000 dollars each, to innovative youths, and challenged them to apply for the fund to step up their businesses.
“The foundation also provides business development programmes, training, mentoring and funding for successful entrepreneurs picked.
“It also tries to build and grow the economy of various counties in Africa and beyond,” he said. According to him, “the Tony Elumelu Foundation believes that the private sector holds the key to unlocking Africa’s economic potential and is committed to empowering entrepreneurs through capacity development, seed capital, mentoring and networking”.
He said that the foundation had so far empowered 3,000 young entrepreneurs in Africa, and advised this year’s applicants to submit their applications before March 1. The Tony Elumelu’s Foundation was established in 2010 to support the growth of Small and Medium Enterprises into larger outfits that would create more jobs and boost s. Elumelu is the founder of UBA, a leading Nigerian bank.
AfDB Interventions Pulled Nigeria Out of Recession—Adeshina
President of the African Development Bank (AfDB) Akinwunmi Adeshina has said the Bank’s intervention in Nigeria was the factor that helped pull the country out of recession.
Adeshina stated this in Abuja, Nigeria today while opening the bank’s Country Office building in Abuja, promising that the Bank will increase investment in Nigeria from $6bn currently, to $8bn by 2019.
Adeshina, who was Agriculture Minister in Nigeria till 2015, said that the Bank would continue to strongly support Nigeria, which he said is the largest shareholder of the bank. According to Dr. Adesina, the bank’s current investments is spread over 73 projects.
He said “The AfDB strongly supports Nigerian and always will. You can tell by the level of our investments in Nigeria to the tune of $6 billion. “From our perspective, our investments can only increase as we expect the levels to reach $8 billion by 2019.
“Permit me Mr, President to state that our marriage is stable And dependable. The Bank was there for Nigeria when the country faced economic downturn from the recession.
“I said at the time that Nigeria was too big to fail. The AfDB is not a fair-weather partner. We were there when it mattered most- for a partner in time of need is a great partner indeed. The AfDB approved and disbursed Budget Support of $600 million to Nigeria, as it faced its worst recession in decades. Our support goes beyond money. It demonstrates our strong commitment to stabilize Africa’s largest economy.
“The crucial and timely intervention of the AfDB was what helped Nigeria to come out of the recession. The Bank will not relent in supporting Nigeria in critical areas to boost growth, diversify the economy and create jobs.
“These include: support for youths in agriculture, SMEs, and the financial sector. We will accelerate support for infrastructure and the energy sector.
“Our investments are structures around high five priorities. Light and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa and improve the quality of lives of the people of Africa”, Adeshina said.
Forbes names President, Dangote Group, Aliko Dangote the richest man in Africa
Forbes: Dangote is Worth 12.2 Billion USD, Retains Richest Man in Africa
Forbes has again named Aliko Dangote, the President of Dangote Group, the richest man in Africa. Dangote is retaining this title by Forbes for the seventh year in a row.
Forbes said the Nigerian industrialist and philanthropist added $100 million to his net worth, bringing it to $12.2 billion.
Bill Gates maintained his position as the richest in the world with a net worth of $86 billion, while Warren Buffet and Jeff Bezos were second and third consecutively with a net worth of $75.6 billion and $72.8 billion.
Forbes stated that “Dangote is looking beyond cement, his most valuable asset and has been investing in a fertilizer production company and a large oil refinery. Dangote Fertiliser is expected to start operations in the second quarter this year.”
While names of notable Nigerians were dropped from the billionaires lists, Globacom Chairman, Mike Adenuga, with a net worth of $5.3 billion was adjudged the fifth richest man in Africa and Folorunsho Alakija, also a Nigerian, whose estimated $1.6 billion fortune lies in oil exploration firm was adjudged as the 15th richest person in Africa.
Number two on the list of African richest people is diamond mining heir Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from last year. Oppenheimer is one of eight South Africans on the list, making it the African country with the most billionaires.
Last year, South Africa and Egypt tied with six billionaires each. Boosting the South African ranks this year, Michiel Le Roux, the founder and former chairman of Johannesburg-listed Capitec Bank Holdings, whose stock has climbed more than 50 per cent in the past year, making Le Roux a new billionaire worth $1.2 billion. South African mining tycoon Desmond Sacco, chairman of listed Assore Group, returns to the list following a stock price surge of some 60 per cent in the past 12 months.
Zimbabwe gets its first billionaire this year, telecom magnate Strive Masiyiwa, who chairs the Econet Group. Shares of Zimbabwe-listed mobile phone network Econet Wireless Zimbabwe have surged in value over the past year.
Just two of the 23 list members are women, unchanged from last year. Isabel dos Santos, the daughter of Angola’s longtime former president, Jose Eduardo dos Santos, is worth an estimated $2.7 billion this year, down from $3.2 billion a year ago. Her net worth dropped in part due to a lower value for Banco BCI, an Angolan bank; its book value plunged in 2016 amid a tough year for the oil producing country.
Dangote, President, Dangote Group. Impression courtesy of CNBC
Dangote has committed Over $4b USD to Nigeria’s Food Production, Says Bloomberg
Bloomberg has honoured Africa’s richest industrialist and President of Dangote Group, Aliko Dangote, as one of the best 50 persons in the world in 2017.
Dangote alongside others were honored last night at the Bloomberg 50 annual gala dinner at New York’s iconic Gotham Hall.
Bloomberg’s list had 50 most influential names, who have had an impact on the world in 2017. Bloomberg honoured Dangote, for his outstanding commitment of over $4B USD to increase Nigeria’s food production capacity.
Dangote was represented in New York by the CEO of his Foundation. Other honourees were electric car visionary Elon Musk; Saudi Crown Prince Mohammed bin Salman; Beatrice Fihn, anti-nuclear weapons advocate and Nobel Peace Laureate; Amazon’s Jeff Bezos; Robert Mueller, special counsel investigating Donald Trump’s potential collusion with Russia; and Vitalik Buterin, whose invention of the cryptocurrency Ethereum is revolutionizing the new blockchain craze.
Dangote’s contribution to the world this year revolves around his dynamic attention to lessen food imports into his own country and Africa’s largest nation, Nigeria, by focusing on domestic production of sugar and dairy, with 500 million liters of Nigerian milk to be produced by 2019. Earlier this year he announced a $50B USD plan to invest in renewable energy.
The Guardian writes that the first Bloomberg 50 honorees were selected by the Bloomberg Businessweek team after months of input from many of Bloomberg’s 2,700 journalists and analysts around the globe, leveraging the resources of the Bloomberg Terminal, and represent the most influential thought leaders in business, finance, technology and science, politics and entertainment.
The executives, entrepreneurs, experts and entertainers on the Bloomberg 50 all have a quantifiable metric underpinning their inclusion.
“What sets The Bloomberg 50 apart from other lists is that each person chosen has demonstrated measurable change over the past year.
“Readers will find many names they recognise, but will also discover new visionaries—people who are impacting the world in significant ways, and are rapidly gaining the attention they deserve,” said Megan Murphy, editor of Bloomberg Businessweek.
“Elon Musk nurses the ambition to establish human colony on planet Mars by 2022; Jeff Bezos, CEO, Amazon, the biggest global retailer, with a major interest in sending tourists into space in Blue Origin rockets; Masayoshi Son, Founder, Softbank Groups Corp., who engineered the largest ever technology investment fund, $93 billion, to fund ride-hailing, artificial intelligence, connected devices, satellites, and the integration of computers to humans; Diane Greene, CEO, Google Cloud and the brain behind integrating advances in artificial intelligence and quantum computing to market; Ken Frazier, CEO, Merck & Co., a leader in drug makers market with an innovative drug for advanced lung cancer treatment”, said Guardian.
Dangote, who only last week inaugurated his $300 million 1.5 mtpa capacity cement plant in Congo Brazzaville, has remained a top notch in various global ranking.
“I am very delighted with this selection and I see the recognition as a call to do more towards youth empowerment, job creation, better health for the people and economic emancipation of the African continent,” Dangote said.
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