Benue revenue board seals 3 banks, other outfits over unpaid taxes
The Benue Board of Internal Revenue Service (BIRS), has sealed up six firms, including three commercial banks, over alleged non-payment of taxes to the tune of N 774.5 million.
Executive Chairman, BIRS, Mrs. Mimi Orubibi, who led the team that carried out the exercise on Wednesday in Makurdi, said the firms had failed to remit Personal Income Tax/Assets to BIRS.
The banks sealed were Access Bank, Ecobank and UBA. Also sealed were Ostrich Bakery, Nile Drill Technologies and Lower Benue River Basin Development Authority (LBRDA), all situated within Makurdi metropolis.
Orubibi said the closure was to enforce the orders of a Makurdi High Court. “The closure of the outfits is in compliance with Section 104 of the Personal Income Tax Act, 2011 (amended), and Section 41(1), (3) and (4) of the Benue State Internal Revenue Administration Law 2015,” she explained.
She alleged that Ecobank Bank was owing N168.5 million; UBA, N186 million, while Access Bank was owing N141 million in unpaid taxes.
According to her, Ostrich Bakery is owed N47 million, LBRBDA, N225 million, while Nile Drill Technologies owes N4 million.
She said LBRBDA’s headquarters in Makurdi was sealed due to its failure to pay the assessed PAYE Taxes/liabilities, withholding tax and other levies.
She claimed that the accounts of the affected companies were audited between 2009 and 2014, while some had their accounts audited between 2011 and 2015, but all failed to remit their taxes.
TBI Africa reports that UBA is one of the banks through which the Benue government pays workers’ salaries.
Our correspondents, who visited some of the affected companies, observed that security guards had sealed up their entries, leaving workers and customers stranded.
Efforts to get the reactions of the affected companies proved abortive as their Makurdi officials refused to comment.
“This matter is beyond us. Only the headquarters can speak about it,” a senior officer with one of the banks, disclosed to TBI Africa, craving anonymity.
16 ships arrive Lagos ports with petrol, other commodities
A total of 16 ships laden with various products including petrol are at the Lagos Ports waiting to berth, the Nigerian Ports Authority (NPA) said on Wednesday.
The NPA disclosed in its daily “Shipping Position” made available n Lagos that 14 of the vessels carrying petrol were waiting to berth. It said another two ships would berth with ethanol and bulk fertilizer.
No fewer than 34 other ships laden with petroleum products, food items, and other goods are expected at Apapa and Tin-Can Island Ports between April 18 and May 6.
The expected ships are carrying buckwheat, containers, container, frozen fish, bulk sugar, buckwheat, base oil, bulk fertilizer, general cargo, bulk gypsum, empty containers, and petrol.
Nestlé Nigeria introduces GOLDEN MORN Puffs breakfast cereal
In its continued quest to provide families with more healthier and delicious food choices, Nestlé Nigeria has introduced its new breakfast cereal, GOLDEN MORN Puffs.
Introducing the product on Wednesday at a Media Executive Meeting in Lagos, Nestle’s Corporate Communications and Public Affairs Manager, Mrs. Victoria Uwadoka, said it was made purely from grains and cereals.
“GOLDEN MORN Puffs is proudly produced in Nigeria for Nigerians. It is fortified with vitamins and iron to contribute to the efforts to address micronutrient deficiency in the country.
“Micronutrient deficiency is the lack of essential vitamins and minerals required in small amounts by the body for proper growth and development.
“According to the World Health Organisation (WHO), 2 billion people in the world are affected by iron deficiency, which is the most common micronutrient disorder in sub-Saharan Africa,’’ Uwadoka said.
“The major health consequences of deficiency in essential micronutrients include impaired physical and cognitive development, which translates to reduced performance of school-aged children among others.
“It is important to note that annually, Nigeria loses over 1.5 billion dollars in Gross Domestic Product (GDP) directly and indirectly to vitamin and mineral deficiencies.’’
Category Manager, Dairy, Mr. Aboubacar Coulibaly, said NESTLÉ GOLDEN MORN Puffs, made from maize, millet, oats, and soya, is fortified with GRAINSMART — a unique combination of vitamins and iron.
“Food fortification is a strategy that Nestlé has adopted to help address the burden of micro-nutrient deficiency.
“With 50 percent of our portfolio already fortified with micronutrients, the introduction of Golden Morn Puffs breakfast cereal today is another step towards the fulfillment of our commitment to provide healthier, delicious food choices for all age groups, a journey we have been on for the past 57 years in Nigeria,” he said.
Coulibaly disclosed that 94 percent of the grains and cereals used in the production of Golden Morn Puffs is sourced locally.
“We are very happy to announce to you today that the work we have been doing with local farmers for the past 7 years on capacity building and grain quality improvement is yielding results.
“Ninety-four percent of the agricultural raw materials for the product we are launching today, Golden Morn Puffs was supplied by Nigerian farmers,’’ he added.
He said Nestlé Nigeria would continue to invest in the development of nutrient-rich delicious food to fulfill its purpose, which is enhancing the quality of life and contributing to a healthier future.
TBI Africa reports that Nestlé Nigeria Plc began simple trading operations in Nigeria in 1961 and has grown into a leading food manufacturing and marketing company.
Nestlé Nigeria is the biggest food company in West Africa and employs around 2,400 people and has three world-class factories.
It manufactures and markets a range of high-quality brands, including NESTLÉ PURE LIFE, GOLDEN MORN, MILO, KitKat, MAGGI, and NESCAFÉ.
Don calls for the strengthening of Nigeria’s tax system, administration
The Vice-Chancellor of Kaduna State University, Prof. Muhammad Tanko, has said Nigeria must strengthen its tax system to gain maximally from it.
Tanko made the remarks in a presentation on “The Nigerian Tax and Administration” organized by the Department of History of the university, in Kaduna.
The vice-chancellor said the government should continuously improve the nation’s tax system and administration, which presently is fraught with so many inadequacies.
“There is no consistent policy that guides the tax system, no cooperation among tax authorities and no segmentation of taxpayers that will help in knowing the taxpayers. When you don’t know your taxpayers, there is no way you can effectively generate revenue,” he noted.
He, however, stated that the problems could be solved if the government would imbibe the tax for service policy, where people see the services they paid for as tax.
Tanko also mentioned that mobile or designated courts should be used to try tax defaulters, while an effective monitoring system should be adopted to track tax defaulters and utilization.
He suggested the use of religious education to encourage tax compliance and for government to include the issue of tax in schools curriculum to create necessary awareness on the importance of tax.
In his remark, the Chairman, Kaduna State Internal Revenue Service, Mukhtar Ahmad said that the state has raised its revenue generation capacity after adopting new tax collection measures.
He said taxpayers were made to pay through banks to reduce leakages, while the state had established a tax appeal committee where taxpayers could lay their complaints on issues related to tax.
Ahmad, however, expressed concern over the poor tax payment culture among Nigerians, saying most people shy away from paying tax
KEDCO loses N187m to vandals in 1 month
The Kano Electricity Distribution Company (KEDCO) said it has lost its power installations worth N187 million to vandals, in the last one month.
The Managing Director of the company, Dr. Jamilu Gwamna, made the disclosure at a one-day stakeholders meeting the state traditional and religious leaders in Kano, on Wednesday.
TBI Africa reports that the meeting was convened by KEDCO to enlighten customers on the importance of paying electricity bills.
He said the activities of vandals had negatively affected the operations of the company, leading to poor service delivery to its customers in the three states of its operation.
According to him, the meeting was also necessary in order to rub minds with them on improved service delivery and revenue collection.
He called on the participants to extend the message to their subjects in their respective domains and urged them to preach the importance of prompt payment of bills for services enjoyed.
“You are now aware of our successes and challenges. Each and every one of you has a role to play in mobilizing your people to ensure prompt settlement of their electricity bill’’
He also lamented the dwindling revenue generation of the company and said it had been operating at lost.
“We pay between N3.8 billion and N4 billion monthly as the cost of the energy given to us but we only generate between N1.8 billion and N1.9 billion as revenue from customers.
“So this is an indication that there is a problem as a company we are in operating at losses ’he said.
He said 70 percent of the revenue being generated came from industries, while other customers hardly give the company the remaining 30 percent.
Earlier in his remarks, the Emir of Kano, Alhaji Muhammadu Sanusi II, represented by the District Head of Gabasawa, Alhajj Bello Abubakar, called on the company to ensure adequate and steady power supply.
TBI Africa reports that the meeting was attended by District Heads and Imams from the 44 Local Government Areas of the state.
The UK to announce new £50m malaria programme for Nigeria
The UK has said it will announce a new malaria programme worth £50 million in Nigeria that will run until 2024.
The UK said it would also provide a £9.2 million of new research funds to develop new triple artemisinin combination treatments.
A statement issued by Ready to Beat Malaria, a non-governmental organization (NGO), said the UK Government had reaffirmed its commitment to spend £500 million a year on malaria through to 2020-21.
The statement said the UK would also announce additional £100 million match fund commitment to the Global Fund to match new contributions from private donors pound for pound.
It said the funds were part of Britain’s renewed commitment to accelerate progress against malaria.
The statement said the UK government would make this known at the Malaria Summit London 2018, co-hosted by the UK Government, and the Heads of State of Rwanda and Swaziland.
It said 15 Heads of State and Government from across the Commonwealth were to attend the Malaria Summit together with senior ministerial attendance and leaders from the world of business, science, civil society and international organizations.
It said the Global Fund to Fight AIDS, Tuberculosis, and Malaria would also announce commitments totaling 2 billion dollars from 46 countries affected by malaria between 2018 and 2020.
According to the statement, the Bill and Melinda Gates Foundation will extend its investments in malaria by an additional one billion dollars (£700 million) through to 2023.
It said the one billion dollars investment was to reduce the burden of the disease towards ending malaria for good.
The statement, however, noted that most effective tools in the fight against malaria such as nets, sprays, and treatments are under threat from drug and insecticide resistance.
“The malaria parasite and the mosquitoes that carry it are evolving resistance to existing interventions – malaria is fighting back.
“The Malaria Summit calls for new tools to stay ahead of the disease, announcing commitments to invest in future innovations,’’ it said.
It said GSK is committing to invest a further 175 million dollars in its research and development efforts against malaria.
The statement added that Novartis would invest more than 100 million dollars through 2023 to advance research and development of next-generation treatments to combat emerging anti-malarial drug resistance.
It quoted Ms. Theresa May, Prime Minister of United Kingdom, saying that: “The UK is a proud leader in the fight against malaria, which has seen deaths cut by 60 percent and saved seven million lives since 2000.
“We have made a major contribution to that progress including investing 500million dollars each year over the next three years, developing new drugs and technologies and making life-saving solutions available to millions at risk from malaria.
“But the job is not yet done. Today there are millions still at risk, economies held back and a child’s life needlessly taken every two minutes from this disease.
“This is why I am championing a new Commonwealth commitment to halve malaria across member countries by 2023.
Bill Gates, Co-chair of the Bill and Melinda Gates Foundation who are co-convening the Malaria Summit, said: “History has shown that with malaria there is no standing still – we move forward or risk resurgence.’’
He added that the commitments made today, from the UK, country leadership and the private sector, show that the world is ready to beat malaria.
Tata Motors rolls out 200 locally assembled vehicles, calls for the ban on Tokunbo
Asian leading car manufacturer TATA Motors on Wednesday rolled out it 200 locally assembled vehicles, which the company said was made to suit the Nigerian terrain and cost-effective.
TBI Africa reports that the unveiling of the locally assembled cars was done at the company’s vehicle plant in Lagos.
Speaking at the unveiling, the Auto Head, TATA Motors Limited, Mr. Suraj Prakash said the company would continue to ensure the adherence to the local content to ensure cost-effective cars in Nigeria.
“Tata Motors has a strong presence in Nigeria with an investment of over 10 million dollars. We started assembly in 2016 in Nigeria which was well received by Nigerians.
“Our vehicles are well assembled and cost effective and it is better. Our vehicles are durable, up to standard and made for the Nigerian terrain. We will like to have more of government’s support on automobile policy because importation of Tokunbo (fairly used) vehicles is of great disadvantage.
“Our vehicles are not expensive because most of the materials are sourced locally, so the cars are cost-effective,’’ he said.
The Director, Industrial Infrastructure, National Automotive Design and Development Council, said the government would continue to give adequate support to the local car manufacturers in the country through patronages as directed by the Bureau of Public Procurement.
“Government will continue to give support and protect locally manufactured cars in Nigeria. In the past, what we had was policy somersault, but now the government has put up a bill passed by National Assembly.
“The bill, the Automotive Development Plan Policy has been passed by the National Assembly waiting for the President assent. Once it is signed, the core operators in Nigeria will be protected.
“The country is appreciative to those who have faith in Nigeria because manufacturing is key to the economy of Nigeria.
“We need to transform the sector from import dependent to full-scale manufacturing with the realization of technology transfer to indigenous experts in the industry,’’ he said.
Naira dips against the dollar at investors’ window
The Naira on Wednesday depreciated to N360.16 to the dollar at the investor’s window, losing 70kobo from N360.09 traded on Tuesday.
Trading at the parallel market saw the naira closed at N362 to the dollar, while the Pound Sterling and the Euro closed at N514 and N445, respectively.
At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N514 and N445, respectively.
The Nigerian currency traded at N305.60 to the dollar at the official Central Bank of Nigeria (CBN) rate.
Currency traders decried low patronage at the market. TBI Africa reports that the introduction of the investors’ window had helped in boosting liquidity to the foreign exchange market, giving investors an opportunity to trade.
Meanwhile, a recent report by KPMG titled “Top 10 Business Risk 2018/2019’’ noted that FOREX risk, among other risks, remained a threat to the nation’s economy.
According to the report, Nigeria is still behind the levels of foreign exchange liquidity generated from exports proceeds and capital flows in 2013, “in spite of improved terms of trade and significantly higher capital inflows which helped ease FOREX availability and rate stability in 2017’’.
NSE trading nosedive by 0.04% after two days growth
Transactions on the Nigerian Stock Exchange (NSE) on Wednesday nosedived by 0.04 percent after appreciating for two-consecutive days.
TBI Africa reports that Seplat, which joined the Premium Board, led the laggards’ table with a loss of N23.90 to close at N702 per share.
It was trailed by International Breweries with N1.05 to close at N48.95, while Lafarge Africa was down by 95k to close at N45.65 per share.
Nigerian Breweries declined by 90k to close at N126, while Union Bank of Nigeria shed 30k to close at N6 per share.
The All-Share Index, which opened at 40,788.68, lost 16.42 points or 0.04 percent to close at 40,772.26.
Similarly, the market capitalization shed N6 billion or 0.04 percent to close at N14.727 trillion compared with N14.733 trillion recorded on Tuesday.
On the other hand, Julius Berger led the gainers’ table, increasing by N1.05 to close at N27. Oando came second with a gain of 80k to close at N9.05, while Ecobank Bank Incorporated appreciated by 50k to close at N19.50 per share.
Northern Nigeria Flour Mills added 30k to close at N6.85, while Fidson Healthcare advanced by 26k to close at N5.77 per share.
Also, the volume and value of shares traded closed lower as investors bought and sold 230.17 million shares valued at N4.32 billion in 4,090 deals.
This was against 1.60 billion shares worth N10.91 billion exchanged in 4,729 deals on Tuesday.
Guaranty Trust Bank of Nigeria was the toast of investors during the day, trading 67.37 million shares valued at N2.99 billion.
Fidelity Bank followed with an account of 14.94 million shares worth N38.412 million, while FBN Holdings traded 14.68 million shares valued at N182.70 million.
Japaul Oil and Maritime sold 12.85 million shares worth N6.99 million, while FCMB Group traded 10.29 million shares valued at N25.83 million.
Nigeria’s economy to grow in 2018 by 1.1%
The International Monetary Fund (IMF) has predicted that Nigerian economy will grow from 0.8 percent in 2017 to 2.1 percent by the end 2018 while warning of a possible crash in crude oil prices.
According to its latest World Economic Outlook (WEO) Report launched in Washington DC on Tuesday, the Fund projected that Nigeria will also grow by 1.9 percent in 2019.
The IMF, however, advised oil-dependent economies, including Nigeria, to intensify economic diversification as the global body foresees the crash of crude oil prices in the near future.
“Some low-income countries like Mozambique and Nigeria have experienced financial stress or deteriorating loan quality in recent years as growth has moderated and corporate balance sheets have weakened.
“Further deterioration in loan quality would impair credit intermediation and the ability of the banking sector to support growth, which would raise the risk of cost recapitalization and severely burden the already strained public finances,’’ the IMF said.
The IMF Director of Research, Mr. Maurice Obstfeld at the WEO press conference, said that global economy would grow by 3.9 percent in 2018.
Obstfeld said the forecast was borne out of the continued strong performance in the Euro area, Japan, China and the United States.
“Despite the good near-term news, longer-term prospects are more sobering. Advanced economies are far facing aging population, falling rates of the labor force and low productivity growth.
“Emerging and developing economies present a diverse picture. Many of these countries need to diversify their economies to boost future growth and resilience,’’ he said.
According to Obstfeld, global financial conditions remained loose, despite the approach of higher monetary policy interest rates and enabling a further buildup of asset-market vulnerabilities.
He said the recent escalating tension over trade (the United States vs China) presented a growing risk for global financial stability. “The prospect of trade restrictions and counter-restrictions threatens to undermine confidence and derail global growth prematurely.
“While some governments are pursuing substantial economic reforms, trade disputes risk diverting others from the constructive steps they would need to take now to improve and secure growth prospects,” he said.
The IMF encouraged each national government to advance growth by resolving issues of climate change, infectious diseases, cyber-security, corporate taxation, and corruption, among others.
Illegal gold miners’ activities threaten COE Minna, says, Provost
The Provost of Niger State College of Education, Minna, Prof. Mohammed Auna, said the activities of illegal miners of gold are both ecological and security threats to the institution.
Auna disclosed in Minna on Tuesday following against the recent death of six illegal miners in the premises of college. He said the failure of the illegal miners to resist making a living from the risky business was because of the huge sum of money they allegedly made from it.
He alleged that the illegal miners were in the habit of destroying the institution’s fence and encroaching on the school at any time of the day. Auna described the institution’s security men’s efforts to combat the illegal miners as a herculean task, saying the number of the miners during their illicit operations was usually huge.
“The police arrested 99 illegal miners recently right on campus here while they were carrying out their nefarious activity.
“The school has only 49 security men and that is why we have not been able to really overcome the illegal miners. They were always coming in their numbers brandishing sophisticated weapons.
“The Niger State Police Command is disenchanted with the ugly development and has drafted its men to where the illegal mining was being perpetuated,” he said.
The provost, however, said the school would collaborate with the police in the effort to halt the illegal mining.
Similarly, the institution’s Intelligence Officer, Mr. Ibrahim Mohammed, described the death of the illegal gold miners as a “pity”. He said a couple was among the dead miners as a result of the earth that fell upon them.
Mohammed spoke on behalf of the institution’s Chief Security Officer, Mr. Alfa Gina. He said the deceased was identified by witnesses as residents of Angwan Kampani and Maitumbi quarters in Minna.
“As I speak to you, four of the deceased are still buried inside the cave; they are yet to be brought out” he said.
Also commenting on the incident, ASP George Emmanuel of Chanchaga Police Divisional Station said that the illegal miners were mainly youths.
“We moved in here since the incident happened but our presence cannot deter them. You can see them in their clusters waiting for us to leave so that they can encroach on this place.
“We have to be here 24 hours for us to be able to send them away because as soon as we leave they will find their way back to continue their excavation for gold,” he said.
Emmanuel advised the students of the institution to stay away from the mining site, saying they could fall victims of the shaky ground of the site.
SMEDAN to train 52 inmates on entrepreneurial skills
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is set to equip 52 inmates with entrepreneurial skills toward improving their lives and the nation’s socio-economic state.
Lagos State Coordinator of SMEDAN, Mr. Yinka Fisher, made the disclosure on Tuesday in Lagos. Fisher said the empowerment programme for the inmates would assist them to reintegrate successfully into society after prison, become self-reliant and live a productive life.
He said the programme would be done in collaboration with the Nigerian Prison Service, Pentecostal Fellowship of Nigeria (PFN) and Covenant University.
According to him, the training will hold from May to December at the Kirikiri and Ikoyi Prisons for both male and female inmates.
“The essence of the programme is to equip the inmates with relevant skills so that they would not be vagabonds in the system again but establish their own businesses and engage in useful socio-economic ventures, thereby contributing their own quota to our national development.
“The programme has been on since 2009. Over time, we have been able to train 576 inmates of which 230 have been released and 146 among the released inmates have been able to start their own businesses.
“They are now employers of labour and helping to solve the problem of unemployment in the country,’’ he said.
Fisher said SMEDAN would train inmates in tailoring, shoemaking, tie and dye and other vocations, teach them how to turn the vocations to enterprise and instill in them financial literacy.
“We are going to teach them in eight different modules; how to run efficient and profitable business, writing of business plans, how to network, access to finance, meeting with regulatory authority, investment opportunities and avoiding pitfalls in business.
“There is a business venture in the prison where they can practice what they have been taught and after their release, they can implement them properly,’’ Fisher said.
According to him, while SMEDAN focuses on the vocational skills acquisition; Covenant University will handle the psychology aspect through therapy and counseling, while Pentecostal Fellowship of Nigeria will focus on spiritual uplifting.
“Through the exposure at the training, prison inmates would be returning to the society, not as social misfits but reformed and well-equipped personalities with skills that would enable them to settle down to a productive lifestyle,’’ he said.
Oil price rises to approximately $72 amid worries of disruption
Oil prices rose on Tuesday amid worries that there could be a high risk of disruptions to supply, especially in the Middle East.
Brent crude oil futures were at $71.80 per barrel at 0120 GMT, up 38 cents, or 0.5 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 39 cents or 0.6 percent, at 66.61 dollars a barrel.
Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East.
The conflict is renewed by U.S. sanctions against Iran and falling output as a result of political and economic crises in Venezuela.
Oil markets have generally been well-supported this year, with Brent up by around 16 percent due to healthy demand which comes as the producer-cartel of the Organisation of the Petroleum Exporting Countries (OPEC) leads supply cuts aimed at tightening the market and propping up prices.
Stakeholders laud institute for improving ethics in banking
Some stakeholders in the banking industry on Tuesday commended the Chartered Institute of Bankers of Nigeria (CIBN) for improving professional ethics in the banking sector.
The stakeholders, who spoke at the institute’s breakfast meeting in Lagos, expressed gladness that it was able to reduce abuses and unethical behaviors in the sector.
TBI Africa reports that CIBN, headed by Prof. Olusegun Ajibola, has trained more than 124 thousand staff of Deposit Money Banks (DMBs), microfinance banks and regulatory bodies.
The institute has in the last 11 months accredited six Banking Academies and 20 Education Training and Service Providers (ETSPS), while the applications of two other Banking Academies and 15 ETSPS are being processed.
Mr. Bola Afolayan, a Fellow of the Chartered Institute of Bankers of Nigeria (FCIB), commended the institute’s effectiveness in delivering its mandate. “I wonder how Prof. Ajibola was able to record all the achievements with his primary assignment as a lecturer at Babcock University, Ogun State. I can now beat my chest that CIBN is now up to international standard.’’
He, however, advised the institute to ensure that non-active members become active.
Another FCIB, Mr. Sunday Ogunfadebo said some years ago, CIBN was condemned for not investing in training. “But now, the institute does not only train locally but internationally. From the reports, we also see that microfinance banks became vibrant through the institute’s workshops and capacity building,’’ he said.
Mrs. Akosa Regina, a retired banker commended the Institute for reducing fraudulent practices in the banking system to its barest minimum. “What the CIBN is doing is to enthrone ethics because everybody that is working in the country’s banking system is under the institute’s coverage.
“The bankers now know that any breach of trust from their sides is abuse and will attract severe punishment,” she said.
