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BREAKING: LIRS SHUTS DOWN 34 COMPANIES OVER TAX DEBTS

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…promises to Shut down more

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos State Internal Revenue Service (LIRS) has closed down 34 corporate organizations for failing to remit Personal Income Taxes of their employees and for non-remittance of Consumption Taxes by operators in the hospitality sector to the Lagos State Government.

August24news.com gathered that some of these companies include NTS Nigeria Ltd., Med-In Hospital & Pharma Services Ltd., Danvic Petroleum Int’l Ltd., Business Intelligence Technology, Avaya Nigeria Ltd., Gladstone Tech Ltd., Courier Plus Services Ltd., Kurioucity Ltd., Medilag Ventures Ltd., Future Oilfields, and Seven Six & Ten Limited.

During the same operation, 23 hotels, restaurants, and event facilities were also closed for failure to deduct and remit Consumption taxes. These businesses include Blitz Suites & Hotel, Offshoroomz Hotel, God’s Grace Hotel, De Orange Place Ltd., De Santos Hotel, Kentade Hotel Limited, Chamcee, Chelsea Suites, Falode Hotels, High Climax Hotel, Chez Moi Apartment, Excellence Hotel, Bereans Venture (Tantalizer Ebute Metta), La Avril Hotel & Suites, De Orange Place Ltd., Milaco Guest House, New World Inn, Model Motels Ltd, Rely Maritime Ltd, 4 Seasons Hotel, Dream Land Hotel, 343 North Restaurant and Lounge, and Jade Palace Chinese Restaurant.

Mr. Seyi Alade, the Director of Legal Services LIRS, made this announcement while addressing a state-wide tax law enforcement exercise conducted by the Service in Lagos on Monday. Alade reported that the tax liabilities of these companies and hotels amounted to more than =N= 356.12 million. He said their actions have caused the State Government loss of revenue.

He explained that the Agency had previously reduced its enforcement activities to promote voluntary compliance by taxpayers. However, certain companies and hotels chose to engage in tax evasion. Therefore, the renewed enforcement activities of the Service are targeted at such companies, restaurants, hotels, and event centres. He emphasized that the primary goal is to secure compliance with the remittance of Consumption and Personal Income taxes, enabling the Lagos State Government to carry out projects intended for the well-being of the vast populace resident in Lagos State.

Mr. Alade further reiterated that “these companies deduct Personal Income taxes from their employees’ salaries at the end of each month, and charge consumption taxes on goods and services purchased by customers.

Unfortunately, some unpatriotic firms choose to withhold these payments, illegally converting the funds for their own use.”

He issued a warning that failing to file tax returns or engaging in tax evasion are considered criminal offences that may result in financial penalties and, in some cases, custodial sentences upon conviction.

The Agency is currently prosecuting some High-net-worth individuals and companies that failed to file their Returns, he said courts have issued Bench Warrants for some taxpayers in this category and three arrests have been made pursuant to these Warrants, they are Platinum Apartments & Suites, The Moonlight Place Enterprises and Jezreel Nursery and Primary School.

He warned that the enforcement exercise shall be a continuous one and it shall be visited on all erring companies, hotels, restaurants, and Individuals in the State if they refuse to regularize their tax positions immediately or if they fail to comply with all extant tax laws operational in Lagos State.

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Ethnos Unveils Aquila, an AI Powered Mobile Application Security Platform, at Zenith Bank Tech Fair 2023

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Ethnos, a cybersecurity firm based in Lagos Nigeria, marked a significant milestone at the Tech Fair 2023 organized by Zenith Bank by introducing Aquila, a mobile application scanning and security solution. This strategic move solidifies Ethnos’ position as an innovative cybersecurity firms in the country, showcasing their commitment to advancing cybersecurity through groundbreaking innovation.

The introduction of Aquila was took at the just concluded Tech Fair 2023, where Ethnos captivated technology enthusiasts, stakeholders and spectators with an  impressive display of their world-class mobile application solution.

Peter Ejiofor, the Chief Executive Officer of Ethnos expressed his enthusiasm for the invitation to the fair by Zenith Bank Plc, highlighting the confidence and trust the bank has placed in Ethnos over the years.

Ejiofor stated, “Being part of this event is a testament to the level of confidence Zenith Bank and the organizers have in us. Our longstanding relationship with the bank has been instrumental in establishing this trust. We are here to showcase our expertise, built over decades in the cybersecurity domain, and highlight our commitment to providing top-notch solutions.”

Addressing the media, Ejiofor explained, “that Aquila is a powerful software that scans .apk, ipa files for vulnerabilities, including comprehensive protection and monitoring of your mobile apps for potential threats. This development aligns with our mission to bring world-class cybersecurity solutions to their customers and empower local talent in the field.”

Olamide Ajayi, head, development for Aquila, emphasized the significance of their product, stating, “Aquila is security platform that scans mobile apps for insceure data storage, insecure communications, weak authentication, insufficient cryptography, weak authorisation, client code quality, code tampering and lots more. The platform also prevents your app from reverse engineering and safeguarding it against cyber threats. It is a must-have solution for organisations that have mobile application ensuring the security of their products from breaches.”

In addition to aquila, Ethnos also presented her cost efficient Managed SIEM solution designed for cyber threat monitoing, prevention and remediation. Miracle Chukwudebe, a Security Architect with Ethnos, highlighted their focus on providing affordable cybersecurity solutions for small businesses. “We understand the budget constraints faced by SMEs, and that’s why we offer Managed Security solutions that are cost-effective.”

Ejiofor concluded, “As an organization, we take pride in our world-class team, comprising Security Architects, Implementers, Engineers, Consultants, Developers, Product Managers, and Customer Experience Personnel. Working diligently to ensure the safety of their clients’ cyber assets.”

Ethnos also showcased some of their security solutions including Security Training, Managed Security Services, Compliance Certification (BAU), CISO as a Service.  The event also served as a platform to announce their latest offerings, particularly in the realm of Managed SIEM Platform, designed to improve the protection of digital asset.

The Zenith Bank Tech Fair 2023, dedicated to fostering a deeper understanding and utilization of emerging technologies, features Zecathon, providing startups and tech enthusiasts with a platform to present innovative solutions.

The fair also includes a tech exhibition with leading IT firms, spanning cybersecurity solution providers to Fintechs. Exceptional ideas presented at the fair stand a chance to win grants and support from Zenith Bank.Ethnos is a leading indigenous cybersecurity firm committed to providing world-class cybersecurity solutions.

With decades of experience, Ethnos has established itself as a trusted partner for businesses, offering a comprehensive suite of services to safeguard against cyber threats.

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Transcorp Plc Wins Four Awards at the International Business Magazine Awards 2023

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Transnational Corporation Plc (Transcorp) has won four awards at the International Business Magazine Awards 2023, highlighting the company’s outstanding performance and dedication to corporate governance, as well as environmental, social, and governance (ESG) standards.

The company emerged victorious in four key categories: Most Diversified Conglomerate in Nigeria 2023, Best Corporate Governance Company Nigeria 2023, Best ESG Conglomerate in Nigeria 2023, and Best CSR Initiatives Nigeria 2023.

Transcorp Plc has long been a trailblazer in the industry, and these awards serve as a testament to the company’s unwavering commitment to excellence across various parts of its operations.

International Business Magazine conducts its annual awards ceremony annually to commemorate the top companies of Middle East, Africa, Europe, Asia and The Americas. 

Transcorp Group is a publicly quoted Conglomerate with a shareholder base of approximately 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors. Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.

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SANWO-OLU HAILS MORAYO AFOLABI-BROWN’S APPOINTMENT AS MD OF TVCe

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Lagos State Governor, Mr. Babajide Sanwo-Olu, has congratulated popular television presenter, Dr. Morayo Afolabi-Brown, on her appointment as the Managing Director of TVCe, the Entertainment Channel of TVC Communications. 

He said the new role given to Afolabi-Brown, the host of the TVC’s breakfast programme, ‘Your View’ is well deserved. 

Governor Sanwo-Olu in a statement issued on Thursday by his Chief Press Secretary, Mr. Gboyega Akosile, said Afolabi-Brown’s appointment as Managing Director of TVCe is inspirational to young media practitioners that they can get to the top position of their career with hardwork, commitment and discipline. 

He said: “The appointment of Dr. Morayo Afolabi-Brown as the Managing Director of TVCe, the Entertainment Channel of TVC Communications, is deserving having distinguished herself at TVC Communications and the media industry for almost two decades. 

“Morayo Afolabi-Brown is one of the most influential women presenters not only in Nigeria but Africa. She has been recognised as one of the top 25 most influential women in Journalism Africa (WIJA) 2020 where she ranked 18th on the list. 

“I believe strongly that Morayo Afolabi-Brown’s new appointment is an inspiration to young media practitioners, particularly members of staff of TVC Communications, that they can get to the top of their career in the company if they put in a little more than is expected from them by their employers.

“Morayo Afolabi-Brown’s new role attests to her exceptional track record of achievements in TVC Communications as a former Deputy Director of Programmes TVC News, where she created content on three independent channels for broadcast. She has also made a lot of impact as a host in addressing basic issues in society through the TVC’s breakfast show ‘Your View,’ programme.

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