News
LIRS, FIRS Sign Pact on Exchange of Information, Joint Tax Audit
Ajagbe Adeyemi Teslim
Sponsored by: H&H
The Lagos State Internal Revenue Service (LIRS) and Federal Inland Revenue Service (FIRS) on Monday, February 6, 2023, signed a Memorandum of Understanding on the exchange of information and implementation of joint tax audit and investigation exercise.
The agreement signing ceremony held at the Lagos State House, Marina, was witnessed by Lagos State Governor, Babajide Sanwo-Olu, Minister of State for Finance, Budget and National Planning, Mr Clement Agba, FIRS and LIRS coordinating directors, as well as some of the Lagos state exco members which included the state Commissioner for Finance, Dr Rabiu Olowo Onaolapo and the state Attorney-General & Commissioner for Justice, Mr Moyosore Onigbanjo SAN.
While the Executive Chairman, LIRS, Mr Ayodele Subair signed on behalf of Lagos State, his counterpart, Muhammad Mamman Nami, Executive Chairman, FIRS signed on behalf of the federal government.
Speaking at the signing event, Mr Ayodele Subair, Executive Chairman, LIRS, in his remarks, said the importance of the agreement was to foster greater collaboration between the two agencies.
He said though both tax agencies are not only independent of each other but different in the types of taxes they administer, the collaboration between the tax authorities was to promote the smooth operation of activities not only for the benefit of tax authorities but for improved service delivery for taxpayers.
Subair noted; “Notwithstanding its inclusion as a fundamental obligation of every Nigerian citizen pursuant to Section 24 (f) of the 1999 Constitution as amended, filing of annual income tax returns or payment of tax therefrom is not an issue that citizens are keen on. Nonetheless, citizens expect to have direct benefit of democracy and good governance without remembering that the most reliable and sustainable means of Domestic Resource mobilization for Government expenditure is taxation.
“There is no reason to debate the above as it has been established that tax compliance and good governance are expected to co-exist as the undividable social contract that binds citizens and governments anywhere in the world. Therefore, citizens and governments are expected to fulfill their end of the bargain in achieving a balance.”
“Today’s signing of this Memorandum of Understanding is in furtherance of the above bargain on the part of the tax authorities. While this initiative of a joint audit is not a new one, it is peculiar because it comes at a time when our dear nation struggles with the dwindling oil receipts and other economic woes which have affected the tax-to-GDP ratio which is currently adjudged as the lowest globally, standing at approximately 6%, compared to neighboring countries which average between 15 – 25%., Subair submitted.
According to the LIRS Chairman, some of the expected achievements from this collaboration between both tax authorities include a reduction of compliance costs for taxpayers; improved transparency in the tax administration process, which will impact tax disputes, incidences and reconciliation; reduced administration costs for both tax authorities; and elimination of hiding place for recalcitrant taxable persons and entities.
In his own remarks, Executive Chairman, FIRS, Muhammad Mamman Nami, said the essence of the collaboration between the FIRS and LIRS was to enable the two agencies to carry out joint projects together, secondly, in the course of its investigations, they both work as a team while the third and most important reason was to ensure automatic exchange of information which would enable the agency get a bigger data for seamless tax administration.
“We will work together as a team during the investigation and have an automatic exchange of information. With this, we will be able to carry out our mandate seamlessly. As part of the joint operation, we will be able to implement presumptive tax as far as issues of tax administration are concerned,” Nami said.
In his own submission, describing the collaboration as “epoch-making”, Governor Sanwo-Olu noted that the conversation for the harmonization of the two agencies’ mandates started about a year ago, based on the need to forge a common front in widening the tax net to raise the country’s tax to GDP ratio.
The Governor observed that Nigeria had maintained an unimpressive tax-to-GDP ratio of between 6 to 8 per cent, despite the yearly record-breaking turnovers by both FIRS and LIRS.
This, he said, has mounted pressure on the nation’s resources and created an imbalance in Government expenditure. Sanwo-Olu said Nigeria must operate at the same level as other nations within sub-Saharan Africa doing between 14 and 15 per cent in tax to GDP ratio in order to support the Government’s development programmes and improve accountability.
He said: “We have just witnessed an epoch-making ceremony between the Federal Inland Revenue Service and Lagos Inland Revenue Service. This collaboration did not just happen by chance; it is a conversation we started about a year ago with the chairman of FIRS when both parties reviewed their successes and limitations.
It was clear there was a need for a relationship to be consummated. Both FIRS and LIRS have been breaking records of their tax collection and administration yearly, but this is not enough. We have an unimpressive tax-to-GDP ratio, which ranges between six and eight per cent; this is totally unacceptable.
“Studies have shown that there would be better service delivery to the citizens and improvement in the efficiency of tax collection when the two agencies work together.
The cost of tax collection would be reduced, we would see better customer satisfaction and more resources would be generated for the Government to deliver more dividends of democracy. For us as a State, we are humbled by this collaborative effort and we believe our citizens will be the ultimate beneficiaries of this initiative.
The MoU is in the best interest of the public, as it affirms the reason why we need to come together and strengthen the cordial working relationship between the two agencies.”
News
Fidelity Bank Renovates Nasarawa PHC Clinic, Donates Water Facility
Fidelity Bank Renovates Nasarawa PHC Clinic, Donates Water Facility
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
As part of its Corporate Social Responsibility (CSR) initiatives, leading financial institution, Fidelity Bank Plc, has renovated the Primary Healthcare Clinic along the Workers Village in the Tudun Amba Community of Lafia Local Government Area of Nasarawa State.
The bank also provided water facilities to ameliorate issues of water scarcity being experienced in the community in recent times.
Speaking at the inauguration ceremony, the Divisional Head, Brand and Communication Plc, Fidelity Bank, Meksley Nwagboh, said the dignity of every human person is a shared responsibility. The bank decided to embark on the project as a means of improving the living condition of people in the community and as part of the bank’s social responsibility to its host community.
Expressing gratitude to the leadership of the community for giving the bank the opportunity to execute the project, Nwagboh said, “What we are doing today is not different from what we have been doing in communities, local governments and states across the country over the years. As a socially responsible organisation, we take it upon ourselves to impact our host communities positively through developmental initiatives such as these.
“On behalf of the management and staff of Fidelity Bank, I want to say thank you to everyone who made it possible for us to touch the lives of the people positively in this community and we remain committed to playing our part in helping individuals grow, thrive and prosper”.
On his part, the Honourable Commissioner of Health, Nasarawa State, Gaza Gwamna, while commending Fidelity Bank for the donation of a water facility and the renovation works at the Primary Healthcare Clinic, reiterated the state government’s commitment to continue to support commercial banks to boost the economy of the state.
The Commissioner who was represented by the Permanent Secretary of the ministry, John Damina, further called on the Nasarawa State Primary Healthcare Development Agency to utilise the upgraded facility with care to encourage the bank and other private investors to continue to support the less-privileged people of the state.
“I want to use this opportunity to call on the management of the NAPHDA to ensure proper utilization of this facility for the good of the host community and beyond. This will go a long way in encouraging other private sector players to extend the same gesture to other communities in the state,” he said.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
News
Exec Sec NCDMB, Felix Ogbe Bags Fellowship of Engineering Society
Exec Sec NCDMB, Felix Ogbe Bags Fellowship of Engineering Society
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe was on Wednesday inducted into the Fellowship of the Nigerian Society of Engineers.
The investiture was performed by the President/Chair-in-Council of the NSE, Engr. Margaret Aina Oguntala, FNSE at a ceremony in Abuja.
In her remarks at the occasion, the President of NSE congratulated the 63 new inductees and urged them to uphold the values of their new position in their field of engineering.
She highlighted that engineers have been at the forefront of driving progress and development across various sectors of the economy, notably in the oil and gas industry.
She particularly lauded the Executive Secretary of NCDMB for his excellent leadership and expertise through the strategic development of local content and in-country value retention, which is a testament to his brilliance in the field of engineering.
She also applauded the strategic partnership between the NSE, the NCDMB and other stakeholders in the oil and gas industry.
Similarly, the chairman Board of Fellows/College of Fellows, Engr. Kamila Maliki, FNSE, commended the new inductees for their resilience, dedication, and contribution to the field of engineering.
He added that it was not a small feat to be chosen for the investiture due to the rigorous and thorough nature of the selection process.
The Executive Secretary later was joined by the Managing Director of Setraco Nigeria Limited, Engr. Ziad Mouannes and Senator Patrick Ndubueze for the unveiling of the very first edition of the 2024 NSE Quarterly Magazine.
Some senior officials of the Board who accompanied the Executive Secretary to the event included the Director, Monitoring and Evaluation, Mr. Abdulmalik Halilu, Director, Project Certification and Authorization, Engr. Abayomi Bamidele, and the General Manager, Corporate Communications and Zonal Coordination, Mr. Esueme Dan Kikile, Esq.
Before he was appointed the Executive Secretary of NCDMB, Engr. Ogbe had nearly 30 years top -level career in the field of engineering in the employment of Chevron Nigeria Limited (CNL), before retiring voluntarily to set up his private firm.
His last position at Chevron Nigeria was Construction Services Group Superintendent, and he oversaw 200 personnel, including Nigerian nationals and expatriates.
Other notable positions he held at the company included Offshore Projects Manager, Construction Manager (Lagos & Escravos -Warri), Construction Engineer (San Ramon) in California, United States of America.
News
Nigeria’s Adekeye Emerges Chairperson, APPO Training Directors
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Nigeria’s Adekeye Emerges Chairperson, APPO Training Directors
Nigeria’s Folashade Adekeye has emerged as the Chairperson, Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of the African Petroleum Producers Organization (APPO). Adekeye, who is the Director, NNPC Academy, took over from the former chairperson, Mr. Abdelkader Guenone, the Managing Director of the Algerian Petroleum Institute (API), during the second meeting of the Forum, in Abuja, at the weekend.
L-R: Secretary General, African Petroleum Producers Organization (APPO), Dr. Omar Farouk Ibrahim; Executive Vice President, Business Services NNPC Ltd (Representative of the GCEO NNPC), Mr. Inuwa Danladi; new Chairperson, Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of APPO and Director NNPC Academy, Mrs. Folashade Adekeye and Managing Director, Algerian Petroleum Institute (API), Mr. Abdelkader Guenone, during the second meeting of the Forum, in Abuja, at the weekend
Adekeye, who heads the NNPC’s oil and gas training arm, brings into the role over 30 years of experience, and is expected to work with her colleagues from APPO Member Countries in order to foster more collaboration towards addressing the challenges of competences, skill gaps, infrastructure, and poor funding in the organization’s training institutions.
Earlier in his keynote address at the opening ceremony of the meeting, the Group Chief Executive Officer of NNPC Ltd., Mele Kyari, represented by Inuwa Danladi, Executive Vice President (Business Services), emphasized the importance of a standardized educational and training approach to meet the changing demands of the oil and gas industry.
L-R: Executive Vice President, Business Services NNPC Ltd (Representative of the GCEO NNPC), Mr. Inuwa Danladi exchange pleasantries with the Secretary General, African Petroleum Producers Organization (APPO), Dr. Omar Farouk Ibrahim, during the second meeting of the Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of APPO, in Abuja, at the weekend.
Also in his keynote address, APPO’s Secretary General, Dr. Omar Farouk Ibrahim, charged the Member Countries to work towards further enhancing collaborative efforts to establish Oil & Gas Centres of Excellence across the African continent.
Dr. Ibrahim, also from Nigeria, said having good knowledge of the Forum’s challenges would enable APPO Member Countries to make recommendations and provide solutions in areas such as Oil & Gas project funding, technology adoption, and the formation of Africa Energy Bank.
He concluded that such collaboration by all member countries will guarantee Africa’s energy accessibility, affordability and sustainability, which overall, will strengthen her economies and bring prosperity to its citizens.
-
News5 years agoBreaking: ‘Penalty’ Crooner Small Doctor Caught in Possession of Fire Arms
-
News5 years agoTiffany Trump Is Dating a Millionaire Michael Boulos From Nigeria
-
News5 years agoPDP Set To Cause Panic Days To Polls: FG
-
News5 years agoINEC Engages EFCC, FIU In Tracking Campaign Funding
-
News2 years ago
INEC Publish Final List of Candidates For 2022 Osun Governorship Poll
-
Politics5 years agoPDP Alleges Plot by APC, Presidency to Detain Its Leaders
-
Politics5 years agoOsinbajo Has Betrayed Yorubas, Says Afenifere
-
Politics5 years agoLagos Commissioner Decamps To PDP