Business News Archives — Page 19 of 32 — Business Bells

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Category: Business News

  • Consolidated Revenue Fund Overdrawn by N2.48tr, says Auditor-General

    Consolidated Revenue Fund Overdrawn by N2.48tr, says Auditor-General

     

    The Auditor General of the Federation, Aghughu Adolphus Arhotomhen, has queried alleged unsubstantiated transfer of N3.627 trillion from government coffers to entities to fund recurrent expenditure in the 2018 financial year.

     

    He also said the Consolidated Revenue Fund was overdrawn to the tune N2.483 trillion in total disregard of Financial Regulation (FR) 710.

     

    Financial Regulation (FR) 710 stipulates that “No government bank account shall be overdrawn or any temporary advance obtained from a bank. In the event of an account being overdrawn, the Officer Responsible shall be made to refund any bank charges incurred thereon.”

     

    Besides, the AuGF, in his report submitted to the National Assembly, queried the funding of government investments in non-existent or moribund companies to the tune of N84.702 billion, adding that there was no evidence supporting investment of government in the companies.

     

    The part two report with reference number GF/AR.2018/VOL.II/02 of 25th March, 2021 was signed by the Auditor General of the Federation, Adolphus A. Aghughu and addressed to the Clerk to the National Assembly.

     

    According to the report, the sum  of N8.101 trillion was transferred to fund recurrent expenditure-receipt’ in the Consolidated Statement of Financial Performance, while the sum of N11.728 trillion by 944 MDAs gave rise to an unsubstantiated difference of N3.627 trillion which was recognised in the Consolidated Statement of Financial Performance.

     

    “The audit is unable to validate the correctness or otherwise of the difference under reference,” the AuGF said.

     

    The report said further that about 103 MDAs exceeded their Personnel Cost Budget by ₦641.757 billion in 2018 while another 115 MDAs had zero Personnel Cost even though there was Budget allocation for them.

     

    It queried the sources of extra funds for salaries and wages to the 103 MDAs and why there was zero personnel budget for the 115 MDAs even though the MDAs under reference had annual budgets approved for them.

     

    It expressed concern about the completeness and accuracy of the consolidated figures with respect to salaries and wages, adding that “the above anomalies could be attributed to absence of strong quality assurance around the consolidation process at the Office of the Accountant-General of the Federation.

     

    The risk to government resources, it said, is the fact that the consolidated financial statements may have been misstated while there may have been unauthorised virement instead of seeking approval of the National Assembly.

     

    It put the total amount of GIFMIS finalised payments for randomly selected 99 MDAs at ₦536.050 billion and the consolidated salaries and wages at ₦532.352 billion, leading to an understatement of ₦3,698 billion.

     

    The report said there was no further information to enable the audit to verify the understatement.

     

    It attributed the discrepancy to “weaknesses in the internal control systems around the consolidation process at the Office of the Accountant-General of the Federation”.

     

    The audit report disclosed that there were certain irregularities in the disclosure of aids and grants to MDAs to the tune of ₦219.562 billion, which it said was in contravention of Auditor-General for the Federation’s recommendation in 2017 report that ‘Aid and Grants’ should be disclosed in a recommended format.

     

    It said “as a result of the above violation, the sum of ₦219.562 billion shown as Aid & Grants could not be validated, and there was ‘Foreign Grants’ of ₦4,200.00 (Four thousand two hundred naira) as well as ‘Domestic Grant’ of ₦17,100.00 (Seventeen thousand one hundred naira) totaling ₦21,300.00 in favour of Federal Ministry of Foreign Affairs.

     

    “Audit is concerned as to what amount in foreign currency was donated to the extent that its naira equivalent was ₦4,200.00. The donor was not disclosed to enable audit follow up with circularization”.

     

    It said this makes accountability difficult and could cast doubt on the existence and accuracy of reported figures.

     

    On doubtful government investments in NITEL and other Moribund companies, the report said  about N84.702 billion was invested in companies whose going concern and continue existence are in doubt, adding that “efforts by the audit to verify the investment in NITEL yielded no result as the Agency in question had been liquidated.

     

    “Continued recognition of these investments without fully disclosing their impairment status in the Consolidated Financial Statements as required by the above IPSAS cast doubt as to their accuracy and existence.

     

    “Audit therefore concludes that since there is no evidence that supports government investment in NITEL and other companies, it is more likely that these investments may have been impaired,” it said.

     

    The Auditor General’s report also stated that some government agencies embarked upon overhead expenditure without appropriation while some others carried out unapproved virement to fund their overheads.

     

    It said about 14 MDAs incurred overhead expenditure totaling N162.924 billion without appropriation in total disregard to the 1999 constitution as amended, leading to possible misappropriation of funds.

  • Bolanle Ninalowo Unveiled As Brand Ambassador As Punch Marketing Brings French Cognac Heritage to Nigeria

    Bolanle Ninalowo Unveiled As Brand Ambassador As Punch Marketing Brings French Cognac Heritage to Nigeria

     

    Punch Marketing, promoters of Sainte Croix, the premium quality cognac, have said that the entry of the brand to Nigeria signals the arrival of the French Cognac heritage and a quality associated only with the very best.

     

     It now offers consumers an exciting and challenging experience, one that challenge’s the establishment and the senses of Congac drinkers.

     

     The company made this assertion at the exclusive event, held in Lagos on 17th June, 2021, to present the brand to their Nigerian consumers.

     

    Chris Parkes, the company’s Country Manager (Nigeria), informed that Sainte Croix, which has been made with passion since 1756 and celebrated around the world, delivers the best Cognac experience that the Charente and Charente-Maritime regions of France have come to be known for.

    “Cognac is a native of France and named after the town of Cognac, which is about 250 miles south of Paris. Sainte Croix is a proud ambassador of this origin, delivering the same top quality that has distinguished Cognac and France from every other country that produces brandies. This is the heritage that the brand is bringing to the Nigerian market.”

     

    Chris referred to Sainte Croix as a masterpiece, for connoisseurs and friends, saying that the superb quality that the brand has been associated with and celebrated across the world over the centuries, is an attestation to the quantum of patience and meticulousness that go into the making of Saint Croix, it is truly the spirit of courage. He painted the picture of the rigorous process that goes into the making Sainte Croix thus:

    “We pick only the finest mature white grapes at the annual harvest to ensure that the white wines that are produced from them are perfect. These selected wines are distilled twice to create the flawless eau-de-vie variants and only the most bold and distinctive variants are selected to be placed in aged wooden barrels for a minimum of not two years as is normal for VS but for four years. VSOP is not just the normal four years but eight and the XO… not just 15 years but 30..”

     

    “While the Sainte Croix VS Cognac is the perfect partner on its own or with a premium mixer it can create refreshing cocktails beach-side or impress while entertaining guests; the Sainte Croix VSOP comes into its own when you need to impress your top clients to secure those lucrative deals or celebrating in true style; and the distinguished Sainte Croix XO is a rare gem that is best enjoyed neat or on the rocks to be enjoyed  in the VIP at an exclusive club  or to set the scene on the most special of occasions,” he said.

    While he encouraged consumers to explore their own creativity with Sainte Croix Cognac and cocktails, he informed that there are hundreds of cocktail recipes out there that Sainte Croix takes to the next level.

     

    Chris further noted that the entry of Sainte Croix, which is the most luxurious brand new to Nigeria, has excited the consumers of cognacs and has actually upset the existing status quo in the country, challenging consumers and offering them a chance of a real rich and quality Cognac that satisfies both connoisseurs and friends.

     

    “Our entry into the Nigerian market has elicited a lot of excitement among Nigerian consumers, understandably. The same premium quality that has come to be associated with Sainte Croix across the globe is the reason for this excitement. One thing is sure, this feeling is going to be much more in the coming days as the brand gains stronger foothold in the country,” he concluded.

     

    The highpoint of the exclusive event was the unveiling of Bolanle Ninalowo, a Nigerian actor and film producer as the brand ambassador.

     

    Speaking shortly after the unveiling, Ninolowo also known as Nino, expressed his excitement being chosen as the brand ambassador.

     

    He noted that though he’s an actor, he also holds a master degree in Marketing.

     

    Promising to take the brand to the next level, he noted; “It’s always a great thing for me when I work with brands. I always like to challenge myself on how to take the brand to the next level. And this is what I am promising.  

     

    Ninolowo said having tasted the product, he could testify that it’s a product with a great and quality taste.

     

    He implored Nigerians to always go for Sainte Croix Cognac as it is the best in the market so far.

     

    Guests present at the event were also given the opportunity to sample the taste of the  Sainte Croix Cognac.

  • Over 50% of Jumia Sellers in Nigeria and Kenya Are Women Entrepreneurs — Report

    Over 50% of Jumia Sellers in Nigeria and Kenya Are Women Entrepreneurs — Report

     

    A report by International Finance Corporation (IFC), alongside the European Commission and Kantar Public has found out that over a third of businesses on the Jumia platform in Côte d’Ivoire and over 50% in Kenya and Nigeria are owned by women.

     

    The report titled Women and e-commerce in Africa, which is the first research of its kind in Africa, covering entrepreneurs in Nigeria, Kenya and Ivory Coast, found out that increasing the number of women selling on online platforms such as Jumia by providing them with training and financial support can lead to more inclusive growth on the continent.

     

    “It is absolutely essential for women to be factored into the future of e-commerce.” said Juliet Anammah, Jumia Group Head of Institutional Affairs.

     

     “Africa is at the start of its e-commerce growth trajectory. Now is the time to ensure women entrepreneurs are at the forefront of Africa’s digital journey.”

     

    Jumia is uniquely positioned to support women-owned businesses in Africa to reach consumers online, providing them with the necessary tools, technology and training to operate their businesses online. IFC’s research found that e-commerce supported women entrepreneurs by helping them grow their businesses, enter male-dominated sectors, access training, and achieve personal goals and increased flexibility.

     

    “E-commerce in Africa is thriving, yet we are already seeing a widening gender gap in the sector. IFC’s report not only highlights the gap, but also shows how it might be addressed so that women entrepreneurs can succeed in this important and rapidly growing marketplace,” said Sérgio Pimenta, IFC Vice President for the Middle East and Africa

     

    On the Jumia platform, over a third of businesses in Côte d’Ivoire and over 50% in Kenya and Nigeria are owned by women. The company aims to further drive the penetration of women-owned businesses across all countries where it operates. E-commerce is particularly attractive for women because it gives women the unique opportunity to sell to consumers in an environment without any of the gender related biases that may exist in physical markets

     

    “Initially it was hard to get physical retailers to take my hair products on board, but joining Jumia was simple and after registering with them I immediately had direct access to thousands of customers.” says Wacu Mureithi Founder of Mosara Ltd (Natural hair products) in Kenya.

     

    Beyond providing them with a digital route to market, Jumia aims to further support women-owned businesses by helping them access credit to fund the growth of their ventures. Historically women have taken less advantage of emerging fintech offerings such as in-platform loans compared to their male counterparts, a situation that Jumia intends to change by raising awareness on financial services and credit with women sellers.

     

    “Through the loans received from the Jumia lending program, my business has grown bigger with time.” said Jumoke Akinsanya, founder of an online store in Lagos, Nigeria, Deeski.com. “We started with two staff members and a smaller warehouse. Now we have a bigger warehouse and fourteen staff members.”

     

    Supporting women entrepreneurs has taken on renewed urgency since the outbreak of COVID-19.

     

    In the first year of the pandemic, women-owned businesses in the three countries studied in the report experienced a 7% drop in sales, while male owned businesses recorded a 7% rise in sales.

     

    Targeted support initiatives towards women are key to addressing this inequality and ensuring inclusive economic recovery.

  • ‘How Eko DisCo Connived With Lekki Gardens Phase 3 To Supply, Sell Electricity To Residents At Exorbitant Rates’

    ‘How Eko DisCo Connived With Lekki Gardens Phase 3 To Supply, Sell Electricity To Residents At Exorbitant Rates’

    By Adejuwon Osunnuyi

     

    The Eko Electricity Distribution Company, EKDC has been accused of allegedly conniving with the Excos of Lekki Gardens Phase 3, Lagos allowing them to supply and sell electricity to the residents at exorbitant rates.

     

    An aggrieved resident,  Clement Akpene made the allegation while tendering his complaints at the two-day Electricity Consumer Complaint Resolution Platform event organized by the Federal Competition and Consumer Protection Commission, FCCPC held in Surulere, Lagos recently.

     

    The Excos, as they are called, are those charged with the responsibility of overseeing the affairs of the estate.

     

    Akpene, who along with another resident, Mrs Aisha Usman, stormed the FCCPC event, said the Lekki Gardens Phase 3 residents have over the years been suffering from what they called “broad daylight extortion” by the Excos of the estate over power consumption.

     

    The Excos, according to him, had taken over the responsibility of EKDC by selling power to them at exorbitant rates.

     

    According to him, “While the Eko Disco approved N21.00 per kilowatt of electricity for members of the estate, the Excos bills each household N60.00 per kilowatt of electricity and makes remittance to Eko Disco”.

     

    “As at now, they have even increased the tariff from N60 to N80 which is going to be effective from July 1.

     

    Akpene noted that the minimum payment for electricity bill is N41,000 which gives 200 units. That means each resident spend close to N500,000 on electricity.

     

    “Strangely enough, the complainant noted; “the meters, as programmed by them, (the Excos) run faster than the normal installation by the DISCOS.  N41,000 light will give you 200 units and it would not last you up to  a week.

     

    While Akpene said the excos have been selling power supplied by EKDC for about five years till date, he noted they have disconnected several people in the last two years for missing payment.

     

    “If you travelled for about six months, for instance and you missed the payment, when you return, you are expected to pay about N246,000 or get disconnected”, he lamented.

     

    “What they do is that they have special tools which they used in removing EKDC from the estate and they forced us to be paying for power to them as a third party to EKDC.

     

    “They have a special software they use in generating tokens just like EKDC does. They calibrate our meters not to work with EKDC installation but to work on their own installations so  that they can be able to control, generate tokens that use on same meters. If you buy an EKDC unit, if you load it on those meters, they would not work.

     

    Akpene, who said he hardly stays in the estate, as he works in Abuja, said he has been in darkness for about ten months as his power supply has been cut off by the Excos over indebtedness.

     

    He said several attempts to see that justice is done over the years have not been yielding fruits as EKDC has always referred them back to the executives of the estate telling them to go and settle with them.

     

    According to him, though in one of their meetings with EKDC, the Excos were told to revert to government tariff, but till this date, they have refused.

     

    “I have made complaints to EKDC, they never replied, and when they even replied, they would tell me and other residents to go and comply with the excos . This is against human rights.”

     

    “During one of the meetings we had on 21 January in Marina, with EKDC, the NERC which flew in from Abuja told the excos that they do not have any licence to sell or distribute power to the residents.”

     

    However, while responding to Clement’s barrage of complaints, the EKDC’s lawyer, who said the case is already in court, said the Disco was working on the matter.

     

    He explained that the difference of what the members of the estate were paying is for the maintenance of the Estate generator and purchase of diesel.

     

    Mrs Usman, on her part, said by living in an estate should not mean she does not have right to have access to government’s approved electricity tariff.

     

    “Are we living in another country? Why would other Nigerians would be paying a particular tarrif for electricity and we would be paying higher?,” Usman asked rhetorically.

     

    Reacting to the development, the FCCPC Executive Vice Chairman/CEO, Mr Babatunde Irukera said the scheme by the estate was wrong as he insisted that there should not be middle men between consumers and DISCOS.

     

    He, however, promised that the issue of the Lekki Garden Estate would soon be resolved.

     

  • World Blood Donor Day: Heirs Life Assurance Partners Avon Medical

    World Blood Donor Day: Heirs Life Assurance Partners Avon Medical

     

    Newly launched specialist life insurance company, Heirs Life Assurance (HLA) has partnered Avon Medical to organize a blood drive in commemoration of the 2021 World Blood Donor Day.

     

    The event, which was held on Monday, June 14, 2021, at the ultramodern Avon Medical Dialysis Centre in Ikeja, Lagos had individuals present to donate blood for those in dire need of medical attention.

     

    This year’s edition, the first partnership between both companies, set out to increase awareness of the importance of safe blood for transfusion and highlight the critical role voluntary blood donors play in national health.

     

    The Chief Marketing Officer, Heirs Life Assurance, Ifesinachi Okpagu confirmed that the partnership is in line with the company’s goal of promoting, not just the importance of life insurance, but wholesome living.

     

    “At the core of our business operations at Heirs Life Assurance is care for people and their families and we are pleased to have demonstrated this with our partnership with Avon Medical. There are several statistics that show that blood donation is of much benefit to the end user as much as it is to donors and here today, we are raising awareness for the need to encourage this culture and celebrate as many that have come out to be superheroes”, she said.

     

    Shekinah Olagunju, Head, Marketing and Corporate Communications at Avon Medical, also expressed delight in the partnership, describing it as laudable especially as it helps both companies further their commitment to building a healthier nation and, in the process, improving the economy and transforming Africa; values held by the companies within the Heirs Holdings group portfolio.

     

    Since its official launch on Tuesday, June 1, 2021, Heirs Life has continued to actively push its offering of life insurance that is simple, quick, accessible, and reliable with its array of value adding products, served on several easy-to-use platforms.

     

     Heirs Life’s product offerings comprise of insurance-backed savings plans and life insurance security for individuals, families, children’s education, debtors, creditors, entrepreneurs, and employees. The company is backed by top-notch Reinsurers to provide second-layer security for its clients’ insurance portfolios

  • Buhari Borrows $2.02bn from China in Six Years

    Buhari Borrows $2.02bn from China in Six Years

     

    • $719.61m used to service Chinese loans since inception in 2015

     

     

    President Mohammadu Buhari’s administration has borrowed $2.02bn as loans from China from 2015, data obtained from the Debt Management Office on Monday showed.

     

    According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38bn.

     

    However, as of March 31, the country’s debt portfolio from China had risen to $3.40bn.

     

    According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, a tenor of 20 years and grace period (moratorium) of seven years.

     

    The debt office said that the terms of the loans were compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007.

     

    The loans from China are tied to project. The projects, (eleven in number as at March 31, 2020), include the Nigerian Railway Modernisation Project (Idu-Kaduna section), the Abuja Light Rail Project, Nigerian Four Airport Terminals Expansion Project (Abuja, Kano, Lagos and Port Harcourt), Nigerian Railway Modernisation Project (Lagos-Ibadan section) and the Rehabilitation and Upgrading of Abuja-Keffi-Makurdi Road Project.

     

    The DMO said the low interest rates on the loans reduced the interest cost to government while the long tenor enabled the repayment of the principal sum of the loans over many years.

     

    However, as of March 31, a total of $719.61m had been made as debt service payment to China since the third quarter of 2015.

     

    Of the amount paid as debt service, 46.15 per cent ($332.03m) was paid to service the interest on the loans.

     

    In the first quarter of 2021, $102.19m was used to service debt to China. This is about 11 per cent of the total $1.0bn used to service external debts within the period.

     

    The DMO recently disclosed that Nigeria had more than $5.83bn foreign loans that had been approved but not yet disbursed as of December 31, 2020.

     

    Out of this amount, $1.25bn is supposed to come from the Export-Import Bank of China. Apart from multilateral agencies, China has remained the nation’s largest creditor.

     

    There had been fears among Nigerians that the country may forfeit some of the projects in case of loan defaults.

     

    The fear grew when the Minister of Transportation, Rotimi Amaechi, in August 2020, confirmed that the country waived its sovereign immunity to obtain Chinese loans.

     

    The minister, however, added that as long as debts were repaid, there would be no need for China to claim any infrastructure.

     

    “We must learn to pay our debts and we are paying, and once you are paying, nobody will come and take any of your assets,” he had said.

     

    Despite the assurance, fear persists that the Chinese loans contain some obnoxious clauses that could breach the nation’s sovereignty especially as the loan agreements are not available in the public domain.

     

    Amaechi denied knowledge of any clause that hands over a national asset to China in case of any default in an AriseTV interview on Monday.

     

    He disclosed that the administration of President Buhari had paid $150m out of the $500m borrowed by the administration of President Goodluck Jonathan for the Abuja-Kaduna Rail project.

     

    The minister also commented on other issues such as the suspension of Bala-Usman and the impacts of the country’s Deep Blue Project on every Nigerian.

     

    When asked about the plans of the Federal Government to pay back the loans so as to avoid the Zambian experience where some national assets such as the Kenneth Kaunda International Airport, the Zambia National Broadcasting Corporation and the National Power and Utility Company were reportedly used to settle Zambia’s financial obligations to China, Amaechi said borrowers should meet their obligations.

     

    He said, “When you take loans, you are expected to pay back. Today we are paying back. Under the regime of President Goodluck Jonathan, the loan for Abuja-Kaduna was taken. It was about $500m. Today, we have paid about $150m on that loan.

     

    “Nigeria has never defaulted when it comes to repayment. I do not also expect that we should default on any other loan that we have taken.”

     

    While commenting on the status of the suspension of Ms Hadiza Bala-Usman from the Nigerian Ports Authority, he said, “I am not aware that I suspended Hadiza. I am not the president, and I do not have such powers. That power rests with the president.

     

    “I am not aware that Hadiza was actually suspended. I suspect she was asked to step aside, to enable investigation to be carried out on NPA, not on her. We are investigating NPA.

     

    “At the conclusion of the investigation, all the reports will be sent to the president who will then make a decision on the way forward.”

     

    The minister also said that he was not aware of when the panel would finish and that it was in the hands of the panel.

     

    Responding to how the $195m Deep Blue Project will affect all Nigerians who are not seafarers, he said, “What we have done with the Deep Blue Project is that we will reduce the cost of producing oil in Nigeria.

     

    “By the time we provide security on the waters, the economy would improve because there would be more money coming into the economy. That is the impact it will have.”

     

    He added that the company that handled the project guaranteed to refund of the money spent on the project if there was no improvement in the economy six months after the project.

  • FBNInsurance Rewards Agents to Drive Retail Market

    FBNInsurance Rewards Agents to Drive Retail Market

     

    FBNInsurance Limited said it rewarded its outstanding financial advisors, sales managers, senior sales manager and area sales managers to motivate its retail sales force and in line with its corporate strategy.

     

    It said in a statement titled ‘FBNInsurance rewards retail agents’ that they were recognised during its 2020 MD/CEO Ember Award and The Retail Annual Competition Award in Lagos.

     

    Speaking on the awards at the ceremony, the Executive Director, Retail Business Distribution, FBNInsurance Limited, Mr Odinakachi Umekwe, commended the efforts of the retail team for the outstanding performances they put forward despite the pandemic.

     

    He stated, “The retail team is the company’s potent sales force. This team of over 2,000 vibrant men and women all over Nigeria has sold insurance under the most challenging environment to ensure the company stays ahead in the retail space despite the limitations imposed by COVID-19.

     

    “This award ceremony is to adequately reward the top financial advisors and motivate others to strive more.”

     

    The statement said, “At the award presentation for the Ember Award, the Abuja Sales Area won the Best Performing Area for the period under review while Enugu and Aba Area came second and third respectively. The winning areas were given cash reward for their efforts.”

     

    The Managing Director/Chief Executive Officer of the company, Mr Val Ojumah, presented a brand-new Hyundai car to the overall winner of the 2020 TRAC Award (Financial Advisors category), Nkechi Okonkwo.

     

    Winners in other categories got cash prizes, return tickets to United States of America, a trip to Dubai as well as training opportunity at the South African Business School, University of Stellenbosch.

     

    Commenting on retail business, Ojumah stated that the future of the retail business was going digital.

     

  • Twitter Has Reached Out To Us For ‘High-Level Negotiation,’ Says FG

    Twitter Has Reached Out To Us For ‘High-Level Negotiation,’ Says FG

     

    The Federal Government says the management of tech giant, Twitter, has reached out for dialogue.

     

    The Minister of Information and Culture, Lai Mohammed said this on Wednesday while addressing State House correspondents after the Federal Executive Council.

     

    He said Twitter reached out to the Federal Government on Wednesday morning for ‘high-level discussion.’

     

    He declared that the ban has so far been very effective following reports of Twitter’s huge financial losses running into billions.

     

    The Information Minister maintains that Twitter has been a platform of choice for separatists to thrive and would be disallowed from operating until it is duly registered, licensed, and operates within regulations.

     

    When the Minister was asked about the law under which Nigerians who violate the Twitter ban would be prosecuted, Lai refrained from answering and asked that the Attorney General of the Federation provide answers.

     

    Speaking concerning the discussion at the FEC meeting chaired by President Muhammadu Buhari, Mohammed insisted on the ban and asked politicians to rise beyond various divisions and queue behind the country’s decision to ban the microblogging site.

     

     

    – Tax Payment and Registration –

     

    Minister Lai Mohammed also spoke concerning the payment of tax by tech giants in the country.

     

    He explained that most of the OTT and social media platforms operating in Nigeria do not have offices either do they pay taxes for the billions earned.

     

    Henceforth, the Federal government has resolved to ensure other social media platforms like Facebook and Instagram be registered in the country and adverts have been published to this effect.

     

    The information minister, despite criticism by Human Rights groups, insists that freedom of speech has not been stifled as a result of the ban.

     

    He maintained that other social media platforms are still available for use. 

     

  • Buhari Receives First Made-In-Nigeria Phone

    Buhari Receives First Made-In-Nigeria Phone

     

    President Muhammadu Buhari on Wednesday took delivery of the first ever Nigeria-made cellphone called ITF Mobile.

     

    The product was presented to him by Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, just before commencement of the week’s Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.

     

    Introducing the product to the President, Adebayo said it was produced by the Electrical/Electronics Technology Department of the Industrial Training Fund’s (ITF) Model Skills Training Centre, using locally sourced components.

     

    “Twelve indigenous mobile cell phones produced by the Model Skills Training Centre of the Industrial Training Fund; an agency under Ministry of Industry Trade and Investment was launched.

    “It gives me great pleasure, Mr President, to present you with one of the phones,” Adebayo said.

     

    Also before the start of the FEC meeting, Buhari also presided over swearing-in ceremony of a Commissioner each for the National Population Commission (NPC) and the Federal Civil Service Commission (FCSC).

     

    Those sworn-in were Wakil Bukar as Commissioner of the Federal Civil Service Commission (FCC) and Mohammed Dattijo Usman as Commissioner of the National Population Commission (NPC).

     

    Bukar is to replace the FCC Commissioner from Bauchi State while Usman replaces the NPC Commissioner from Niger State.

     

    Representatives from the two States died recently.

  • FG, Twitter in Talks Over Suspension

    FG, Twitter in Talks Over Suspension

     

    The Ambassador of the United States of America to Nigeria, Mary Leonard, on Monday, confirmed that Nigeria is in discussion with Twitter over suspension of its operations in Nigeria.

     

    Leonard said this during a closed-door meeting with the Minister of Foreign Affairs, Mr Geoffrey Onyeama, ambassadors and representatives of the United States, the United Kingdom, Canada, Ireland and the EU in Nigeria.

     

    Onyeama had said the suspension of Twitter was in the interest of national security and peace.

     

    He stressed that the objective of the ban was to advocate for a responsible use of social media platforms that would not destabilize the peace and unity of the country.

     

    Reacting, Leonard thanked the Minister for inviting them for the meeting and expressed satisfaction that the federal government and Twitter were in talks.

     

    She said the representatives were Nigeria’s strong partners on issues of security and they recognise the daunting task on the issues of security that confronts the country.

     

    “We recognise that there are issues of irresponsible use of social media, but we remain firm in our position that free access to the ability to express self is very important and perhaps more important in troubled times,’’ NAN quoted her as saying.

     

    She said many of the things Onyeama referred to, including incitements and violence, were crimes the Nigerian government had legitimate right to prosecute.

     

    Leonard urged the federal government to use its judicial processes within the scope of respect for human rights and the rule of law to restrain such behaviours.