FIRS says good use of tax revenues will enhance tax morale, compliance

When governments deploy tax revenues for the common good of the citizens, there is a concomitant increase in tax compliance by citizens who see the direct benefit of the taxes they pay. This was the position held by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami during his opening remarks at the launch of the Public Finance Database by the Nigeria Governors’ Forum at the Wells Carlton Hotel, in Abuja, on Tuesday, last week. Mr. Nami argued that the low compliance tax rate in most developing…

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FIRS cautions MDAs to stop contracting tax assessment, collection, enforcement to consultants

The Federal Inland Revenue Service (FIRS) has cautioned Ministries, Departments and Agencies of Government (MDAs) against the appointment of consultants and concessionaires to collect taxes due to the Federal Government or any of its agencies, as the FIRS is the sole agency of government saddled with the responsibility of tax collection. In a Public Notice it issued Thursday, 22nd September, 2022, signed by its Executive Chairman, Muhammad Nami, the FIRS accused some MDAs of including functions of assessment, collection, accounting and enforcement of taxes and levies in their agreements with…

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Nigeria Media Monitoring Services partners Communications experts on industry issues

In a bid to fully evaluate and sustain communication and public relations best practices around the globe, as well as offer solutions to persistent problems in the PR industry, P+ Measurement Services, a leading media intelligence agency, will be hosting the 21st edition of #EvaluatePR, welcoming all communications and public relations stakeholders from around the world. #EvaluatePR is an enlightening, interactive, and informative event featuring communications, public relations, and media intelligence practitioners who will be sharing their experiences, advice, and insights on Media Intelligence, Monitoring, Research, Performance audit, Measurement and…

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Prudential Zenith Life Insurance records 75% growth in profit after tax in 2021 result

Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results for the year ended 31st December 2021, recording a 75percent growth in profit after tax (PAT) of ₦1.13b compared to the ₦646m recorded in the corresponding period in 2020. The results, which was approved by the Board of Directors of Prudential Zenith and the insurance industry regulator, the National Insurance Commission (NAICOM), shows that Gross Written Premium (GWP) and Annualized Premium Equivalent (APE) grew year on year by 16.3% and 9.3% respectively. This was primarily driven by 27% growth…

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Our mandate is to collect taxes, not to grant tax waivers to taxpayers – FIRS

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has disclosed that the mandate of the Service is to collect taxes that are due to the federation and the Federal Government not to grant tax waivers to any taxpayer in the country. Nami stated this in a swift reaction to the news making the rounds that some companies among them Dangote Sinotruck Limited, Lafarge, Honeywell, etc had been granted tax waiver on pioneer status between 2019 and 2021 in the sum of N16 trillion by the FIRS…

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FIRS boss, Nami says Road Infrastructure Tax Credit Scheme is one of FG’s greatest innovations

The Road Infrastructure Tax Credit Scheme has been described by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami as one of the greatest innovations of the Federal government in its resolve to tackle Nigeria’s infrastructure deficit.   The scheme which provides for public-private partnership intervention in the construction, refurbishment and maintenance of critical road infrastructure in the country with participants being entitled to Tax Credits against their future Companies Income Tax was the subject of debate at the Senate Stakeholder and Public Hearing on the 2023…

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Court orders Seplat to pay $2,112,500m debt to service providing firm

An Ikeja High Court of Lagos State, has ordered one of the foremost oil and gas exploration company in Nigeria, Seplat Petroleum Development Company Plc, to pay an outstanding indebtedness of $2,112,500 million USD, an equivalent of N1,499,875,000 billion, to an oil servicing company, ABM Global Resources Limited. Justice Owolabi Alls Dabiri who presided over the court, made the order, while delivering judgement in a debt recovery suit instituted by ABM Resources Limited against Seplat Petroleum Development Company Plc in a suit numbered LD/2457GCMW/2016 ABM Resources Limited in a bid…

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NFVCB to review laws, movie censorship fee

The National Film and Video Censors Board (NFVCB) says there is the need to review the law backing the board and movie censorship fee in Nigeria. Alhaji Adedayo Thomas, the NFVCB Executive Secretary, made this known at a stakeholders’ forum in Lagos on Friday. Thomas said that the NFVCB laws should be reviewed to further professionalise the creative industry, position it to be self regulated and reduce government involvement. “We want to work on reviewing our laws which has not been tampered with for over 20 years and this will…

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Waka About Africa set to hold annual FinTechTour Lecture September 22

All is set for the 2022 edition of the Waka About Africa annual lecture. The event is expected to hold on Thursday, September 22 at the LCCI Conference Centre, Ikeja with the theme, FinTechTour: Unlocking Opportunities for Nigerian Businesses. According to a statement signed by Nwanma Chinyere Ogidi, publisher of Waka About Africa, the lecture which will be the first of its kind in the country, will bring together policy makers, media groups, professionals and stakeholders in the ICT, finance, aviation, tourism and culture sectors to interact under one roof,…

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Stanbic IBTC Bank shows determination to support agro-allied economy

Stanbic IBTC Bank PLC, a member of Standard Bank has intensified its efforts in providing financial products and services for businesses in the agro-allied industry in determination to expand and support the agriculture and agro-allied industrial sector in Nigeria The agro-allied industries are central to sustainable development. The agricultural sector is critical for generating employment, supporting the economy in farming communities, and providing food and nutritional security. Wole Oshin, Head, Agribusiness, Stanbic IBTC Bank PLC said that Nigeria’s ambitions for accelerated and inclusive economic growth was contingent on achieving a…

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