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Tag: Commissioner for Finance.

  • Court orders arrest of Akwa Ibom commissioners for alleged money laundering

    The Federal High Court in Lagos yesterday issued a bench warrant for the arrest of two Akwa Ibom State commissioners.

    They are Commissioner for Finance, Nsikan Nkan and Attorney-General and Commissioner for Justice, Uwemedimo Nwoko. Justice Rilwan Aikawa also ordered the arrest of Akwa Ibom State Accountant-General, Mfon Udomah.

    Their arrest followed an application by the Economic and Financial Crimes Commission (EFCC), which said they were at large. They were charged along with Nigerian Bar Association (NBA) president, Mr Paul Usoro (SAN), for alleged N1.4 billion fraud.

    EFCC re-arraigned Usoro before Justice Aikawa. He pleaded not guilty. After the re-arraignment, prosecuting counsel, Rotimi Oyedepo, urged the court to compel the appearance of the suspects due to the commission’s inability to produce them. He said the Administration of Criminal Justice Act (ACJA) empowers the court to compel the appearance of a suspect either by sum mons or warrant. “We seek your Lordship’s order to compel their attendance. We seek to bring them before the court in the interest of justice,” he said. But Usoro’s lead counsel, Chief Ifedayo Adedipe (SAN), opposed the application. He said those sought to be arrested were not named as defendants in the charge.

    “The individuals were not charged before the court. Until they are charged, you cannot order their arrest,” the SAN said. But the judge refused Ifedayo’s objection. Granting the prayer, Justice Aikawa held: “I order that bench warrant be issued against the named persons.” Justice Aikawa is the third judge to handle the case. Usoro was first arraigned before Justice Muslim Hassan on a 10-count charge.

    The judge later withdrew from the case after Usoro asked him to recuse himself. Usoro was to be re-arraigned before Justice Chika Obiozor, but the judge recused himself for personal reasons on the day of re-arraignment.

    “For personal reasons, I hereby disqualify myself from handling the case. “I hereby return this file to the Chief Judge for reassignment to another judge,” Justice Obiozor ruled. Also named in the charge is Governor Emmanuel Udom, “currently constitutionally immuned from prosecution.

    ” EFCC alleged that the defendants committed the offence on May 14, 2016. The commission alleged that Usoro conspired with others to commit the offence within the court’s jurisdiction. He was alleged to have conspired to convert N1.4 billion, property of Akwa Ibom State Government, which sum they reasonably ought to have known formed part of the proceeds of an unlawful activity.

    The prosecution said the unlawful activity included criminal breach of trust which contravened sections 15 (2), 15(3), and 18 (A) of the Money Laundering (Prohibition) Act, 2011. Usoro, represented by six SANs and other lawyers, pleaded not guilty.

    Justice Aikawa allowed him to continue on the bail granted him by Justice Hassan. Justice Hassan granted Usoro bail for N250 million, with one surety in like sum. The court added that the surety must own landed property within the court’s jurisdiction, or be a civil servant not lower than the rank of a Director in the Federal or State civil service. The NBA President was further ordered to deposit his international passport with the Court’s Deputy Chief Registrar (DCR), which will be verified for genuineness.

    The court then ordered that Usoro be handed over to a counsel of the inner bar, Mr E.B. Effiong (SAN), pending perfection of his bail terms. Justice Aikawa added that if the surety is below the rank of director, he must deposit his title documents with the court’s registry.

    Oyedepo pointed out that Usoro was yet to meet the bail conditions imposed on him by Justice Hassan. Justice Aikawa ordered Usoro to perfect his bail terms within two weeks. “The defendants shall be released to Offiong pending fulfilment of his bail conditions, which shall be on or before March 15,” the judge said. Justice Aikawa adjourned until March 18 and 19 for trial.

  • Lagos reduces land use charge rates, waives penalty for late payment

    …Grants 50% Reduction on Commercial Charges, 25% For Owner-Occupier, Manufacturing Concerns

    … Gives Tax Credit for Payment Already Made, Introduces Instalment Payment Plan

     

    Following extensive deliberations with stakeholders on the new rates payable by property owners under the Lagos State Land Use Charge (LUC) Law, the State Government on Thursday announced a major reduction in the rates and as well waived the penalty for late payments across board.

    The State’s Commissioner for Finance, Mr Akinyemi Ashade, who disclosed this while addressing a press briefing at the Bagauda Kaltho Press Centre in Alausa on the outcome of dialogue with stakeholders, said the rates payable on commercial properties have been reduced by 50 per cent in response to the demands of the people.

    He said the government has also reduced the charges for Owner-occupier with third party including industries and manufacturing concerns by 25 per cent, while tax credits has been given for LUC charges already paid in addition to introduction of instalment payment system.

    Ashade, who addressed the briefing alongside dozens of Executive Council members and top government functionaries, said the decision to reduce the rates was taken at the weekly Council Meeting held on Wednesday and Chaired by the State Governor, Mr Akinwunmi Ambode.

    He said: “The Lagos State Government, in its desire to build world class infrastructure and improve the well-being of its citizens reviewed the Land Use Charges payable by all property owners. This exercise was received with mixed feelings by various interest groups who expressed serious concerns.

    “In line with this administration’s tradition of inclusive governance and civic engagement, and as a Government that is committed to the welfare of its citizens and understands the importance of continuously engaging the populace, we undertook extensive dialogue with various stakeholders on the Land Use Charge (“LUC”) revised Law and its implementation.

    “Consequently, we received a wide range of responses from our dialogue with various stakeholders on the amended LUC Law 2018. The stakeholders included the Organised Private Sector, Nigeria Bar Association, Real estate investors & developers, Landlord & Resident Associations, Community Development Associations, Civil Society Organisations, Lagos Chamber of Commerce and Industries (LCCI), Nigeria Institute of Estate Surveyors &Valuers and several other professional groups.”

    Giving a breakdown of the reduction, Ashade said for commercial property owners who were mostly affected by the amended law, a property valued at N20million for instance which was earlier billed N91,200 will now pay N45,600 per annum as a result of the 50 per cent discount, while property occupied by owner, third party and property used for industrial and manufacturing purposes will now pay N23,040 per annum on a property valued at N20million as against the earlier N30,720 based on the 25 per cent discount.

    On owner-occupied property, the Commissioner explained that for a property valued at N20million, only N7,752 will now be paid per annum as against N9,120 earlier demanded based on 15 per cent discount.

    He added: “Other rates and reliefs, apart from the ones stated above, will remain unchanged and will be implemented as stipulated by the Law. These include 40% general relief, 10% for 70 years and above, 10% for properties owned by persons living with disability and 10% for properties that are 25 years old and so on and so forth. Owners of Property across all categories will now be allowed to make payments by instalments. This will help to reduce the burden of taxation on our citizens.

    “We appreciate and commend property owners of all categories who have performed their civic duties faithfully by paying the LUC. Consequently, as a result of these new measures, those who have paid the original amount will be awarded tax credits to the extent of the excess amount paid and carried forward to next year,”  Ashade said.

    He added that in a bid to create a framework to empower property owners with self-assessment, the executive would forward a regulation to the House of Assembly for review of applicable rates and regime of reliefs on categories of properties pursuant to LUC Law.

    While appreciating stakeholders for trusting the current administration with the responsibility of investing the revenue from LUC in infrastructure renewal and overall development of the State, Ashade urged them to endeavor to participate effectively in the legislative proceedings going forward.

    Besides, the Commissioner said the reduction would be implemented immediately as there were provisions within the LUC law which empowered the government to carry out necessary adjustment to cushion the effect of implementation.

    Also, Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem said under the amended law, there is provision for establishment of five tribunals out of which one has been created in Ikeja and now operational, while the remaining four would be established in other administrative divisions of the State in Epe, Badagry, Ikorodu and Lagos Island.

    He said the law also makes provision for aggrieved tax payers to ventilate their grievances within forty-five days through a mediation process, adding that so far over 80 cases have been resolved through mediation.

    Read Also: Land Use Charge: Dialogue will lead to positive outcome, says Ambode

  • Jigawa establishes internal audit department

    Jigawa State Government said it had inaugurated an Internal Audit Department in the state’s Ministry of Finance and Economic Planning to comply with fiscal rules.

    According to a statement by the ministry’s spokesperson, Alhaji Isma’il Ibrahim, in Dutse on Friday while inaugurating the department.

    The state’s Commissioner for Finance, Alhaji Umar Namadi, said the gesture was to ensure that activities of government were done in accordance with the financial rules and regulations.

    The statement reported the Namadi as saying that the establishment of the department was in compliance with the requirement of the fiscal sustainability plan of the Federal Ministry of Finance.

    It added that the commissioner noted that the new internal audit department in the ministry would perform both system and prepayment audit with more emphasis on system audit.

    The statement stated that the department was a “watchdog” of government financial transactions.

    It further enjoined Heads of Internal Audit in MDAs in the state to ensure that rules and regulations were followed, especially as checks and balances.

  • Budget: We’ll consolidate on modest achievement – Ambode

    Budget: We’ll consolidate on modest achievement – Ambode

    …Gov Delivering On His Promises, Says Speaker

    Lagos State Governor, Mr Akinwunmi Ambode on Monday signed the N812.998bn Y2017 Appropriation Bill to Law, with a promise that it would be judiciously implemented to consolidate on the modest milestones recorded in the last 18 months and propel the State to a path of prosperity.

    The Governor, who spoke at a brief but impressive ceremony, held at the Lagos House, Ikeja, said the 2017 budget, christened, “Golden Jubilee Budget” was his administration’s contract with Lagosians to continue to build an all-inclusive economy throughout the year.

    The Governor thanked the Speaker and members of the House of Assembly for their forthrightness and speedy consideration and approval of the Appropriation Bill, which he presented to the House on November 29, 2016, and was passed to Law on January 3, 2017.

    He said the N812.998bn Y2017 budget was in line with the State Development Plan 2012-2025, the Medium Term Expenditure Framework for 2017-2019, based on the State’s Four Pillars of Development Plan which include: Infrastructure Development, Economic Development, Social Development and Security as well as Sustainable Environment.

    Governor Ambode, while assuring that his administration would immediately hit the ground running to implement the budget, expressed optimism that the national economy would begin a path of recovery this year.

    “We are encouraged by the budget performance of last year (2016) which stood at 78 percent. Our total Capital Expenditure in 2017 will be N507.816bn while Recurrent Expenditure is estimated at N305.182bn.

    “Our government is committed to prudent financial management and equitable allocation of resources for the general good and will ensure proper fiscal discipline in the implementation of this Appropriation Law,” Governor Ambode said.

    While alluding to the fact that obligations and duties of citizens like tax payments have become noticeably better, self-induced and encouraging, Governor Ambode sought the cooperation and understanding of all taxpayers to successfully implement the budget, saying that government would continue to strive harder to improve service delivery in all sectors.

    “We encourage all taxpayers to continue in this spirit and also take advantage of available multi-pay channels in fulfilling their civic obligations. Do not pay to touts or illegal channels. Make sure your tax payments count. We are doing everything to eliminate poor services to you,” he said.

    In his goodwill message, Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, said the judicious implementation of the 2016 Budget by Governor Ambode, against all odds, has gone a long way to confirm his financial expertise.

     The Speaker, who was represented at the event by the Chairman, House Committee on Appropriation, Hon. Rotimi Olowo, said many laudable projects including the construction of 114 Roads across all the local governments in the state within a year was a first in the history of Nigeria.

    “That means by 2023, just in eight years, he would have done over 1,000 roads in addition to what the Ministry of Works and Public Works Corporation is doing.

    “Another area that is unbeatable is the ‘Light up Lagos’, which no doubt increases the economy of our mothers and fathers. That is in tandem with Article of Faith as entrenched in the 1999 Constitution, which summarily explains that the Governor is determined and committed,” the Speaker said.

    Earlier, Commissioner for Finance, Mr Akinyemi Ashade who gave a breakdown of the budget, said a total of N507.816billion has been earmarked for capital expenditure, while N305.182billion is for recurrent expenditure making up a total expenditure of N812.998billion and an aggregate capital to a recurrent ratio of 62:38.

    Ashade, who is also the Commissioner overseeing the Ministry of Finance, said Year 2017 budget which would largely be driven by Internally Generated Revenue (IGR) made up of taxes, rates, levies and others, would be focused on continuous promotion of massive investments in security, infrastructure, transport/traffic management, physical and social infrastructural development, environment, health, housing, tourism, power, e-governance, education, agriculture and skill acquisition.

    While explaining the sectoral breakdown of the budget, Ashade said a total of N141.692billion was earmarked for roads and other infrastructure, while Agriculture and Food Security got N4.795billion with Tourism and Environment getting N20.247billion and N24.031billion respectively.

    A further breakdown of the budget showed that Water got N20.082billion; Housing, N50.344billion; Health, N51.447billion; Sports Development, N9.457billion; Education, N92.445billion; Commerce and Industry, N1.500billion, Wealth and Employment Creation, N6.250billion; Women Affairs, N2.193billion; Youth and Social Development, N2.698billion; Governance, N11.193billion; Science and Technology, N11.000billion; Security, Law and Order, N39.722billion, while N3.800billion was set aside for the 7.5 percent Government Share to Pension Contribution and N7.150billion for Pension Redemption Bond Fund-Shortfall.

    On Transportation, Ashade said N49.077billion was earmarked for the Blue Rail Line, advancement of the 10-Lane Lagos-Badagry Expressway, construction of jetties and terminals especially for the Epe and Marina Shoreline Protection and procurement of ferries to improve on water transportation and encourage tourism, while also disclosing that attention would be paid to the expansion of BRT corridors in Oshodi-Abule-Egba, and other corridors.

  • Ambode redeploys Ashade as commissioner for finance

    Lagos State Governor, Mr. Akinwunmi Ambode has redeployed the Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade to take over as the Commissioner for Finance.

    In a statement signed by his Chief Press Secretary, Mr. Habib Aruna, the Governor made the decision shortly after the State Executive Council meeting on Wednesday.

    Ashade is expected to resume his new portfolio with immediate effect.

    Governor Ambode, however, said Ashade would still oversee the Ministry of Economic Planning and Budget pending when the State Executive Council would be reshuffled.

    It would be recalled that Governor Ambode on Wednesday, October 19, on Wednesday carried out a cabinet reshuffle with the dropping of the Commissioners for Tourism- Mr Folorunsho Folarin-Coker; Finance, Dr. Mustapha Akinkunmi and Transportation, Dr. Ekundayo Mobereola.

    Mr. Ashade was until his appointment by Governor Akinwunmi Ambode, a Partner at KPMG Professional Services, one of the big 4 international professional services firm with specialisation in audit, tax and advisory services. With over 16 years of professional experience with KPMG Nigeria and extensive skills in financial services industry, project and quality assurance management and public private partnership, he is surely a round peg in a round hole.

    A Chartered Accountant and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Ashade was born in Badagry on 6th October, 1975. He had his primary education at Anglican Primary School, Ilado, Badagry between 1981 and 86 and proceeded to Iworo Ajido High School, Badagry where he passed the West African School Certificate of Education in 1992 before proceeding to University of Lagos where he graduated with B.Sc (second class upper division) in Biology in 1997.

    Ashade joined KPMG (then Arthur Andersen, Nigeria) in March, 1999 and this provided an opportunity for a career change to Accounting. He became chartered in 2004 and was admitted as a partner in KPMG 2013. In 2015, he was appointed a Fellow, Institute of Chartered Accountants of Nigeria.