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Tag: targets

  • Tax: Govt targets property owners in highbrow areas

    Tax: Govt targets property owners in highbrow areas

    The Federal Government has extended its searchlight on tax evaders with net-worth properties in highbrow areas of major cities.

    The Federal Government on July 1, 2017 granted tax payers a nine-month grace to regularise their tax status under the Voluntary Assets and Income Declaration Scheme (VAIDS).

    Yesterday, a  source in the Presidency told reporters that the government through its data mining agency “Project Lighthouse” had received documents on property owners across the country from state governments.

    The first set of property owners that will come under scrutiny for tax compliance are owners of buildings in Maitama, Asokoro, Garki ll, Wuse ll in the Federal Capital Territory (FCT) and those on Banana Island and its environs Magodo, Lekki, Ikoyi in Lagos state.

    The source revealed that tax records and bank account details of these property owners are being reviewed by the team of “Project Lighthouse.”

    The source said “the extension of the searchlight on these property owners is not unconnected with Illicit Financial Flow (IFF). Most of these people are diverting their incomes to properties and are not paying taxes.”

    It was further learnt that some state governments in collaboration with the federal government have provided electronic searchable data base for individual and corporate property owners with the following key information: Name of owner, plot number, location and Certificate of Occupancy (CofO) number.

    It was also leant that the federal government is extending the searchlight to other northern states, the south east and the south-south regions.

    The decision to go after highbrow property owners the source said, is because “it has been observed that their life style does not reflect in their tax payment.”

    Last week, the federal government played to prosecute tax evaders from April 1. Under the VAIDS programme, state governments will be major beneficiaries of the programme because after the recovery, the money will go to the states, which is why the states are cooperating with the federal government on the scheme.

  • Aregbesola targets N4.1b monthly IGR before exit

    Aregbesola targets N4.1b monthly IGR before exit

    From an average N500 million monthly Internally Generated Revenue (IGR), Osun State Governor Rauf Aregbesola has said his administration intends to take the state’s IGR to N4.1 billion before he leaves office in November.

    He noted that for the state to achieve the objectives, it should generate N10 billion monthly.

    Aregbesola spoke at the Envisioning/Capacity Building Workshop on the 10-Year State Development Plan (2018-2028) organised by the Ministry of Economic Planning, Budget and Development at Iloko-Ijesa.

    The governor challenged the leadership of the Ministries, Agencies and Departments (MDAs) and other government corporations to raise the state’s revenue.

    He described IGR as the only sustainable economic wheel of progress that can catalyse and stimulate a prosperous economy.

    Aregbesola said this informed the need for the state’s total rededication to a robust socio-economic drive through taxation.

    The governor urged the people to look inward and imbibe the culture of paying basic taxes.

  • Fed Govt targets more tax revenue from VAIDS

    The Federal Government expects to net considerable tax revenue this year through the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS). The scheme, an initiative of the Federal Ministry of Finance that provides a time-limited window for taxpayers with undisclosed income and assets to regularise their tax status.

    The Federal Inland Revenue Service (FIRS) Chairman,  Tunde Fowler, said the Federal Government received N17billion by early December 2017, and another N6billion was netted by the end of last year.

    The scheme, which terminates at the end of the first quater, on March 31, has been widely lauded as the solution to the meagre Tax-to-Gross Domestic Product (GDP) ratio of the country, which currently stands at six per cent. and bring more tax revenue for national development and check the near-total dependence on oil revenues, which has shrunk following the dip in international oil prices.

    Mrs. Kemi Adeosun, Minister for Finance, in December, said many individuals and corporate organisations with undeclared taxes, have been approaching tax authorities and expressing interest in declaring and paying up their taxes.

    Towards its implementation, the VAIDS office, beginning from October, has been harvesting financial data of tax payers through the cooperation of states, revenue-generating agencies of government, such as the FIRS, Nigerian National Petroleum  Corporation (NNPC), Central Bank of Nigeria (CBN), Federal Airports Authority of Nigeria (FAAN), Petroleum Technology Development Fund (PTDF), and the National Communications Commission (NCC).

    Data obtained from the agencies will be used to determine companies that have failed to remit taxes on earned income, those with undeclared assets, and corporate organisations that have collected taxes on behalf of government without remitting.

    Also state governments and the authority of the Federal Capital Territory have shown support for the scheme, by volunteering to provide transaction data necessary to identify defaulters.

    The VAIDS office, in addition to a variety of technological tools and international information-sharing agreements, will rely on data on contracts and transactions above N50million, obtained from the Nigerian Customs Service, Assets Management Corporation of Nigeria (AMCON) and Nigeria Export-Import Bank (NEXIM). Such data are currently being matched with those obtained from other agencies, like the FIRS, Corporate Affairs Commission (CAC) and Government Integrated Financial and Management Information Systems (GIFMIS) to determine companies that have not been paying taxes.

  • NCDMB met all 2017 targets, says Wabote

    NCDMB met all 2017 targets, says Wabote

    The Nigerian Content Development and Monitoring Board (NCDMB) accomplished all the targets set for 2017, the Executive Secretary, Simbi Wabote, has said.

    He spoke at the 2017 Practical Nigerian Content (PNC) workshop held at Uyo, Akwa Ibom State. He confirmed that both the objectives set by industry stakeholders at 2016 PNC and the ones set internally at the beginning of the year were met. “We have gone through all of them and we ticked the boxes.”

    Wabote who also clocked one year in office, recalled that he promised to drastically cut contract award cycle, with a directive in November 2016 that operating companies can assume they have received approval for any project if they did not get feedback from the Board within 15 working days.

    He asserted that this target was also met. “We have streamlined our internal processes such that NCDMB is now positioned to review contracts within 100 days, provided submitted documents are in line with the NOGICD Act. We have demonstrated this in the last one year as evidenced in the unprecedented completion time of tendering process for the Agip’s Zabazaba project.”

    Further evidence is that the board jointly developed and signed a Service Level Agreement with the NLNG – a first by any government agency. “We have written to the Oil Producers Trade Section (OPTS) to jointly draw up similar agreements to ensure NCDMB’s role in contracting process is clear and transparent in line with the Executive Order on Ease of Doing Business,” he added.

    Wabote said the board had expanded its operations to the midstream and downstream sectors of the oil and gas industry. “We are now part of NLNG business activities. We visited Dangote refineries where we agreed on steps to involve more Nigerian companies with capacities in the development of the project to meet cost and schedule timelines.

    “A compendium of ancillary businesses required to sustain operation of the refinery is under development to support the operational phase of the huge 650,000 barrels per day refinery,” he stated.

    He reiterated that the $200million Nigerian Content Intervention Fund had been launched for oil and gas service providers that are contributors to the Nigerian Content Development Fund. “The intervention fund has all-in single digit interest rate of eight percent for loans extended to Nigerian oil and gas service providers and all-in single digit interest rate of five percent for loans extended to community contractors.

    The NCDMB chief also reported that the Board signed the Research and Development Guidelines with key industry stakeholders earlier in the year. “We also held the highly successful research and development (R&D) Fair and Conference two months ago and we are building on that momentum to set up a R&D Steering Committee to guide our R&D Implementation plan. Other initiatives such as R&D Centres of Excellence, ‘Adopt a Faculty’ Programme, and others are also being progressed.”

    On sectorial linkages, he said the Board is at the forefront of advocacy for the utilization of in-country capacities beyond the oil and gas industry. “We have local capacities in manufacturing of pipelines, cables, paints, among others, that can be utilized in the construction and power sectors of the economy.

    “Our service providers are also being encouraged to venture into the construction sector to utilise their equipment and project delivery expertise.”

    Other achievements according to him include the launch of the upgraded NOGICJQS platform so that transactions such as applications for expatriate quota, Nigerian Content equipment certificates, Marine vessel categorisation and several other requests could be carried out online.

    Giving further details of the Board’s performance in the last one year, Wabote said the Nigerian Oil and Gas Parks Scheme was being progressed in five oil producing states. He stated that “one key progress we have made in the last one year is to put in place a firm arrangement for provision of 24/7 power supply to the industrial parks as they materialise. This is a core enabler for domiciliation of manufacturing in-country.”

  • Prestige Assurance targets N3.1b profit by 2021

    The management of Prestige Assurance Plc yesterday outlined the growth outlook of the insurance company with a projection that the company will grow its pre-tax profit by more than 251 per cent to N3.08 billion by 2021.

    Presenting the underlying facts about the operations of the company to the investing public yesterday at the Nigerian Stock Exchange (NSE), the management of the company indicated that strategic initiatives being taken by the management would ensure sustained growth over the next five years.

    According to the forecasts, pre-tax profit is expected to rise to N877 million by the end of 2017 and thereafter rise consecutively to N8.08 billion by 2021. Profit after tax is expected to increase to N596 million in 2017 and N2.09 billion in 2021. Earnings per share is projected to increase to 11 kobo by 2017 and 39 kobo by 2021.

    The company plans to grow its top-line continuously over the five year period with gross premium income expected to increase to N3.4 billion in 2017 and subsequently to N9 billion in 2021.

    Chief Financial Officer, Prestige Assurance Plc, Mr. Oluwadare Emmanuel, said the company’s strategic growth plan focused on prompt payment of claims to customers and dividend payment to shareholders.

    According to him, the company has restructured its balance sheet in order to be able to make dividend payments while it has implemented many digital transformation initiatives and robust software to ensure prompt claims payment.

    He added that successful launch of new products such as Prestige Mediclaim Policy, Prestige Salary Protection Shield and Travel Insurance (OMP), expansion of retail market reach by employing marketing associates and opening new branches were aimed at deepening the company’s market penetration and build a solid base for growth.

    Emmanuel said the outlook for the Nigerian insurance industry remains encouraging despite operating challenges.

    According to him, though Nigeria has shown positive signs of development in this industry with gross premium written doubled within 2006 to 2015, there is still room for more growth.

    “The transformation agenda of the present government supported by Central Board of Nigeria and that of NAICOM will definitely promote the sale of insurance policies. With more channels of distribution such bancassurance, web aggregator, digital marketing, micro insurance, mobile phone marketing, agency and one man shop will lead to high penetration of insurance to the grass roots, thereby creating opportunity for the industry to tap into the informal sector in order to increase the number of policyholders across the nation,” Emmanuel said.

    He however noted that there could be another round of recapitalization and consolidation in the industry as many insurance companies will require additional capital to enable them pursue their growth initiatives and to meet up with the impending regulatory risk based supervision and capital assessment.

    He pointed out that while ongoing reforms are geared towards enhancing transparency in the Nigerian insurance industry and improving the general perception and image of the insurance business in Nigeria, the Federal Government should facilitate the ease of doing business by amending the Companies Income Tax Act (CITA) in relation to computation of insurance taxation, easy entry of foreign investment and provision of suitable environment that guarantees Return on Investment (RoI).

    He outlined the challenges being faced by insurance companies to include low penetration, lack of trust, slow implementation and enforcement of compulsory insurances, fake policies in circulation and regulatory reforms.

  • Group targets 20 million converts on May 27

    Arrangements have been concluded for Global Outreach Day in Nigeria on May 27.

    The National Coordinator of the group, Evangelist Oguazi Onyemobi, stated this at an interaction with reporters in Lagos.

    He said that Nigerians will experience dramatic changes if Christians spread the gospel of Jesus within their immediate communities.

    Onyemobi noted that the Global Outreach Day is a worldwide initiative that has taken root in over 150 nations.

    “The vision of GOD is to raise the entire believers in Jesus Christ as a massive army to preach the gospel in one day and adopt soul wining as a lifestyle,” he stated.

    Continuing, he said: “Global outreach is an end time response to that Commission and a catalyst to mobilise the whole church for evangelism for many Christians.”

    He added that the focus of this year’s GOD is Africa with the vision to reach 50 million souls from Cape Town to Cairo in one day.

    “In Nigeria, our target is to reach 20 million souls with the love of Jesus Christ.

    “In our world when many are spreading messages of hate, killings, destruction and deception in the name of God, God is raising the greatest army of believers to stand as one to preach the good news of God’s love,” Onyemobi shared.

    He encouraged Christians to share the gospel and adopt diverse soul winning strategies such as one- on- one, meetings in the church, visiting the needy, hospitals, prisons, nursing homes, children’s homes, use of concerts, open air crusades, banners, sharing of tracts, posts on social media and others on May 27.

  • Sterling Bank outlines growth targets

    Sterling Bank outlines growth targets

    •Shareholders laud resilience 

    The board and management of Sterling Bank Plc yesterday laid out the lender’s priorities  in 2017 as it begins the implementation of a five-year medium term plan aimed at enhancing its status  as “Nigeria’s financial institution of choice”.

    In his address to shareholders at the annual general meeting yesterday in Lagos, Managing Director, Sterling Bank Plc, Mr. Yemi Adeola, said the directors  had agreed on a five-point agenda in 2017 as the bank continues on its vision of long-term sustainable and competitive growth .

    The bank plans to prioritise efficiency over scale in its decision framework to be an institution built on smart people, smart structures and smart strategies.

    Adeola said the bank would also  strengthen and diversify its funding sources and capacity through a quicker and smarter execution of its retail banking rollout. Besides, it will also ensure disciplined use of its institutional liquidity and capital through improvement in lending practices and overall risk management culture.

    He added that the bank would also focus on excellent service delivery to internal and external customers noting that the bank’s service organisation must become the source of competitive advantage to sales organisation in order to deliver on its ‘one customer bank’ commitment.

    He said the bank would reemphasise commitment to execution excellence in all its transactions.

    “Over the next five years, we will be steering our ship differently and aggressively growing the retail business through electronic channels,” Adeola noted.

    He said the bank would continue to boost innovative banking – driven by market insights that would enable it   serve its customers satisfactorily while implementing significant investment in technology-led growth initiatives and accelerating the growth of its non-interest banking segment.

    Chairman, Sterling Bank Plc, Asue Ighodalo said the bank was poised to take advantage of emerging opportunities in the economy.

    He noted that the bank recorded resilient performance in 2016 in spite of the macroeconomic challenges as it reported profit after tax of N5.2 billion on gross earnings of N111.4 billion during the year.

    “I am proud to report that our bank remained resilient and we recorded notable achievements. We are therefore poised to take advantage of emerging, identified and created opportunities as our economy recovers from its most difficult period in recent memory,” Ighodalo said.

    He expressed optimism on the national economic recovery, pointing out that continuing improvement in the coordination of fiscal and monetary policy initiatives will expedite national economic recovery.

    Shareholders severally lauded the performance of the bank.

    President, Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, praised the bank for being prudent and responsible.

    Founding National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu also lauded the management of the bank for its positive and encouraging performance in 2016.

  • Maikaba targets away win against Tornadoes

    Maikaba targets away win against Tornadoes

    Akwa United head coach, Abdu Maikaba has stated that their target is to see if they can get an away win when they face Niger Tornadoes in Lokoja this weekend.

    The Promise Keepers started the season very poorly but they have steadily improved and are now sixth on the log with 19 points from 13 games and Maikaba has stressed that he has impressed it on the minds of his players that their next target is to get an away win before the end of the first stanza.

    He said although they respected Tornadoes because they are also a good side but that they know that they must get road wins if they really want to achieve a top three finish at the end of the season.

    “We are going to Lokoja to see if we can secure an away win. Tornadoes are a good side but we are going there will a strategy we feel should guarantee us the maximum points irrespective of what they throw back at us on Sunday,” Maikaba told SportingLife.

     

  • Corporation targets N200m IGR

    The Ogun State Agricultural Development Corporation (OGSADC) has set a revenue target of N200 million in the next fiscal year.

    The General Manager of the Corporation, Mr. Femi Soremekun revealed this during the 2017 Budget defence at the Ogun State House of Assembly Complex, Abeokuta the state capital.

    He said the corporation targeted 100 million as revenue this year and was able to achieve N133 million in the third quarter of this year.

    Soremekun, however, reeled off some of the corporation’s plans towards realising its target to include pruning of existing trees and slashing of 350 hectares at Ibara Orile cashew plantation and construction of additional bee hives for honey production.

    Other plans by the corporation, he said, included purchase of 15,000 point of lay birds for its Balekan and Oke-Eri poultry projects, as well as continuous maintenance of existing rubber trees at Remo Rubber Plantation. He said to raise 60,000 sprouted seeds and planting of oil palm and arable crops has also commenced.

  • 2016 National Youth Games: Akwa Ibom targets top spot finish

    2016 National Youth Games: Akwa Ibom targets top spot finish

    The Permanent Secretary of Akwa Ibom State’s Ministry of Sports, Joseph Edem has said the state is targeting a top place finish at the 2016 National Youth Games kicking off today in Ilorin.

    Edem, who spoke to newsmen during  their arrival in the Kwara State capital on Friday, said the state contingents are aiming to surpass their previous second-place finish in their last outing at this year’s  edition.

    The permanent secretary said the state government had created an enabling environment for the athletes to excel at the games.

    He further urged the Federal Government to take the youth games seriously,  citing the event as a grassroots platform to unearth future stars . Edem urged that stiff sanctions should be meted out to states caught fielding overage athletes,  suggesting ban of such state from the age-grade fiesta.

    He added that the state will compete in 14 sports featuring 76 athletes alongside 32 technical officials at the one-week sporting event.