Author: Chike Ozohili
-
Lagos jacks up Nigeria’s foreign capital inflow to $1.13bn
Nigeria’s economic hub, Lagos State received the largest share of the $1.13 billion foreign capital inflow into Nigeria in the first quarter of 2023, receiving $704 million, representing 62 percent of the total investment capital into the country.
-
24 Central Banks will have digital currencies by 2030 – Survey
A survey by the Bank for International Settlements (BIS) shows that 93 percent of central banks are already researching Central Bank Digital Currencies (CBDCs).
According to the survey, there could be up to 15 retail and nine wholesale CBDCs in circulation by 2030.
According to a survey, over half of the world’s central banks are conducting experiments or working on a CBDC pilot. Almost a quarter of all central banks are already piloting their retail CBDC projects, and the number of wholesale CBDCs in the works is much lower.
Geoeconomically, nations within emerging markets and developing economies are leading CBDC adoption.Their share in piloting the retail (29 per cent) and wholesale (16%) CBDCs almost doubled that of advanced economies, which stands at 18 per cent and 10 per cent, respectively.
Both developing and advanced economies mostly share the motivation behind their CBDC projects — financial stability and cross-border payments efficiency. However, developing countries are more often driven by financial inclusion reasons.The share of central banks likely to issue retail CBDC within the next three years grew from 15 per cent to 18 per cent in 2022. At the same time, 68 per cent of central banks still state their unreadiness to issue retail CBDC “any time soon.”
So far, there are still only four CBDCs in circulation: in the Bahamas, the Eastern Caribbean, Jamaica and Nigeria. Yet, based on the central bankers’ answers, the survey predicts 15 retail and nine wholesale CBDCs will be live by the end of the decade.
At the end of June, the Reserve Bank of India reported ongoing negotiations with at least 18 central banks worldwide regarding the possibility of cross-border payments via its CBDC, the “digital rupee.”In July, the Federal Reserve Bank of New York’s Innovation Center completed its proof-of-concept of a regulated liability network for a CBDC.
-
Harmonisation, digitalisation will enhance revenue collection in FCT – Perm Sec
The Permanent Secretary, Federal Capital Territory Administration (FCTA), Mr Adesola Olusade, said on Monday that the harmonisation and digitisation of revenue collection would enhance revenue collection in the Federal Capital Territory (FCT).
Olusade said this in a keynote address during a one-day town hall meeting on revenue harmonisation in Abuja, with the theme, “Harmonisation Drive: Shaping Our Future Together”.
The meeting was organised by the FCT-Internal Revenue Service (FCT-IRS).
The permanent secretary said that by adopting modern technology, digital platforms, and efficient processes, the FCT would enhance the effectiveness and efficiency of revenue collection.
This, according to him, will not only improve service delivery but also contribute to the ease of doing business, thereby making FCT an attractive destination for local and foreign investors.
“It will lead to increased revenue generation, which in turn will provide the necessary resources to invest in critical sectors such as healthcare, education, transportation, and infrastructure development.
“This will directly impact the lives of residents, improving access to quality healthcare, enhancing educational facilities, and ensuring a well-planned and sustainable urban environment,” Olusade said.
He said that streamlining and optimising revenue collection processes would enhance transparency and accountability in revenue collection, and ensure that funds were efficiently utilised for the benefit of FCT residents.
He added that the harmonisation would also eliminate duplication, reduce bureaucratic bottlenecks, and create a more conducive environment for businesses and investors.
According to him, consolidating revenue collection systems will promote fairness and equity in revenue collection, attract more investment, stimulate economic growth, and create employment opportunities.
“This will enhance the FCT’s reputation as an investment-friendly destination, contributing to the overall development of the region.
“By ensuring that all eligible individuals and businesses contribute their fair share, we can distribute the burden of taxation more equitably and reduce the tax evasion that hampers revenue generation.
“The move will enable us to provide essential services, infrastructure, and social amenities that improve the quality of life for all residents of the FCT.”
The permanent secretary, however, said that the success of the harmonisation drive would largely depend on the active participation and engagement of all stakeholders.
He commended stakeholders for their efforts, dedication and contributions, saying “together, we can create a harmonised revenue collection system that benefits all residents of the Federal Capital Territory.
“By working collaboratively and leveraging our collective strengths, we can overcome challenges, seize opportunities, and pave the way for a prosperous future,” he added.
Also, the Executive Chairman, Federal Inland Revenue Service, Alhaji Muhammad Mani, commended the FCT-IRS for making technology a pivotal point of its operational policy.
Mani, who was represented by Mr Shetitima Tamadi, Coordinating Director, FRIS, noted that the digital revolution was transforming tax administration globally, stressing the need for the revenue hamornisation drive to leverage on technology to achieve more results.
According to him, the adoption of digital platforms in revenue collection in the FCT holds the greatest prospects of streamlining operational cost, blocking revenue leakages and ensures accurate revenue data.
The Executive Chairman, FCT-IRS, Mr Haruna Abdullahi, said that the harmonisation drive was not just about increasing revenue but also about building a system that works for all.
Abdullahi said that FCT-IRS Act entrusts the service with the duty to collaborate with relevant stakeholders and agencies in harmonising and improving tax practices.
“This is aimed at optimising our revenue generation efforts, while ensuring simplicity, transparency, and accountability in tax systems.
“Harmonising our revenue collection systems will unlock the full potential of our resources and pave the way for sustainable growth, improved service delivery, and enhanced quality of life for our citizens,” he said.
-
Gov Idris sacks aide over ‘indecent’ social media post
Governor Nasiru Idris of Kebbi State has relieved his Special Adviser on Youths, Alhaji Babangida Sarki of his appointment, sequel to an indecent posting he made on his WhatsApp status.
This is contained in a statement signed by the Governor’s Chief Press Secretary, Ahmed Idris on Monday in Birnin Kebbi.
“The governor, who was enraged by the obnoxious development said the aide trampled on the moral and social ethos of the Kebbi society, which is largely Islamic.
“Idris promised that his administration would not condone any of such acts that denigrate the morality and integrity of the people of the state.”
The spokesman said the governor has cautioned all public officers in the state against making such indecent postings on their social media handles and other public fora.
-
We didn’t arrest Yari, DSS debunks media reports
The Department of State Services (DSS) on Sunday debunked reports that it arrested the former governor of Zamfara State, Senator Abdulaziz Yari over the just concluded race for the president of the senate.
The DSS also refuted speculation that it had stormed and raided the Independent Corrupt Practices and other Related Offences Commission (ICPC) and Code of Conduct Bureau (CCB) and carted away certain files from them and as well.
The Service made the clarification in a statement made available to newsmen in Abuja by the Spokesperson of the Service Dr Peter Afunnaya.
Media reports at the weekend had suggested that Yari was picked up over his alleged refusal to heed the plea of President Bola Tinubu to abandon his ambition to become President of the Senate.
According to the statement, “the so-called news platforms variously and wrongly fed the public with misleading narratives and accusations against the Service.
The statement reads: “The attention of the Department of State Services (DSS) has been drawn to false reports by sections of the online media, particularly Sahara Reporters, Peoples Gazette and Jackson Ude.
“The so-called news platforms variously and wrongly fed the public with misleading narratives and accusations against the Service.
”For instance, Sahara Reporters wrote that the Service stormed the Independent Corrupt Practices and other Related Offences Commission (ICPC) and Code of Conduct Bureau (CCB) and carted away certain files from them. Jackson Ude falsely claimed that there is a rumble in the DSS due to nepotism.
”He further accused the Service of snooping on Judges on the Presidential Election Petition Tribunal.
“On its part, Peoples Gazette reported that Senator Abdulaziz Yari was arrested for alleged refusal to pick up the President’s phone call (whatever that meant).
“There are other variants of unsubstantiated and anonymous petitions flying around against the DGSS, his family and some officials.
”The Service ordinarily would not have responded to these inaccuracies but for the fickle-minded and vulnerable persons as well as the unsuspecting public that may take the lies for facts.
“To set the records straight, the DSS did not execute operations of any kind at the ICPC and CCB or remove files from their offices.
“Instructively, the two agencies have, on their own, refuted the news in widely circulated press statements. It is petty, if not laughable, to report that Yari was invited for refusing to pick up the President’s call. This is the height of junk journalism. Yari knows why he was invited.
“In fact, the Service denies all the allegations as they lack any factual basis or credibility. They are only figments of the creators’ imaginations.
“This is more so that the publishers in question have been noted in and outside the country for their notoriety for peddling fake news, sensational and gutter journalism. Without a modicum of proper and civilised behaviour, they indulge in character assassinations and sundry blackmail as a business.
“It is not in doubt that their reports under reference are hatchet jobs designed to smear or impeach the integrity of the Service and its leadership.
“Notably, the Service proactively alerted the public about this development earlier in June 2023. While it is aware of the sponsors of these campaigns of calumny, it will simply allow them to exhaust themselves knowing too well that they would someday be brought to justice.
“Many days, it is said, are sure for the thief but there will be that one day for the owner of the house.
“It is clear that the writers and their sponsors are oblivious to the accolades the Service has continued to receive from the majority of stakeholders for excellent performance and its professional demeanour in handling many critical issues of national importance.
“Rather, they have chosen to use their platforms to subvert the Agency and undermine its capabilities.
”Restating its respect for the rule of law, independence and autonomy of other agencies including the Judiciary and Legislature, it will not shirk its responsibilities or allow some detractors to prevent it from undertaking its statutory duties or carrying out lawful orders by constituted authorities.
“If Yari or anyone else is to be invited or taken into custody, the Service will not hesitate to do so as far as that is procedurally done within the confines of the law.
It however promised that “the Service will remain focused, resilient, patriotic and professional in the conduct of its affairs and the members of the Public to disregard the misleading stories which are aimed at causing disaffection in the country and disparaging the Service’ leadership”
According to it, “the Service will continue to work with relevant stakeholders to address security challenges in the country in line with its mandate and the directives of the President. It does not matter how many times naysayers and hostile agents will plan to distract it.
-
Metre producers call for end to W/Bank-funded bid process in Nigeria
The Association of Meter Manufacturers of Nigeria (AMMN) has expressed its opposition to the World Bank-funded bid process for the supply and installation of 1.2 million smart electricity metres to the distribution companies (Discos) under Phase 2 of the National Mass Metering Programme (NMMP).
In a letter addressed to the Director General of the Bureau of Public Procurement (BPP), the association called for the immediate suspension of the bid process.
The letter, jointly signed by the Acting President of the association, Ademola Agoro, and the Secretary, Duro Omogbenigun, urged the BPP DG to intervene and direct the Transmission Company of Nigeria (TCN), Nigerian Electricity Regulatory Commission (NERC), and the Central Bank of Nigeria (CBN) to honor the pending four million meters supply contract awarded to AMMN members under Phase 1 of the NMMP since November 2022.
The association argued that the recently advertised bid process favored foreign firms without any investment track record in the country, contradicting the federal government’s policy of backward integration. It warned that if the tender is allowed to continue, it would constitute a breach of the contract awarded to AMMN members in Phase 1 of the program.
The letter further reads: “That your office be aware that this particular bid process is being opened to foreign companies (manufacturers, suppliers, and exporters) of fully-built electricity meters with planned Custom Duty waiver granted to them to import meters into Nigeria.
“These importers, who are primarily foreigners, have yet to make a verifiable investment in the backward integration programme of the federal government, nor have they made any investment in local manufacturing and assembling of meters in Nigeria, which has always been the standard requirements for Meter Assets Providers (MAP) in Nigeria to show proof of investments in the backward integration and must have Meter Assembling/Manufacturing Plants and factories in Nigeria.
“You may further be reminded that TCN and NERC, under Phase 1 of the Mass Metering Project of the Federal Government, a bidding process that your office supervised and gave a “Letter of No Objection to”, awarded 4 million meters to the local meter manufacturers in 2022.”As a result of backward integration, the body said its members had scaled up their production capacities by obtaining facilities from the banks to meet the supplies of these meters to the distribution companies.
It added that they had readied to supply these meters before the government abandoned the awards already made to its members and went ahead to advertise the World Bank-funded international procurement for 1.2 million meters under Phase 2, which the requirements, the association said were majorly in favour of foreign companies.
Specifically, the meter manufacturers urged the BPP and the federal government to save the local metering sector from total collapse and save the investments and jobs of Nigerians.As part of their prayers, the association called on the BPP DG to direct the immediate suspension of the TCN bid process for Phase 2, pending proper consultation of the stakeholders in the power sector, especially the meter manufacturers.
It said such action would help to address its members’ concerns regarding the pendency of Phase 1 of the NMMP and the award of the contracts for the supply of four million meters already awarded to their members since November 2022, which had not been funded till date.
They also pleaded with the BPP boss to direct the TCN, NERC, and CBN to honour the award of contracts for the supply of four million meters as awarded to the local meter manufacturers in Phase 1 of the NMMP.The association further requested the BPP CEO to “Direct consultation among local stakeholders during the suspension of Phase 2, to create viable options and strategies to restructure the evaluation criteria and guidelines of Phase 2 World Bank Bid to prioritise local meter manufacturers, thereby align Phase 2 with the Local Content Policy and Backward Integration Programme laws of the Federal Republic of Nigeria to catalyse economic growth and development.
“We pray and hope for your urgent intervention to address this issue”.
While appreciating the good intentions of TCN and NERC to achieve the mass metering of Nigerians and bridge the metering gap in the sector towards solving the nation’s electricity problems, the association also stated that such good intentions should be executed while taking into consideration the sanctity of contracts.
It noted that such good intentions by the TCN and NERC should reflect the present economic state of Nigeria where the nation imports fully-manufactured products but make policies that encourage building local production capacity to create employment for the teeming youthful population.
The association, however, warned that the proposed World Bank-funded bid process would lead to a disastrous outcome for its members as well as local meter manufacturing and assembling companies in Nigeria, who have invested over $500 million in the industry.
It added that the bid process would also cause massive job losses in the industry that currently employs over 10,000 Nigerians in direct employment and more than 30,000 Nigerians in indirect labour with competitive wages comparable to the communications sector.
“Our members have invested considerable resources in the metering sector with capacities to improve if only Government could sustain its present policy of allowing only genuine local meter manufacturers and assemblers to continue to supply meters to the Discos without skewed tender processes like the proposed World Bank Bid that seems to shut out local manufacturers from even participating in the process,” the association added.
The association insisted that any attempt by the government to jettison the laudable policy of growing and buying made-in-Nigeria products at the expense of encouraging mass importation of products, including meters into Nigeria under any guise without comprehensive consultations with the stakeholders in the sector would only wipe out the investments of the investors in the industry. -
Don’t pay advert revenue to DOAS, firm urges FCT residents
Residents of the Federal Capital Territory (FCT) have been advised to pay their respective advertisement revenue to the Areas Councils where they operate their businesses and not to the Department of Advertisement and Signage (DOAS).
In a statement on Sunday in Abuja, signed by the management of Pro Tax Pro Nigeria Initiative, they warned that any business that continues to make payments to the Department of Advertisement and Signage (DOAS) of the Federal Capital Territory (FCT) was doing that at their own risk.
“Any individual or organization therefore who deals with DOAS, FCTA harmonized mobile advertising revenue for the six area councils or any other agency other than the six area councils or their technical partners with regards to mobile advertisements and signage’s (including mobile, 1st party and 3rd party advertisement) does so at his/her detriment and would be deemed to have contravened the area councils constitutional mandate on regulations of advertisements,” the statement said.
The company noted that with two court judgments nullifying the existence of the DOAS, it would be out of place for businesses to still make payment for advertisement and signage to the DOAS.
The statement read in part: “Following the judgment of the FCT High Court delivered on the 11th September 2020 by Hon. Justice Muawiyah Baba Idris of Court no. 26, Nyanya, Abuja, which is now on appeal no. ca/abj/cv/1082/2020 between Hon. Minister of the FCT and Metro Auto Workshop & 4 others.
“The Court held thus: the department of advertisement and signage of the FCTA is hereby nullified having been created contrary to section 1(3) and paragraph 1 (k) (i) of the 4th schedules to the constitution of the federal republic of Nigeria 1999 as altered”.
“The said judgment which nullified the Department of Advertisement and Signage (DOAS) has not been stayed by either the FCT high court or the court of appeal, the implication of this position in law is that (DOAS) is no longer in existence until the court of appeal says otherwise.
“Also, in the case of Pro Tax Pro Nigeria Initiative & 1 ors vs. Hon. Minister of FCT & 2 others suit no. cv/1646/2020, the FCT High Court presided by Hon. Justice K. N. Ogbonnaya made similar pronouncement nullifying the Department of Advertisement and Signage (DOAS) from usurping the constitutional revenue powers of the area council.”
The management of the company insisted that until the appeal filed by the FCT Minister is vacated at the Court of Appeal, the High Court judgment is still valid and subsisting in the eyes of the law.
“Consequently, the general public is by this notice advised to disregard henceforth all revenue collections with respect to advertisements and signage’s (including mobile, 1st party and 3rd party advertisement) by anybody under whatever name called including but not limited to DOAS or FCTA harmonized mobile advertising revenue for the six area councils as there is no such body known to law until the court of appeal decides on the two appeals pending before it.
The general public is by this notice advised to be properly and adequately guided,” the company said.
-
Agric ministry, Delifrost sign pact to boost milk production in Nigeria
The Federal Ministry of Agriculture and Rural Development and Delifrost Caterers have signed a Memorandum of Understanding (MoU) to boost production in Nigeria.
Speaking at the signing ceremony of the MoU, the Regulatory Officer of Delifrost Caterers Glory Eboh commended the ministry for the collaboration.
Eboh thanked the Permanent Secretary, Ernest Afolabi Umakhihe for his effort in making the agreement a reality, saying without his support and understanding the collaboration would not have been successful.
“We are very grateful to you once again, by signing this MoU you have shown that you have the heart to grow agriculture in the country.
“The speed at which you accepted to sign the MoU and your contributions even before then showed that you are indeed a pillar of development in the agricultural sector,” she said.
She further stated that signing the MoU would boost the capacity of milk production and collection in communities in Niger State as it would open up other areas of opportunities in the agricultural sector of the country.
The signing of the MOU was witnessed by Isimbabi S. Garba, Director Legal Services, Federal Ministry of Agriculture and Rural Development who has also been at the forefront of ensuring that the collaboration comes to fruitfulness through various contributions.
Speaking in the same vein, the representative of Delifrost Caterer Ltd, Alhaji Usman A. A. Dan Malam also praised the Permanent Secretary for his effort in ensuring that the MOU becomes a reality.
Dan Malam added that Delifrost Ltd would leave no stone unturned in bringing new technology and innovation to boost agricultural development in the country.
Responding, the Permanent Secretary said that the collaboration between the two agencies would open new spheres in agriculture and generate employment opportunities in the country.
Umakhihe charged the Delifrost team to ensure that agriculture is developed to meet international best practices. He further pledged the readiness of the ministry to invest more in the collaboration.
Similarly, the Director, Department of Animal Husbandry Services, Federal Ministry of Agriculture and Rural Development, Mrs Winnie Lai-Solarin noted that the new partnership would go a long way in creating employment opportunities for workers in the agricultural sector while bringing new investment opportunities to the country.
-
ICPC dismisses report on DSS carting away files implicating Tinubu
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has refuted a report claiming that the Department of State Services (DSS) confiscated files implicating President Bola Tinubu and his associates from ICPC’s office.
Azuka Ogugua, the spokesperson for ICPC, stated that the report was false and lacked any basis, emphasizing that ICPC never possessed such files in any of its offices nationwide.
Ogugua unequivocally stated, “The Commission categorically states that there were no files implicating President Bola Tinubu or his close associates at our headquarters or any other ICPC offices across the states. Therefore, the alleged incident of carting away imaginary files should be dismissed by the public.”
“And, therefore, the alleged carting away of such imaginary files is unfounded and should be disregarded by the public,” Ogugua added.
While recognizing the media’s role in providing information to the public, Ogugua urged media organizations to uphold the principles of journalistic professionalism and refrain from propagating lies and baseless reports disseminated by subversive elements.
“For the umpteenth time, the Commission wishes to urge media organisations not to allow the use of their medium to propagate lies and unfounded reports by subversive agents, she said.
She reassured that the ICPC remains open for clarification and confirmation through its communication channels.
-
Sit-at-Home Order: Gunmen attack traders, as Police recover bodies of fleeing enforcers
The sit-at-home order by the factional group of the Indigenous Peoples of Biafra led by Simon Ekpa, took a bloody turn at the weekend as the Police Command in Enugu State, said it has recovered four lifeless bodies of suspected fleeing sit-at-home enforcers who were overpowered and hit by bullets.
Some enforcers were also reported to have attacked a market located at Isiala Mbano Local Government Area of Imo state. Although no life was lost in the attack on traders, it was gathered that the gunmen, suspected to be members of the outlawed Indigenous People of Biafra (IPOB), set a tricycle and vehicles ablaze.
Also, the attackers destroyed some goods and properties of petty traders, who are mostly women.
Eyewitnesses said the gunmen also attacked Obolo community in the same Local Government Area.
“The gunmen were angry with the traders and transporters for flouting the order.
“The attackers warned traders to close shop and never to flout the order, warning them not come out on Saturday.
“They went on to raze part of the market and burnt vehicles.” the source said.
The source said the gunmen shot indiscriminately into the air which made the traders scamper for safety.
Concerning the Enugu incident, the Police said in a statement issued by the Command’s Spokesman, DSP Daniel Ndukwe, on Saturday, that a combined team of tactical police operatives discovered and recovered the lifeless bodies of four of the male hoodlums, in a forest behind G. Ede Filling Station/7-Up, at Awkunanaw, Enugu, where they escaped into.
He said the development was sequel to the earlier report of operatives dislodging armed subversive criminal elements, who attempted to enforce the illegal sit-at-home order, in the early hours of Friday.
He said: “Recall that the Operatives intercepted the criminals at One-Day, Awkunanaw, Enugu, as they were snatching an ENTRACO branded Sharon minivan from its driver at gunpoint.
“They engaged the operatives in a gun duel, but escaped with varying degrees of fatal gunshot wounds, due to the superior firepower of the police operatives.
“Hence, a manhunt operation was launched, while a thorough search conducted on the vehicle led to the recovery of one AK-47 rifle with magazine loaded with 19 live ammunition of 7.62 calibres, two bottles of petrol bomb and other incriminating exhibits.”
Ndukwe said that the state Commissioner of Police, Mr Ahmed Ammani, had reassured that police and other security agencies would not relent in their efforts to maintain maximum security for the law-abiding citizens, as they go about their lawful businesses.
“The commissioner, however, solicits residents’ continued support,” he added.