The taxpayer roll of the country will soon hit 45 million. This was disclosed in Abuja yesterday by Sir Oseni Elamah, Executive Secretary of the Joint Tax Board (JTB). Elamah disclosed this while presenting a report on the new Taxpayer Identification Number (TIN) Registration System to the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, who is also the Chairman, JTB. Elamah stated the leap in taxpayer roll is the result of collaborative efforts between the (FIRS) and State Internal Revenue Services (SIRSs), part of which is the ongoing integration of databases that will fetch the nation a total of 45 million individual and corporate taxpayers.
The JTB Executive Secretary also stated that the JTB has completed the building of a new TIN Registration System, which is an integration of TIN numbers of various organisations, adding that the growth of the taxpayers’ database is a major flank of the goals of the JTB in collaboration with the FIRS.
On his part, Fowler said the launch of the new TIN registration system will make tax payment easier for taxpayers.
“When the integration of the new TIN Registration System is launched, it will afford prospective taxpayers the opportunity to register for tax from the comfort of their homes and print their registration certificate,” Fowler said.
He expressed delight over the completion of the new TIN Registration System, which he said will encourage transparency, efficiency and convenience in tax administration in Nigeria.
“I congratulate the JTB for finalising the new TIN Registration System in record time. We now have a consolidated database for all taxpayers in Nigeria. If you (a taxpayer) goes to any other country or visit another state in Nigeria and they want to check your tax status, what this means is that they can check your tax status by a touch of a button. We want to assure all taxpayers that we are ready to serve them more with technology, convenience and accountability,” Fowler stated.
On the benefits of the new TIN Registration System, Elamah said:
“State Revenue Authorities are expected to enjoy immense benefits from the new TIN System. Among these are taxpayer information accessibility and accuracy. The registration and recording of taxpayer information is one of the fundamental functions of tax administration and to a great extent, this will drive how other core administrative functions operate. The timely and accurate collection and recording of basic identifying information of the taxpayer will permit the tax administrator to understand its taxpayer base, staff itself accordingly and to effectively plan other core administration functions. The existence of an accurate taxpayer database will inevitably lead to effective compliance programmes observation,” he said.
Elamah added that the redesigned, development and deployment of a TIN system leverages on existing taxpayer data available from databases of multiple organisations like CAC (Corporate Affairs Commission, banks through BVN (Bank Verification Number), Identity Card Management Commission and other.
“It is a web-based solution with centralised management of all the various functions of the TIN registration system offering and accessible to authorised users of the system for reviews and approvals of registration requests, TIN certificate issuance and integration with relevant stakeholders.
“It makes possible integration and exchange of data with sister state Boards of Internal Revenue, FIRS and other third party organisations through web services,” Elamah said.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has announced a gross earnings of N58.7 billion for the first quarter of 2019 as it released its unaudited financial results for the period to the Nigerian Stock Exchange.
The financial report, which was released to the Exchange on Friday (26/4/2019), showed the group grew its topline earnings for the first three months to 31 March 2019 to N58.7 billion, compared with the N57.4 billion it achieved in the same period of 2018. The group achieved profit before tax of N23.5 billion and profit after tax of N19.2 billion.
The result showed that the group’s liquidity position remained robust. Liquidity ratio increased to 130.06% compared with the 110.68% achieved in December 2018. This ratio is well above the regulatory minimum requirement of 30% and is an indication that the group is strong enough to continue to meet its liquidity obligations in a timely manner. Net interest income of N20.2 billion compared with N18.9 billion in March of 2018 is a 7% improvement year-on-year. While total assets decreased marginally by 5% to N1,579.5 billion as against N1,663.7 billion in December 2018, gross non-performing loans slightly improved to N17.5 billion compared to N17.7 billion in December 2018.
The Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, said the slowdown in economic activities as well as the socio-political environment impacted the results. “The operating environment in the first quarter of this year was challenging evidenced by the slowdown in economic activities which were impacted by the socio-political environment leading to muted client activity. These factors affected the growth pace of our overall business volumes and earnings,” Sanni said.
According to the CE, the group achieved a resilient performance despite the challenging environment. Sanni is optimistic that economic activities will improve over the rest of the year and the group is well positioned to take advantage when it does. “We will continue to leverage our universal financial services capability to ensure delivery on our Guidance for 2019,” Sanni assured.
The 2018 fraud summary released by the Nigeria Electronic Fraud Forum (NeFF) has shown the most fraudulent activities were carried out using mobile applications and USSD channels.
The value of fraud carried out on mobile channels rose by 72.2% from N347.64 million in 2017 to N598.8 million in 2018.
Fraud through ATM channels, which was the highest in 2016 and 2017, dropped to N497,124 million from N464,514 million in 2016 and N497,643 million in 2017.
Presenting the report, Sam Okejere, NeFF chairman and director, payment system at the Central Bank of Nigeria, said the data might be an early warning sign.
“This could be an early warning sign that fraudsters are shifting focus to mobile attacks and testing the waters in different types of mobile and online banking fraud in 2019.
“The truth is that you do not need to go to a bank’s branch to carry out a transaction. Most people are carrying their cards in their phones. The money is not on the phone but is a channel through which you can assess your bank account and the money in it.
“It is because the attention of the cyber attackers has moved to the mobile platforms. They are one of us, so they know where the interest is going. One of the things we are doing is to create awareness for both the users and the operators so that they can tighten the security around the mobile device.”
Fraudulent activities carried out through internet banking declined from N143,144 million in 2017 to N92,770 million.
In its 2019 fraud forecast, NeFF said financial institution will be the major target of criminal activities.
Reports have shown that Nigerian banks generated a total revenue of about N124.5 billion from electronic transactions in FY 2018.
A breakdown of the audited 2018 yearly reports from 11 banks indicates that revenue from e-transactions in the banks increased by 43 per cent year-on-year, from the N86.72 billion acquired by the banks in 2017.
The names of the various banks and the revenue generated – Below are the top 5 banks that acquired high income from e-transaction in 2018.
- First Bank Of Nigeria Limited – First Bank tops the list with the highest income of N34.03 billion in 2018, increasing by 36 per cent from e-transactions in 2017.
- United Bank for Africa Plc – This is followed by UBA, with revenue of about N27.92 billion in 2018, an increase of 33 per cent from N20.92 billion in the preceeding year.
- Zenith Bank Plc – Zenith bank comes third place with revenue of N20.42 billion, rising by 44 percent from N14.15 billion generated in 2017.
- Guaranty Trust Bank Plc – GTB is ranked as the fourth with a jump in its revenue from N7.48 billion in 2017 to N9.59 billion in 2018, representing a 28 per cent increase.
- Access Bank Plc – Access Bank comes fifth place with an income of N8.38 billion in 2018, increasing by 45 percent from N5.79 billion in 2017.
- First City Monument Bank: This bank earned N8.32 billion from electronic payment in 2018, increasing 45 percent from N5.75 billion in 2017.
- Sterling Bank Plc: Earnings from electronic payment stood at N4.85 billion in FY 2018.
- Union Bank Plc: N4.73 billion.
- Fidelity Bank Plc: N2.85 billion.
- Wema Bank Plc: N2.84 billion
- Jaiz Bank Plc: N323 million.
Recall that Nairametrics earlier analysed how Zenith Bank Plc and Guaranty Trust Bank Plc alone, raked in over N30 billion from electronic business fees in full year 2018.
How banks generate income from electronic transaction – The revenue is spawned through fees and commissions that are gotten from transactions that their customers do via Automated Teller Machines (ATMs), USSD, internet banking, Point Of Sales (POS) payments and agency banking. (Nairametrics)
Access bank will reward more than 1000 DiamondXtra customers this month of May in its first DiamondXtra quarterly draw.
According to Victor Etuokwu, Executive Director, Retail Banking, Access Bank Plc, “We will continue in this spirit as we embark on this exciting retail journey with our loyal customers.
“We rewarded ten loyal customers last month with N1million each at the monthly draw and are set to reward more than 1000 lucky customers with cash and other prize categories in the DiamondXtra quarterly draw taking place this month of May.
“To join our winning train, all you need to do is to save or open a DiamondXtra account with just N5, 000 and save multiples of ₦5,000 to increase your chances of winning,” Victor told newsmen in Lagos.
The rewards for the quarterly draw include:
- Salary4Life (N100,000 every month for 20 Years)
- Education allowance for 5 years (N100,000 every month for 5 years)
- Rent 4 a Year (₦1,000,000)
- ₦1,000,000 x 6
- ₦500,000 x 15
- ₦100,000 x 45
- ₦50,000 x 300
- ₦20,000 x 300
- ₦10,000 x 300
- Loyalty prizes 20,000 x 45
The DiamondXtra Reward Scheme is the most rewarding way to save, don’t miss out on this opportunity to become a millionaire or a star prize winner.
To participate; open a DiamondXtra account, save in multiples of ₦5,000 and you stand the chance to win amazing prices in the quarterly draw this month.
The police have detained Ademola Adeleke, lawmaker representing Osun west senatorial district.
The senator was candidate of the Peoples Democratic Party (PDP) in the 2018 governorship election in Osun state.
In a statement on Monday, the campaign organisation said Adeleke had honoured an invitation by the police before he was detained.
“We alert the public, diplomatic and democracy community worldwide that the Nigerian Police has arrested and detained Senator Ademola Adeleke on old trumped up charges of certificate and testimonial forgery,” the statement read.
“This is after the school principal and school authority have through affidavits denied any forgery and owned up to the school testimonial issued to Senator Adeleke.
“Senator Adeleke had this morning honoured police invitation at the force headquarters, Abuja. He arrived at the force headquarters at 9am and was not attended to until later this afternoon when he was informed of fresh charges of testimonial forgery. The distinguished Senator was taken to Maitama Police station with plan to arraign him tommorow at an undisclosed Magistrate court. (The Cable
Ahead of the cinema release of the new movie which she stars in, ‘Heaven’s Hell’, on May 10, 2019, Nollywood actress Nse Ikpe-Etim has condemned the alleged sexual harassment of women labelled a prostitutes by police officers after a raid on an Abuja night club.
She disclosed this on Saturday during an event she hosted with her fans at the event, tagged, ‘Conversation with Nse’ which took place in Lekki, Lagos.
While relating on the incident, the actress said that: “being a prostitute is not a crime. It is a job they chose.”
Speaking earlier during the session on the roe of money in relationships, she advised me to “be ready because women have decided that we will work. We will no longer rely on men. When I say work, it’s real work ooo. All work is work.”
The Federal Capital Territory Police Command said it will probe the allegations of sexual assault against its men and punish those found erring.
On April 27, policemen attached to the FCTA Joint Task Team arrested 34 female strippers at Caramelo night club in Abuja and labelled them as prostitutes. About 70 other women were arrested in other clubs. Arraigned before a mobile court, the women were granted bail on April 29.
The women alleged some policemen extorted them, beat them and sexually molested them after they arrested and detained at Utako Police Division between April 26 April 29, 2019. They also accused the policemen of releasing those who bribed them with money.
And as videos of the raid and interviews of some of the affected women trended on social media, more Nigerians, including Civil Society Organisations, have joined in condemning the police for the act.
On Friday, the Command spokesman, ASP Gajere Danjuma, said, “a high-powered team has been constituted to investigate the veracity of the allegation.”
He said that any erring officer would be dealt with. O
“In this regard, invitations have been sent out to relevant individuals that may assist in getting to the root of the matter.” (The Nation)
Aiteo Eastern Exploration and Production says it is compelled to shut down the 97 kilometer Nembe-Bonny oil export pipeline due to discovery of additional leaks.
Mr Mathew Ndianaabasi, Spokesman for Aiteo, announced the shutdown of the facility in a statement on Monday pending the tracing and fixing of the additional leaks on the line.
News Agency of Nigeria (NAN) recalls that the oil firm had announced the restart of oil exports from the facility on May 3 after fixing the identified leaking point.
Also, the Commander of the Joint Task Force in the Niger Delta, Rear Admiral Akinjide Akinrinade, while inspecting the vandalised line stated that six suspected vandals that breached the line on April 21 died in the fire that followed the explosion.
Ndianaabasi said that oil spill response team has been deployed to the leakage area at Awoba in Rivers to contain the oil discharged into the environment.
According to him, less than 24 hours after starting up the NCTL from repairs of identified leak points occasioned by activities of oil thieves, 2 new leak points were reported along the line near Awoba Riser Manifold.
“Our emergency response process was immediately activated, and containment boom deployed to limit oil spread on bodies of water whilst efforts to identify cause of incident and repair have been initiated.
“Consequently, all injectors have been advised in accordance with NCTL shutdown procedure to shut-in production into the NCTL immediately.
“Appropriate Oil Leakage/Spillage Notification Report will follow shortly to DPR/NOSDRA,” the spokesman said.
Abdullahi Umar Ganduje, governor of Kano state, has relaunched moves to remove Muhammad Sanusi II as the emir of Kano, TheCable report.
On Monday, the Kano State Public Complaints and Anti-corruption Commission reopened investigation into the expenditure of the state emirate council under Sanusi II.
Also at Monday’s plenary of the house of assembly, Kabiru Alhassan Rurum, the speaker, read a letter from one Ibrahim Salisu and others, seeking the creation of new Kano emirates in Karaye, Bichi, Rano and Gaya.
“The governor is determined to remove the emir, and if this does not succeed, he will break the emirate into pieces to whittle down Sanusi’s power,” an official of the state government, who asked not to be named, told TheCable on Monday evening.
Ironically, Ganjude’s move to break the emirate into smaller units will mirror what Abiola Ajimobi, the outgoing governor of Oyo state, did to the olubadan of Ibadan, Saliu Adetunji, whose authority Ajimobi sought to decimate by approving 21 beaded kings for Ibadan.
Ganjude and Ajimobi are in-laws.
Sanusi II’s problem with Ganduje is usually traced to his critical comments in 2017 on the award of contracts to Chinese companies by the state government and on the governor’s foreign trips.
Shortly after the comment, the Kano State Public Complaints and Anti-Corruption Commission alleged the misappropriation of N6billion by the Kano emirate council “without the approval of the state government”.
The probe was halted then but it has now been revived.
Sanusi II is believed to have opposed the re-election of Ganjude, who needed a disputed supplementary election to be returned to office in the March 2019 governorship election.
In a letter dated May 2, 2019 seen by TheCable, the state anti-graft commission invited one Isa Bayero to appear before it to shed more light on the payment vouchers from 2013 to 2017 in his name.
Other officers in the emirate council to be quizzed, according to TheCable sources, include Mohammad Sani Kwaru, the accountant, Mannir Sanusi, the chief of staff, Danburan Mujittafa and Falakin Kano.
The letter said the commission was inviting the staff over alleged violation of section 26 of its enabling law in the management of the emirate’s funds.
The letter also stated that the invitation was sequel to the power conferred to it under “section 9 and 15 of Kano State Public Complaints and Anti-corruption Commission Law 2008 (as amended).”
Sanusi II was appointed the 14th emir in 2014 after his suspension from office as governor of the Central Bank of Nigeria (CBN) by former president Goodluck Jonathan.
Ganduje was the deputy governor to Rabiu Musa Kwankwaso when Sanusi II was appointed, but the former governor is no longer on good terms with his successor.
Kwankwaso supported his son-in-law, Abba Kabiru Yusuf, to challenge Ganduje, but the incumbent was returned with a score of 1,033,695 — a narrow difference of 8,982 votes.
Ganjude lost the Kano municipal heavily, leading to rumours that he would come after the emir after the election.
Sanusi II is the grandson of Muhammadu Sanusi I, the 11th emir of Kano who was deposed in 1963 after a disagreement with Ahmadu Bello, the sardauna of Sokoto and premier of northern region at the time. (The Cable)
Seventy-five registered political parties in the country, on Monday, passed a vote of confidence in the Chairman of the Independent National Electoral Commission, INEC, Professor Mahmood Yakubu, following what they described as successful completion of February 23 Presidential, National Assembly and March 9 Gubernatorial, State Houses of Assembly and Federal Capital Territory, FCT Area Council elections.
According to them, the 2019 general elections met the expectation of majority of Nigerians.
Chairmen of the parties who spoke at a 2-day Roundtable on the evaluation of the last polls in Abuja, however blamed operatives of security agencies, particularly the military and the police for whatever shortcomings that may have been witnessed in the election, even as they called on President Muhammadu Buhari to as a matter of urgency, sign the Electoral Amendment bill into law as that would help save the country from the challenges associated with the current electoral law.
The National Roundtable with the theme: “The role and Performances of Stakeholders in the 2019 General elections, issues, challenges and prospects”, drew together political stakeholders, including members of the civil society organisations (CSOs).
The event which was attended by the immediate past Vice President of Sierra Leone, Alhaji Sam Sumana, and chaired by Prof. Remi Aiyede, took place at the International Conference Centre, ICC, Abuja. In her address of welcome, the Acting Executive Director, Centre for Transparent Advocacy (CTA), co-organisers of the event, Faith Nwadishi, stated that INEC as the umpire of the general elections proved quite independent in the way and manner it responded to the unexpected challenges thrown its way by the stakeholders in the process and other unforeseen circumstances during the last general election.
In a communique issued and read by the National Chairman of C4C party and the Chairman, Organising Committee of the event, Honourable Jeff Ojinika, the Chairmen explained that the decision to commend the INEC Chairman was anchored on his commitment to ensuring that things were done in a transparent manner.
“The Roundtable after a comprehensive review of the conduct of the 2019 general elections passes a vote of confidence on the National Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, for the successful conduct of the election, and notes with satisfaction the transparency in communication and regular engagement of stakeholders at the National, State and Local Government levels which ensured that everybody was carried along in the process.
“The Roundtable indicts the security agencies for the lapses in the election due largely to their collusion with unscrupulous politicians and negligence to do their jobs.”