Nigeria telecommunication giant, MTN Nigeria has said that it would list its shares on the Nigerian Stock Exchange this year.
MTN General Manager, Mr Nikiwe Tsaagane, made this known when he paid a courtesy visit to Dr Ogbonnaya Onu, Minister of Science and Technology.
Tsaagane said the efforts would help to fast-track improvement in Nigerian economy.
“It is going to offer important role in capital market as it will be one of the largest transactions in Africa. This will showcase Nigeria in the global economy if we can achieve it.
“”The transaction is structured by ensuring that it’s data based and inclusive as we ensure that our Nigerian customers are able to participate,“” he said.
According to him, MTN has 62 million subscribers already in Nigeria which represents a significant Nigerian population.
He said the application processes would be in a digitalised way as there would be minimal utilisation of paper.
“ “So we are working with the Nigeria Stock Exchange to develop application platform to make our customers to be able to apply online.
“ “Here will be first place of doing such digital application,“” he added.
He stated that Nigerian Communication Commission and Nigeria Stock Exchange among others were fully in support of the programme to realise the plan.
The general manager said the MTN would like to partner with the ministry to enjoy its know-how leadership.
The Federal Government has made good its promise of rejuvenating the Nollywood Industry by injecting and distributing the 2nd and last tranche of N420.2million to 105 beneficiaries of the Innovative Distribution Fund(IDF).
Deputy Director, Information of the Federal Ministry of Finance, Mrs Patricia Deworitshe in a signed statement made available to Economic Confidential in Abuja, said the amount represents the last tranche of the approved N1.8 billion, adding that the sum of N1.335 billion had earlier been disbursed to the 105 beneficiaries.
The statement further said that during the Monitoring and Evaluation (M & E) of this first tranche disbursement, the Project Implementation Unit (PIU of the federal government recorded a number of achievements in line with the objectives of the programme which include but not limited to the establishment of 15 community cinemas and viewing centers through the grant and this has improved the distribution network of movies in Nigeria.
According to Mrs. Deworitshe, the programme has supported 18 firms in strengthening online distribution platforms, which has helped curb illegal downloads and piracy, creation of 256 permanent jobs and 544 temporary jobs through the financial support provided to 105 beneficiaries by the programme, while the programme has equally aided the extension of the Nollywood Industry to sub-Sahara Africa through the funding of National distributors to expand their distribution capacity and network. The statement noted that the National distributors are expanding their capacity to lip-synching their content in French for onward distribution to the ECOWAS sub-region.
The statement further said the objective is sustain the growth of Nigeria’s movie Industry, encourage the Industry realize its potential of being a significant creator of employment and considerable contributor to GDP, apart from addressing some of the key challenges currently facing the Industry.
At the commencement of the programme last year, Finance Minister, Kemi Adeosun that the intervention aims to improve and promote key components of the value chain through the provision of grants scheme designed to support existing or aspiring practitioners within the Industry, including the Diaspora.
Project Components
She noted that the Project ACT-Nollywood has 3 primary components of Film Production Fund (FPF), Capacity Building Fund (CBF) and Innovative Distribution Fund (IDF), stressing that the (FPF) and (CBF) have been fully implemented while the (IDF) which is the third component of the project is on-going. The (IDF) covers online, National, Regional and community categories of Nollywood Film distribution and exhibition.
According to her, the objectives of IDF are to improve the distribution network of Nigerian Audio-Visual contents, cut down on piracy, create jobs (direct and indirect) and the protection of Intellectual Property Rights (IPR) within the Nigerian Entertainment Industry.
The National Executive Council (NEC) Thursday extended the lifespan of the federal government’s financial support to various states of the federation, to cushion the biting effects of the recession.
Rising from its monthly meeting presided over by Acting President Yemi Osinbajo in the State House, Abuja, the council also said it resolved to extend the support in view of pending settlements to some states and local governments.
Briefing journalists at the end of the meeting, Gombe State Governor Ibrahim Dankwambo, who said the council also received the report on the forensic audits of the ministries, departments and agencies (MDAs), gave the balances in various federation accounts as of June 28.
According to him, the Excess Crude Account balance stood a $2.3 billion; Stabilisation Account balance, N28.5 billion; Natural Resources Account balance was N87.6 billion; while the balance in Ecological Account was N28.9 billion.
“Council was briefed on the budget support to states because of dwindling revenue and budget implementation. The programme was meant for a year but because of the recession, the acting president said the facility should continue pending when other claims of states and local governments are settled.
“The committee of NEC set up to review or carry out a forensic audit of the ECA and FAAC submitted its interim report. As of today, 10 of the 18 MDAs have been audited; audits of five others are still ongoing; three are yet to start.
“Council agreed that we should submit a full report at the next NEC meeting,” Dankwambo submitted.
In his own briefing, Ebonyi State Governor Dave Umahi said the council was briefed by the Minister of Interior, Abdulrahman Dambazau, and Comproller-General of Prisons on the state of the prisons and resolved that there was need for a declaration of emergency on the state of Nigerian prisons.
He also said NEC tasked the governors to deploy all within their powers to salvage the prisons, including the engagement of private sector participation.
Umahi said NEC also agreed that some of the inmates could be engaged in farming.
“The Minister of Interior and CG, Nigeria Prisons briefed council on the state of prisons and inmates throughout the country. The situation they painted was quite pathetic.
“I visited the prisons in my state for the first time recently and what I saw was terrible… So it was agreed that governors should on their own develop initiatives to manage the prisons. For instance, some have transferred prisons from the urban centres.
“NEC agreed that governors should support the federal government on prison matters. States that have the capacity to build prisons should go ahead and do so, including the involvement of private sector participation.
“The minister said 70 per cent of inmates are awaiting trial. Some of them can be converted to labour use. Ten per cent of them are condemned, meaning 20 per cent are convicts. Some of the prisoners should also be engaged in agriculture activities.
“NEC agreed that the governors should do a number of things to decongest the prisons and the chief judges of the states should frequently visit the prisons.
“Governors should either sign the death sentences of those condemned or commit them, because it is risky leaving them after their trial has been concluded. So NEC resolved that there should be a declaration of emergency on prisons,” he said.
Umahi also reported that the Special Assistant to the President on Sustainable Development Goals (SDGs), Mrs. Adejoke Orelope-Adefulire, briefed the council on the state of SDGs in the country and came up with recommendations, among others, that a commission on SDGs should be set up to commence a quick assessment of the situation on the ground.
Other recommendations she listed included: building synergies between federal and state governments on SDGs; sensitisation and advocacy at the sub-national level and follow up, while governors should have commissioners or special assistants to oversee SDGs in their states and also come up with state action plans.
Also briefing, the Director-General of National Action Council for AIDS, Sani Ali, who reported that three million Nigerians are living with HIV/AIDS, said the council deliberated on the need to increase HIV funding.
According to him, there was need to set aside 0.5 per cent of the monthly federal allocation to fund HIV treatment, noting that more than 70 per cent of the current one million victims being treated are funded by development partners.
The Naira has appreciated against the dollar at the parallel market barely 24 hours after the Central Bank of Nigeria (CBN) injected 195 million dollars into the foreign exchange market.
The Naira closed at N366 to the dollar at the end of trading on Thursday afternoon at the parallel market, three points stronger than N370 it closed on Wednesday.
The pound sterling and the Euro traded at N465 and N410 respectively.
At the Bureau De Change window, the Naira closed at N363 to the dollar, while the pound sterling and the Euro closed at N463 and N410, respectively.
Trading at the interbank market saw the naira closed at N305.90 to the dollar, while the import and export rates closed at N368 to the dollar.
Traders at the market said that the naira got a boost as the CBN intervened at the FOREX market.
NAN further reports that the continued injection of liquidity into the FOREX market had sustained the naira from further depreciation.
However, financial experts are divided on the sustenance of the CBN’s effort in salvaging the naira. (NAN)
Acting President, Yemi Osinbajo has issued nine months grace period to tax payers to regularise their tax status or face criminal prosecution for tax offences.
Osinbajo made the in Abuja at the inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs).
He said the scheme was specially targeted at taxpayers who had not declared their taxable incomes and assets, as well as those who don’t pay at all, and those who had been underpaying or under remitting.
Osinbajo said the scheme would cover all federal and state taxes such as companies’ income tax, personal income tax, petroleum profit tax, capital gains tax, stamp duties and tertiary education tax.
“The scheme will be operated from July 1, 2017 to March 31, 2018.
“It will be supported by an executive order, which I will sign into law today to offer a once in a life time opportunity to those in default to regularise their tax affairs.
“In exchange for full and honest declaration, tax evaders will receive immunity from prosecution, forgiveness of penalty and interest that is due on unpaid taxes.
“They will also get the full assurance that all information provided will remain confidential.
“In addition, participants in the scheme will not be selected for audit investigation for the period.
“We understand that some tax payers may have problems raising cash and for that reason, we have built in a system that will allow those owing to pay over a period of time.’’
According to the acting president, this is subject to conditions.
Osinbajo said that those who failed to take advantage of the nine months grace period would face criminal investigation and if found guilty may face up to five-years jail term.
He said that the government would immediately commence a nationwide sensitisation of Nigerians on the scheme and tax in general to ensure compliance.
“To this end, we have agreed that every Thursday starting from today, and for the next one year will be declared Tax Thursday.
“We expect the Federal Inland Revenue Service (FIRS) and every state government to organise sensitisation events that would raise awareness of the tax system to ensure massive enrolment of new tax payers.
“We must enroll at least 4 million tax payers and increase the level of payment among the 14 million already registered tax payers.
“We expect that all state governors will personally lead this initiative and support the work of the 7,500 community tax liaison officers that would be employed shortly.’’
The acting president said that a high level team working with the Federal Ministry of Finance was set up 15 months ago to research on tax evasion and illicit financial flows.
He said the report of the team, which was tagged “Light House Project” searched various data bases such as banks, Corporate Affairs Commission, vehicle registration numbers and immigration to fish out tax evaders.
On the international front, Osinbajo said; “Nigeria is now a party to the automatic exchange of information which comes into effect in January, 2018’’.
“This means that Nigeria will automatically have all the information to successfully pursue tax evaders across the world.
“Specifically, we will have information on beneficial owners of assets held abroad, including those in tax havens,” he said.
Meanwhile, the Minister of Finance, Mrs Kemi Adeosun, said that with the scheme, Nigeria hoped to increase tax to Gross Domestic Product (GDP) of the country from six per cent to 30 per cent.
“If we pass this test, the future of Nigeria is assured,” she said.
In his remarks, Sen. John Enoh of Cross River Central, who represented the President of the Senate, assured of legislative backing to the scheme.
He said the senate would pass whatever legislation needed to improve tax compliance in the country.
Similarly, the Chairman of Nigeria Governors Forum, Mr Abudulaziz Yari pledged the state governments’ support and commitment toward the new initiative.
Yari, who is also the Governor of Samara, said that state governments would be the biggest beneficiary of revenues derived from the scheme as they would give the FIRS necessary support.
A recent report of the Joint Tax Board showed that only 14 million people out of the estimated 69.9 million Nigerians, who are economically active, are paying taxes.
Accordingly, 96 per cent of the 14 million have their taxes deducted at source; this shows that they are government workers.
Also, only 214 Nigerians pay taxes of about N20 million annually and about 900 Nigerians pay N10 million as tax every year.