Business
‘Buhari will go for second term’ – APC Caucus
There will be no vacancy in the Presidency in 2019, members of the National Caucus of the All Progressives Congress, APC, declared on Tuesday night in a seeming lure to President Muhammadu Buhari to seek a second term. Oyegun and Buhari The national caucus, comprising serving and former governors, the National Assembly leadership, and selected members of the national executive of the party, at the meeting said the endorsement of President Buhari for a second term would help to stabilise the polity in the face of what members described as the 16-year rot inherited from Peoples Democratic Party, PDP. Meanwhile, the national chairman of the party, Chief John Odigie-Oyegun, has dismissed insinuations of a threat against his position, just as the caucus, Tuesday night, constituted a committee to resolve all pending issues in the party. One of the issues agreed on at the meeting, Vanguard learned yesterday, was that President Buhari should be given opportunity to seek a second term. Though the issue of a second term for the President was generally agreed, caucus members, however, also agreed that it would be too early in the day to kick start a second term campaign for the President. Vanguard learned that the issue was brought up as a way of resting restiveness among some party leaders, who have been divided over their various aspirations for 2019. The positioning by different party leaders on 2019 has been blamed for the problems that led to the crisis in the National Assembly and also the inability of the party to inaugurate its Board of Trustees, BoT, till date. “With Buhari contesting in 2019, those who have been squabbling will now have to queue up behind him and put the interest of the party ahead,” a source privy to the development revealed yesterday. Remarkably, leading senators in the party on Tuesday night met in Abuja where they also pledged to unify themselves in the face of the prospect of losing their influence to the more united PDP caucus. Odigie-Oyegun dismisses threat to his office Meanwhile, Odigie-Oyegun speaking to reporters at the end of the caucus meeting on Tuesday night dismissed reports of pressures on him to resign his office. He said: “I am not aware that my office is under threat. I led the party to the State House. It amazes me, occasionally it annoys me. That is one of the things you have to endure when you are in a position like mine.” Noting the trend of the meeting, Odigie-Oyegun said that a committee had been constituted to resolve all the crises in the party. Speaking on the performance of his party’s government almost one year after taking over power, the national chairman pleaded for time on the part of Nigerians. He said the government would come on full stream when the 2016 budget is passed.
Dangote named most tax complaint business organizations by FIRS
…Company, subsidiaries win big at FIRS, FMDQ awards
In another development, Dangote Cement Plc emerged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ. Dangote Industries Ltd also emerged as the “Most active corporate in the foreign exchange market”.
The FMDQ GOLD Awards, (Global Competitiveness, Operational Excellence, Liquidity and Diversity), is a corporate tradition that recognises the resilience and agility of the Nigerian financial markets’ participants.
The award acknowledges the valuable efforts of these stakeholders, whose participation in the FMDQ markets and across the financial market infrastructure value chain of FMDQ’s businesses – Securities Exchange, Central Counterparty and Depository – have positively shaped the course of the markets and invariably impacted the development of the Nigerian economy.
Two companies from the Dangote stable, Dangote Cement and Blue Star Shipping were recognised at the weekend by the Federal Inland Revenue Service (FIRS) as being among the most compliant taxpayers. As part of its Special Day activities at the 2024 Lagos International Trade Fair, the FIRS celebrated several business organisations for their high levels of tax compliance.
Dangote Cement was recognised in the biggest taxpayer category in the part of the programme tagged “FIRS compliant taxpayers awards and recognition”. Several speakers at the event including FIRS State Administration Lagos Mainland, Ishola Akingbade, who represented the Chairman of FIRS commended these companies for their high levels of compliance which makes tax administration easy.
Head of Tax Compliance at Dangote Industries Ltd, Dr. Titi Fowokan speaking on the journey leading to the recognition by FIRS stated that “Dangote as a Group has a Tax Policy that is based on zero tolerance for tax non-compliance. As good corporate citizens, we comply with all relevant laws, including tax laws. Also, complying with the tax payment statutory deadlines ensures that we do not fall foul of the law, which stipulates penalties for non-compliance.”
According to her, Dangote Group achieved compliance by putting in place world class processes that align with the requirements of the tax laws and regulations, putting into consideration the need to strictly adhere to statutory timeliness and eliminate costs of non-compliance.
“We pride ourselves in the Dangote Brand and seek to promote a tax compliance culture, which demonstrates our corporate responsibility to the government for the provision of public goods and services for the citizens”, she added.
Fowokan explained that the company as part of steps to achieve compliance maintained its best practice tax governance culture, ensured accurate tax computation and timely remittance to avoid penalties & interest arising from tax compliance defaults. She affirmed that these steps helped to minimise tax audit risks & avoid incidence of tax litigations.
Dangote Industries Limited (Dangote Group) is one of Africa’s largest industrial conglomerates. It is a diversified and fully integrated conglomerate. It has been a key investor in the Nigerian economy. The Group’s interests include cement, sugar, salt, fertiliser, agriculture, transport, packaging and real estate, the oil and gas, petrochemical, and steel sectors of the economy.
The core business focus of the Group, which started operations in 1978, is to provide local, value-added products and services that meet the ‘basic needs’ of the populace. Through the construction and operation of large-scale manufacturing facilities in Nigeria and across 17 other African countries, Dangote Group is focused on building local manufacturing capacity to generate employment, prevent capital flight and provide locally produced goods for the people.
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Afriq Group CEO, Staff graduates of Certified Cryptocurrency Compliance Specialist 3Cs
Afriq Group CEO, Staff graduates of Certified Cryptocurrency Compliance Specialist 3Cs
The A&D Forensic Institute has awarded staff members of the Afriq Group of Companies the Certified Cryptocurrency Compliance Specialist (CCCS) certification after they successfully completed the required training. The ceremony, held in Abuja from November 4 to 8, 2024, marked a significant milestone for Afriq Group’s dedication to compliance and security in the cryptocurrency sector.
Notably, Afriq Group of Companies is the first Cryptocurrency company in Africa to train over 12 staff members as Certified Cryptocurrency Compliance Specialist.
During the event, Mr. Jesam Michael, CEO of Afriq Group, expressed his gratitude to the A&D Forensic Institute for their in-depth training. He acknowledged that previously, the company focused mainly on trading and profit-making in the crypto space but had now realized the value of knowledge and compliance. “We were mainly focused on making money, but A&D has helped us see the importance of a knowledge base in the crypto space,” Mr. Jesam Michael said.
A highlight of the training week was the introduction of Mrs. Faith E., Afriq Group’s new Cryptocurrency Consultant, who visited the staff on the fourth day. The CEO described her as a mentor and guide for the company’s growth. Mrs. Faith, a seasoned expert in cryptocurrency since 2016, emphasized the importance of education in the evolving technological space. She noted, “People often view technology as magic, but anything lasting over a decade is no longer a trick; it is innovation.” Mrs. Faith stressed that staying educated is essential for Afriq Group to protect its reputation and thrive within the global community, especially given the challenges of operating in a sensitive and risky sector.
She also highlighted how this training would elevate the staff’s capabilities and open new career paths for them. “This training benefits you as individuals first, making you certified specialists, which is recognized internationally,” she said. Mrs. Faith urged the participants to make the most of their knowledge and continue learning to strengthen Afriq Group’s position in the market.
After completing their certification exams, the staff received their CCCS certificates. Mr. Martin, CEO of Farm Trading, joined the ceremony to present the certification to Mr. Jesam Michael as a newly certified Cryptocurrency Investigator. In his remarks, Mr. Martin praised the achievement as a positive step for compliance in the industry and emphasized the balance between business operations and regulatory standards. “Work closely with management, document processes, and follow rules carefully. This way, your role as compliance officers can drive success without jeopardizing business integrity,” he advised.
The event concluded with renewed excitement and a sense of purpose among the staff, who now hold specialized expertise in cryptocurrency compliance. Mr. Jesam Michael reminded everyone to continue their dedication, noting that their work would be under the scrutiny of experts like Mrs. Faith to ensure excellence and adherence to best practices.
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