Business – Page 224 – Sahara Weekly Magazine

Fidelity Bank Plc Announces a 53.9% Growth in Profit Before Tax to N10.1bn For the 3 Months Ended 31 March 2021

Fidelity Bank Plc Announces a 53.9% Growth in Profit Before Tax to N10.1bn For the 3 Months Ended 31 March 2021 Top Nigerian lender,...

Inter-Agency Committee Working To Curb IFFs From Nigeria – Presidential Adviser* *…ICPC Investigators Urged To Track Real Estate and Education-Linked Illicit Financial Flows* The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has dragged about 2,000 corporate entities into the country’s tax net, the Chairman of the Commission, Prof. Bolaji Owasanoye, SAN, has revealed. He made this known on Tuesday in Abuja while responding to questions from journalists at the end of a capacity building for ICPC investigators on investigating Illicit Financial Flows (IFFs) held at the corporate headquarters of the commission. Prof. Owasanoye disclosed that the 2,000 corporate entities were uncovered by investigations undertaken by the commission and their names have been forwarded to the Federal Inland Revenue Service (FIRS) for profiling. “Some of these entities are not registered and do not pay tax while others are registered but still do not pay tax. The ICPC has been able to recover significant amount in taxes for the government,” he said. Earlier in his welcome remarks, the ICPC chairman stated that the capacity building programme would help investigators to track illicit financial flows, money laundering and other areas the government is losing revenue and recover such funds. “The loss of revenue is a major challenge to developing countries, particularly Nigeria. The meeting is therefore designed to build the capacity of our investigators to enable them trace the areas in which the government is losing money, look for the likely places people hide money, stop the illicit financial flows, and recover the funds. “We are already working with the FIRS and getting a lot of tax evaders and defaulters into the nation’s tax net. One of the takeaways from here is the kind of question an investigator needs to ask in tracking IFFs and money laundering,” Prof. Owasanoye explained. He stressed the need to widen the revenue base, improve tax collection, combat tax evasion and illicit financial flows as well as asset recovery to improve the country’s finances. The Chairman of Inter-Agency Committee on Stopping IFFs from Nigeria, Dr. Adeyemi Dipeolu, assured that the committee was working assiduously to curb the menace from the country. “We know the challenge and negative impact of IFFs in Nigeria and Africa. The Federal Government established the committee towards promoting financial transparency and accountability and in line with the recommendations of the findings of a high level Africa Union Panel on Illicit Financial Flows (IFFs) led by the former South African President, Thabo Mbeki, include coordinating and tracking progress in stemming illicit financial flows from Nigeria. “The Committee is establishing cooperation amongst relevant agencies in order to substantially reduce and eventually eliminate illicit financial flows from Nigeria, make recommendations to the Federal Government on required improvements in legislation, rules and processes for the purposes of tackling illicit financial flows from Nigeria amongst others.” He advised African countries to build the capacity of their investigators in tracking illicit financial flows in order to curb annual loss of revenue. The capacity building forum witnessed paper presentations by three resource persons including an Associate Fellow of Chatham House, Matthew Page; Prof. Melvin Ayogu of Emory University, and Matthew Gbonjubola of the Federal Inland Revenue Service. In his paper presentation titled “IFFs through the Real Estate and Education Sectors: Implications for Investigators”, Matthew Page urged the investigators of the ICPC to pay attention to real estate and education sectors-linked illicit financial flows. He noted that IFFs have provided opportunities for politically exposed persons (PEPs) in Nigeria to launder money through real estate and education sectors. “Most of the properties held by Nigerian politicians in London and Dubai are held by proxies, family and shell companies. Over 800 properties worth over $400 million have been linked to Nigerian PEPs,” Page said.

Business5 years ago

Defaulters: ICPC Drags 2,000 Firms Into Tax Net – Owasanoye

Defaulters: ICPC Drags 2,000 Firms Into Tax Net – Owasanoye. Inter-Agency Committee Working To Curb IFFs From Nigeria – Presidential Adviser* *…ICPC Investigators Urged To...

REDTV’s TMC Named ‘Web Series of the Year 2020’ at the Gage Awards 2020

Business5 years ago

REDTV’s TMC Named ‘Web Series of the Year 2020’ at the Gage Awards 2020

REDTV’s TMC Named ‘Web Series of the Year 2020’ at the Gage Awards 2020 The Men’s Club (TMC), Africa’s highly-anticipated online series powered by...

Guaranty Trust Fund Managers Limited Launches Guaranty Trust Investment Fund 724

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GTBank Releases Q1 2021 Unaudited Results…Reports Profit before Tax of ₦53.7 Billion

Guaranty Trust Bank plc has released its unaudited Financial Results for the period ended March 31, 2021, to the Nigerian and London Stock Exchanges. ...

Stanbic IBTC Ranks Top 3 in LinkedIn’s Best Places to Work

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Business Leaders Guide Youth on Turning Passion into Profit at Stanbic IBTC’s YLS

Business Leaders Guide Youth on Turning Passion into Profit at Stanbic IBTC’s YLS Stanbic IBTC Holdings PLC, Nigeria’s leading end-to-end financial services organisation, held the 2021...

Business5 years ago

JA Nigeria Partners for Growth, Impact

Grooms Digital Entrepreneurs Empowers Young People The trajectory of Junior Achievement Nigeria reaching over 1 million youths is one that has embraced diverse support...

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Heritage Bank promotes creative industry with support for “Rita Dominic Acting Challenge”

Heritage Bank promotes creative industry with support for “Rita Dominic Acting Challenge” Heritage Bank Plc has further reiterated its commitment to the growth and...

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Standard Bank Group appoints new Chief Executive for Africa Regions

Standard Bank Group appoints new Chief Executive for Africa Regions Standard Bank Group, Africa’s largest bank by assets, has appointed Yinka Sanni as its new...

Business5 years ago

FirstBank Launches a New Corporate Website

FirstBank Launches a New Corporate Website, Reiterates its Commitment to Service Delivery Excellence. FirstBank, Nigeria and indeed West Africa’s premier financial inclusion services provider has...

First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has announced a webinar to sensitise individuals and businesses with useful information on being protected in today’s digital age. The virtual event is scheduled to hold by noon on Friday, 16 April 2021 with “Staying Protected Amidst the Pandemic Chaos” being the topic to be discussed at the event. Registration is ongoing for the event via the link https://firstbanknigeria.zoom.us/webinar/register/WN_PUnqA7enTMG8o0OfOaWxlg Today’s world, largely referred to as the digital age has been influenced by information technology which has optimised the way we carry out our individual and business activities. However, the current age has been marred by illicit activities like identity theft, internet fraud amongst many others which poses a risk to the safety of individuals and businesses. Attending the webinar will have participants knowledgeably equipped with vital information that will ensure they make informed decisions, thereby promoting their safety whilst staying protected against possible risks and malicious attacks. Tope Aladenusi, Chief Strategy Officer & Cyber Risk Services Leader, Deloitte West Africa; Confidence Staveley, Cyber Security Evangelist/ Founder, Cybersafe Foundation and Harrison Nnaji, Chief Information Security Officer, FirstBank will lead the discussion at the event. Speaking on the planned Webinar, Dr. Adesola Adeduntan, CEO of FirstBank Group noted that “the world as a global village is associated with not just benefits but also risks of cyberattack and for individuals, businesses and governments to make the best out of the digital and online opportunities, they need to be deliberate in protecting themselves against cybersecurity threats”. He further noted that, “in today’s digital age, which the pandemic has accelerated the embrace, cyberattacks are occurring at an alarming rate across the world. As such, no individual, business or government entity with digital and online presence is immune to cyberattacks; and the financial, physical and legal implications of an attack can be significantly upsetting.’’ In concluding, he enjoined everyone to participate in the forthcoming webinar as it is a viable opportunity to stay informed whilst being abreast with current trends that are pivotal to promoting safety in today’s world that is driven by information technology”.

Business5 years ago

FIRSTBANK HOSTS WEBINAR TO SENSITISE INDIVIDUALS AND BUSINESSES ON STAYING PROTECTED IN THE INFORMATION AGE

FIRSTBANK HOSTS WEBINAR TO SENSITISE INDIVIDUALS AND BUSINESSES ON STAYING PROTECTED IN THE INFORMATION AGE First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services...

Sahara Weekly Magazine

Fidelity Bank Plc Announces a 53.9% Growth in Profit Before Tax to N10.1bn For the 3 Months Ended 31 March 2021

Defaulters: ICPC Drags 2,000 Firms Into Tax Net – Owasanoye

REDTV’s TMC Named ‘Web Series of the Year 2020’ at the Gage Awards 2020

GTBank Releases Q1 2021 Unaudited Results…Reports Profit before Tax of ₦53.7 Billion

Business Leaders Guide Youth on Turning Passion into Profit at Stanbic IBTC’s YLS

JA Nigeria Partners for Growth, Impact

Heritage Bank promotes creative industry with support for “Rita Dominic Acting Challenge”

Standard Bank Group appoints new Chief Executive for Africa Regions

FirstBank Launches a New Corporate Website

FIRSTBANK HOSTS WEBINAR TO SENSITISE INDIVIDUALS AND BUSINESSES ON STAYING PROTECTED IN THE INFORMATION AGE

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