Business – Page 227 – Sahara Weekly Magazine

Dangote Cement Trucks Wrongfully Intercepted In Adamawa

Dangote Cement to pay N40.39 bn in corporate tax

Dangote Cement to pay N40.39 bn in corporate tax …ramps up production capacity to meet local demand Nigeria’s Dangote Cement Plc is expected to pay...

Business5 years ago

ZENITH BANK DISPLAYS RESILIENCE AS PROFIT BEFORE TAX RISES BY 4% IN Q1 2021

ZENITH BANK DISPLAYS RESILIENCE AS PROFIT BEFORE TAX RISES BY 4% IN Q1 2021 Zenith Bank Plc has announced its unaudited results for the first...

Business5 years ago

FIRSTBANK’S CORPORATE STATEMENT ON THE NEW BOARD CONSTITUTION

FIRSTBANK’S CORPORATE STATEMENT ON THE NEW BOARD CONSTITUTION We refer to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of...

Business5 years ago

FirstBank Raises the Bar in New CEO Appointment, Others

FirstBank Raises the Bar in New CEO Appointment, Others The appointment of Mr. Gbenga Shobo as new Managing Director/CEO designate of First Bank Nigeria...

Business5 years ago

Naira rain, as 6 MIllionaires emerge in Polaris Bank Save & Win Promo Grand Finale Draw tomorrow

Naira rain, as 6 MIllionaires emerge in Polaris Bank Save & Win Promo Grand Finale Draw tomorrow Another moment of excitement is here for savings...

Business5 years ago

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

Business5 years ago

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

Business5 years ago

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...

Sahara Weekly Magazine

Dangote Cement to pay N40.39 bn in corporate tax

ZENITH BANK DISPLAYS RESILIENCE AS PROFIT BEFORE TAX RISES BY 4% IN Q1 2021

FIRSTBANK’S CORPORATE STATEMENT ON THE NEW BOARD CONSTITUTION

FirstBank Raises the Bar in New CEO Appointment, Others

Naira rain, as 6 MIllionaires emerge in Polaris Bank Save & Win Promo Grand Finale Draw tomorrow

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

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