Business
Dangote named most tax complaint business organizations by FIRS
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.
UBA, Mastercard Introduce 75th Anniversary Card with Exclusive Benefits, Discounts
As part of activities to mark its 75th anniversary, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has teamed up with Mastercard to introduce a special commemorative Debit Card.
This exclusive card offers UBA customers exciting deals and attractive discounts across multiple platforms, enhancing their banking experience in a memorable way.
The commemorative card which was unveiled at the bank’s corporate head office in Marina, Lagos, on Wednesday, is a custom-built card created with the intention of appreciating customers and other users for their loyalty throughout the seven and half decades of impactful journey.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke at the unveiling, emphasised that the card, comes loaded with irresistible benefits aimed at impressing customers, including 25% off purchases on Jumia and $75 cashback on transactions made through AliExpress.
This according to him, symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.
He said, “This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, providing them with access to secure transactions and new opportunities across the continent.
The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries, adding, “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years.”
The President, Africa, Mastercard, Mark Elliot, who expressed gratitude to the management of the bank on the partnership, emphasised the importance and potential of the partnership with UBA.
“We are thrilled to be partnering with UBA, which we know is one of the best banks in Africa. For us, it is a privilege to work with a partner that shares our commitment towards digitizing the continent and enhancing customer experience through secure and convenient transactions.”
Elliot who noted the immense opportunities in the African payment ecosystem, said the organisation looks forward to exploring them with UBA. “Africa is currently one of the most attractive payment markets worldwide, and it’s clear that by 2030, the continent will likely become the fastest-growing equity market,” he said.
“Meeting the UBA management is always inspiring, as we always come up with bold and strategic ideas, and today is no exception. We are excited to match our shared ambitions,” Elliot stated.
United Bank for Africa Plc is a leadi
ng Pan-African financial institution, offering banking services to more than thirty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
Business
COSCHARIS FARMS LEVERAGES BLOCKCHAIN TECHNOLOGY TO REVOLUTIONIZE RICE FARMING BY CHINEDU NSOFOR
COSCHARIS FARMS LEVERAGES BLOCKCHAIN TECHNOLOGY TO REVOLUTIONIZE RICE FARMING
BY
CHINEDU NSOFOR
In a transformative move for modern agriculture, Coscharis Farm, a subsidiary of the renowned Coscharis Group founded by Dr. Cosmos Maduka, is revolutionizing rice farming through its innovative blockchain program. This initiative aims to streamline farming operations and empower local farmers by providing them with essential resources and support. Shepherd Hurudza, the farm operation manager at Coscharis Farm, shared insights into this groundbreaking project during an interview.
Land Development and Infrastructure
Coscharis Farm spans an impressive 2,500 hectares in Ayamelum Local Government, Anambra State, specifically developed for rice farming. The farm has undergone extensive preparations to create a sustainable agricultural environment.
“We have implemented irrigation systems and have conducted precision leveling on more than half of our land to form rice paddies. Currently, 600 hectares are being irrigated to ensure optimal growth conditions for rice cultivation.” Said Shepherd Hurudza
The commitment to modern farming techniques is evident in the array of machinery at Coscharis Farm. The facility boasts 520 horsepower tractors and combined harvesters designed for efficient rice farming. These resources allow for streamlined cultivation and harvesting, ensuring that the farm operates at maximum efficiency.
Empowering Farmers Through Blockchain
Recognizing the challenges faced by individual farmers in accessing land and resources, Coscharis Farm has launched a blockchain farming program aimed at democratizing agriculture. This initiative is particularly beneficial for those with financial backing but lacking the means to cultivate.
Many individuals interested in rice farming struggle to acquire land and the capital required for development. The blockchain program provides a solution. It offers access to land and support throughout the farming cycle.
Under this program, Coscharis Farm collaborates with aspiring farmers, providing them with plots of land to cultivate. The farm handles all aspects of land preparation, planting, and harvesting. Farmers can cultivate up to 10 hectares, with Coscharis team offering guidance on best practices and mechanized planting.
Comprehensive Support Services
The blockchain initiative extends beyond mere land access; it encompasses a full range of agronomy services. Coscharis Farm provides farmers with essential resources, including seeds, fertilizers, and chemical treatments. The support continues throughout the crop cycle. Coscharis Farm offers advice on optimal planting times, crop management practices, and harvesting techniques. After the harvest, the farm guarantees the purchase of the produce, ensuring that farmers have a reliable market for their rice.
Digital Monitoring and Transparency
In a significant stride toward transparency and efficiency, Coscharis Farm has developed an in-house app that allows farmers to monitor their operations in real time. The app provides visibility into all stages of farming, enabling farmers to see the status of their land and crops from the comfort of their homes.
The app offers features that allow users to track planting schedules, fertilization timelines, and overall crop health. This digitalization fosters a greater understanding of farming processes, empowering farmers to make informed decisions. Additionally, Coscharis Farm utilizes satellite monitoring technology to enhance data accuracy.
A Sustainable Future for Agriculture
The innovative blockchain program at Coscharis Farm is not only focused on immediate results but also aims for long-term sustainability in agriculture. This initiative aligns with broader goals of enhancing food security and promoting sustainable agricultural practices in the region. By leveraging technology and modern farming techniques, Coscharis Farm is setting a precedent for the future of agriculture in Nigeria and beyond.
Conclusion
Coscharis Farm is reshaping the agricultural landscape in Nigeria through its innovative blockchain program. By empowering local farmers with access to land, resources, and technology, the farm is not only enhancing productivity but also fostering a sense of community and collaboration.
Business
CDS EXPRESS DELIVERY Boss, Ogbuanu Chibuike Rec Moves to Dominate Nigeria’s Logistics Business …
*Inside his Nmulti-Million Mega Business Empire …*
*By Uche Olehi*
*OGBUANU CHIBUIKE REC* is associated with chains of companies playing big in the Transport/Logistics industry. The serial entrepreneur is also into real estate business.The *MD/CEO of CDS EXPRESS DELIVERY LIMITED,* in this exclusive interview with *Abia Gazette* shares the secrets of his success in business, and where he’s headed.
With over 30 years experience in the Cargo & Logistics industry, Ogbuanu, Chibuike Rec has become a leading brand in the sector. A thoroughly trained and licensed professional Freight Forwarder and transporter, the untainted and enterprising mogul effortlessly provides a one-stop solution for all cargo-handling needs, ranging from Airfreight,Logistics,bulk and unaccompanied goods, international & domestic courier services and Sea Freight services for clients in Nigeria, among other others.
A serial entrepreneur, some of his businesses include Chibyke Global Systems Limited, CDS Express Delivery Limited, Bestline Transport Services Limited, Chibyke Ventures Nigeria Limited,Glorious Homes & Properties Limited, among others.
On the operations of CDS Express Delivery Limited, Ogbuanu explains why they are ahead of their competitors :
“We have 20 funtional delivery buses,10 (5tons) trucks, 10 (10ton) trucks and 25 pickup and delivery bikes for e-commerce services. We also have offices in Abuja, PortHarcourt, Warri, Asaba, Ugheli, Awka, Onitsha, Calabar and virtual presence across the country. We are just a click away”.
“All our delivery facilities have tracking devices in them.That means we can track the movement of those bikes and vehicles and give adequate reports to our clients as per the status of their shipments,”
he said in respect of innovations and security measures CDS deploy in their operations.
In all we do, we aspire to be the best. We deliver value -added services with efficiency and transparency as our watch word.We equally want to be a household name when ever any service related to any of our brands is mentioned.Take CDS Express Delivery Limited for instance,we want to lead in the cargo-handling, and courier service sector.That’s our ultimate desire and we re getting there !
A native of Ihie Autonomous Community in Isiala Ngwa North LGA of Abia State, the Logistics tzar and astute tycoon is a very private person.
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