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OLUMIDE AKINDIYA WINS AN AWARD

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Recently, an Award was organised by an entertainment company, NaijaGal Entertainment on the 16th of August, 2015 to celebrate 37 personalities. Few of the Awardees are Malvin Records, AY, Koffi, Godwin Enakhena, Toyin lbitoye, Mfon Udoh, Bar. Olumide Akindiya, Zinnox Technologies, Omo Baba, Yemi Alade, Mr. Femi Aderibigbe aka Kwame and other top personalities/celebrities. This Award named: MyMicMySwag Season 2 has its host to be Koffi ldowu Nuel, Empress Njamah and Omo Baba (Masters of Ceremonies). DJ Switch played at the event apart from receiving Award with other artists: BXY, etc. Our guest being one of the Awardees for Barrister was celebrated for his amazing inspiration to African Youths through legal education and tenacity. His name is Barrister Olumide Akindiya.

Olumide Akindiya is the Principal Partner of Olumide Akindiya & Co., Legal Practitioners, Corporate & Real Estate Consultants with corporate office at No. 47, Apapa-Oshodi Expressway, Charity Bus Stop, Orile-Oshodi in Lagos State. His law firm came into existence in March 27, 2012 with lone vision of his. With his members of staff, they have offered Client satisfaction through several litigation matters and Solicitorship and also free legal services to helpless and poorer people. His firm offers general legal services including entertainment. Just like other professionals, he has celebrities as friends, clients and prospective clients. He is also a Poet with his type of poem called legal poem. He is one of the youngest law columnists in Nigeria with his weekly column called “Ask the Lawyer” in Hallmark Newspaper every Tuesday for more than a year educating the public on law and raising potentials of youth through seminars. He has published up to 39 legal topics and legal issues. He was one of the recipients of an Award of Service from Oshodi Community Development Association in Oshodi Local Government on 24th of July, 2015 for his selfless community services and contributions to the development of Oshodi in general. ln maximizing his potential apart from law practice, he will soon publish his first law book comprising about 330 pages and 480 cases cited to correct public perception and legally educate the public on “Suspect & Accused Person in Nigeria” as crime is increasing in Nigeria. Lastly, he has enjoyed several interviews both locally & internationally on state of the nation, entertainment and so on. He is expecting more Awards soon and he is happy that the Awards are coming in before launching of his law book. To him, the Awards are testimony of his legal hustle and positive impacts in the societies through law practice, his law column, adding value to people including clients and legal orientation in media, programme about law and motivational talks.

On his journey to become a Lawyer, he said, it started from childhood when his flair for mental argument, writing, drawing and love for Chief Gani Fawehinmi (SAN)’s efforts during military era. So he reposted from science class to art class in Secondary School by his parents who have discovered his potential that their son cannot be in science class. That his father died before his admission to Lagos State University (LASU) to study Law. Thus, it was a rough journey as there was no financial back up than his little father’s estate and great efforts of his old mother. He started his internship in law firm and attending Court earlier and he started his law firm earlier too. ln all, he thanked God that he did not only achieve his dream of being a Lawyer, but added more to it to enhance its law practice, management of his law firm and preaching about law through through his legal orientation.
On how he felt about the Awards, he said he was excited that it came through recommendation. That the Award from Oshodi community blew his mind more since Apapa-Oshodi Expressway is within Oshodi Local Government and that is where his law office was situated and his little contribution was appreciated. He said he has contributed to entertainment industry too going through his profile. He ended it by saying thank to the organisers of both awards; those in advance too as it motivated him to work harder and preach about law more.

On his piece of advice to others, he advised that there was need to discover ones potentials, exploit it with ones chosen profession, have strong passion, make sacrifice, be rugged, set priority, have principle, be humble and knowing what you want in life. The focus should not be on money but meeting needs and adding values. The more problems are solved; the more money and benefits will come at the right time. It takes extra- ordinary efforts to bring extra-ordinary rewards and benefits. Thank you!

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

In a bid to ease financial burdens during the holiday season, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre. This follows a previous price cut to N970 per litre on November 24. The move is aimed at reducing transportation costs for Nigerians as they prepare for festive celebrations.

Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, disclosed the development in a statement, highlighting additional benefits for consumers. Beyond the price reduction, the refinery is introducing a special credit offer. For every litre of PMS purchased on a cash basis, consumers can buy an additional litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

“To help reduce transport expenses this holiday season, we’re offering PMS at N899.50 per litre and providing a credit option for additional purchases. This is part of our commitment to making high-quality petroleum products accessible to Nigerians,” Chiejina said.

The refinery also reaffirmed its commitment to providing premium-quality, environmentally-friendly fuel, while ending Nigeria’s dependence on substandard imported products.

With a capacity of 650,000 barrels per day, the Dangote Refinery is the largest single-train refinery in the world, capable of meeting Nigeria’s entire refined petroleum product demand and generating surplus for export. As the festive season approaches, the company expressed gratitude to Nigerians for their support and pledged continued efforts to ease their economic burdens.

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Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

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General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

We have received numerous inquiries from the media and concerned stakeholders seeking clarification regarding a recent report attributed to the Nigerian National Petroleum Company Limited (NNPCL). The report suggested that NNPCL’s decision to secure a $1 billion loan backed by its crude was instrumental in supporting the Dangote Refinery during liquidity challenges.

Setting the Record Straight: Clarifying NNPCL's Role in the Dangote Refinery Investment

We wish to categorically state that this narrative is a misrepresentation of the facts. The $1 billion referenced constitutes just about 5% of the total investment in building the Dangote Refinery.

Our partnership with NNPCL was established based on their strategic importance as the largest offtaker of Nigerian crude and, at the time, the sole supplier of gasoline into Nigeria. As part of this agreement, a 20% stake in the refinery was valued at $2.76 billion. Of this amount, NNPCL agreed to pay $1 billion upfront, while the remaining balance was structured to be recovered over five years through crude oil supply deductions and dividends.

If we had been facing liquidity challenges, such generous credit terms would not have been feasible. At the time of the agreement in 2021, the refinery was still in its pre-commissioning phase. Any claims suggesting financial struggles are inconsistent with the structure and nature of this agreement.

Regrettably, NNPCL was unable to meet its commitment to supply the agreed 300,000 barrels per day of crude oil due to pre-existing financial commitments tied to their crude cargoes. Given this, we extended a 12-month period for NNPCL to pay cash for the balance of their equity. However, they were unable to meet the deadline, which expired on June 30, 2024. Consequently, NNPCL’s equity stake in the refinery was adjusted to 7.24%.

It is therefore inaccurate to claim that NNPCL facilitated a $1 billion investment amid liquidity challenges. Their $1 billion investment secured a 7.24% ownership stake in the Dangote Refinery, a strategic partnership beneficial to their interests.

NNPCL remains a valued partner, and we urge all stakeholders to adhere to the facts and provide accurate information to ensure proper media representation for the benefit of all stakeholders and the public.

Anthony Chiejina
Group Chief Branding and Communications Officer
18th December, 2024

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

 

MTN Nigeria, the nation’s largest telecom company, pays over N200 billion in Value Added Tax (VAT) monthly, making it the single biggest contributor to the country’s VAT revenue, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.

Speaking at Channels Television’s Town Hall on Tax Reforms, Oyedele highlighted significant disparities in the current VAT allocation system, revealing that all VAT paid by MTN is credited solely to Lagos State, where the company’s headquarters is located, despite the fact that services generating this revenue are consumed nationwide.

“MTN is the largest contributor to VAT in Nigeria,” Oyedele stated. “They pay over N200bn every month, and the gap between them and the second-largest contributor is massive. However, all this VAT is currently allocated to Lagos, even as calls are made across states like Kano, the FCT, Ekiti, Edo, and Kebbi.”

As part of the ongoing tax reform efforts, the committee has proposed a new framework to ensure equitable distribution of VAT revenues based on consumption rather than the corporate headquarters’ location.

Under the proposed redistribution model, Lagos State, which now retains the full N200bn from MTN, would see its share reduced to around 20 per cent. The remaining revenue would be distributed more fairly among other states where the services are consumed.

“This adjustment ensures states where VAT is generated get their fair share,” Oyedele explained. “While Lagos State’s share decreases slightly, every other state stands to gain under the new system.”

The tax reform bill, designed to address inefficiencies and promote fairness in Nigeria’s fiscal policies, has sparked debate among stakeholders. Critics have accused the committee of advancing policies that may negatively impact certain regions.

Oyedele, however, dismissed these claims, arguing that the current system is flawed and in need of urgent correction. “If something is being done wrongly, how can Lagos State or anyone oppose reforms aimed at fixing it?” he questioned.

The proposed reforms, which include provisions for revenue redistribution and efficiency improvements, are seen as pivotal to ensuring fairness and sustainability in Nigeria’s tax system.

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