Business
Insurance Sector Stakeholders Seek Support From Government On Taxation
Various major players from the nation’s Insurance industry have called on the government to support the industry’s growth and development by collaborating with stakeholders to work out ways of streamlining the taxation applicable to the sector.
This was the major view that ran through submissions of the panelists and participants at the one-day seminar organized by Leadway Assurance, in conjunction with PricewaterhouseCoopers, (PwC), in Lagos, last week, to examine Taxation Matters within the Insurance Value Chain. Executive Director, General Insurance, Leadway Assurance, Adetola Adegbayi, who was one of the panelists, argued that the insurance industry currently suffers from a complex tax structure that has always resulted in multiple taxations without understanding the complexity of insurance placements. She cited the example of deducting withholding tax from “re-insurance commission” as a fundamental problem because the practice did not recognize the fact that such “commissions”are not earnings but “a reserve against reinsurance credit risk” for premium liabilities passed through the books of the insurer”.
“Brokers, agents, insurers and re-insurers pay different taxes, all of which principally come from the premium paid by one entity – the insured – due to the nature of the insurance value chain,” she further explained. Adegbayi, therefore, cautioned that unless all stakeholders came together “to collate the entire structure of the tax burden along the insurance value chain,” multiple taxations would continue to pose a threat to the well-being of the industry. Another panelist, , Partner, West Africa Tax Leader at PricewaterhouseCoopers, Mr. Taiwo Oyedele, urged the government to support the insurance industry through a review of the specific tax regime that concerns the sector, adding that as the industry was saddled with bearing the nation’s risks, it should not also be burdened with taxes. According to him,
Nigeria’s poor social infrastructure continues to create multiple incidences of socio-economic dislocations that impact heavily on the survival of the insurance sector. In his words, “the growing rate of crimes in the society increases claims settlement, just as bad roads often lead to accidents, which increase claims. In the same way, poor health care brings about high death rate, thereby pushing claims up.” While acknowledging the concerns raised by players in the industry, the Federal Inland Revenue Service (FIRS) called for a yearly tax interactive session with the insurance industry to help address all tax related concerns beleaguering the insurance industry.
The Executive Chairman of FIRS, Babatunde Fowler, represented at the event by the Regional Coordinator FIRS, Mrs. Toluwalase Akpomedaye, noted that such sessions have helped foster understanding with other sectors of the economy. He assured stakeholders that the FIRS was willing to work with the insurance industry to ensure growth and development, stressing that all the tax concerns expressed by operators in the industry were presently being looked into. Mr. Fowler also charged operators in the industry to support the government by paying all necessary taxes, adding that the economy needed taxes to thrive. President, Nigerian Council of Registered Insurance Brokers (NCRIB), Shola Tinubu, also supported the call for an annual tax session in the industry, pledging to take the message to the Nigerian Insurers Association (NIA) and the Institute of Loss Adjusters of Nigeria (ILAN).
In closing, Managing Director, Leadway Assurance Company Limited, Oye Hassan-Odukale, expressed gratitude to attendees for the poignant tax issues raised during the event, and to the regulator representatives for responding succinctly to each one. He further stated that the organization of the event by Leadway was in demonstration of the company’s desire to work with all stakeholders towards ensuring a clearer understanding of tax matters which in turn would foster development in the insurance industry and by extension the economy. He noted that the proposed annual tax interactive session was a brilliant fall-out of the meeting and expressed the confidence that this would really help improve the relationship between FIRS and the insurance industry. “I agree that there is need for the industry to have a yearly interactive forum with FIRS and the Lagos State Inland Revenue Service (LIRS),” he submitted.
*Festus Keyamo and His Brand Of Administrative Activism*
By Philip Agbese
Festus Keyamo, the enigmatic figure at the helm of Nigeria’s aviation sector, has been a subject of both admiration and controversy. His unconventional approach to governance has polarised opinions, with some hailing him as a visionary leader and others questioning his methods. As the Aviation Minister, Keyamo has been unapologetically vocal about his commitment to reforming the industry, but his fervour for change has often been met with scepticism and resistance.
Of truth, one can not discuss Festus Keyamo without acknowledging his unyielding dedication to Nigeria. His admirable cockiness and unwavering patriotism and willingness to stand up for what he believes in are undeniable. Keyamo’s refusal to conform to the traditional norms of governance has earned him both admirers and detractors. Some argue that his zealousness is a breath of fresh air in a landscape rife with bureaucratic red tape, while others caution that his approach may be too radical for the delicate political ecosystem of Nigeria.
Being a proponent of grassroots empowerment, he believes that the voices of ordinary citizens must be heard in the corridors of power. To this end, he has worked tirelessly to mobilise communities, educate citizens on their rights, and empower them to demand better governance. Keyamo’s grassroots activism has inspired many Nigerians to take a more active role in shaping the country’s political future.
Festus Keyamo’s brand of administrative activism is not for the faint of heart. His willingness to challenge the status quo and push the boundaries of conventional governance is both commendable and disconcerting. While some laud his boldness, others fear that it may lead to unintended repercussions. Keyamo’s unapologetic stance has drawn comparisons to other historical figures who were willing to sacrifice everything for their ideals.
However, it is essential to consider the lessons from history. Keyamo’s determination to die for Nigeria, while admirable, should be tempered with caution. The case of Muammar Gaddafi serves as a cautionary tale. Gaddafi’s desire to die for Africa ultimately led to his downfall, as he was betrayed by his people.
Keyamo must be mindful of the potential consequences of such extreme rhetoric and ensure that his actions align with the best interests of the Nigerian people. It is crucial to tread carefully when treading such uncharted territory, especially in a country as complex and volatile as Nigeria.
Keyamo’s purported readiness to “die for Nigeria” is a testament to his unwavering commitment, but it also raises concerns about the potential consequences of such uncompromising dedication. History is replete with examples of individuals who staked everything on their convictions, only to face betrayal and disillusionment. It is a cautionary tale that should not be dismissed lightly.
Due to his fearlessness in the face of adversity, another facet of Keyamo’s administrative activism is his commitment to the rule of law, and this has earned him more political enemies than friends. He firmly believes that all individuals, regardless of their status or wealth, should be subject to the same legal standards. Throughout his career, he has faced numerous challenges and threats due to his outspokenness and activism.
Keyamo has been a vocal advocate for judicial reform in Nigeria, pushing for greater independence and efficiency in the country’s legal system. Despite these obstacles, Keyamo has remained steadfast in his commitment to social justice and human rights. His courage and determination have inspired many others to join him in the fight for a more just and equitable society. His efforts have helped to strengthen the rule of law and ensure that justice is served fairly and impartially.
The call for Keyamo to ”wake up” and recognise the realities of Nigeria is a poignant one. The complexities of the Nigerian political landscape can not be underestimated, and Keyamo needs to navigate these intricacies with prudence. While his passion for Nigeria is unquestionable, this fervour must be tempered with a deep understanding of the nuanced challenges facing the nation. An understanding of the fact that sources of progressive change and growth like his are mostly suffocated to die prematurely, or attacked ferociously till they fade into oblivion should be something he must have to consider seriously in his journey.
Setting aside the fervour surrounding Festus Keyamo’s zealousness, it is crucial to examine his impact as the Aviation Minister. His reforms in the sector have been both ambitious and divisive. Keyamo’s efforts to modernise and revitalise Nigeria’s aviation industry have been met with a mixed reception. While many applaud his bold initiatives, others express apprehension about the potential pitfalls of such rapid change. It’s not farfetched that the latter are people who have a penchant for the continuity of rascality and corruption, which have bedevilled the aviation sector for a long time.
Moving beyond Keyamo’s convictions, it is crucial to note that, during his tenure, Keyamo implemented several reforms aimed at improving the aviation sector in Nigeria. These reforms have had a significant impact on various aspects of the industry, including safety standards, infrastructure development, and operational efficiency.
One of Keyamo’s notable achievements was the introduction of stricter safety regulations. Under his leadership, the Aviation Ministry implemented measures to enhance safety protocols, ensuring that Nigerian airports and airlines adhere to international standards. This has not only improved the safety of air travel within the country but has also bolstered Nigeria’s reputation in the global aviation community.
Furthermore, Keyamo prioritised infrastructure development in the aviation sector. He spearheaded projects aimed at expanding and modernizing airports across the country, improving connectivity and facilitating economic growth. These infrastructure investments have not only enhanced the travel experience for passengers but have also attracted foreign investment and boosted tourism.
Keyamo’s reforms also focused on improving operational efficiency within the aviation sector. He introduced measures to streamline processes, reduce bureaucracy, and enhance transparency. These efforts have resulted in smoother operations, reduced delays, and improved customer service, benefiting both passengers and industry stakeholders.
It is important to acknowledge that Festus Keyamo’s vision for Nigeria’s aviation sector is driven by a genuine desire to propel the nation towards progress. His determination to address longstanding issues and overhaul outdated practices is a testament to his commitment to effect positive change. However, the path to reform is fraught with challenges, and Keyamo must navigate these obstacles with caution and foresight.
While his unwavering commitment to Nigeria is commendable, he must be cautious of the lessons from history and ensure that his actions align with the best interests of the Nigerian people. As the Aviation Minister, Keyamo has implemented significant reforms that have positively impacted the aviation sector. His focus on safety, infrastructure development, and operational efficiency has yielded tangible results, improving the travel experience and bolstering Nigeria’s reputation in the global aviation community.
Time will be kind to tell us how Festus Keyamo’s legacy will be one of the unyielding triumphs in the annals of Nigeria’s history. Generations will look back in time to remember that man who worked great wonders in the aviation sector, leaving so much for us to gain from his stewardship in the aviation sector.
As the nation continues to navigate its challenges, leaders like Keyamo must strike a delicate balance between passion and pragmatism, ensuring that their efforts lead to sustainable and inclusive development for all Nigerians.
Agbese MHR is the Deputy Spokesperson, 10th House of Representatives writing from Abuja.
ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL
Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent.
The agreement which was signed by the Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos on Friday, May 3, 2024 comes as a follow-up to the Memorandum of Understanding (MoU) which was previously signed by both parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export which was held on Wednesday, August 8, 2023.
During the agreement signing, Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, expressed his enthusiasm for the collaboration with the AfCFTA Secretariat, highlighting its significance given the current understanding of trade flows in Africa. Dr. Onyeagwu noted, “In Africa, intra-African trade constitutes only about 20% of total trade, with the rest going overseas, despite Africans making up 18% of the world population but contributing less than 5% to global GDP. By trading within Africa, we anticipate building prosperity across the continent.”
He further stated, “This initiative is not driven by profit but by the need to support the African Continental Free Trade Area. It aims to create a unified African market, enhancing economic integration and standardising customs and practices. As we advance this agenda, we expect tosee significant growth and improvement in intra-Africa trade.”
Also speaking during the agreement signing, His Excellency, Wamkele Mene, Secretary-General of the AfCFTA Secretariat, shared his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA. He appreciated Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, for his commitment to the project. According to him, “Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade. This platform will serve as a repository for crucial trade data, offering insights on rules of origin and market intelligence, thus playing a pivotal role in implementing the AfCFTA agreement. Today is a testament that working together with our African partners in this case, Zenith bank, shows that their commitment goes beyond their progit margins to their stakeholders, but are motivated by our shared duty towards the Continent.”
Speaking about the Pan-African Payment and Settlement System (PAPSS) alongside the SMARTAfCFTA portal, H.E. Mene described PAPSS as “Africa’s payment highway.” He clarified that, unlike PAPSS, SMARTAfCFTA is not a payment platform itself but will be interoperable with PAPSS, allowing functionalities that facilitate easy payments. He emphasised that these platforms complement each other; they are not in competition. “We promote and encourage only one payment platform—PAPSS. Our goal is to integrate the digital ecosystem we are developing into PAPSS. We are committed to fostering innovation within this framework, ensuring it supports a seamless continental payment system without creating competition among platforms.”
SMARTAfCFTA is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors. The Portal aims to streamline and unlock vast opportunities for trade across the African continent, and has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa.
About ZENPAY Ltd
Zenpay Ltd is a private limited liability company duly incorporated under the laws of the Federal Republic of Nigeria as a wholly owned subsidiary of Zenith Bank Plc. The company. It is a one-stop revolutionary financial technology (Fintech) company responsible for digital innovation and payments.
About the African Continental Free Trade Area (AfCFTA)
The African Continental Free Trade Area (AfCFTA) is one of the flagship projects of Agenda 2063: The Africa We Want and entered into force on 30 May 2019. It is a high ambition trade agreement, which aims to bring together all 55 Member States of the African Union, covering a market of more than 1.3 billion people, with a comprehensive scope that includes critical areas of Africa’s economy, such as digital trade and investment protection, amongst other areas. By eliminating barriers to trade in Africa, the objective of the AfCFTA is to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all services sectors of Africa’s economy, at a potential of 52.3 percent.
For further information, please contact:
Ms. Grace Khoza, Principal Communications Advisor | African Continental Free Trade Area (AfCFTA) Secretariat | E-mail: Grace.Khoza@au-afcfta.org | Accra, Ghana
Ms. Elydora Matubanzila, Communications Officer | African Continental Free Trade Area (AfCFTA) Secretariat| E-mail: Elydora.Matubanzila@au-afcfta.org | Accra, Ghana
Communication | Marketing | Advocacy Division, African Continental Free Trade Area |
E-mail: afcftacommunications@au-afcfta.org
To find out more, please visit our website: https://au-afcfta.org
Business
ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA
ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA
Mubi, May 3rd, 2024
Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa) commences the construction of a 500-capacity lecture theatre and wash facilities for the Adamawa State University, Mubi. This project is coming after the nomination of the institution as a recipient of the ASR Africa Tertiary Education Grant Scheme (TEGS), by the Board of Directors of the Abdul Samad Rabiu Africa Initiative.
Speaking at the event, the Acting Vice Chancellor of the University, Dr. Stephen A. Lagu, expressed his appreciation to the Chairman of BUA group and ASR Africa, Abdul Samad Rabiu, for the rare philanthropy gesture towards the university. He stated that the intervention of the Chairman would reduce the physical infrastructure deficit at their new campus and promote sanitation and hygiene in the university. He added that the choice of the 500-seat lecture theatre with the four boreholes at different locations within the campus was identified and agreed to by the relevant organs of the institution with the ASR Africa team.
Dr Ubon Udoh (MD / CEO, ASR Africa), in his remarks, congratulated the institution for qualifying for the nomination by the Board of Directors of ASR Africa. He stated that the rigorous selection process which includes stringent criteria such as the quality of service delivered by the university and the pedigree of graduands from the institution at the national and international levels, proves that the university is keeping up with its vision as a leading institution of learning in the region. He encouraged the management and students to ensure proper use and maintenance of the facilities as a show of appreciation for the grant given to them.
The Tertiary Education Grant Scheme of the Abdul Samad Rabiu Africa Initiative is part of the efforts of the Chairman of BUA Group and ASR Africa, Abdul Samad Rabiu to give back to the African continent and make a lasting impact in education as a means of uplifting and restoring the dignity and lives of Africans.
About ASR Africa
ASR Africa is the brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.
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