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The Lagos State Government has disclosed that some banks have failed to remit their statutory taxes including withholding taxes on interest for more than one decade, thereby warning against tax default and evasion.

Consequently, the state government revealed that it would begin shutting down the head offices of all corporate organisations in the state that had either evaded taxes or defaulted in remitting their statutory taxes from November 20.

The Commissioner for Finance, Mr. Akinyemi Ashade, gave the deadline in a statement Sunday, saying the state government would commence full-scale enforcement against all corporate organisations flouting its tax laws.

In a statement by the Commissioner for Information and Strategy, Mr. Steve Ayorinde, penultimate week, the state government had lamented the rise in the number of tax defaulters and evaders in the state, thereby directing all its revenue agencies to commence the enforcement of payment by all tax defaulters with immediate effect.

The state government had lamented that 600,000 residents out of 4.9 million taxable residents “are up to date in paying their taxes,” a situation he said was not helpful to scale up provision of infrastructure and other amenities for the people.

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BUSINESS

A’IBOM GOVT SET TO PARTNER CHINA FOR ENTREPRENEURSHIP DEVELOPMENT, AGRICULTURE, TOURISM, OTHERS

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There is hope in the horizon for entrepreneurs and other members of the business community in Akwa Ibom State, as Governor Umo Eno has opened discussions with the Peoples Republic of China towards securing trade privileges for people of the State.
This cheering news was the outcome of interactions between the State Governor, Pastor Umo Eno and the Chinese Ambassador to Nigeria, Cui Jianchun in Abuja, the Federal Capital Territory,
Governor Eno, while briefing Government House correspondents at the Victor Attah International Airport, Uyo, upon his return to the State, said discussions with Chinese Ambassador was strategic for the accomplishment of the goals of the ARISE Agenda and a step in the right direction for Akwa Ibom people.
He explained that it was important to initiate such interactions in view of State Government’s intentions to collaborate with China in areas, including agricultural machineries, industry and tourism, as well as a trade trip of an Akwa Ibom delegation of young entrepreneurs to China to explore business opportunities.
These, he affirmed, were in keeping with his campaign promises to propel Akwa Ibom youths to the horizon of entrepreneurship, by exposing them to the global business environment while also bringing the world to them.
In his words, “During the campaigns we said we were going to support our young people who are in business and make them go international through certain products. This is the beginning of that discussion so that we can begin to have a trade delegation.
“We are also meeting them on agricultural machineries, industrial park and tourism. There are a whole lot of things we believe that we can collaborate with the Chinese, and it is important that we start talking to them. But particularly, we believe that at the end of it, we should be able to lead a delegation to China of some of our young entrepreneurs who will want to do business in China,” he said.
Governor Eno, while reassuring everyone that his administration will take Akwa Ibom people to a desired destination, however, sued for patience and support of the people.
“As a businessman, I target and strategize. And I take one step at a time. Like I told Akwa Ibomites, we are taking one step at a time. We will not be able to do everything in one day. But I know that we will get there eventually”, Governor Eno stated.
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BUSINESS

LAGOS SEALS PARTNERSHIP WITH NIGER FOR AGRIC COMMODITIES SUPPLIES

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Lagos State Government, on Wednesday, brokered a strategic partnership with Niger State — a sub national entity with the largest agricultural farmland in the country — towards enhancing food production and security.

Governors of the two States signed a Memorandum of Understanding (MoU) in Lagos for a cooperation geared towards exploring their comparative advantages in order to facilitate constant supply of agricultural commodities for the end consumers.

The agreement tagged “Produce for Lagos Initiative” is part of the efforts of the two parties to key into the Emergency Food Security Initiative declared by President Bola Ahmed Tinubu to cultivate thousands of hectares of land to sustain food production and supply chain.

This arrangement is a long term strategic partnership between the two States in building competencies around their areas of strength. While Lagos is positioned as a ready organised food market for consumers, Niger has its core strength in arable land for agriculture and food production.

The signing of the agreement will be followed by massive supply of fresh farm produce to the Lagos Food Logistics hubs for storage and distribution.

Gov. Babajide Sanwo-Olu and his Niger State counterpart, Mallam Umar Mohammed Bago, signed the contract on behalf of the parties.

Sanwo-Olu said: “We have just put the pen to paper and signed the Government-to-Government agreement between Lagos and Niger states for agricultural production. Lagos, being the smallest State in terms of landmass, and Niger, being the largest State, is no coincidence that the biggest and the smallest are looking for at opportunities to citizens of our both states to be the beneficiaries of this historic partnership.”

l-r: Lagos State Attorney General & Commissioner for Justice, Mr. Lawal Pedro, SAN; Governor of Lagos State, Mr. Babajide Sanwo-Olu and his Niger State counterpart, Governor Mohammed Bago during the signing of MoU on Agriculture, at the Lagos House, Marina, on Wednesday, 06 March 2024. Behind are: Commissioners, Hon. Olanrewaju Layode (Home Affairs); Mr. Ope George (Economic Planning & Budget) and Ms. Abisola Olusanya (Agriculture).

Gov. Bago described the partnership as “a landmark” for both parties, noting that the North Central state was willing to leverage organised market in Lagos to boost economic activities in his State.

He said: “This is a landmark agreement that has been made today. Lagos is the largest consumer of agricultural resources in the country based on its population, while Niger State has the largest agricultural land. So, this Memorandum of Understanding came on the heels of exploring the strength of each state to promote food security and safety.

“Niger State is to produce agricultural commodities for Lagos State, and also process staple food items. Lagos State is to leverage the organised market and supply chain to meet consumers’ demands. This is basically the simple explanation of the Memorandum of Understanding, which is in tandem with Mr. President’s food security agenda.”

Lagos Commissioner for Agriculture, Ms. Abisola Olusanya, noted that the arrangement would help in price stability, as the MoU accommodated pre-production contracts in the value chain to enable farmers cut costs and improve output.

She said the first phase of the Food Security Systems and Central Logistics Park being built in Ketu-Ereyun, Epe would be commissioned in December to warehouse the large supplies from Niger State. In the meantime, she said the existing middle level hubs would be used as distribution points for the supplied commodities.

“This is a marriage made in heaven for our two States. This is a function of production meeting markets. Once there is an off-take market, it would catalyse the production end of the market. Then, this will lead to price stability and food availability.

“Farmers’ profit will also be guaranteed, just as consumers will be happy for timely supplies. We will also have middle men who will have regular sources of income by acting as a bridge between both ends of the market.”

Some of the agricultural commodities to be produced and shipped to Lagos markets include staple foods, rice paddies, tubers, beans, legumes, maize and grains.

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BUSINESS

Adron Homes Rewards Continental Business Challenge Winners To an All-Expense-Paid Holiday, Promises More Staff Welfare

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To strengthen commitment by rewarding exceptional staff and also creating a more competitive working atmosphere, the management of Adron Homes and Properties has sponsored 10 staff to a fully paid trip to Zanzibar, Tanzania for winners of the 2023 Continental Business Challenge.
These set of staff were exceptional in their plans towards the growth of the company during warfare that took place at the company’s office in Simawa, Ogun state where they were carefully selected by a panel of judges based on their individual and team performance for their lofty ideas, beautiful and well-detailed pitch and disruptive innovative ideas. Over the years Adron Homes has given back to its staff by ensuring more exposure and also allowing seeing the world through all-expense-paid trips to countries across the world.
While the 10 winners of the Challenge were departing for the Muritala Muhammad International Airport earlier today to catch their flight to Tanzania, the Group Managing Director; Aare Adetola EmmanuelKing hosted them in his office where he admonished them to be good ambassadors of the company as they embarked on the journey. He also enjoined them to seize the opportunity to come up with more disruptive ideas that will add to the growth of the property firm, while he also thanked them for their immense contribution to the growth of the company last year.
“I want to congratulate you all for being selected. You all did a good job as it does not come easy. Many were called to partake in the warfare but few were chosen as winners; it shows your commitment and flare for the job.”
“I want you all to stay committed and also use the opportunity to see the world in a different dimension. Travelling is a form of exposure and education; while you are enjoying it, also try to educate yourselves. The country you are visiting makes a huge amount of money from tourism and real estate.
You can come up with disruptive ideas that Adron Homes can replicate in Nigeria which will also be a game changer for the company. I believe you all and I wish you a very stress-free holiday. On our part as a company, we will continue to give you a wing to soar higher.” He further added.
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