In furtherance of the commitment to mitigate the negative effect of COVID-19 pandemic on individuals and businesses, Lagos State Internal Revenue Service (LIRS) has commenced the implementation of additional reliefs and measures to further ease the impact of the pandemic on taxpayers in Lagos State starting from Thursday, July 16, 2020.
These additional measures and incentives are sequel to the agency’s initial 3-month extension of the deadline for filing of annual returns (from March 31 to June 30, 2020).
According to the Executive Chairman, LIRS, Mr. Ayodele Subair, “the following measures are to be implemented to further ease the impact of the pandemic on our esteemed taxpayers in Lagos state: LIRS shall allow on a case by case basis, payment of outstanding liabilities in instalments to ease cash flow challenges that may affect taxpayers. Taxpayers are to enjoy a waiver of penalty for late payment of liabilities under PAYE (Pay As You Earn) that was due during the period of March-May, 2020 when the State was under COVID-19 lockdown.
In addition, a waiver of penalties due on late filing of 2020 annual tax returns known as ‘Form A’ will be granted. A remarkable waiver of interest and penalty on liabilities arising from 2009 to 2015 tax audit for taxpayers who can pay up on or before December 31, 2020 will be implemented.
In appreciation of taxpayers that have supported the State Government in the fight against the pandemic, the LIRS through the Lagos State Government will be granting tax credit of 20% of all cash and kind donations made towards Covid-19 by individuals resident in the State for the 2021 Year of Assessment (subject to a cap of 35% of tax due).”
He further announced that additional payment channels have been opened up to make payment of taxes easier, simpler and more convenient for all. The Executive Chairman pronounced that Video Conferencing has been adopted as the default mode for conducting Tax Audit Reconciliation Committee [TARC] meetings in consonance with social distancing advisories from Government and other relevant health authorities.
He encouraged taxpayers to make use of the Agency’s digital communication platforms to get updates on its operations and details of all tax payment platforms.
He enjoined all businesses and individuals resident in Lagos State to take advantage of these additional palliatives and reciprocate the kind gestures of Lagos State Government by discharging their civic responsibilities through prompt payment of all taxes and levies due to the State.
The LIRS urges the Lagos State residents to stay safe and obey all Covid-19 guidelines as stipulated by the relevant health authorities and Lagos State Government.
For further enquiries, taxpayers are encouraged to visit the LIRS website, www.lirs.gov.ng, and its various social media platforms @lirsgovng or by calling the Customer Care Centre on 0700 CALL LIRS (0700-2255-5477).
FIRSTBANK HOSTS FINTECH SUMMIT 4.0, PROMOTES THE GROWTH AND REINVENTION OF BANKING TECHNOLOGY IN NIGERIA
First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, has announced that the 2020 edition of its annual FinTech Summit is scheduled to hold on Thursday, 6 August 2020 by 12.00 noon. The event will be virtually held via Zoom Meetings.
The 2020 edition of the summit, which is the fourth in its series is themed; “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria” and will be discussed by experts, key and leading players, policy influencers and regulatory officials in the Nigerian financial, banking and technological climate. To participate in the event, click the link https://www.firstbanknigeria.com/business-banking/smeconnect/fintech-summit/registration/ to register.
Chinedu Echeruo, founder of HopStop which was sold to Apple for $1bn will be leading the discussion as the Keynote speaker alongside other panelists; Musa Itopa Jimoh, Director, Payments System Management Department and Aminu Maida, Executive Director, Technology & Operations, Nigeria Inter-Bank Settlement System Plc (NIBSS).
Representing FirstBank in the panel of discussants are Callistus Obetta, Group Executive, Technology & Services and Chuma Ezirim, Group Executive, e-Business & Retail Products
Speaking on the event, Mr. Gbenga Shobo, Deputy Managing Director, First Bank of Nigeria Limited said; “at FirstBank, we have been at the forefront of employing technology in the delivery of financial services in the country exemplified by our various products and services such as FirstMobile, USSD Banking services, FirstMonie Wallet, FirstMonie Agent Banking, FirstAdvance loans provisions
The 2020 edition of our FINTECH summit will build on the successes achieved in the last three editions. We welcome the panelists as we look forward to the shared knowledge which will be integral to deepening the continued growth of banking technology, especially its impact on the Gross Domestic Product of Nigeria and the continent at large.
Technology continues to play a fundamental role in driving financial inclusion and strengthening the growth of SMEs that contribute significantly to the development of the country.
We encourage members of the public, players in the fintech and financial climate to register, as there is knowledge for everyone,” he concluded.
FBN Holdings posts 56.65% growth in profit in 6 months
By Chinyere Joel-Nwokeoma
FBN Holdings Plc on Wednesday announced Profit After Tax (PAT) of N49.5 billion for the six months that ended June 30.
The PAT represented an increase 56.65 per cent when compared with N31.6 billion achieved in the corresponding period of 2019.
Profit Before Tax (PBT) grew by 14.36 per cent to N41.4 billion from N36.2 billion posted in the comparative period of 2019.
FBN Holdings unaudited results released by the company by the Nigerian Stock Exchange (NSE) show that gross earnings stood at N296.4 billion from N280.3 billion in 2019, an increase of 5.74 per cent.
Also, its total assets stood at N7.1 trillion, an increase of 14.9 per cent against N6.2 trillion achieved in December 2019.
Its customer deposits rose to N4.4 trillion compared with N4. 0 trillion in December 2019.
Commenting on the results, Mr Urum Kalu Eke, FBN Holdings Group Managing Director, said they reconfirmed its consistent focus on enhanced shareholder value.
“The H1 (first half) 2020 financial results are impressive and reconfirm our consistent focus on enhanced shareholder value.
“Despite the difficult operating environment, the H1 results demonstrate our resilience and capacity to deliver on long-term ambitions.
“The growth in profit after tax for the period is a testament to the strength of our organisation to continually deliver exceptional services to our customers in these unprecedented times.
“We have been able to achieve this feat by leveraging our agent banking network, innovative e-banking capabilities, and operational efficiency, utilising technology,” said.
Eke said that FBN Holdings successfully divested from the underwriting (insurance) businesses to focus on banking operations.
“We are confident this will enhance greater value to our stakeholders and strengthen the group’s resolve to consolidate its leadership of the banking sector.
“Following the divestment, FBN Holdings injected Tier 1 capital into FirstBank, effectively increasing its capital adequacy ration to 16.5 per cent.
“This provides a comfortable buffer against regulatory requirements with the potential to support any emerging business opportunities.
“Looking ahead, we remain cautious, but we are confident that our business is fundamentally strong to withstand any future challenge toward enhanced performance,” he said.
Also commenting, Dr Adesola Adeduntan, FirstBank Chief Executive Officer, said the commercial banking group, during the period, increased its gross earnings and PBT.
“Over the period, the commercial banking group increased its year-on-year growth in gross earnings and PBT by 6.1 per cent and 9.2 per cent respectively, despite the economic shutdown and varying degrees of challenges in the operating environment.
“Notwithstanding, we have continued to provide services to our customers with minimal disruption in a safe environment, supported by seamless transactions through our increasing agent banking network and digital platforms (FirstMobile and USSD).
“Furthermore, continuous focus on operational efficiency remains a priority, as improvement in non-performing loan ratio has further been sustained.
“As the economy reopens gradually in Nigeria and other key markets, as in the rest of the world, we are adopting a pragmatic approach with optimism on propelling our performance for enhanced profitability through customer-led innovation and disciplined execution,” Adeduntan said.
United Bank for Africa Plc (UBA) Group Announces Global Management Appointments
United Bank for Africa Plc (UBA), the leading pan-African financial services institution, announced the appointments of Rokia Hacko, Chioma Mang, Chinedu Obeta, Bode Aregbesola, Kingsley Ulinfun and Usman Isiaka as chief executive officers of six of its 20 subsidiaries across Africa, subject to regulatory approvals. The new CEOs will drive the Group’s strategy and activities in Mali, Uganda, Zambia, Senegal, Tanzania and Sierra Leone respectively.
In addition, Ogechi Altraide has become the new Head, Retail Banking; Amadao Konate, Head, Treasury & International Payments for UBA America. These international appointments compliment the prior appointments of Sola Yomi-Ajayi as the CEO of UBA America, and Patrick Gutmann as the CEO of UBA UK. UBA provides a full suite of corporate banking products and services to businesses, multilateral institutions and governments transacting from and with Africa.
Earlier this month, UBA announced the appointment of Ayoku Liadi and Oliver Alawuba respectively, as Deputy Managing Directors in charge of the Group’s Nigeria and Africa businesses, attesting to the importance of UBA’s African business and its strategic positioning as “Africa’s Global Bank”.
UBA Group Chairman, Tony O. Elumelu, stated “The appointments further reflect the strong growth of the Group’s pan-African businesses, currently responsible for over 40% of total Group revenue and the increasing importance of our international businesses in London, Paris and New York, offering superior treasury, trading and corporate banking solutions to clients globally. We are committed to catalysing growth on the African continent and the new CEOs are taking up roles at a very exciting period, as the Group executes its innovative digital play across the African continent’’.
Also announced were the appointment of three new country Executive Directors – Haoua Cisse as the Executive Director, Wholesale, UBA Mali; Samba Fall as the Exceutive Director, Wholesale, UBA Senegal and Julien Kouassi as Executive Director Wholesale, UBA Côte D’Ivoire.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees group wide and serving over 20 million customers, across its approximately 1000 branches and over 30,000 ATMs, PoS and agencies in Africa. Operating in 20 African countries and globally in the United Kingdom, the United States and France, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge products, including the first ever banking chat bot in Africa, LEO.
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