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FIRS Generates N4.03Trillion Revenue

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Mr Tunde Fowler, chairman, Federal Inland Revenue Service (FIRS), said the Service collected N4.03 trillion revenue in 2017.

A statement by the Head, Communications and Servicom, FIRS, Mr Wahab Gbadamosi, on Wednesday in Abuja, said that Fowler made this known when he led a delegation to the palace of Oba of Lagos, Akiolu I.

He said that the delegation, which comprised members of FIRS Board, some members of House of Representatives and members of states’ Boards of Internal Revenue Service was at the palace to “seek royal blessing and advice’’.

The delegation was in Lagos on a Retreat organised by FIRS.

Fowler said that the collected revenue represented 82.38 per cent of the N4.89 trillion target set for the Service by the Federal Government during the period.

He added that the 2017 revenue was N720 billion or 22 per cent more than the N3.31trillion generated in 2016.

“The 2017 collection performance exceeded the 2016 collection performance of 78.75 per cent.

“With the support of the National Assembly, your support and that of other stakeholders, FIRS was able to collect over N4 trillion in 2017.

“This is an increase of over 20 per cent relative to our collection in 2016.

“We are hopeful that going forward and with the support of the National Assembly, FIRS will be able to fund this country through taxation,” he stated.

An analysis of the collection during the period showed that non-oil accounted for 63 per cent while oil tax generated 38 per cent of the total collection.

Fowler explained from second half of 2014, there had been a sustained decline in global prices of oil.

According to him, oil revenue generated by FIRS in 2014 was N2.45 trillion while oil revenue generated in 2015 was N1.29 trillion.

“That decline stopped as oil revenue generated in 2017 rose to N1.52 trillion as against N1.16 trillion in 2016.

“This trend has had adverse effect on the ability of oil-dependent countries to meet their development objectives,’’ he said.

Fowler noted that though collection increased by 20 per cent in 2017 compared with 2016, cost of collecting revenue went down to 2.49 per cent in 2017 from 2.60 per cent in 2016 and 2.62 per cent in 2015.

He attributed the development to growing efficiency in collection by the Service, with the application of Information, Communication and Technology (ICT).

On his part, Chairman, House Committee on Finance, Rep. Babangida Ibrahim, commended the monarch for “supporting collection of taxes in Lagos and at the national level’’.

In his remarks, Oba Akiolu commended the National Assembly for not being “a rubber-stamp assembly’’.

He said “God has something better in store for this country. By the grace of Allah, our President will deliver.

“Nigeria now needs good governance that will deliver development to the people. FIRS has collected N4 trillion and they will collect more in the future.”

He urged senators and members of House of Representatives to always dialogue with the executive for synergy “and give Buhari a chance’’.


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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Amana Bank signs Comprehensive Software Deal with Path Solutions

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Amana Bank, a leading Islamic bank in Somalia has announced that it has selected iMAL, the AAOIFI-certified core banking platform from Path Solutions to replace its legacy IT system and deploy a single, cloud-based digital banking platform to underpin its banking operations.

This is Path Solutions’ third win in Somalia after Premier Bank and MyBank Ltd. The company went through a lengthy competitive bidding to which all international suppliers were invited, before being selected as Amana Bank’s preferred technology partner.

According to a statement following the signing, Path Solutions will supply and install its flagship Islamic core banking platform iMAL in addition to its comprehensive digital suite at Amana Bank Somalia. The new digital software will provide instant 24/7 service availability with fast, inexpensive, easy and convenient online banking, frictionless payments and transfers, personalization, engagement and retention.

Abdirizak Hussein Malin, Chairman of Amana Bank Somalia commented, “As part of our strategy, Amana Bank has instituted a digital transformation plan that will help us meet the emerging needs of our customers and the increasing demands of innovation.

“Consequently, we required a partner with open and agile technology that will drive powerful change. We have chosen Path Solutions for its ability to deliver vital digital financial solutions at this critical time with its depth of experience supporting Islamic banks in Africa.

“The company has differentiated itself from other vendors in its unique ability to combine core Islamic values with modern digital banking solutions, and to fully comply with Sharia and banking regulations.

“We are confident that the new technology, proven to significantly improve levels of customer fulfilment, will transform our operations by driving incredible efficiency gains while also reducing risk, lowering overall IT costs via higher automation and lower maintenance spending”.

The new iMAL platform leverages artificial intelligence and machine learning to help financial institutions get predictive insights for better data-driven decision making. It will also help strengthen customer loyalty through enhanced security transactions.

“We are delighted to partner with a leading Islamic bank in Somalia on a project that will set a new standard in digital banking for the country. Today, every financial institution has an incredible opportunity to apply advances in cloud computing to redefine every aspect of its business”, said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO.

“Somalia’s Amana Bank is a good example of this transformation to drive innovation forward and ensure much more secure banking experience, enabling customers to enjoy the nuances of non-stop banking with cloud-based services.

The bank will also benefit from the full Islamic coverage which bridges the gap between modern customer requirements and intrinsic Islamic values. Our multi-award winning Islamic core banking platform will support the delivery of innovative digital products that are both Sharia-compliant and specialized for Amana Bank’s retail and corporate customers”.

The new agreement was signed by Amana Bank’s Chairman Abdirizak Hussein Malin and Path Solutions’ Group Chairman & CEO Mohammed Kateeb on Sunday 6 September at Path Solutions’ Dubai office. The implementation will be delivered 100% in the cloud and 100% remotely amidst the COVID-19 lockdown.


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