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No Harm in Communication Tax, Nigerians Talk a Lot on Phones- Fowler

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Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says there is no harm in introducing a communication tax.

 

Fowler made this known on Monday while speaking to TheCable on the sidelines of the ongoing Nigerian Economic Summit Group conference holding in Transcorp Hilton in Abuja.

 

“I will put it this way, Nigerians talk a lot on the phone; they even talk more than is required so for them to have capacity or revenue to talk that much, I don’t see any harm in paying a little bit more to government,” he said.

 

“We compare ourselves to developing countries but Ghana introduced a 2% education tax and used it to fund their universities and that is why Nigerians are now going to university in Ghana. They didn’t look for aid, they did it by themselves.”

At present, lawmakers are proposing a 9% charge for using telecommunication services in place of a 2.2% proposed increase in value-added tax being proposed by the federal executive council (FEC).

 

Explaining plans by the FIRS to introduce VAT on online transactions, Fowler said: “All we are saying is that those who use online facilities, we will give instructions to the banks that once they make the payment, they will just charge 5% VAT and remit it as an agent to FIRS.

 

“By the VAT Act, the minister has the right to change the rate but this government, I believe wants to carry every stakeholder along including those in the house and explain to them that this increase is for the benefit of all Nigerians. And it will only apply to what I call privileged items like buying a car or lunch in an expensive restaurant. The money will help the state look after the needy among us.”

 

The federal government is making efforts to shore up revenue and improve the country’s fiscal health.

 

In his Independence Day speech, President Muhammadu Buhari said revenue-generating agencies that do not meet targets will be sanctioned.

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

Zenith Bank Partners Facebook on SME Empowerment

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Zenith Bank Plc in collaboration with Facebook is organising a free one-day workshop for operators of small and medium scale enterprises (SMEs).

Zenith Bank Partners Facebook on SME Empowerment

The capacity building programme is focused on how Facebook, Instagram, WhatApp and other digital channels could be used to engage potential prospects, market offerings and grow business volumes.

The workshop is scheduled to hold on Wednesday, January 29th and Thursday, January 30th, 2020 by 08:30 a.m. at Zenith Bank branches at 23, Oba Akran Avenue, Ikeja, Lagos; 201, Ikorodu Road, Obanikoro, Ilupeju, Lagos; and 2, Aromire Road, Ikoyi, Lagos.

“The workshop is open to customers and non-customers of the bank. To register attendance, please send an e-mail titled: Zenith Bank SME Digital Workshop to smepartners@zenithbank.com. The e-mail should contain the following information: Name of participant, preferred venue of attendance and date,” the bank stated.

Zenith Bank last month supported and sponsored various technology start-ups and innovative ideas at its Tech fair.

Speaking at the event, Ebenezer Onyeagwu, MD/CEO, Zenith Bank, pledged the bank’s continuous support for small businesses.

 

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Female Banker Accused of Stealing N42m

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Aghata Igwe, a former banker,  who allegedly obtained N42 million from a businessman under false pretences, on Monday appeared at an Igbosere Magistrates’ Court in Lagos.

Female Banker Accused of Stealing N42m

Igwe, 42, whose residential address was not given, is standing trial on a three-count charge of conspiracy, fraud and stealing.

She however pleaded not guilty to all the counts preferred against her by the police.

Earlier, , SP George Nwosu, prosecutor, told the court that the defendant and others at large committed the alleged offences from March to May 2017, at Ilupeju area of Lagos.

Nwosu said that the defendant fraudulently obtained the sum of N42 million from Maydom Pharmaceutical Ltd., under the pretext of assisting the company to facilitate a grant of one million US dollar import finance loan from Fidelity Bank Plc.

“The defendant convinced the complainant that she will use the said N42 million to lobby the bank to grant the company a loan of one million USD for importation purposes.

“The defendant did not facilitate any one million USD loan and did not refund the money she obtained from the complainant,” Nwosu alleged.

He said that the offences contravened Sections 287, 314 and 411 of the Criminal Law of Lagos State, 2015.

Mrs O. O. Oshin, magistrate, granted the defendant N500, 000 bail with two sureties in like sum.

She ordered that the sureties must be gainfully employed and must have at least N1 million in their bank accounts.

She also said that the sureties must also show evidence of tax payments to the Lagos State Government.

She adjourned the case until Feb. 24, for mention.

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First Bank Wins Best Mobile Banking App, Fastest Growing Retail Bank Awards

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First Bank of Nigeria Limited has been named 2019 “Best Mobile Banking App” and “Fastest Growing Retail Bank” winner by Global Business Outlook.

First Bank Wins Best Mobile Banking App, Fastest Growing Retail Bank Awards

The Global Business Outlook Award recognises and rewards excellence in business in companies across the world, both in the public and private sectors.

The award rewards innovation, creativity and the drive to create value.

FirstBank earned the Fastest Growing Retail Bank recognition because of its leading role in promoting financial inclusion in the country, a drive which has resulted in its 44,000 Agent Banking network designed to complement the provision of bespoke financial services at its over 750 branches nationwide.

It also won the Best Mobile Banking App award thanks to its Firstmobile banking app’s capability at performing a wide range of financial transactions in a safe, adaptable, futuristic and efficient manner.

The user-friendly app is widely renowned for its ease of navigation and state-of-the-art security features to mitigate risk against fraud.

In the course of 2019, FirstBank bagged numerous awards across various areas of its business operations.

The awards comprise Women Empowerment Category – Sustainable Banking Awards by CBN Bankers Committee, Best Private Bank in Nigeria 2019 by Global Finance Magazine and World Finance Magazine respectively; Best Process Automation Initiative, Application or Programme by Asian Banker International Excellence in Retail Financial Services; Best Banking Brand Nigeria 2019 by Global Brands Magazine; Best Retail Bank in Nigeria by Global Banking and Finance Review and Asian Banker International Excellence in Retail Financial Services Awards respectively; Cashless Driver: Highest Volume in Bill Payments and Highest Transaction Volume in Real-Time Payments by CBN Electronic Payments Incentive Scheme – Efficiency Awards; Long Service Corporate Award by Nigerian Economic Summit Group; Best Financial Inclusion Program – Nigeria 2019 and Bank of The Year – Nigeria 2019 by International Investor, amongst many others.

Speaking on the awards, Folake Ani-Mumuney, Bank’s group head, Marketing and Corporate Communications, said, “We appreciate the recognition of these awards by the respective awarding bodies. The awards are dedicated to all our customers across the globe as their continued patronage of our services is appreciated. We remain steadfast and would not rest on our laurels at rendering bespoke financial services tailored to meet the financial needs of our valued customers, irrespective of where they may be.”

 

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