Tag: Accountant

  • Oyo 902 Newly Recruited Workers Set To Receive Appointment Letters

    Oyo 902 Newly Recruited Workers Set To Receive Appointment Letters

    The Nine Hundred and two (902) graduates recently recruited into the civil service by the Oyo State Government will start receiving their appointment letters on Friday, 24th January, 2025.

    Recall that Governor Seyi Makinde approved the employment of 902 graduates, including university graduates and higher national diplomas, in the state.

    A statement signed by the Chairman of Civil Service Commission, Alh. Kamoru Abiodun Aderibigbe, on Wednesday, said the collection will span from Friday, 24th January 2025, to Tuesday, 28th January 2025.

    He said successful applicants are expected to collect their letters of offer of appointment at designated offices in the Civil Service Commission between 10:00 a.m. and 2:00 p.m. each day, except Friday, when they are expected to appear between 9:00 a.m. and 1:00 p.m.

    While congratulating the successful candidates, Alh. Chief Aderibigbe urged them to be orderly when collecting their letters of offer of appointment.

    He also warned that the Commission will not allow the collection of letters of appointment by proxy while the Commissioners are on the ground monitoring the exercise.

    The schedule is as follows:

    .Friday, 24th January 2025- Administrative Officer, Accountant, Agricultural Officer and Education Officer cadres.

    • Monday, 27th January, 2025- Animal Health Technologist, Assistant Social Welfare Officer, Auditor, Civil Engineer, Electrical Engineer, Environmental Health, Forest, Geologist, Higher Agricultural Technologist, Higher Cooperative Officer, Higher Environmental Health Technologist, Higher Estate Officer, Higher Executive Officer (Accounts, Audit, Culture and General Duties) cadres as well as Surveyor, Tourism Officer and Youth Development Officer/Assistant cadres.
    • Tuesday, 28th January, 2025- Higher Executive Officer (Information and Public Relations), Higher Executive Officer (Tourism), Higher Programme Officer, Higher Statistical Officer, Higher Technical Officer ( Building, Civil, Electrical, Exploration, Mechanical, Surveyor, Town Planning) cadres as well as Information, Inspector of Taxes, Lands Officer, Social Welfare Officer and State Counsel cadres.

    He appreciated the State Governor, Governor Seyi Makinde for the very rare privilege of the unprecedented recruitment exercise in the history of Oyo State. He beseeched God to grant the Governor eternal grace and pleasant health for successful tenure of Office and future endeavours.

  • Nigerian Breweries PLC undertakes ₦599.1bn Rights Issue

    Nigerian Breweries PLC undertakes ₦599.1bn Rights Issue

    : Following receipt of the approval of its shareholders in April 2024, Nigerian Breweries PLC (“Nigerian Breweries” or the “Company”) has now received clearance of the relevant documents from the Securities and Exchange Commission and NGX Regulation Limited.

    The Company plans to raise ₦599,098,517,648.00 (Five Hundred and Ninety-Nine Billion, Ninety-Eight Million, Five Hundred and Seventeen Thousand, Six Hundred and Forty-Eight Naira) by way of a Rights Issue (the “Issue”).

    A total of 22,607,491,232 (Twenty-Two Billion, Six Hundred and Seven Million, Four Hundred and Ninety-One Thousand, Two Hundred and Thirty-Two) Ordinary Shares of 50 kobo each in the share capital of Nigerian Breweries are being offered to shareholders whose names appear in the register of members as of the Qualification Date being 12 July 2024.

    The Issue shall be on the basis of eleven (11) new Ordinary Shares for every five (5) Ordinary Shares held as of the Qualification Date and at an Issue price of ₦26.50 per Ordinary Share.

    The Issue is part of Nigerian Breweries’ Business Recovery Plan to strengthen the Company’s capital base by deleveraging its balance sheet, eliminating certain FX-related exposures and reducing bank borrowings, thereby giving the Company greater financial flexibility to promote business growth and continuity.

    Vetiva Advisory Services Limited and Stanbic IBTC Capital Limited are acting as the Lead Issuing House and the Joint Issuing House to the Issue respectively, to assist the Company in managing the Issue process. The acceptance list for the Issue is expected to open on 02 September 2024 and close on 11 October 2024.

    At the signing ceremony held on 28 August 2024, the Managing Director, Nigerian Breweries, Mr. Hans Essadi, explained that the Issue represents an opportunity for shareholders to support the company’s strategic vision and participate in the next phase of its growth.

    Essaadi further disclosed that the proceeds of the Issue will be channeled towards payment of its foreign and local currency denominated obligations, thereby eliminating foreign exchange risk and revaluation losses and enhancing long term profitability and sustainable value creation for its shareholders.

    In his remarks, the Managing Director, Vetiva Advisory Services Limited, Mr. Olutade Olaegbe, commended the management of Nigerian Breweries for their visionary leadership and their commitment towards executing the Issue. He also thanked the Company for trusting Vetiva Advisory services Limited and Stanbic IBTC Capital Limited to advise on this landmark transaction and expressed confidence that the Issue would encourage other global multinational companies to approach the equity capital markets to meet their strategic objectives.

    Full terms of the Issue will be set out in a Rights Circular to be mailed directly to qualifying shareholders of the Company, which will contain a Provisional Allotment Letter and the Acceptance Form. All shareholders should read the Rights Circular and, where in doubt, consult their Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor or any other professional adviser for guidance before subscribing.

  • Access Holdings to Raise ₦351 Billion Through Rights Issue, formal Signing Ceremony held in Lagos

    Access Holdings to Raise ₦351 Billion Through Rights Issue, formal Signing Ceremony held in Lagos

    Access Holdings Plc on Tuesday, June 2, 2024, held a formal signing ceremony as part of the arrangements to raise a total of ₦351,009,103,017.25 (Three hundred and fifty-one billion, nine million, one hundred and three thousand, seventeen naira and twenty kobo) by way of a Rights Issue to existing shareholders. The Offer is part of the Group’s strategy to enhance its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries.

    The Signing Ceremony with respect to the Offer was held at Access Tower, the corporate office of Access Holdings in Lagos. Access Holdings’ shareholders had at its 2nd Annual General Meeting (AGM), which held on Friday, April 19, 2024, unanimously backed its plan to execute a Capital Raising Programme of about US$1.5 billion as well as the subset initiative to raise capital through a Rights Issue of ordinary shares to its shareholders.

    Under the Rights Issue, 17,772,612,811 (Seventeen billion, seven hundred and seventy-two million, six hundred and twelve thousand, eight hundred and eleven) ordinary shares of N0.50 each at N19.75 per share on the basis of 1 (one) new ordinary share for every 2 (two) existing ordinary shares held as of Friday, June 7, 2024.

    At the Signing Ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, disclosed that “The Rights Issue is a significant step in delivering our 2023-2027 strategic plan. The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders.”

    Chapel Hill Denham is the Lead Issuing House to the Offer, while Atlas Registrars Limited will serve as Registrars through the exercise.

    The Joint Issuing Houses are Coronation Merchant Bank, Stanbic IBTC Capital, Vetiva Advisory Services, Greenwich Merchant Bank, FCSL, First Ally Capital, FCMB Capital, Renaissance Capital Africa and Meristem Capital.

    Other parties to the Offer are Coronation Merchant Bank, Coronation Securities, Chapel Hill Denham Securities Limited, FSDH Capital, Cordros Capital, Cowry Securities, First Integrated Capital Management Ltd, Network Capital Ltd, CSL Stockbrokers Limited, Compass Investment & Securities Ltd, PAC Securities Limited, Dynamic Portfolio, Chartwell Securities Limited, Tiddo Securities Limited, and Futureview Securities Limited.

    Subject to approval of the Securities and Exchange Commission (SEC), the Acceptance and Application Lists for the Rights Issue are expected to open on Monday, July 8, 2024, and close on Thursday, August 8, 2024.

    The Rights Circular for the Issue, which contains a Provisional Allotment Letter and the Participation Form, will be mailed directly to shareholders of the Group. Printed copies of the Participation Form can also be obtained at any Access Bank branch and the offices of the Issuing Houses during the Offer Application Period.

    All existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and, where in doubt, consult their Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing.

  • Fidelity Bank undertakes ₦29.6 billion rights issue, ₦97.5 billion public offer

    Fidelity Bank undertakes ₦29.6 billion rights issue, ₦97.5 billion public offer

    Fidelity Bank Plc (“Fidelity Bank” or the “Bank”) has concluded all necessary arrangements to raise a total of up to ₦127,100,000,000.00 (One Hundred Twenty-Seven Billion, One Hundred Million Naira) by way of a Rights Issue to existing shareholders and a Public Offer (the “Combined Offer”). The Combined Offer is a part of the Bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (“CBN”) on 28 March 2024. Overall, the Bank expects that the capital raised would support the Bank’s efforts to drive sustained growth and diversification of its earnings base.

    The Signing Ceremony with respect to the Combined Offer was held at the Board Room of the headquarters of Fidelity Bank in Lagos on Wednesday, 5 June 2024. The Bank’s shareholders had already approved the Rights Issue and Public Offer at the Extra-Ordinary General Meeting held on Friday, 11 August 2023. Under the Rights Issue, 3,200,000,000 (Three Billion Two Hundred Million) ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of 05 January 2024, at ₦9.25 per share. For the Public Offer, 10,000,000,000 ordinary shares of 50 kobo each will be offered to the general investing public at ₦9.75 per share.

    Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, whilst the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited. The Acceptance and Application lists for the Rights Issue and Public Offer are expected to open on Thursday, 20 June 2024 and close on Monday, 29 July 2024.

    At the Signing Ceremony, Managing Director and Chief Executive Officer, Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe, disclosed that the proceeds of the Combined Offer will be applied towards investment in IT infrastructure, business and regional expansion, and investment in product distribution channels.

    The Chief Executive of Stanbic IBTC Capital, Oladele Sotubo, commended Fidelity Bank’s management team for their commitment towards executing the Combined Offer. He lauded their efforts for being at the forefront of achieving the CBN’s revised minimum capital requirements for Nigerian commercial banks. While thanking the Bank for trusting Stanbic IBTC Capital to lead and advise on this landmark transaction, Dele expressed confidence that the deal would encourage other corporates to tap into the equity capital markets to raise funding to meet their strategic business needs.

    The rights circular for the issue, which contains a Provisional Allotment Letter and the Participation Form, will be mailed directly to shareholders of the Bank. Printed copies of the Public Offer Prospectus can be obtained at the offices of Fidelity Bank and the Issuing Houses during the Public Offer Application Period.

    All existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and, where in doubt, consult your Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing.

  • Feature- Muhammad Nami: Double honour for the nation’s tax czar

    Feature- Muhammad Nami: Double honour for the nation’s tax czar

    By Nkem Precious Esq

    The aphorism that there is no hiding place for the golden fish was practically manifested last week when the Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammad Mamman Nami deservedly bagged double awards from reputable organisations. The nation’s number one tax collector at separate events was named winner of the Institute of Chartered Accountants of Nigeria (ICAN) Merit Award and the winner of the BusinessDay Excellence in Public Service Award.

    Since his assumption of office as the Executive Chairman of the FIRS in 2019, Mr Muhammad Nami has been going about his duty with uncommon zest, focus and vigour. Within the relatively little years of his stewardship as the helmsman of the nation’s biggest tax agency, he has raised the bar of leadership at FIRS by posting many remarkable strides in office.

    The FIRS Executive Chairman’s latest meritorious garland was bestowed on him at the 2023 annual awards of ICAN which took place at the Monarch Event Centre, Lagos, on Saturday 6 May, 2023. Muhammad Nami who was honoured in the non-members category at the event, was described by the President of ICAN, Mr Tijani Musa Isa, as a self-effacing and humble achiever who has steered the FIRS to excel in the national and international tax circle despite global economic downturns.

    While eulogising the nation’s number one tax chief for achieving several milestones in revenue collection, the ICAN President said the Merit Award is in recognition of Muhammad Nami’s positive impact in the society stressing that he has made significant contribution to the institute and to Nigeria. “The governing board deemed it fit to acknowledge the role you (Nami) have played and your outstanding achievements,” Isa emphasised.

    Muhammad Nami’s virtues as a leader imbued with exemplary and rare professional moral fibre were further captured in the citation read at the ICAN event, in which he was aptly described as “a go-getter and an ingenious leader.”

    The impactful reforms which he is implementing at FIRS did not escape the attention of the Institute as they were acknowledged as eloquent attestations to his dexterity, visionary leadership and patriotism. The citation took cognitive note of the fact that under his visionary leadership, the FIRS in 2022 achieved an unprecedented revenue collection of N10.1 trillion, the highest tax collection ever made in the annals of the country.

    At a similar event two days earlier in the same week, the FIRS boss was named the winner of the BusinessDay Excellence in Public Service Award 2022. The event took place on Thursday 4 May, 2023 at the BusinessDay States Competitiveness and Good Governance Awards.

    BusinessDay Newspaper explained that it named him the winner of the award for his “visionary and leadership qualities [that] have brought tremendous change to the FIRS.”

    It underscored Muhammad Nami’s landmark achievements by transforming the tax administration and compliance landscape in Nigeria. Prominent on the checklist of his strides in the transformative aspect is the introduction of the revolutionary TaxPro Max which is FIRS’ home-grown digital platform for tax administration. The hugely successful digital platform allows taxpayers to register, file returns and pay their taxes easily from any location other than their respective tax offices. TaxPro Max has proved an effective antidote of the delays and frustrations usually associated with the labyrinthine wholly manual process of the past that often lent itself to leakages, delays and frustrations.

    BusinessDay commended Muhammad Nami for repositioning the operations and staff of the FIRS, as well as introducing technological tools to institute more transparency, accountability, and effectiveness, which in turn has translated into increased capacity to deliver on the mandate with outstanding results.

    The Executive Chairman’s response after receiving the ICAN Merit Award captured his professional trajectory from a humble beginning through the rungs to the higher rungs of professional excellence. He summed his professional odyssey this way: ”Since I left the university, over 32 years ago, I have had the privilege and luck to be directly and indirectly associated with ICAN members: from the PKF, to Manam Professional Services, and now I am working directly with well over 3,000 members of this Institute as the Executive Chairman of the FIRS.”

    He went on to dedicate the award to his alma maters (from primary to tertiary levels), his former colleagues at the Presidential Committee on Audit of Stolen Recovered Stolen Assets, members of the Tax Advisory Committee of the FIRS, all taxpayers, FIRS board members, management and staff of the FIRS plus his family members.

    A rundown of Muhammad Nami’s rich profile reveals a man who is properly trained and horned in the fields of tax, accounting and management. He is a thoroughbred professional with highly rated qualifications and practicing licenses from relevant professional bodies.

    An accountant, management professional, tax administrator and public officer, Muhammad Nami has more than three decades of practical working experience in auditing, tax management and advisory as well as management services to clients in the banking, manufacturing services and public sectors in addition to non- profit organisations.

    He is an expert in rendering advisory support services to investors in respect of new businesses. He has also continuously rendered outsourced services to clients in both trading, service and manufacturing sectors of the nation’s economy.

    A fellow of Chartered Institute of Taxation of Nigeria and the Association of National Accountants of Nigeria, the FIRS boss is also an Associate Member of the Nigerian Institute of Management (Chartered) and Chartered Institute of Stockbrokers (CIS) as well as a graduate member of the Institute of Chartered Accountants of Nigeria (ICAN).

    Like the great oak that grew from little acorns, Muhammad Nami started his career with PKF in 1993 and became a senior consultant in charge of tax management and advisory services. From October, 2018 to December, 2019, he also served as the Managing Consultant of Manam Professional Services, a Chartered Tax Practitioners and Advisers firm that had offices in Kaduna, Abuja and Minna.

    He is the current President of the Commonwealth Association of Tax Administrators (CATA). He is the Chairman of the Joint Tax Board (JTB), a statutory position he holds as the Executive Chairman of the FIRS. He is the immediate past Chairman of the African Tax Administrators Forum (ATAF). These roles have invariably conferred on him the need to contribute to the growth and development of Nigeria, Africa and the commonwealth nations.

    As a proactive and innovative leader, he has since proved bookmakers right that he is more than equal to the task. The reforms he is implementing at FIRS attest to his dexterity, visionary leadership and patriotism. Under his visionary leadership, the FIRS in 2022 achieved an unprecedented revenue collection of N10.1 trillion, which is the highest tax collection ever made in the history of the country.

    Recently, he earned accolades for audacious deployment of technology as well as the introduction of unprecedented reforms in Nigeria’s tax administration including data mining and strategic intelligence gathering for improved revenue generation.

    His sterling leadership and impressive scorecard have earned him and the FIRS several other awards. For instance, in October 2022, President Muhammadu Buhari conferred on him the Excellence in Public Service Award for Fiscal reforms at the FIRS while he also received the Leadership Newspaper Public Servant of the Year Award for 2022.

    Muhammad Nami’s exemplary leadership style has greatly helped to galvanise and motivate the management and entire workforce of the FIRS to be disciplined and amenable to basic etiquette of the Service.

    The fact that he is a man driven by ideas and positive results is attested to by the regular on-the-job trainings and brainstorming sessions he organises at the FIRS. He is a modern-era leader that is never weary of updating and introducing result-yielding innovative ideas and techniques.

    Among other contributory factors to the astounding success of Muhammad Nami at the FIRS are his humble and honest attributes. Beneath the veneer of his gentle mien is the steely quality of a leader who does not compromise integrity and value in the discharge of duty. Certainly, the FIRS under the clear-headed, confident and chivalrous leadership of Muhammad Nami is primed for more plumage of honours and awards in future.

    • Nkem Precious is an Abuja-based lawyer
  • Olawale Oyeleye authors “Every Beginner’s Chess Book” with 215 Puzzles

    Olawale Oyeleye authors “Every Beginner’s Chess Book” with 215 Puzzles

    Mr. Olawale Oyeleye, an International Chess Federation (FIDE) licensed Chess in School Instructor has authored a book titled Every Beginner’s Chess Book” with 215 Puzzles. The book which has been unveiled to Chess players, organizers, arbiters, coaches, and corporate Nigerian recently is a worthy addition to the book of knowledge on the board game.

    While welcoming participants to the virtual launch, Mr. Oyeleye noted that the idea of the book had been on his mind in the last 9 years when he saw that there was a gap in the book of works for young chess players in Nigeria and largely Africa.

    According to him, “I took time to research on the essentials of what is needed for beginners and today, we have a book which is full of illustrations to make the teaching of Chess in schools and in clubs easy for youngsters.”

    In his words at the event, a member of the FIDE Athlete Commission and Chairman of ACC Players Commission, International Master Odion Aikhoje, commended the author for putting together a laudable book on Chess. The positive mindset of the author had motivated him to see the project through despite the trying times that we are in as a result of the COVID-19 pandemic.

    He said, “The book is dedicated to explaining the game of chess and talking about the benefits of chess. Previously encountered Chess books are technical books but the extra illustration by the author can make one know more about the game. The book helps to visualize and calculate the moves on the board and this piece of work will help develop players. A properly presented book will aid the learning of the game.”

    Also, the President of Togo Chess Federation and Former Secretary to FIDE, Enyonam Noel Fumey, said, the book is a marvel and he wishes that all Nigerian educational authors will use it as an introduction to the game. He charged the author to ensure that the work is translated into French so that Francophone-speaking countries can also benefit from it.

    Similarly, FM Fawole John Oyeyemi, Director of TheJohnFawole Award and Bruvchessmedia said, “Chess books written by Nigerian authors are few. Mr. Oyeleye has given us a book that speaks to the basics of the board game.

    In his words, “You have done something great in the chess world. This book should be adopted by schools for their chess learning programmes. With this book, Mr. Oyeleye had moved Chess a step further and it would also become a popular board game in Nigeria.”

    Ms. Ayokanmi Ajayi, ex-president of CPAN, thanked the author for his immense contribution to Chess in Nigeria. According to her, “You have pushed forward the frontiers of Chess with the text. This is a proper chess book to educate the Nigerian child, it is affordable and easy to understand.”

    Oyeleye Olawale Peter is the author of Levels 1-6 Chess Workbooks powered by Pedachess Educational Services Ltd. He is an Accountant, National Arbiter, Tournament Director, Chess Trainer, Journalist, Public Relations Officer for the Chess Players Association of Nigeria since 2017 till date. He was awarded the Arbiter of the year in 2016, 2017, and 2018 respectively, and awarded the Tournament Director of the year 2018.

    Oyeleye Olawale Peter is happily married to Caroline Adedoyin and the family reside in Lagos, Nigeria.