Tag: Singapore

ITU Ranks Nigeria High in Digital Transformation Readiness

A new report of the International Telecommunication Union (ITU), has ranked Nigeria very high at 71 per cent, in comparative legal, policy and governance frameworks towards G5 – advanced state of readiness for digital transformation known as G5 with Germany, Finland and Singapore leading the global chart.

In the report conducted by the ITU, the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) and the Nigerian Communications Commission (NCC), and unveiled by Nigeria’s Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani in Abuja on Monday, Nigeria was ranked among Africa’s top seven BEMECS 5G Readiness Index, which represents the country’s readiness to deploy and adopt mass-market 5G networks.

Titled, Collaborative Regulation: Accelerating Nigeria’s Digital Transformation, and presented at the Digital Economy Complex, Mbora, Abuja by ITU’s Kagwira Nkonge, the report, among other things, presented a case study for ‘collaborative regulation review to assess and support Nigeria’s transition towards collaborative digital governance, evidence-based policy making and agile regulation in the digital economy”.

The report, which was presented to a cross section of key industry stakeholders including service providers, government agencies, representatives of multilateral institutions, West Africa Telecommunications Regulators Assembly (WATRA), Africa Telecommunications Union (ATU), among others, was also designed to complement existing cross-country benchmarks in which features of countries policy and regulatory environment are assessed.

The features of countries policy and regulatory environment are assessed according to the pillars of the Generations of Regulation frameworks which tracks telecom regulatory maturity towards digital transformation readiness, designated at G5 Advanced State of Readiness”, and for which Nigeria currently stands at G4.

Advanced State of Readiness is benchmarked against four critical levels of accomplishments which include national collaborative governance, policy design principles, digital development toolbox, digital economic policy agenda, with Nigeria scoring 91 per cent in regulatory capacity; 82 per cent in Market Rules; 81 per cent in Collaborative Governance; 76 per cent in Legal Instruments for ICT/Telecom markets; 69 per cent in National Digital Agenda Policy, among other benchmarks.

Dr. Tijani, in his remarks at the event, commended the ITU and partner agencies and consultants that actualised the report; and expressed Federal Government’s commitment “to utilise this report as a navigational aid towards attainment of our regulatory objectives and policies outlines towards achieving a robust digital economy”.

“That is what we will continue to do as a government, ensuring that we can put ourselves in a place to have cutting-edge modern regulations in place to ensure that business is done properly in our sector and to ensure that, where possible, increase the local content of the sector as well,” he said.

Dr. Tijani noted that NCC has adapted over the years in response to how its role and mandate have changed. He explained, “Fifteen, twenty years ago, NCC was just regulating the telecommunications sector, today, NCC regulates the foundation for which any economy would be prosperous.”

The Executive Vice Chairman of the NCC, Dr. Aminu Maida, who hosted the presentation, welcomed the indicators that promote effective regulation, attraction of greater investment, and development of innovative models for broader digital inclusion.

He emphasised that collaborative regulation would support Nigeria’s transition towards effective digital governance, evidence-based policy making and agile regulation in the nation’s digital economy.

The ITU Report can be accessed through the link:

Collaborative regulation: Accelerating Nigeria’s digital transformation

July 25, 2024
SIFAX Group Consortium to Collaborate with FG, LASG on Aviation Development

SIFAX Group and its aviation partner, Changi Airports International from Singapore have opened discussions on strategic collaboration with the Federal Government and Lagos State government to develop the country’s aviation sector.

SIFAX Group, through one of its subsidiaries, SAHCO Plc, is already a major player in the aviation ground handling space. However, the consortium is looking to explore more business prospects in the sector such as aviation terminal management, airline management and development and other ancillary services.

In various meetings recently with the Vice President, Kasim Shettima, Lagos State Governor, Babajide Sanwo-Olu and the Minister of Aviation, Festus Keyamo, the Group reiterated its commitment to the development of Nigeria’s aviation sector, explaining that the company has the capacity to contribute substantially to the growth of the sector, which will positively impact the nation in terms of job creation, tourism development and economic growth.

Dr. Taiwo Afolabi, Chairman of the Consortium noted that SIFAX Group has a track record of turning around enterprises for profitability in Nigeria and beyond. Citing the example of SAHCO Plc which was carved out of the defunct Nigeria Airways and was concessioned to the Group in 2009, Afolabi noted that SIFAX Group has invested heavily in growing it to become the number one cargo handling company in West Africa, as well as being listed on the Nigeria Stock Exchange.

He said: “SAHCO is a very good example of the Group’s capacity and expertise in turning around enterprises for growth and profitability. Our port terminal, at Tin Can Island Port, Lagos is also another example we can reference to solidify our claims. It was in a bad shape when we won the concessioning in 2006 but years down the line, we are proud of the innovations we have introduced that has transformed the terminal to the leading indigenous terminal in the Lagos port.

“We are also turning around the fortune of Warri Terminal B, in Warri, Delta State which was abandoned for years. All of these experiences and expertise alongside our technical partnership with Changi Airports International can be put at the disposal of the Federal Government and Lagos State government in their quests to float their respective airlines and the development and management of airport terminals across the country.”

Roy Toh, Director, International Projects, Changi Airports International, said its partnership with SIFAX Group would enable the consortium to replicate what Changi Airports had done across the globe.

He said: “The Singapore Airport is a global reference of how aviation terminal management can be done successfully. We hope to replicate our success here in Nigeria. This is why we have partnered with a company with a credible track record, SIFAX Group and we are open to collaboration with the government”.

Governor Babajide Sanwo-Olu lauded SIFAX Group for its various investments in the state that have contributed greatly to its economic growth, assuring that the state is open to partnering with the company.

February 5, 2024
Lekki Port Reach another Exciting Milestone

… welcomes Maersk Edirne, a 13,092 TEUs vessel.

Lekki Port, Nigeria’s most modern and deepest seaport, has successfully berthed the Maersk Edirne, a 13,092 TEUs vessel. This is the largest container ship to ever berth in Nigeria till date.

The container vessel docked at Lekki Port at about 14.42 hours on Sunday January 21, 2024. The Maersk Edirne is one of 13 large container vessels which form the new CMA CGM WAX service that will operate along key locations, including Xiamen, Qingdao, Shanghai, Singapore, Lekki Port, and Abidjan. Lekki Port is the only port in Nigeria that is in this impressive port rotation.

The MAERSK EDIRNE is a container ship with a length overall (LOA) of 366 meters and a width of 48 meters.

The next large container vessel scheduled to arrive in Lekki Port is the CMA CGM Scandola, an LNG-powered vessel with a carrying capacity of 14,000TEUs.

Speaking on the attainment of this milestone, the Chairman of Lekki Port, Mr. Biodun Dabiri while congratulating the management team on this feat, expressed his delight, noting that Lekki Port could berth such large vessels with its modern facilities and world-class equipment. He stated that Lekki Port has put Lagos State and indeed Nigeria on the global maritime map as this is the beginning of the actualization of the maritime hub status for Nigeria in the sub-Saharan African region.

Also speaking after the arrival of the vessel, the Chief Operating Officer of Lekki Port, Mr. Laurence Smith described the berthing of such a large vessel as a positive development that would contribute significantly to improving the Nigerian economy through the delivery of more cargo and reduced shipping costs. He commended the container terminal operator, Lekki Freeport Terminal, a subsidiary of CMA CGM who have provided efficient terminal services to port users since the commencement of commercial operations in April 2023 for their dedicated efforts to make the container terminal the best in the country.

January 21, 2024
World Rugby Lists Nigeria, 5 Other amongst Emerging Nations Experiencing Strong Growth

…other nations who are doing pretty much in developing rugby include: Belgium, Singapore, Ghana and Zambia

World Rugby has listed Nigeria as one of the six emerging rugby-playing nations that is experiencing strong growth in the sport.

According to recent statistics released by the WR, the other nations who are doing pretty much in developing rugby include: Belgium, Singapore, Ghana and Zambia.

Nigeria, until last year, was under ban by World Rugby over governmental interference before the President, Dr Ademola Are set machinery in motion to ensure that the ban is lifted.

Since then the federation has organized two referees and coaching programs to keep the stakeholders abreast of the rules and training tactics of the game with instructors coming from Rugby Africa and World Rugby.

The senior men national team, the Black Stallions, have also qualified for the final phase of Paris 2024 Olympic Games qualification holding in Zimbabwe this weekend after finishing second behind Algeria at pre Olympic qualifiers in Mauritius.

The federation has also gone ahead to organize National Women’s Rugby Sevens tournament in Asaba, Delta State where Edo State RFC defeated All Commers to emerge the champions.

Reacting to the recognition from world body, President of Nigeria Rugby Football Federation, Dr Ademola Are said it is a pat on the back but stressed that there is so much to be done.

“Rugby can be as big as football in Nigeria and we want every Nigeria to play the game either male or female even as we need more support. With commendation from World Rugby, it shows we are on the right path and we will continue to do the needful” he said.

October 23, 2023
Big 5 Construct Nigeria opens its third edition, connecting 8,000+ buyers with 140+ exhibitors from 25 countries

… Key officials from International Facility Management Association, Dubai Chamber, and Austrian Embassy, along with the organizers dmg events, grace the opening ceremony

Nigeria’s construction market has immense potential for growth, as it collaborates with international expertise to propel the industry forward. At this year’s Big 5 Construct Nigeria, which opened its doors yesterday and runs till 7 September 2023 at the Landmark Centre in Lagos, local and international companies come together to support the development of upcoming and existing projects.

A ribbon-cutting ceremony marked the opening of the event, where Eng. Sheriff Daramola,

Vice President of the International Facility Management Association was joined by Irene Oyarekhua, Chief Representative – Nigeria, Global Markets Sector at the Dubai Chamber; Barbara Lehninger, Commercial Counsellor at the Austrian Embassy; and Ben Greenish, Senior Vice President – Construction at dmg events.

“We are thrilled to open this year’s Big 5 Construct Nigeria to facilitate 8,000 buyers the chance to meet with exhibitors and procure cutting-edge construction materials, equipment, and services to streamline the supply chain and contribute to project efficiency. The event presents innovative technologies and sustainable practices, offering construction professionals in Nigeria the opportunity to readily integrate these solutions for the enhancement of their ongoing projects,” said Greenish.

The event features groundbreaking products and services under construction sectors such as building interiors, finishes, materials, and tools to HVAC R, solar solutions, urban design landscaping, MEP services, digital construction, smart buildings, and others. The blend of local and international exhibitors will provide a veritable platform for business engagements to over 140 exhibitors from 25 countries, including Nigeria, Germany, Belgium, Italy, UAE, Austria, Poland, Singapore, Lebanon, and Saudi Arabia, among others.

Among Nigerian exhibitors, Cormart Construction Chemicals shares innovative solutions for construction chemical products, while CDK Industries showcases its new collection of porcelain tiles to transform interior spaces. JMG, another exhibitor based in Lagos, showcases a holistic approach called ‘from power to plug’, emphasizing their unparalleled expertise in the realms of power, cooling, mobility, and air compressors.

European companies such as AGRU from Austria presents semi-finished products as well as technologically optimized injection-moulded fittings, while BRUCHA exhibits panels for the construction of cold and freezer warehouses, and large-scale industrial and agricultural buildings. Spain’s HIDROSTANK presents 100% recycled polypropylene pull boxes to enable faster execution reducing logistics, manpower and machinery through their Nigerian distributor, WNM Limited. France’s Saint-Gobain showcases light and sustainable construction products; Germany’s MASA, presents its specialization in the design and production of plants and machinery for the building materials industry; and BAUER, exhibits its construction & machinery manufacturing expertise.

Companies from the Middle East, including Saudi Arabian exhibitor, Al Kuhaimi Metal Industries showcases metal doors for industrial, security and military applications. Meanwhile, Roofings Middle East from the UAE supplies pre-engineered steel buildings and sandwich panels in the GCC and African markets.

The event is hosting CPD-accredited Industry Talks, with the opening day including Taiwo AIYEPE, Principal Architect at Lagos State Ministry of Works and Infrastructure, shedding light on design considerations in tropical climates, while Dr. Iyanda Olukunle A, Founder and CEO of BROOT Consulting, explains why design is so crucial for shaping the future of construction.

Another prominent speaker, Architect Patrick Ogunleye from the National Agency for Food and Drugs Administration and Control (NAFDAC) at the Federal Ministry of Works and Housing, discusses using innovation and efficiency as the keys to optimal productivity. Dr. Ibikunle Dashur, President and CEO of CONSTRUCT MACHE GROUP, shares insights on the importance of collaborative working in construction.

A panel discussion on the future of project management, moderated by Oluwalobamise Orafidiya, Junior Project Manager at the Project Management Institute, features panelists, Gbemi Ibrahim, Editorial Anchor and Head of Workforce Management and Academy at the Nigerian Economic Summit Group; Joel Makinde, Vice President of the Social Good Initiatives at the Project Management Institute; and Emmanuel Williams, COO of the Critical Infrastructure Resilience Company.

Don’t miss further CPD Talks at the event delving deeper into efficient project management, technology, architecture & design, and facilities management.

“Big 5 Construct Nigeria offers inspiration, education, and affiliation, with ample opportunities to connect, share ideas and ultimately realize the full potential of Nigeria’s thriving construction sector,” Greenish concludes.

Big 5 Construct Nigeria is sponsored by CDK Industries as the Platinum Sponsor, and Sana Group as the Lanyard Sponsor, with associations and organizations, including The Chartered Institute of Building (CIOB), Nigerian Institute of Quantity Surveyors (NIQS), BIM Africa, Project Management Institute (PMI) and OSH Association also supporting the event.

September 6, 2023
Emirates Premium Economy surges to record 160,000 customers trading up to experience the cabin’s quiet luxury

Customers’ preference for the recently introduced Emirates Premium Economy has surged to a record high, with over 160,000 trading up, thereby setting new industry benchmarks in Premium Economy travel. Emirates is delightfully celebrating this banner first year of full-service operations with the highly popular cabin class, introduced in August 2022. With strong demand momentum forecasted in the coming months, Emirates is providing travellers more opportunities to experience its highly-acclaimed Premium Economy product which is currently available on flights to 11 cities, with the list growing to 13 cities by the end of the year, as more retrofitted aircraft with refreshed cabins roll into scheduled service.

Since Emirates debuted its Premium Economy Class, customer response has been overwhelmingly positive with demand exceeding expectations and bookings growing month on month, demonstrating its appeal to a broad range of traveller segments who want to try out its understated luxury and meticulously elevated experience at great value. Nearly half of the customers flying in Emirates Premium Economy are solo travellers venturing off for holidays, while couples and families constitute the other half. More than 60% of customers who booked to fly in Premium Economy in the last year were also loyal Emirates Skywards members and regular customers of the airline.

Emirates currently flies its A380s with the latest Premium Economy cabins to London Heathrow, Sydney, Melbourne, Auckland, Christchurch, Singapore, Los Angeles, New York JFK, Houston, San Francisco and Dubai, with flights regularly registering full seat loads in Premium Economy. The airline plans to make Premium Economy available to customers flying to/from Mumbai and Bengaluru from 29 October, and additional cities will be announced soon. Emirates currently operates 20 aircraft fitted with Premium Economy, 14 of which were retrofitted in-house by the Emirates Engineering team in Dubai over the course of the last nine months.

Since August 2022, the airline has operated close to 4,500 flights with Premium Economy, traversing more than 36 million kilometres around the globe. On those flights, over 192,000 meals from its carefully curated menus which include the finest ingredients were served to customers who enjoyed regionally inspired, generously portioned dishes. Unique touches include indulgent desserts garnished with edible gold leaf, among other signature offerings. Premium Economy menus are updated every month to ensure a diversity of flavours and dishes, especially for well-travelled customers. Over 126,000 pieces of chocolates were served to round off meals for Premium Economy customers. Emirates also served 6,700 kilograms of mixed nuts and 8,650 litres of complimentary fresh lemon and mint juices in Premium Economy. The airline’s robust beverage selection in Premium Economy includes a global exclusive for Emirates customers, Australian sparkling wine, Chandon Vintage Brut 2016, alongside a choice of a unique white and red wine.

The airline’s philosophy to constantly innovate and redefine service excellence through the introduction of Premium Economy has earned it numerous top placings and accolades in the cabin category at the 2023 Skytrax Awards, Business Traveller awards, Airline Ratings Excellence Awards, and 2022 Business Traveller Middle East awards.

In May, Emirates launched a global campaign with Academy Award winning actor and philanthropist, Penelope Cruz, which also featured her enjoying the spacious seats in Premium Economy. The airline has also provided a glimpse of its Premium Economy offering through guided tours of the new cabin class to media and influencers, trade partners, airport, tourism and government officials across cities like Sydney, Melbourne, Auckland, Christchurch, Singapore, New York JFK and San Francisco.

The Premium Economy roll-out is a core component of the airline’s multi-billion-dollar retrofit programme which will see the interior upgrade on 67 Emirates A380 cabins, as well as 53 Boeing 777 cabins. By the end of the programme, over 4,000 Premium Economy seats will be installed, along with over 700 First Class suites and 5,000 Business Class seats refurbished with the latest interiors.

Tickets in Premium Economy can be booked on emirates.com, the Emirates App, or via both online and offline travel agents.

August 3, 2023
Nigeria Customs reaffirms support as Comptroller General visits Lekki Port

The Nigeria Customs Service (NCS) has reaffirmed its support towards the seamless operations of the Lekki Deep Sea Port as a key contributor to the national economy. The assurance was given by the Acting Comptroller General Adewale Adeniyi, on his first official visit to the port in Ibeju-Lekki, Lagos, on Wednesday, July 19, 2023

Adeniyi explained that the NCS will provide all necessary support to Lekki Port to facilitate and boost trade in Nigeria in line with the mandate of the Nigeria Customs Service.

“We are coming with a shared understanding of what the Nigerian economy needs. We don’t need to look further than the investment we see here. We want to generate foreign exchange. We want foreign investment to come to Nigeria so that jobs can be created for our people and we can raise revenue. What we are seeing holds the promise and potential to achieve those objectives. As an agency of government, we will continue to be a partner with a shared vision. When we work together on major policy decisions, we will overcome any major issue that may arise,” he said.

Adeniyi described Lekki Port as a catalyst and a game-changer that would contribute to Nigeria’s economic prosperity and serve as a massive source of revenue for the government, given its capacity to handle large vessels.

In his remarks, the Managing Director of Lekki Port, Du Ruogang, thanked the new Acting Comptroller General for honoring the port’s invitation to pay a visit early in his term as acting CG.

“On behalf of the port promoters, China Harbour and Tolaram, we congratulate you on your appointment, and we wish you great success in your work as CG of Customs. Lekki Port is eager to cooperate with you to leverage technology and automation for more efficient customs operations,” he said.

Ruogang stated that Lekki Port had all the modern equipment and the features of a global port available in China, Singapore, Malaysia and Tangier. He added that the cooperation of the Customs is crucial to the port’s success as a very smooth and efficient customs operation is key to attracting customers to the port.

Also, speaking during the visit, the Chief Executive Officer of the container terminal operator, Lekki Freeport Terminal, Mr Yann Magarian disclosed that with the commencement of commercial operations at Lekki Freeport Terminal, Nigeria’s position as the maritime hub of West Africa has been restored.

“In the few months of operations, we have achieved significant milestones at the Lekki Freeport terminal. These include increased productivity at Nigerian Ports using our state-of-the-art super post-Panamax cranes. This has allowed us to reduce operational hours on vessels while at berth; commissioning two of the fastest scanning machines in the country, which allows the scanning of containers in less than 1 minute and the commencement of transhipment services in Nigeria. This is the first of its kind. We are progressively returning container trade lost to neighbouring West African ports”, he said.

In addition, Magarian commended the Federal Government of Nigeria and various stakeholders, including the Nigerian Customs Service, for their support in making Lekki Port a reality.

The acting CG and his entourage were taken on a tour of the container terminal, where they observed the ship-to-shore cranes and RTGs and observed the scanners in operation.

July 20, 2023
Lekki Port receives first transshipment Vessel with the arrival of CMA CGM RIMBAUD

The management of Lekki Deep Sea Port has announced the arrival of the CMA CGM RIMBAUD the first transshipment vessel to call at the container terminal of Lekki Deep Sea Port.

The vessel, which arrived at approximately 1.00pm on Thursday, June 29, 2023, contains cargo from two of the largest container shipping lines in the world, CMA CGM and Maersk. The service originated from the Far East passing through Shanghai, Ningbo, Shekou, Nansha, Tanjung Pelpas, Singapore to Kribi, Cameroun, before finally arriving at Lekki Port this afternoon.

The vessel is carrying 411 TEUs of transshipment cargo and has a nominal container handling capacity of 6,900 TEUs.

Speaking on the milestone, the Managing Director of Lekki Port, Du Ruogang, expressed his appreciation to the Federal Ministry of Transportation and the Nigerian Ports Authority for the support in ensuring the start of transshipment activities at Lekki Port.

Also the Chief Operating Officer, Laurence Smith noted that all regulatory agencies operating at the port particularly the Nigerian Customs Service worked together with Lekki Port and the container terminal operator, Lekki Freeport Terminal to ensure a hitch free arrival of the vessel and processing of cargo.

Lekki Port with its state of the art Ship to Shore cranes and sophisticated scanners is now poised to position Nigeria as the preeminent transshipment hub of West Africa.

The transshipped cargo will be departing for Cotonou its final destination on 6th July 2023.

July 3, 2023
Feature: Nigerian Ambassadors should be given FDI targets

by Ayo Akinfe

If we are serious about getting out of our economic rut, incoming ambassadors need to be given foreign direct investment targets which must be met unfailingly

[1] No matter how you look at it, Nigeria has no choice other than to attract foreign direct investment (FDI) if she wants to expand and diversify her economy

[2] In 2022, total FDI into Nigeria only added up to a paltry $3.3bn, according to the World Bank. Even at its all-time high in 2008, Nigerian FDI only totalled $4.7bn

[3] Last year, as many as 32 of Nigeria’s 36 states did not attract one dollar in foreign direct investment (FDI) during the first quarter of 2022

[4] According to the National Bureau of Statistics (NBS), only Lagos, Oyo, Katsina and Anambra and the Federal Capital Territory (FCT) attracted any FDI during the first three months of 2022

[5] According to the NBS’ Nigeria’s capital importation, the total value of capital imported into Nigeria in the first quarter of 2022 stood at $1.6bn, compared with $2.2bn in the preceding quarter

[6] Basically, in too many sectors and too many states, Nigeria is not attracting the required capital to get going. With no FDI, ho do you create jobs?

[7] However you look at it, this needs to become an urgent priority. Every ambassador and high commissioner needs to be given a stringent FDI target that must be met. In the private sector, managers, reps, salespeople, etc all have to meet targets set for them

[8] If any ambassador or high commissioner does not meet his target, he or she should be recalled after a year

[9] Envoys to G7 nations should be made to put together entire FDI directorates with a desk in each sector of the economy/agriculture, manufacturing, power supply, railways, healthcare, sports, education, housing, etc

[10] Just to see how far we are lagging behind, check out the top global 10 FDI destinations for 2021:

[1] US – $4.97trn
[2] Netherlands – $4.33trn
[3] China – $3.57trn
[4] Luxembourg- $3.33trn
[5] UK- $2.61trn
[6] Hong Kong – $1.91trn
[7] Singapore- $1.79trn
[8] Ireland- $1.36trn
[9] Switzerland – $1.2trn
[10] Germany – $1.1trn

May 16, 2023
“Nigeria College of Taxation and Fiscal Studies” Bill Passes Second Reading

A bill for an Act to establish the Nigeria College of Taxation and Fiscal Studies passed its Second Reading last week at the Senate.

The presentation of the Bill was made by Senator Abdullahi Aliyu Sabi CON on the floor of the Senate Tuesday last week, where he noted that the institution, if established would provide professional and academic training as well as certification for tax administrators, tax practitioners and tax professionals across the country.

In his presentation, Senator Sabi, who represents Niger North Senatorial District of Niger State stated that the College had become necessary given the important role that taxation is playing in the nation’s economy, and that this institution would help formulate and draft tax policy for the country while addressing human capital gaps in the country’s tax industry.

“It is becoming increasingly clear that diversifying the sources of government revenue to focus on sustainable sources is inevitable. This diversification puts taxation at the centre of the revenue mobilization discussion; the attainment of this laudable objective would require tax experts who have been properly and adequately schooled to formulate tax policy, draft and interpret tax legislation, carry on private tax practice, and administer taxation in the modern era.

“In view of the constant shift in the social, technological and business environment, with direct impact on the tax system, it is is important to have skills, competence, and adaptable personnel to man the tax system. There must be a conscious development of the field of taxation and fiscal policies in Nigeria to awake the society on the importance of taxation as a sine qua non to our development.

“Nigeria must go beyond the mere inclusion of taxation in the curriculum of educational institutions; instead the country must establish a modern system that facilitates the study of taxation via a well laid out academic curriculum, guided and focused by practical realities of Nigerian taxation and the revenue ecosystem,” he noted.

Senator Sabi further emphasised that the College would help in tackling the issue of lack of sufficient capacity of tax officers, which he noted has led to “the delegation of powers of revenue authorities to third parties, creating complications, multiplicity and uncertainty in the tax system,” and that it would correct “aggressive and orthodox methods for tax collection” while also carrying out a “regular review of obsolete tax laws that do not reflect modern realities.”

He noted that all these would help the country address its fiscal and revenue challenges and achieve the objectives of the National Tax Policy.

In his presentation, the distinguished Senator representing Niger North also cited that countries such as Kenya, Japan, India, Australia, Austria, Singapore, and Malaysia have established similar institutions for developing capacity in taxation, excise duty and customs and fiscal matters, and that this has impacted positively on their economy through significantly high tax-to-GDP ratios.

This College is expected to provide training for tax officials, including officers of the Federal Inland Revenue Service (FIRS), Nigeria Customs, sub-national revenue authorities, and even the general public. It is to consist of a main campus and 12 regional centres.

The Bill proposes that the College would be funded chiefly by the extant yearly subvention of the FIRS for training thus requiring no direct impact on government spending.

Senator Adamu Aliero representing Kebbi Central District, Kebbi State, commenting on the Bill noted that the only sustainable source of revenue for the Federation was taxation, and that the proposed College would train tax officials who would be instrumental to widening the country’s tax net.

He also added that there is currently no institution in Nigeria that offers specialised training in taxation.

March 27, 2023
Feature: No Policy Commitment or Manifesto Pledges from the Nigerian Presidential Candidates

by Ayo Akinfe

Nigeria’s election campaign is devoid of policy commitments or manifesto pledges. All we are seeing are Chatham House photo opportunities, so I ask why we expect good governance from whoever wins

[1] To address a nation’s socio-economic problems, you have to understand the thinking of its people, appreciate their outlook and understand the pace at which they are ready to advance. This will inform the choices you make as you try to accelerate the pace of development

[2] My reading of the Nigerian mentality is that the average person is taught from a young age to go to school, work hard and then make as much money as they can. Every Friday and Sunday they go to the church or mosque to pray for deliverance and the rest of the weekend is spent enjoying themselves. Anything outside that is considered taking your average Nigerian beyond the confines of their comfort zone

[3] Of late, things have changed significantly as people tend to be more daring, especially within the commercial sector. There are a lot of innovative young entrepreneurs who have torn up the rule book and ventured into hitherto forbidden areas. This is particularly the case with Nollywood and the music industry. One other area where I see this is with the growth of evangelical churches. Some of these new-age clergymen or pastorprueners are tearing up the old orthodoxy and re-writing the rules

[4] Our problem as a people appears to be that this dynamism has not filtered through to the art of governance. While we get General Overseers who are daring enough to build the world’s largest churches, we do not produce local government chairmen, governors, commissioners, ministers and heads of parastatals keen on building the world’s tallest buildings, longest bridges, fastest trains, biggest dams, largest hospitals, etc

[5] Now, if we want to be fair, most countries tend to grow organically and evolve over time. In Europe, for instance, it took about 300 years for most nations to grow from rural peasant societies into industrialised ones. Our challenge in Africa is that we do not have that luxury of time, so need to force the pace of development. This, however presents it own challenges

[6] What this means is that we need radical leadership that will introduce accelerated development, as we saw in Singapore and Dubai and are currently witnessing in China. I still believe the global record was the Soviet Union, where Joseph Stalin’s forced collectivisation programme led to year-on-year 28% economic growth for about a decade. Given that Nigeria’s population is growing at a rate of almost 3%, we simply need to see double digit growth of this kind to notice any significant impact on people’s lives

[7] Unfortunately, our religious leaning makes us think like the Children of Israel. We want a messiah to appear from nowhere ala Moses, who led them into the Promised Land and Jesus Christ who tore up the Mosaic Laws and gave them a new constitution. In both cases, their two gentlemen were sole administrators. They did not have to get consensus for their actions. They just led and their supporters followed

[8] As a nation, we want that kind of messiah but would we be willing to follow him or her blindly without question in the knowledge that the destination is the Promised Land? I somehow doubt it. This is why the concept of waiting for “good leaders” or God-fearing/anointed rulers who will come and eliminate corruption, build infrastructure, end nepotism, etc is a pipe dream. If anything, what we need is more organic development across the board, as we have seen with our pastorprueners who have gone from nothing to becoming private jet owners within 10 years

[9] When I look at someone like Bayo Ogunlesi, I can see what is missing in our political leaders and in the country at large. Here is a man who in 2009 bought London Gatwick Airport for £1.45bn and turned it around. At the time, BAA sold it to him because the airport was making a loss but he revamped it and a few years later, the airport was profitable again. Mr Ogunlesi also bought London City and Edinburgh airports, turning them round too. He sold London City Airport for a profit after turning its fortunes around

[10] Across Europe, societies have been built by men and women like this who just have a passion for one thing and dedicate their whole lives to the cause. Be it railways, steel, wheat, roads, social housing, anatomy, power supply, rope manufacturing, garbage collection, retailing, clothing etc, what we have seen is men and women devote like 60 years of their lives to their passion. Many of them died penniless but contended because they saw their dreams come to fruition. We have to ask ourselves if we produce enough people like this. If we do not, do we have the moral right to demand leaders of this calibre?

January 20, 2023
Prudential Launches Programme for Young Professionals Aspiring to be Change Makers

Big time supporter and enabler of youth development, Prudential (www.Prudentialplc.com) has completed a four-day immersive leadership program for young professionals from across the Group hosted in Lagos, Nigeria, West Africa, set to inspire, empower and develop a community of young employees to become active change makers through innovation in order to create a future-ready Prudential.

Now in its third cohort, the Prudential Young Professional Programme is a grouping of 40 young employees aged 35 years and below from Africa, Europe and Asia i.e. Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo, Uganda, Zambia, and Nigeria, Singapore, Thailand, Malaysia, United Kingdom selected on the recommendation of their leaders.

The young professional programme was designed to connect young changemakers across the Group to each other, mentors who are CEOs as well as senior executives, to learn and create solutions for our customers.

“With an average employee age of 37 years in Africa, we value thoughts and ideas from our younger employees. The program is not only designed to serve our customers to get the most out of life, we enable all employees to pursue their dreams and reach the highest potential, both personally and professionally. Prudential is counting on the young professionals, our next generation, to continue building our legacy as future leaders and create a future-ready Prudential,” said the Chief HR Officer for Prudential Africa, Maria Shipiri.

“As a just and inclusive employer, Prudential strives to create a work environment where our diverse and talented team can bring their authentic selves to the workplace, in order to create, innovate, learn, succeed and grow,” said Nikki Davies, Group Diversity and Inclusive Director

The programme is central to Prudential’s efforts to contribute to the growth and transformation of the economy and young employees by bringing a fresh perspective and a different way of thinking to any business.

Harnessing on the creativity and energy of our young colleagues, the cohorts will collaborate across locations, businesses, and departments, generating ideas and prototypes and resulting in proposals to create a future-ready and competitive Prudential.

With over 540 employees in Africa 35 or less, the program focuses on building a tight-knit cohort while simultaneously supporting individuals and uniting emerging leaders from various businesses to engage in value-based leadership discussions and hands-on workshops, while also gaining visibility across senior stakeholders and co-creating solutions for the company.

As part of Prudential’s growth roadmap, we are significantly investing in our people and technology to build the capacity to serve more customers. Today, Prudential serves over 19 million life customers in Asia and Africa.

November 27, 2022
New Forests, BII, others announce African Forestry Impact Platform

…opportunity to scale sustainable forestry in Sub-Saharan Africa and deliver climate, community, and biodiversity benefits

New Forests, along with its investment partners British International Investment (BII), Norfund and Finnfund, have signed subscription agreements for their investment in a dedicated African fund, the African Forestry Impact Platform (AFIP), for US$200 million, and announced AFIP’s first acquisition, Green Resources, East Africa’s largest forest development and wood processing company.

This follows an announcement at COP26 around the intention of these groups to partner to develop investment strategies designed to scale and transform the sustainable forestry sector in Sub-Saharan Africa.

AFIP will continue to raise long-term institutional capital to support the sustainability and development of Africa’s growing forestry sector, with the aim of raising US$500 million for the Platform in the next two to three years. AFIP will invest in a portfolio of plantation forestry operating companies and related assets in Sub-Saharan Africa, primarily targeting established assets that can be expected to provide stable and predictable cash flows across a diversified set of markets.

Drawing on New Forests’ unique approach to sustainability, AFIP will focus on four key areas of impact: climate change mitigation, biodiversity conservation, gender and diversity, and community and livelihoods.

Forests and landscapes protect wildlife from natural disasters and are critical for various essential products and services, including fuel, shelter, and food. However, the UN’s assessment found that in Africa, four million hectares of forests are disappearing yearly – conservation and restoration are crucial for inclusive adaptation and building resilient and sustainable ecosystems.

David Brand, Chief Executive Officer, New Forests, said, “Africa has growing economies and rising timber demand but is also home to some of the world’s most biodiverse forests. New Forests’ new Africa platform will expand the plantation forest sector while seeking to also support forest conservation, restoration of degraded land and expansion of community-based forestry programs. As an open-ended investment vehicle AFIP will help to create and perpetuate sustainable landscapes that can balance conservation and production systems.”

Tellef Thorleifsson, Chief Executive Officer of Norfund said, “As long-term investors in Green Resources, Norfund is pleased that the board and management has succeeded in developing the company into what will now be the core of the new fund focused on developing sustainable growth of the African forestry sector, thereby creating jobs, reducing deforestation, and addressing climate change.”

Jaakko Kangasniemi, Chief Executive Officer of Finnfund said, “Sustainable forestry is one key way to curb deforestation as well as climate change. Investing in responsible forestry companies has long been one of Finnfund’s focus areas. In addition to the benefits to nature and climate, forestry can significantly contribute to people’s livelihoods – particularly in Africa. The forestry sector in Africa has enormous growth potential and by partnering with fellow development financiers and New Forests, we believe we can together bring the change needed to unlock that potential.”

Clarisa De Franco, Managing Director & Head of Private Equity Funds at BII, said, “BII is proud to be part of this partnership to launch a permanent capital vehicle that will increase funding for nature-based solutions, increase the supply of sustainable wood, restore natural capital while also boosting jobs within rural communities. Addressing the climate emergency in Africa must include gender-smart actions, and we are thrilled that the fund has committed to invest at least 30 per cent of the value of its portfolio in 2X eligible businesses. This will promote inclusive economic opportunities, increase productivity and improve livelihoods across Sub-Saharan Africa.”

Partnerships for Forests, a UK Foreign, Commonwealth & Development Office-funded programme, will work closely with AFIP by offering technical assistance. This includes help to identify and develop business models around target investments to demonstrate a different model of working with plantations that provides tangible returns to investors, delivering social and environmental value to smallholders and other landscape stakeholders.

Baemnet Aschenaki, Regional Director of Partnerships for Forests, East Africa, said, “The partnership with New Forests is exciting, given how innovative the investment model is in terms of social inclusivity and environmental protection. By supporting the identification and development of smallholder-focused and environmentally responsible projects around plantations, we aim to contribute to resilient communities and landscapes on the continent.”

The Green Resources acquisition is subject to regulatory approval (in Tanzania) and is expected to be completed by December 2022.

AFIP has been registered in Singapore as a Variable Capital Company (VCC) which is an open-ended, permanent capital vehicle. New Forests has had a presence in Nairobi since 2021, and in June of that year appointed Paul Ohaga, Senior Director, Africa to lead the business.

October 19, 2022
LIRS Partners Deloitte To Boost Transparency In Tax Administration With Whistle-Blower Initiative

The Lagos State Internal Revenue Service (LIRS) has said its Whistle-Blower Initiative will deepen transparency, and accountability and uphold a high standard in the administration of the tax system in the state.

The Executive Chairman of the LIRS, Ayodele Subair, at the official launching of the initiative in Lagos on Friday, said the platform was introduced to encourage the reporting of illegal actions or financial crimes, through the appropriate channel, with a view to correcting the violations and optimally boost the tax administration in the state.

He said the scheme, an initiative of the state government, will be driven by Delloite Anonymous and the Confidential Whistle-Blowing facility, a platform run by a globally recognized accounting and audit firm, Delloite Nigeria.

He added that the whistle-blowing facility will promote the reporting of acts of commission or omission that borders on unethical conduct of the LIRS employees, management and other stakeholders through the designated channels to the authorities.

“The facility is designed to ensure that concerns about wrongdoings or malpractice observed in the LIRS administrative and operational activities can be raised by any stakeholder without fear of victimization, subsequent discrimination, disadvantage or dismissal.

“This facility does not only provide the avenue to report but ensures the credibility of reports through investigation, feedback to the whistle-blower and ensures protection for such whistle-blower from possible reprisals or victimisation for all disclosures made in good faith.”

“The whistle-blowing initiative is a two-way affair; even though it is aimed at exposing the LIRS staff involved with misconduct, employees of entities who want to report employers who circumvent tax laws or even members of the public who wants to raise the alarm on persons or entities who willfully commit financial crimes leading to revenue loss for the state can make use of the whistle-blowing platform,” he said.

Subair said Deloitte’s engagement as an independent assessor was to ensure an objective and unbiased review of issues raised.

Also speaking at the event, the Commissioner for Finance, Dr. Rabiu Onaolapo Olowo said the Whistle-Blower Initiative of the LIRS is a pilot scheme of the Lagos State Speak-Up programme aimed at encouraging feedback mechanism from the general public, boosting their confidence and trust in the operational activities of government.

Dr. Olowo said it is logical to choose the LIRS as the pilot scheme for the initiative because it is responsible for more than half of the revenue generated by the state and due to its multifaceted interactions with the members of the public, the Lagos government could use the channel to boost its message of openness and transparency.

He said: “In our pursuit to make transparency, accountability and openness count in governance in the last three and half years, this is one step to help us to wrap up some of the things we have been doing to take government down to the people. We have to appreciate Governor Babajide Sanwo-Olu for approving this Speak-Up initiative. It will further help us to effectively discharge the policy thrust of this government and we believe it will promote and engender trust and citizen engagement.

“The reason we have chosen the LIRS as the pilot MDA for this scheme is quite obvious because it is the major revenue-generating agency for the state. Today, LIRS accounts for almost 75 percent of Lagos’s revenue and it engages with the public at multi-faceted levels. Thousands of people across the world see infractions every day but they decided to remain silent because they feel there is nothing they can do to change the situation, but today, we are launching a channel that will encourage and remind people of their civic responsibilities to speak up when they observe unethical behaviour, especially in the process of conducting their businesses with the government.”

Joining the conversation, the Commissioner for Economic Planning and Budget, Samuel Egube, believes citizen participation in governance invariably stimulates public trust which consequently enables the government to make the right investment decision on behalf of the people.

He stated that the channel will further open the Lagos State government to scrutiny and the openness and transparency that the initiative generates will lead to more development.

“We believe this channel will enable citizen participation in governance which will surely stimulate the trust of the people in what we do with their investment. You cannot talk about development in South Korea, Singapore or Dubai in the United Arab Emirates without working out how that is connected to the United Nations Citizen Participation Index which states the line of relationship between the citizens and government and this is what this channel has addressed. Since we have launched the 30-year development plan this is another attempt at making the people of Lagos State work together with the government to make the plan works,” he said.

Beulah Adeoye, Partner, Deloitte Nigeria, said the whistle-blowing service provides multilingual, multiple reporting channels including a 24-Hour toll-free hotline (0800TIPOFFS and 0800 847 6337).

He said users can also use Delloite’s web portal (https://tip-offs.deloitte.com.ng); Email (tip-offs@deloitte.com.ng) or download the app (Deloitte Tip-offs, and Anonymous App) on the mobile app store.

August 7, 2022
Visa Opens First Innovation Studio in Africa to Advance Future Payment Solutions

…the Innovation Studio in Nairobi is the first in Sub-Saharan Africa and will provide partners with cutting-edge capabilities to co-create future commerce solutions

Visa (Visa Inc), the world leader in digital payments, has today opened a new Innovation Studio in Nairobi, its first dedicated innovation site in Sub-Saharan Africa (SSA). This facility will serve the sub-Saharan Africa region and joins a network of innovation centers operated by Visa since 2016, in cities including Dubai, Singapore and San Francisco.

The new facility supports Visa’s commitment to promoting innovation and creating opportunities for clients and fintech partners to co-create market-relevant payment and commerce solutions throughout the region. The facility is designed to replicate the success of Visa’s flagship innovation center, One Market in San Francisco, and provide Visa’s partners with access to tools that strengthen their capabilities in developing new solutions.

“Sub-Saharan Africa is a fast-growing region with a tech-savvy population. As we continue to grow digital payments adoption in the region, our aspiration is to deepen our collaboration with clients and partners in developing solutions that are designed around the unique needs of Africa,” said Aida Diarra, Senior Vice President & Head of Visa in Sub-Saharan Africa.

As a brand built on technology, Visa has driven the major technological advancements that make electronic payments what they are today. We are confident that the innovation studio will continue that legacy and cement Sub-Saharan Africa’s position as a leader in creating out-of-the-box solutions to deal with our most pressing challenges as a region,” added Diarra.

Businesses in Sub-Saharan Africa have been leading the way in introducing new methods of paying and being paid, by harnessing innovative technologies. Ideas to expand the growth of emerging payment areas such as Tap to Phone and Pay on Delivery will be explored at the Innovation Studio alongside the ongoing development of cutting-edge smarter payment solutions that leverage blockchain, the Internet of Things, Virtual Reality and biometrics.

The studio will help Visa clients and partners from across the continent extend their service offerings. Through a human-centered approach, the studio’s immersive environment will also provide clients and partners with tools to overcome some of their biggest business challenges while uncovering new commercial avenues of opportunity.

Visa’s Innovation Centers have been instrumental in the conceptualization and implementation of new business ideas and platforms around the globe. Several Sub-Saharan Africa companies have already leveraged Visa’s innovation center capabilities, these include Paga; who collaborated with Visa to co-create a platform that offers tools to small businesses; and Safaricom on a solution to enable 24 million M-PESA users to transact at Visa merchant locations, and 150,000 M-PESA merchants to accept Visa card payments.

The studio was officially opened by the Governor of the Central Bank of Kenya, Dr. Patrick Njoroge, at an event attended by leading banks, financial technology companies and innovation specialists from across Sub-Saharan Africa.

April 8, 2022