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LIRS Introduces New Tax Forms …….Reduces Cost of Replacing Electronic Tax Clearance Card (e-TCC) ……Goes tough on Tax Evaders in Lagos State

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As part of efforts to enhance the ease of doing business in Lagos State, the Lagos State Internal Revenue Service ((LIRS) has announced various initiatives aimed at achieving efficient tax administration in the State. The Executive Chairman of LIRS, Mr. Olufolarin Ogunsanwo made this known on Tuesday March 8 at a press conference held at Lagos Press centre, Alausa, Ikeja in the company of the House Committee Chairman on Finance, Lagos State House of Assembly, Honorable Oluyinka Ogundimu, Lagos State Commissioners for Finance, Mr. Mustapha Akinkunmi, Information and Strategy, Mr. Steve Ayorinde and the Attorney General of the State, Mr. Adeniji kazeem.

According to Ogunsanwo, the agency has consistently been at the vanguard of reform activities aimed at easing the process of doing business in Lagos State in particular and by extension Nigeria, thereby championing several initiatives aimed at supporting His Excellency, Governor Akinwunmi Ambode, in achieving his electoral promises to Lagosians.

Among the initiatives is the introduction of a new two-page tax form to replace the old six-page form which is to be used for both direct and self assessments. He stated that the revised form and its guide notes would be translated to Pidgin English and Yoruba for ease of completion and wider reach”

In the same vein, the chairman noted that physical filing of Annual Returns is already being complemented with e-submission (on-line submission of Annual Returns) to ease compliance by Tax Payers.

Another initiative by the LIRS according to the chairman is the introduction of  customer-care desk in all the 38 Tax Stations to deal promptly with all issues that may be brought up by tax-payers saying the initiative will be complemented with the launch of LIRS Hotline that will provide 24/7 customer-call service in English, Yoruba and Pidgin English.

The chairman emphasized that payment for tax should be made convenient and because of this the agency is leveraging on technology to offer multi-modal payment portals including but not limited to PoS, mPay, online, etc without sacrificing the traditional/extant payment portal at the bank thereby taking payment portals to the tax payers for their convenience.

Furthermore, Ogunsanwo pointed out that the agency has concluded all arrangements to ensure that maximum response time of 72 hours to all electronic tax clearance certificate (e-TCC) requisitions is met and failure should be reported to any of customer care-desks.

Meanwhile the chairman disclosed that the current cumbersome requirements for replacement of lost e-TCC such as Police Report, Sworn Affidavit etc are to be waived and replaced with presentation of LASRRA Card while the replacement fee is to be reduced from N2,500= to N1,000= only.

Specifically the chairman stated that the agency has commenced the process of overhauling of the informal sector operations with a view to easing voluntary compliance by tax payers in this huge sector  that have been categorized into three which include the  Market Men/Women and Artisans,  Micro, Small & Medium Scale Enterprises (including Professionals) and Household Domestic Staff (HDS).

In view of the declining revenue from the centre as a result of fall in the price of crude oil, Ogunsanwo revealed that LIRS is poised to focusing on other revenue sources such as Consumption Tax from Hotel Occupancy, Withholding Tax on Contracts, Rent, Royalties and other areas to shore up the Revenue in the State.

Speaking at the event, the State Attorney General and commissioner for Justice Mr. Niji Kazeem said the administration of Governor Ambode had put in place necessary measures to end the era of tax evasion and indeed avoidance in the state, adding that tax avoiders and evaders would be aggressively pursued in line with the provisions of the law.

The Commissioner, who disclosed that the Ministry of Justice had established a Rapid Tax Prosecution Unit to aid the Lagos Internal Revenue Service (LIRS) in its drive to collect taxes, added that the unit would work closely with the Revenue Courts, which the Chief Judge of Lagos State recently agreed to set up.

The Commissioner for Finance, Mr. Mustapha Akinkunmi said in the light of the reduction of federal transfers to States including Lagos, the State government was looking inwards to secure sustainable ways of increasing its revenue profile and plugging leakages in the system.

Other critical stakeholders in attendance at the well attended press conference were President, Chartered institute of Taxation of Nigeria (CITN), Mrs Olateju Somorin,Vice president, Lagos State Chambers of Commerce and Industry (LCCI), Mrs. Agnes Shobajo, representatives of  Association of professional Bodies of Nigeria (APBN), Manufacturers Association of Nigeria (MAN), Market Men and Women Associations of Nigeria, Nigeria Association of Small and Medium Enterprises (NASME) among others.

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Transcorp Group Announces N142 Billion Revenue, N58.8 billion PBT, and Celebrates 10 year’s unbroken Dividend payment, at 18th Annual General Meeting

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Transnational Corporation Plc (Transcorp Group or the Group), Nigeria’s leading listed conglomerate, announced 57% revenue growth, from N90.3 billion in 2022 to N142.1 billion in 2023, at its 18th Annual General Meeting (AGM), held on Monday, May 27, 2024, at the Transcorp Hilton Hotel, Abuja.

The Company’s outstanding financial results were driven by successful execution across all business lines and demonstrated Transcorp Group’s ability to deliver to all its stakeholders, including shareholders. At the AGM, Transcorp Group confirmed excellent year-on-year growth: the Group’s total assets grew by 20% increase, up from N422.7 billion in 2022 to N529.9 billion in 2023, PBT grew from N30.3 billion in 2022 to N58.8 billion in 2023, and PAT for the Group increased from N16.8 billion to N32.5 billion. This performance was due to the strong results across its subsidiaries: Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.

The Group’s power subsidiaries, which together with its strategic investment in OPL281, form the basis of its integrated energy strategy, also achieved significant growth, achieving a profit increase of 63%, from N17.7 billion in the previous year to N28.9 billion in 2023. Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity and the Group recently entered the distribution sector, through its investment in Abuja Electricity Distribution Plc.

The Group’s hospitality business achieved record average occupancy of 81%, with profit increasing by 105% from N4.6 billion in the previous year to N9.5 billion in 2023; while revenue grew by 36% from N30.4 billion in 2022 to N41.5 billion.

President/Group CEO, Dr. Owen D. Omogiafo, OON, highlighted the Group’s strategic growth plans, including the multipurpose, world-class 5,000-capacity event centre at the Transcorp Hilton Abuja, opening this year, as well as the ambition to increase available power generation capacity. She said: “The reward for success is more work, and across our Group, we are not relenting. We are focused on maximising our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders.”

Tony O. Elumelu, CFR, Group Chairman, explained: “Transcorp Group has not only recorded unprecedented growth, the Group has demonstrated its potential to deliver much more value to stakeholders and to our country. The sustained success of all our businesses reflects our resolute stance on corporate governance, our commitment to improving lives and transforming communities, and the priority we place on our people. Despite the current macro-economic challenges, the future remains an exciting one”.

“Government has a critical role to play. We remain committed to creating more value and appreciate the policies already implemented. However, we call on the Federal Government to prioritise the crippling issues in the power sector. The challenges in the power sector should be uppermost in our nation’s transformation agenda. The private sector cannot thrive without improved access to electricity. Fundamentally reforming the power sector is essential to our national economic transformation.”

Shareholders at the AGM approved a dividend of 10 kobo, a 100% increase over the previous year. The financial year 2023 is the 10th consecutive year of consistent dividend payment by Transcorp Group.

Shareholders also lauded Transcorp Group’s commitment to growing shareholder value and strong corporate governance, as well as its consistency in paying dividends year-on-year. The Group’s commitment to community and social responsibility, inclusive of its sustainability and CSR projects, was also commended at the AGM.

About Transnational Corporation

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL287. The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.

www.transcorpgroup.com

 

 

 

 

 

 

 

 

 

 

 

 

 

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Anxiety as CBN sacks 200 employees

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No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank, Saturday PUNCH reports.

This adds to the list of 117 staff sacked by the bank between March 15th and April 11, 2024.

The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff.

Impeccable sources who are staff of the bank confirmed the sacking to our correspondent on Friday, adding that the sacked persons were more than 200 but not less than 200.

They revealed that the new move included older directors who were not affected by the last round of retrenchment.

One of the sources in a 20-second call with our correspondent simply stated, “It is true and confirmed.”

The staff who could not disclose further details for fear of being tapped added that the move had caused palpable apprehension amongst staff of every cadre as the management had not specified any standard criteria for the decisions.

Another undeniable authority confirmed the information, indicating that additional dismissals are expected in the months ahead, spread out across staggered phases.

The official said, “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sacking is coming in staggered phases and that is why we can’t confirm the number yet.

“But it is not less than 200. The sacked persons include directors and other cadres but the ones that are easily known are the directors. Some of the old directors that were not affected during the last round of sacks are now affected.”

The sack letter obtained by our correspondent and issued by the Human Resources Department on May 24, 2024, indicated that the policy was to reorganise the organisation for effective operations.

The letter, lacking a signature, read, “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational and human capital restructuring process.

“As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, 24th May 2024. Your final entitlements will be calculated and paid to you in due course. Thank you”

In February, at least 1,500 members of staff of the apex bank of Nigeria were redeployed from the headquarters located at Central Area to its Lagos office.

At the time, the CBN said the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

It added that it was also in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.

Efforts to get the reaction of the Director of Corporate Communication, Hakama Sidi Ali, was not successful as she did not respond to several calls sent across to her or reply the text messages to her line.

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Paris-bound bizman arrested with 111 cocaine wraps

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The National Drug Law Enforcement Agency has arrested a 48-year-old businessman, Emmanuel Orjinze, at the Nnamdi Azikiwe International Airport, Abuja, for ingesting 111 wraps of cocaine.

The suspect, who claimed to be a professional footballer in Europe, was arrested on May 21 during the outward clearance of an Air France flight to Paris, France.

This was made known in a statement signed by the agency’s Director of Media and Advocacy, Femi Babafemi, and shared on the agency’s website on Sunday.

The statement read, “Operatives of the National Drug Law Enforcement Agency have arrested a 48-year-old Paris, France-bound businessman, Emmanuel Okechuku Orjinze, for ingesting 111 wraps of cocaine, which he excreted after days of observation in the agency’s custody following his arrest at the Nnamdi Azikiwe International Airport, Abuja.

“Okechukwu, who also claims he is a professional footballer in Europe, was arrested on Tuesday, May 21, during the outward clearance of Air France flight AF 878 from Abuja to Paris, France.

“After a body scan confirmed he ingested illicit drugs, he was taken into custody where he excreted a total of 111 pellets of cocaine that weighed 1.603 kilograms over three days. The suspect claimed he did business in the maritime sector while still scouting for any European football club to engage him. ”

In the same vein, the NDLEA officers operating at the Murtala Muhammed International Airport, Ikeja, Lagos hinted that they had dismantled another drug trafficking syndicate at the airport.

This, they said in a statement, followed the arrest of four members of the network and the seizure of a total of 8kg of methamphetamine and 7.60kg of Loud, a synthetic strain of cannabis imported from South Africa.

The statement added that a drug trafficking syndicate was busted at the airport when an official was caught with illicit substances in their backpack and bag.

On May 21, 2024, the NDLEA officers, supported by aviation security, intercepted the official at Terminal 1 and discovered the drugs during a search, blowing the lid off the syndicate.

“A swift follow-up operation at the Ajao Estate area of Lagos led to the arrest of two other members of the syndicate: Chris Nwadozie and Chinedu Nwaosu. Further investigation led to the arrest of another member of the cartel working within the airport system on Saturday, May 25,” the statement added.

In a related development, the agency also arrested a freight agent, Sonubi Abiodun, for attempting to export eight parcels of cocaine concealed in paint buckets to the United Kingdom.

Additionally, the NDLEA operatives arrested suspects producing and distributing skuchies, a mixture of black currant and illicit drugs, in Lagos, and recovered 2,480 litres of the psychoactive substance.

In Cross River State, a suspect, Ogar Emmanuel, was arrested with 2.5kg of cannabis, while 290kg of cannabis was recovered from the warehouse of Usani Ikpi, who is still at large. Additionally, three suspects – Sa’adu Sule, Mukhtar Nura, and Hamza Nura – were arrested in Katsina State with 70kg of cannabis, which originated from Ogun State.

The statement added, “No fewer than five suspects including Ezekiel Munda, 30; and Sule Mustapha, 21, were arrested by the NDLEA operatives on Thursday, May 23, during raids at the Karu Abattoir, Jikwoyi and Tora Bora hill area of the FCT, Abuja, where 95.01kg of cannabis and different quantities of opioids were recovered from them.

“In Edo State, operatives arrested a physically challenged notorious drug dealer, Zekere Sufianu, 45, at Auchi town on Wednesday, May 22. At the time of his arrest, he was found with 751 grams of Loud, 178 grams of tramadol, and pills of swinol,” the statement concluded.

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