How Multinational Companies Evaded N5.4 Trillion Tax In 10 Years – EFCC Boss

September 11, 2021

The Economic and Financial Crimes Commission (EFCC) has said that about N5.4 trillion has been lost to tax evasion by multi-nationals corporations operating in the country from 2011 to 2021.

It also said that the Nigerian government has, in the last 13 years, spent about N6 trillion in its fight against terrorism.

The Chairman of the Commission, Abdulrasheed Bawa, made these known in a paper, entitled: “Combating of Crime, Corruption and implication for Development and Security”, at the 38th Cambridge International Symposium on Economic Crime, organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom.

The Chairman, who was represented by his Deputy Chief of Staff, Sambo Mayana, called on leaders across the world to rise to the challenge of fighting corruption to enhance global economic development and security.

He said: “The ‘spoiler’effects on countries’ development processes are diverse, and particularly severe for fragile states: economic crime, including illicit financial flows, diverts much needed resources needed to rebuild countries’ public services, from security and justice to basic social services such as health and education.

“Over N6trn has been expended so far on the war against terrorism in Nigeria since 2008 while about N5.4trn was lost to tax evasion by multi-nationals corporations operating in the country from 2011 – 2021. This is aside the theft of resources in the nation’s oil and gas sector.

“The incidence of illegal mining, smuggling of goods, tax evasion, illegal oil bunkering, illegal arms deals just to mention but a few does not allow the government to receive the full accruals from the continent’s vast resources that are needed for development.

“The revenue generated are embezzled by government officials and their collaborators in the private sector. This does not allow for economic growth and by extension a hindrance to development.”

Bawa, however, noted that all hope is not lost as the country, under the administration of President Muhammadu Buhari, has demonstrated commitment and political will in dealing with the issue of economic crimes through a number of legislative and institutional reforms.

At the level of the EFCC as the central agency coordinating the fight against economic crime in Nigeria, Bawa said the agency has been up front in tackling the malaise with tremendous successes.

According to him, records show that as at August 2021, the EFCC has well over 3,408 convictions

“From the time I took over as the Executive Chairman, on the 5th of March 2021, we have recovered over N6bn, over $161m, over £13,000, €1,730, 200 Canadian dollars, CFA 373,000, ¥8,430 and 30 Real Estates. We have arrested over 1,500 internet fraudsters, many of whom are being prosecuted.”

My First Reaction Was That “I’m Dead” – Survivor Of 9/11 WTC Attacks

Editorial staff

September 11, 2021

One of the survivors of the September 11, 2001 World Trade Center Collapse, Tom Canavan has narrated how he felt when the incidence occurred.

Tom Canavan is one of the few persons that came out from the rubbles of the collapsed of the complex in the United States, following a coordinated terrorist attack by Al-Qaeda.

On that day, four commercial airliners were reportedly hijacked by terrorists and diverted to hit the large complex of seven buildings leading to the death of about 2,977 victims.

Tom Canavan said he was lucky to live to tell the story haven been in the South Tower of the World Trade Centre when it fell.

He told CNN that he initially thought he was dead because everywhere around was dark.

“All of a sudden, I felt this rush of air coming down and heat, a thumping noise. And I remember yelling or trying to yell. I don’t even know if I got it out of my mouth to one of the women who was ahead of me to head for a doorway.

“But I don’t — again, I don’t know if I got it out of my mouth before I was just smashed to the ground like a bug. And then it got real quiet. I heard just some — what sounded like sand trickling and just complete darkness and no sound at all. And my first reaction was, I’m dead.”

According to Canavan, he encouraged himself that he needed to go and see his wife and he gradually began to pull himself through till he came out.

“There was a slab of concrete that had fallen at an angle and hit me on the top of the head, pushed me down. I didn’t know all this at the time — I just felt something on top of me. So I felt for the edge, and I said: “I can’t stay here.” Things around me — it was just so hot. There were little pieces of paper just starting to burst and a male voice said to me, Don’t leave me.

“And I said, “Well, I’m leaving. If you stay here, you’re gonna burn and suffocate. And my wife at the time was pregnant. And I said, I have to see my daughter born. My son’s turning 3 next week. So I’m leaving. And I just started digging. And the guy came behind me and we moved like snakes. You couldn’t even get up onto your knees, that’s how congested it was. All I remember is concrete,” he said to CNN.

September 11 is set apart in the US as a memorial for those who lost their lives in the said attack.

The US President, Joe Biden and former presidents Barack Obama and Bill Clinton and top military and governments officials gathered to observe 9/11 ceremony for the victims.

Speaking at the remembrance ceremony at the Flight 93 memorial, Pennsylvania, former US president, George Bush urged Americans to remember those who died and to stand united and focused in the face of challenges.

“This is not mere nostalgia. It is the truest version of ourselves. It is what we have been and what we can be again. 20 years ago, terrorists chose a random group of Americans on a routine flight to be collateral damage in a spectacular act of terror. The 33 passengers and seven crew of Flight 93 could have been any group of citizens selected by fate. In a sense, they stood in for us all. The terrorists soon discovered that a random group of Americans is an exceptional group of people,” he said.

JO Omuya Foundation Sponsors 33 Indigent Students To Higher Institutions

Greenbarge Reporters

September 11, 2021

The Chief JO Omuya Foundation, scholarship section has, for the 2021/22 academic year, sponsored 33 indigents but brilliant students in the Kogi State Central Senatorial District to various tertiary institutions across Nigeria.

The students, at a ceremony recently, received between N20,000 and N100,000 each from the Foundation to support their education.

Chairman of the Foundation, Chief Dr. Joshua O. Omuya said at the occasion held at Afims Hotel in Okene, Kogi State that the total amount disbursed to the students, including the newly selected and existing ones was N2,190,000.

“Four other beneficiaries will collect Sewing Machines towards the Foundation’s Skill Acquisition efforts, worth about N240,000. Altogether, the total cash outlay for this year is therefore, N2,430,000. In its seven years of existence, the Foundation has made over N10,000,000 disbursements to over 100 new and continuing beneficiaries.

“We have put up a structure that only requires some little support so that the kind gesture can be sustained in future.”

He said that from a modest capital base of N10 million in 2014 when it all started, the Foundation’s capital fund has been increased to N20 million, adding however that the dwindling rate of returns from investment of the funds has not made it possible to earn commensurate income to match the 100 percent accretion to the capital fund.

“Our hope and plan are to continue increasing the capital fund as God blesses us, in the hope that before we pass on, we would have built up a robust capital base to sustain the Foundation in perpetuity.

“Your token support, therefore, will go a long way in realizing this lofty goal and dream.”

Chief Omuya recalled that the annual scholarship award was launched in February 2014 when he clocked 60 years of age and thanked God that it has been sustained.

“Our modest gesture is to give the little we can afford back to the society in appreciation of God’s benevolence on us. “Our prayers all along has been that others that are far better endowed more than us will be encouraged by our modest gesture to set up similar Foundations.

“By the time five, ten, 20 and more of this type of Foundation is established across Ebiraland, then hopefully many of those deserving of this type of support would have been touched and in over 20 to 50 years’ time, the impact would be felt.

It is our expectation that a few of those who have benefitted over the years will also see the need to help others when they grow up.

“For now, I appeal to all sons and daughters of our Fatherland who God has blessed, to try and set up similar Foundations to help the needy.

The quality and essence of our living are not measured by the money and properties that we have acquired but more on the lives of people that we have touched in positive manner, no matter how small. It is more blessed to give than to receive. Let us cultivate the habit of giving.

Chief Omuya called on the beneficiary students to put all their efforts and mind to their studies and ensure that they come up in flying colors.

“Continue to be of good behavior. Eschew all cultism and evil acts. Do not join bad gangs. Do not be involved in drugs as all these will ruin your life. Education without good character is a waste.”

Go Back To Work, Buhari Tells Striking Doctors

Editorial staff

September 10, 2021

President Muhammadu Buhari has called on medical doctors who have been on nationwide strike for over a month now and other health workers to return to their duty posts immediately.

He also advised others contemplating strikes to opt for settlement of issues by negotiation, no matter how long it takes.

“The lives of citizens that could be lost or damaged when doctors withdraw services, are precious enough to be worth opting for peaceful resolution of differences.’’

President Buhari who spoke today, September 10 while receiving members of Nigeria Medical Association (NMA) at the State House, assured that all outstanding benefits owed medical doctors will be cleared after verifications.

He said that embarking on industrial action at a critical health period for the country and citizens is not a good option.

“Protecting our citizens is not to be left to government alone, but taken as a collective responsibility, in which especially medical professionals play a critical role. Let me speak directly to the striking doctors. Embarking on industrial action at this time when Nigerians need you most is not the best action to take, no matter the grievances.

“This Administration has a good track record of paying all debts owed to government workers, pensioners and contractors and we have even revisited debts left by past administrations, once due verification is done. Debts genuinely owed Health workers will be settled.

“I learnt that some of the 12 points demand in the ongoing strike were already addressed. Though the Review of a new Hazard Allowance has not been fully negotiated because of the sharp and deep division within the ranks of the striking doctors.’’

President Buhari said that the outstanding issue of an Establishment circular issued by the Head of Service, removing House officers, NYSC Doctors from scheme of service had an addendum circular from National Salaries and Wages Commission to clarify that they will continue to earn the wages attached to them on their present wage structure.

“I request that the agreement reached in the meetings of 20th and 21st August captured in the MOU which I have seen be religiously implemented.”

Buhari said that to further improve the health sector, budgetary allocations had been increased and a Health Sector Reform Committee, under the Chairmanship of the Vice President, had been commissioned to identify and address weaknesses in the Health System and align with global best practices that raise public confidence.

“We are also supporting initiatives to expand health insurance coverage and bring more resources to health financing. We have many more challenges ahead and much more to do, for our large population.

“In this respect, it is important to remind you that, as senior medical personnel and representatives of one of the most respected professional groups in the world, your responsibility for the health and wellbeing of Nigerians are clear.

“It does not end only with the welfare of your members, but continues with a sense of responsibility for the entire country and its sociopolitical health and national stability.”

President Buhari noted that Nigeria’s source of revenue over many years was dwindling, with a rising population.

“The global economy has been seriously affected by the pandemic, and despite recent pleasing news of more than five per cent economic growth of Nigeria in the last quarter, we are still having fiscal challenges to deal with, like most other countries.

“The source of revenue that Nigeria has depended on for so long experienced global decline, our population is rising fast and the tension arising from both, is fuelling agitation among our youth. Organizations like the NMA could play a very useful moderating role in society.”

The President commended the positive role Nigeria Medical Association has been playing, as the apex professional medical association in Nigeria, especially with regard to the ongoing industrial action.

“This is a befitting role for the NMA, as a mature organization, led by responsible members with long experience.

“I am proud also to learn of various feats that have been achieved in our hospitals, like the separation of conjoined twins and also the valiant efforts of our health personnel in handling the Covid-19 pandemic, much of which has earned us recognition at home and abroad, and the recent appointment of one of your colleagues as Assistant Director General of the World Health Organization. We again warmly congratulate Dr. Chikwe Ihekweazu for his elevation.’’

President Buhari admonished that the course of Covid-19 in Nigeria is not yet entirely clear, and response to it must be collective.

In his remarks, the Minister of Health, Dr. Osagie Ehanire, said the NMA has been playing a critical role in development of the health sector, particularly in tackling pandemics, participating in policy formulation and population health.

President of the NMA, Professor Innocent A. Ujah, thanked the President for the appointment of members into strategic positions in government, assent to the Medical Residency Act and immunization coverage.

Ujah said that the association is concerned with the industrial action embarked upon by doctors, and had been doing its best to alleviate the suffering of patients across the country.

The NMA president thanked President Buhari for takeoff grant for first Federal University of Health Sciences in Otukpo, Benue State, Azare, Bauchi State and Ila Orangun, Osun State. Ujah suggested an appropriate funding module for the new institutions.

He assured the President of the continuous support of members of the association to improve health in the country.

VAT Collection: FIRS Floors Rivers, Lagos In Appeal Court

September 10, 2021

The Federal Inland Revenue Service ( FIRS) has won the second round of the legal battle with both Rivers and Lagos State governments over who has the right to collect Value Added Tax (VAT) in states.

The Court of Appeal today, September 11 in Abuja, stopped the two state governments from going ahead to be collecting VAT until all legal disputes relating to the matter are resolved. The lower court had earlier ruled in favour of Rivers state government collecting the tax.

But the Appeal court ordered that the judgment of the State high court from which the states drew authorities to collect the tax must not be implemented.

Justice Haruna Simon Tsanami, who issued the order in Abuja today also directed that the law passed by Rivers State House of Assembly and assented to by governor Nyesom Ezenwo Wike must not be implemented pending the determination of the appeal before it.

The appellate court held that since parties have submitted themselves to the authorities of the court for adjudication of the matter, they must not do anything that will destroy the res (subject matter) of the appeal.

In specific terms, the 3-man panel of Justices led by Justice Tsanami granted status quo ante bellum in favour of the Federal Inland Revenue Services (FIRS) and against the respondents.

The appellate court said the order was to preserve the ‘Res’ (subject matter) of the appeal before it.

The matter has been slated for September 16, 2021 for hearing of motion for joinder by Lagos State.

Lagos State had through its Attorney-General, Moyosore Onibanjo (SAN), protested against the issuance of an order for the maintainance of status quo, insisting that such order could not be binding on it, since it had yet to be joined as a party in the appeal by FIRS.

FIRS, in an appeal marked CA/PH/282/2021, is praying the court to set aside the judgment of a Rivers State High Court which granted power to the state to collect Value Added Tax, VAT.

The tax collection agency is also asking the appellate court to stay the execution of Rivers’ judgment.

FCT Minister Celebrates As ICPC Scored Administration High In Integrity Compliance

Editorial staff

September 9, 2021

Minister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello has rolled out drum to celebrate as the Independent Corrupt Practices and other related offences Commission (ICPC) scored his Administration’s performance high in the Integrity Compliance.

Malam Musa Bello who was speaking at a sensitization workshop organized by the Anti-corruption and Transparency Unit (ACTU) of the FCTA today, September 9, commended workers in the ministry for the feat.

“I’m proud to say that as reflected in the comments of the representative of the ICPC, with respect to the ICPC and integrity compliance scorecard and how the FCT was rated, it is all reflective of the collective efforts done by all of you.”

The Minister however advised the staff to strive to remain on top, saying: “the greatest difficulty is to be at the top because you have nowhere to go from there.

“The feeling of moving from a lower position on a scorecard or on a chart is very nice, very beautiful. But opposite is very traumatic. Once you are rated high and then you fall below, the psychological impact can be best imagined.”

Malam Musa Bello therefore called on the staff to live by the established standard and only aim to surpass it, stressing the need for them not to be a part of a conspiracy of silence as this will only encourage the entrenchment of corruption.

He quoted President Muhammad Buhari’s ‘If we don’t kill corruption, corruption will kill us’, to remind the workers that corruption has many facets.

“The reality is even if you are not corrupt, you should not be an observer because if you do not fight corruption, then it’s going to negatively affect you.

“Take a typical example: if you allow corruption in the medical system to happen and you say well it doesn’t affect me, you don’t know tomorrow you will be the victim that need attention in the outpatient department or in the emergency room and you will be surprised.”

Earlier the FCTA Permanent Secretary, Olusade Adesola said that the workshop was the beginning of a series of conversations and engagements on anti-corruption activities and commended the ICPC for its support for activities by the FCTA to stamp corruption out of the system.

He stressed that the fight against corruption is not a one person’s fight.

In his remarks, the representative of ICPC Chairman, Barrister Abia Udofia commended the FCT for coming first in the Ethics, Integrity and Compliance Scorecard that was administered last year, attributing the success to active part ACTU is playing in driving the way of anti-corruption for Administration.

Igbos To Buhari: We’re Committed To Nigerian Unity, We Ain’t Going Nowhere

Editorial staff

September 9, 2021

The Igbo speaking people in the Southeast of Nigeria have vowed to remain in the country and contribute to its unity.

The President-General of Ohaneze Ndigbo Worldwide, Professor George Obiozor made this declaration today, September 9 on behalf of the entire Igbo speaking people when President Muhammadu Buhari paid a one-day official visit to Imo State.

Professor Obiozor assured the President of the continuous support of his government by the Ndigbo.

‘‘Ndigbo are committed to Nigerian unity,” he emphasized noting that that is a bad news “for those trying to push us out of Nigeria.

‘‘Ndigbo in Nigeria are like fish in the ocean and no matter how rough the storm is, it cannot drive the fish out of the ocean.

‘‘Mr President, it is in this context, that we see a new dawn in your distinguished presence in Igbo land and believe that on your return to Abuja the significance and substance of this visit will form new foundation of a platform for meaningful dialogue on critical issues of concern to the Igbo nation.”

What I Want To Be Remembered For Long After I’m Gone – President Buhari

Editorial staff

September 9, 2021

Present Buhari waves crowd in Imo State | Photo credit: presidency

President Muhammadu Buhari has said that his desire to be remembered for after his second term when he would have left office is for the fact that it’s his presidency that stabilised Nigeria in the area of security, economic prosperity and triumph over corruption.

The President, who spoke at a town hall meeting in Owerri today, September 9, with South East leaders during his one-day official visit to Imo State, acknowledged that with less than two years to the end of his two terms of either years, security still remains a major priority for his administration.

‘‘If there is no security, there is nothing anyone can do no matter how much you try or the initiative you have. Security is number one priority and then the economy. When people feel secure they will mind their own businesses.”

The President said that while fighting corruption in Nigeria had become very sophisticated and difficult, he would continue to strive to leave a lasting legacy of integrity and accountability in the system.

‘‘Nobody can accuse me of having companies or mansions anywhere in the country and I thank God that I try to keep myself as clean as possible, so that I cannot be taken hostage.

On the 2023 elections, the President reaffirmed his commitment to free, fair and credible polls, even as he called on the leaders to honestly educate their constituencies on the need to hold their elected representatives accountable.

He acknowledged the resourcefulness and enterprising spirit of Igbo people, saying: “the fundamental thing about the Igbo people is that there is no town you will visit in Nigeria without seeing the Igbos being in-charge of either infrastructure or pharmaceutical industry.

‘‘Therefore, it is unthinkable for me that any Igbo man would consider himself not to be a part of Nigeria.

‘‘The evidence is there for everyone to see that Igbos are in charge of Nigeria’s economy.’’

Buhari observed that no country can make any meaningful progress without the development of infrastructure, expressing regret that successive governments at the Federal level contributed to the decay of critical infrastructure in the country.

He promised that the Federal Government would complete ongoing key projects in the South East, including the second Niger Bridge as well as the railway lines and routes linking the region with other parts of the country.

‘‘I firmly believe that when you get infrastructure right, Nigerians will mind their own businesses.”

He said that as a group, the Igbos stand to benefit more from the ongoing development of infrastructure in the country because ‘‘they are more enterprising.’’

President Buhari had earlier commissioned four projects executed by Governor Hope Uzodinma, including the Naze/Ihiagwa/Nekede/Obinze link road, the Balloon Driven/Flood Control drainage at Dick Tiger Road, the Egbeada Bypass road and the New Exco-Chambers, Government House, Owerri.

Addressing Imo residents at the commissioning of Egbeada bypass named after a prominent son of the State, Chief Emmanuel Iwuanyanwu, the President said that he was very impressed with the level of work done by the State government.

‘‘I am very pleased with what I have seen and I assure you that I will support Imo State within the Constitution of the Federal Republic of Nigeria.”

In his remarks at the town hall meeting, Governor Uzodinma said that Ndigbo people believe in a united Nigeria predicated on ‘‘justice, equity and fairness.’’

He thanked the President for addressing the interests of Ndi Igbo through deliberate policy initiatives designed to give the people a true sense of belonging, including the ongoing construction of the 2nd Niger Bridge, among others.

Governor Uzodinma said that the people of South East would remain grateful to the President for approving the establishment of a Naval Base in Oguta Local Government Area of the State, adding that as time unfolds, the economic benefits of the base would manifest.

The Governor also commended the President for strongly supporting the appointment of two prominent Igbos into two key international organisations-Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO) and Dr Chikwe Ihekweazu, Assistant Director-General of Health Emergency Intelligence, World Health Organisation (WHO).

Naira Tumbles Badly To N535 Per Dollar

Greenbarge Reporters

September 9, 2021

The Nigerian currency, the naira has continued on a free fall against the dollar yesterday, September 8, dropping to a new all-time low at the parallel market in Lagos.
The naira has been falling steadily since the start of this month amid the lingering scarcity of foreign exchange in the country, despite the rise in forex reserves.
The value of the naira fell against the US currency at both the parallel market and the Investors’ and Exporters’ forex window, coming down to 535/$1 at the parallel market.
It has lost 5.73 per cent of its value since August 4, when it closed at 506/$1.
The naira dipped to 730 against the British pound sterling at the parallel market from 727/£1 on Tuesday, while the euro rose to N629 from N626.

NNPC Marches On Gallantly, Publishes 2020 Audited Financial Statements

Greenbarge Reporters

September 9, 2021

The Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the recent declaration of N287 Billion profit after tax as announced by President Muhammadu Buhari, by publishing the Audited Financial Statements (AFS) on its official website.

A statement today, September 9, by

Group General Manager, Group

Public Affairs Division of the Corporation, Garba Deen Muhammad recalled that while announcing the feat recently, president Buhari, also the Minister of Petroleum Resources,

had said: “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.”

The statement said that in compliance with the President’s directive, the NNPC has fulfilled this important statutory requirement by publishing its Audited Financial Statements today.

According to the statement, among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years.

It said that the bGroup Managing Director of the NNPC Malam Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures.

“Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.

“The group’s working capital remained below the line at N4.56trillion in 2020 as

against N4.44trillion in 2019, the AFS further revealed.

“Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the

Covid-19 pandemic.

“This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019.

“The full document of the NNPC 2020 AFS is available on the Corporation’s website.https://www.nnpcgroup.com/Pages/Home.aspx.”

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