Business / News

Nigeria, Cote d’Ivoire to strengthen maritime trade – NPA MD

The Nigerian Ports Authority on Thursday expressed its readiness to strengthen relations with the Republic of Cote d’Ivoire in the areas of port and shipping operations.

Mohammed Bello-Koko, acting managing director of NPA, stated this in a statement signed by Mr Olaseni Alakija, NPA’s general manager, Corporate and Strategic Communications, in Lagos.

Bello-Koko made the statement when he received a delegation from the Republic of Cote d’Ivoire, who paid him a courtesy visit at the NPA corporate headquarters in Marina, Lagos.

He said the relations would focus more on strengthening the capacities of both countries to participate competitively in global and regional trade. “The Nigerian government under the leadership of President Muhammadu Buhari has introduced far-reaching reforms to facilitate cross-border trade, particularly nurturing a multimodal port system to reduce the cost of shipments in and out of the country.

“The Buhari-administration has also invested heavily in major public infrastructure upgrades, including construction of modern rail lines and deep seaports, to boost the international competitiveness of the country’s trade.

“This will also position Nigeria as a gateway to the African economy,” he said.

Bello-Koko said one of the Greenfield Ports – the Lekki Deep Seaport, capable of handling ultra large cargo vessels, would commence business by the second quarter of 2022.

He also highlighted efforts by the Authority to give priority to non-oil export trade.

According to him, export processing terminals are now being established to take advantage of opportunities under African Continental Free Trade Agreement (AFCFTA).

He urged the Ivorian government and business sector to increase their share of trade with Nigeria.

The managing director assured the delegation that NPA would address non-tariff barriers and restrictions to trade between the two countries.

He added that there was room for information sharing, just as both countries needed to cooperate more in the areas of joint training of staff and technology transfer.

The NPA boss solicited the support of Republic of Cote d’Ivoire towards Nigeria’s candidate emerging as the next Secretary-General of the Maritime Organization for West and Central Africa (MOWCA).

He …

Business / News

FIRS makes historic tax haul, rakes in N650b in June

The Federal Inland Revenue Service has raked in over N650 billion in June 2021, the highest revenue realized in a single month since the COVID-19 pandemic started and the assumption of office of the current management.

The Executive Chairman of FIRS, Muhammad Nami, disclosed this in a statement on Tuesday in Abuja.

Nami stated: “This feat was achieved as a result of the efficiency and effectiveness of the TaxProMax Solution, notwithstanding the challenges and resistance faced in the early stages of its adoption, and the downturn orchestrated by slow economic recovery.”

Nami recalled that as part of its efforts at modernizing tax administration in the country, the FIRS recently introduced the Tax Administration Solution (TaxProMax) for ease of tax compliance.

He had noted that the Solution “enables seamless registration, filing, payment of taxes and automatic credit of withholding tax as well as other credits to the Taxpayer’s accounts, among other features. It also provides a single-view to Taxpayers for all transactions with the Service”.

The TaxProMax platform, which took off on June 7, 2021, is a channel for filing Naira-denominated tax returns in the country.

The TaxProMax platform is accessible at www.taxpromax.firs.gov.ng.

Nami reminded taxpayers of the one-off one-month extension granted earlier this month for the filing of Company Income Tax returns by taxpayers with December 31, 2020 accounting year-end whose statutory tax returns were due not later than June 30, 2021.

He urged them to take advantage of the extension as it “provides an opportunity to all taxpayers whose company Income Tax returns were due in June 2021 to file up to the 31st July 2021”.…

Business

How We Started Zenith Bank With N20m — Ovia

The Chairman of Zenith Bank Plc, Jim Ovia, has advised budding entrepreneurs not to be dissuaded by whatever challenges they might be facing presently, just as he narrated how he founded a bank with N20 million in 1990, despite the uncertain business environment during the military era.
Speaking in an interview on Bloomberg TV at the weekend, about his new book: “Africa Rise And Shine: How a Nigerian Entrepreneur from Humble Beginnings Grew a Business to $16 billion,” Ovia urged entrepreneurs to be responsive to opportunities lurking around.
Specifically, Ovia advised foreign investors not to be deterred by negative news and commentaries about Africa.
He explained: “We started the business with N20 million at an exchange rate of N5 to a dollar. So, we actually started the business with $4 million in 1990, and it has now blossomed.
“We now have a total asset base of $16 billion. If you look at the arithmetic, there have been over 1000 per cent growth. You can’t get that anywhere. Even in the best economies in the world, you are not going to get that type of benefit.
“So, that is the kind of risk entrepreneurs, businesses or international investors must take in Nigeria or any other African country and reap tremendously in terms of quantum growth in their business.”
According to Ovia, just as he saw opportunities in the banking sector at the time Zenith Bank was set up, there were other opportunities that some other persons had in other industries.
“It was a matter of time and chance,” he insisted.
“Time and chance at that time because at that time, many people were scared to invest in Nigeria. We are talking about late 80s and to be precise, in 1990, many international investors were scared to invest, simply because we were under military rule.
“So, you could imagine the tremendous opportunities that existed in Nigeria and some other African countries, but because we were indigenous people, we knew that it meant nothing.
“We had lived through that and we knew it
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Sports

Heritage Bank Supports Business Investments In Africa Freestyle Football Championship

Heritage Bank Plc, Nigeria’s most innovative banking service provider, has signed a partnership agreement with Feet ‘N’ Tricks International Limited to make the premier edition of Africa Freestyle Football Championship a resounding success.
The premier edition of the tournament, which is scheduled to hold from September 13 to 15, 2018 at the Balmoral Convention Centre at the Federal Palace in Lagos, is being planned as a perfect fusion of freestyle football and entertainment that would feature top musical and dance artistes.
Divisional Head, Corporate Communications, Heritage Bank, Fela Ibidapo, who disclosed this at a media launch in Lagos, said the bank is excited to be part of an initiative that would provide bountiful entertainment to Nigerians and others across the African continent.
Also speaking, Chairman of Feet ‘N’ Tricks International Limited, Valentine Ozigbo, said registration for the tournament is open to male and female freestylers of African descent and will close on August 15, 2018, adding that the registration is available on the company’s website for interested individuals.
Ozigbo said the qualifying rounds and Nigerian championship would hold on September 13 and 14 at the Balmoral Convention Centre, Federal Palace Hotel in Lagos.
He explained that after the final rounds, the best 16 male and eight female freestyle athletes on the continent would battle it out at the grand finale on September 15, 2018 when the first African male and female Freestyle Football champions would be crowned.
The chairman said the 2018 Africa Football Championship will also host international freestyle professionals, Guinness world record holder, Iya Traore, and female freestyler, Raquel Benetti, from Brazil.
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Ozigbo said Feet ‘N’ Tricks International is excited to chart a new direction for freestyle football in Africa.
He said the company expects at least 20 African countries to be represented at the championship, adding that contestants from more than half of the number had already registered.
He said Feet ‘N’ Tricks International would promote the development of African freestyle talent and continually exploit all available resources to
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Frustrated Project coordinator using Laptop
Stories

Life of a project coordinator – Susan M

Project coordinator and The one man squad

“Shade, you are a hard working lady but management is not pleased with you”. This report was shocking news to Shade, considering she had just delivered on a project that everyone declined because of its complexity and worse, short delivery time line.

Shade had been tagged “A crazy deliverer” or “The Deliverer”. She earned that name for her doggedness. She didn’t know how to say NO. Shade could take up two or three projects at a time.

The task

On this particular task, she was to build an exhibition booth with a complex design and delivery date was in one week. Everyone gave an excuse that they were all busy and couldn’t take up another project. The project brief eventually landed on Shade’s table. Shade was advised by the Business Director to send the client away with cost and other means. She acted as instructed by inflating the invoice but the client wasn’t moved or scared by that, instead, they negotiated for a 10% discount, Shade told them they could only do 5% which they also agreed to. This client was not ready to back down, they want to make an appearance in this year’s exhibition and a big appearance at that.

Deal closed!

Shade closed the deal. From her estimate the company should  make a very reasonable profit of about 150% for a one week project! She commenced plans for the project with her production team and partially put her ongoing projects on hold for 6 days and they commenced production.

She raised her budget and took it straight to the Business director for approval. He was shocked and asked “Shade why she took up the crazy project?” she reminded him “our company is a 460 degree company, we can’t back down else the client, who is approaching us for the first time will be disappointed with the organization”. The MD secretly admired Shade’s courage and can do spirit. “That’s why I brought the budget myself for approval and

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