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  •  The EFCC has tasked motor dealers to ensure compliance with regulations requiring registration and certification of their businesses by the Special Control Unit against Money Laundering SCUML Its Ilorin Zonal Commander Mr Michael Nzekwe said this when members of Kwara Motor Dealers Association led by its President Alhaji Ahmed Abdul visited the office on Wednesday in Ilorin Nzekwe said apart from enforcing compliance with SCUML regulations the EFCC under the new Money Laundering Act MLA had legal responsibility in safeguarding the investment of stakeholders in the Non Designated Financial Institutions NDFI from the activities of fraudsters He further said that under the new MLA SCUML was now under the EFCC adding that part of its responsibilities was to ensure compliance of NDFIs including but not limited to car dealers jewelry dealers real estate managers hoteliers and other stakeholders with the provisions of the law If we can checkmate the problems associated with laundering of proceeds of crime in this country corruption and crime rate will reduce drastically I use this opportunity to urge members of the association to support the commission in its sustained fight against money laundering and terrorism financing in Nigeria There is need for you to be very wary in your businesses so as not to run foul of the law because we will go all out to enforce the laws to letters he said The zonal commander urged members of the association to ensure due diligence in the conduct of their businesses He warned that negligence or non compliance would attract sanctions as ignorance is no excuse under the law In his response Abdul appreciated the zonal commander for the warm reception accorded his members and the explanations given them on the activities of SCUML Abdul pledged the unalloyed support of the association to the EFCC s anti graft fight He tasked the agency to sensitise members of the association across the 16 local government areas of the state so that they could also be better informed about SCUML and what was expected of them under the law www nannews ng NewsSourceCredit NAN
    EFCC tasks motor dealers on compliance with money laundering laws
     The EFCC has tasked motor dealers to ensure compliance with regulations requiring registration and certification of their businesses by the Special Control Unit against Money Laundering SCUML Its Ilorin Zonal Commander Mr Michael Nzekwe said this when members of Kwara Motor Dealers Association led by its President Alhaji Ahmed Abdul visited the office on Wednesday in Ilorin Nzekwe said apart from enforcing compliance with SCUML regulations the EFCC under the new Money Laundering Act MLA had legal responsibility in safeguarding the investment of stakeholders in the Non Designated Financial Institutions NDFI from the activities of fraudsters He further said that under the new MLA SCUML was now under the EFCC adding that part of its responsibilities was to ensure compliance of NDFIs including but not limited to car dealers jewelry dealers real estate managers hoteliers and other stakeholders with the provisions of the law If we can checkmate the problems associated with laundering of proceeds of crime in this country corruption and crime rate will reduce drastically I use this opportunity to urge members of the association to support the commission in its sustained fight against money laundering and terrorism financing in Nigeria There is need for you to be very wary in your businesses so as not to run foul of the law because we will go all out to enforce the laws to letters he said The zonal commander urged members of the association to ensure due diligence in the conduct of their businesses He warned that negligence or non compliance would attract sanctions as ignorance is no excuse under the law In his response Abdul appreciated the zonal commander for the warm reception accorded his members and the explanations given them on the activities of SCUML Abdul pledged the unalloyed support of the association to the EFCC s anti graft fight He tasked the agency to sensitise members of the association across the 16 local government areas of the state so that they could also be better informed about SCUML and what was expected of them under the law www nannews ng NewsSourceCredit NAN
    EFCC tasks motor dealers on compliance with money laundering laws
    General news3 months ago

    EFCC tasks motor dealers on compliance with money laundering laws

    The EFCC has tasked motor dealers to ensure compliance with regulations requiring registration and certification of their businesses by the Special Control Unit against Money Laundering (SCUML).

    Its Ilorin Zonal Commander, Mr Michael Nzekwe, said this when members of  Kwara Motor Dealers Association, led by its President, Alhaji Ahmed Abdul,  visited the office on Wednesday in Ilorin.

    Nzekwe said apart from enforcing compliance with SCUML regulations, the EFCC under the new Money Laundering Act (MLA), had legal responsibility in safeguarding the investment of stakeholders in the Non-Designated Financial Institutions (NDFI) from the activities of fraudsters.

    He further said that under the new MLA, SCUML was now under the EFCC, adding that part of its responsibilities was to ensure compliance of NDFIs including but not limited to car dealers, jewelry dealers, real estate managers, hoteliers and other stakeholders with the provisions of the law.

    “If we can checkmate the problems associated with laundering of proceeds of crime in this country, corruption and crime rate will reduce drastically.

    “I use this opportunity to urge members of the association to support the commission in its sustained fight against money laundering and terrorism financing in Nigeria.

    “There is need for you to be very wary in your businesses, so as not to run foul of the law because we will go all out to enforce the laws to letters,” he said.

    The zonal commander urged members of the association to ensure due diligence in the conduct of their businesses.

    He warned that negligence or non-compliance would attract sanctions, as ignorance is no excuse under the law.

    In his response, Abdul appreciated the zonal commander for the warm reception accorded his members and the explanations given them on the activities of SCUML.

    Abdul pledged the unalloyed support of the association to the EFCC’s anti-graft fight.

    He tasked the agency to sensitise members of the association across the 16 local government areas of the state, so that they could also be better informed about SCUML and what was expected of them under the law.

    (www.

    nannews.

    ng)
    NewsSourceCredit: NAN

  •   Commercial operation scheduled to begin in the fourth quarter of 2023 The African Development Bank www AfDB org acted as the Mandatory Lead Organizing and Coordinating Bank committing ZAR 2 306 billion for the transaction The ZAR 11 6 billion Redstone Concentrated Solar Power CSP project will power 200 000 homes upon completion South African concentrated solar power CSP project Redstone has achieved its first debt retirement in the largest investment in renewable energy in South Africa to date The African Development Bank acted as the Mandatory Lead Arrangement MLA and Coordinating Bank for the total investment of ZAR 11 6 billion with a commitment of ZAR 2 306 million for the transaction The project has also obtained financing from major international and South African financial institutions such as ABSA Bank CDC Group Development Bank of Southern Africa DBSA Deutsche Investitions und Entwicklungsgesellschaft DEG Nederlandse Financierings Maatschappij voor Ontwikkelingslanden FMO Investec Bank Nedbank Limited Sanlam Limited and the South African Industrial Development Corporation Redstone is run by ACWA Power a leading Saudi developer investor and operator of power generation water desalination and hydrogen plants in 12 countries which is also the largest shareholder in Redstone with co owners such as Central Energy Fund Pele Green Energy and the local community Located in the Northern Cape Province of South Africa the Redstone project will be equipped with a 12 hour thermal storage system that will supply almost 200 000 homes with clean and reliable electricity 24 hours a day Construction of the project is well advanced and is currently in its ninth month of construction The engineering works of the project are more than 58 complete while the acquisition and construction works are over 45 and 6 respectively A key milestone in construction the tower foundation for the project has been completed with operations scheduled to start in the fourth quarter of 2023 Through the successful mobilization of international project financing Redstone has facilitated approximately ZAR 7 billion in foreign direct investment to finance and support strategic energy transition goals of the country Redstone CSP will offset some 440 metric tons of CO2 emissions per year while providing ancillary value added services to Eskom and is the first renewable energy project to offer ancillary services in the country The project is certified under the Climate Bond Standard and Certification Scheme and aligned with the goals of the Paris Climate Agreement which seeks to limit global warming to less than 2 degrees Celsius In addition to efficiently delivering clean energy to the national grid the Redstone project will deliver tangible socio economic value through the utilization of local supply chains and the creation of job opportunities the project will achieve close to 44 local content in procurement during the construction period create more than 2 000 construction jobs at its peak with some 400 from the local community and create approximately 100 permanent direct jobs during the operational period The strategic importance of this project was recognized by the South African National Energy Association SANEA who presented ACWA Power with the Leading the Way in the Power Sector award in October 2021 AfDB Vice President in charge of Energy Climate Change and Green Growth Dr Kevin Kariuki said Redstone will play an important role in South Africa s decarbonisation efforts Therefore we are pleased to have played such a prominent role in the structuring and financing of the project In addition the Bank looks forward to playing an even larger role in supporting South Africa s just energy transition by harnessing abundant renewable energy sources through innovative partnerships with the private sector Wale Shonibare Director of Energy Finance Solutions and Policy Regulations at the African Development Bank said This project marks a milestone in project finance investment in South Africa and demonstrates the commercial viability of CSP technology to enhance clean power generation Redstone s ability to convert solar power to baseload power at scale aligns with the AfDB s climate change and green growth policy and strategy of investing for clean and inclusive growth The Bank s Director General for the Southern Africa Region Leila Mokaddem said The African Development Bank is privileged and proud to play the role of MLA and Coordinating Bank for this largest renewable project in South Africa together with our partners ABSA CDC DBSA DEG FMO Investec Nedbank and Sanlam reflecting our shared goals to support the energy transition to address the threat of climate change in Africa
    South Africa’s largest renewable energy project Redstone concentrated solar power (CSP) achieves first debt draw down
      Commercial operation scheduled to begin in the fourth quarter of 2023 The African Development Bank www AfDB org acted as the Mandatory Lead Organizing and Coordinating Bank committing ZAR 2 306 billion for the transaction The ZAR 11 6 billion Redstone Concentrated Solar Power CSP project will power 200 000 homes upon completion South African concentrated solar power CSP project Redstone has achieved its first debt retirement in the largest investment in renewable energy in South Africa to date The African Development Bank acted as the Mandatory Lead Arrangement MLA and Coordinating Bank for the total investment of ZAR 11 6 billion with a commitment of ZAR 2 306 million for the transaction The project has also obtained financing from major international and South African financial institutions such as ABSA Bank CDC Group Development Bank of Southern Africa DBSA Deutsche Investitions und Entwicklungsgesellschaft DEG Nederlandse Financierings Maatschappij voor Ontwikkelingslanden FMO Investec Bank Nedbank Limited Sanlam Limited and the South African Industrial Development Corporation Redstone is run by ACWA Power a leading Saudi developer investor and operator of power generation water desalination and hydrogen plants in 12 countries which is also the largest shareholder in Redstone with co owners such as Central Energy Fund Pele Green Energy and the local community Located in the Northern Cape Province of South Africa the Redstone project will be equipped with a 12 hour thermal storage system that will supply almost 200 000 homes with clean and reliable electricity 24 hours a day Construction of the project is well advanced and is currently in its ninth month of construction The engineering works of the project are more than 58 complete while the acquisition and construction works are over 45 and 6 respectively A key milestone in construction the tower foundation for the project has been completed with operations scheduled to start in the fourth quarter of 2023 Through the successful mobilization of international project financing Redstone has facilitated approximately ZAR 7 billion in foreign direct investment to finance and support strategic energy transition goals of the country Redstone CSP will offset some 440 metric tons of CO2 emissions per year while providing ancillary value added services to Eskom and is the first renewable energy project to offer ancillary services in the country The project is certified under the Climate Bond Standard and Certification Scheme and aligned with the goals of the Paris Climate Agreement which seeks to limit global warming to less than 2 degrees Celsius In addition to efficiently delivering clean energy to the national grid the Redstone project will deliver tangible socio economic value through the utilization of local supply chains and the creation of job opportunities the project will achieve close to 44 local content in procurement during the construction period create more than 2 000 construction jobs at its peak with some 400 from the local community and create approximately 100 permanent direct jobs during the operational period The strategic importance of this project was recognized by the South African National Energy Association SANEA who presented ACWA Power with the Leading the Way in the Power Sector award in October 2021 AfDB Vice President in charge of Energy Climate Change and Green Growth Dr Kevin Kariuki said Redstone will play an important role in South Africa s decarbonisation efforts Therefore we are pleased to have played such a prominent role in the structuring and financing of the project In addition the Bank looks forward to playing an even larger role in supporting South Africa s just energy transition by harnessing abundant renewable energy sources through innovative partnerships with the private sector Wale Shonibare Director of Energy Finance Solutions and Policy Regulations at the African Development Bank said This project marks a milestone in project finance investment in South Africa and demonstrates the commercial viability of CSP technology to enhance clean power generation Redstone s ability to convert solar power to baseload power at scale aligns with the AfDB s climate change and green growth policy and strategy of investing for clean and inclusive growth The Bank s Director General for the Southern Africa Region Leila Mokaddem said The African Development Bank is privileged and proud to play the role of MLA and Coordinating Bank for this largest renewable project in South Africa together with our partners ABSA CDC DBSA DEG FMO Investec Nedbank and Sanlam reflecting our shared goals to support the energy transition to address the threat of climate change in Africa
    South Africa’s largest renewable energy project Redstone concentrated solar power (CSP) achieves first debt draw down
    Africa10 months ago

    South Africa’s largest renewable energy project Redstone concentrated solar power (CSP) achieves first debt draw down

    Commercial operation scheduled to begin in the fourth quarter of 2023; The African Development Bank (www.AfDB.org) acted as the Mandatory Lead Organizing and Coordinating Bank, committing ZAR 2.306 billion for the transaction; The ZAR 11.6 billion Redstone Concentrated Solar Power (CSP) project will power 200,000 homes upon completion.

    South African concentrated solar power (CSP) project Redstone has achieved its first debt retirement in the largest investment in renewable energy in South Africa to date.

    The African Development Bank acted as the Mandatory Lead Arrangement (MLA) and Coordinating Bank for the total investment of ZAR 11.6 billion, with a commitment of ZAR 2.306 million for the transaction. The project has also obtained financing from major international and South African financial institutions, such as ABSA Bank, CDC Group, Development Bank of Southern Africa (DBSA), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) Investec Bank, Nedbank Limited, Sanlam Limited and the South African Industrial Development Corporation.

    Redstone is run by ACWA Power, a leading Saudi developer, investor and operator of power generation, water desalination and hydrogen plants in 12 countries, which is also the largest shareholder in Redstone with co-owners such as Central Energy Fund, Pele Green Energy and the local community.

    Located in the Northern Cape Province of South Africa, the Redstone project will be equipped with a 12-hour thermal storage system that will supply almost 200,000 homes with clean and reliable electricity 24 hours a day. Construction of the project is well advanced and is currently in its ninth month of construction. The engineering works of the project are more than 58% complete, while the acquisition and construction works are over 45% and 6% respectively. A key milestone in construction, the tower foundation for the project has been completed with operations scheduled to start in the fourth quarter of 2023. Through the successful mobilization of international project financing, Redstone has facilitated approximately ZAR 7 billion in foreign direct investment to finance and support strategic energy. transition goals of the country.

    Redstone CSP will offset some 440 metric tons of CO2 emissions per year while providing ancillary value-added services to Eskom, and is the first renewable energy project to offer ancillary services in the country. The project is certified under the Climate Bond Standard and Certification Scheme and aligned with the goals of the Paris Climate Agreement, which seeks to limit global warming to less than 2 degrees Celsius. In addition to efficiently delivering clean energy to the national grid, the Redstone project will deliver tangible socio-economic value through the utilization of local supply chains and the creation of job opportunities: the project will achieve close to 44% local content in procurement during the construction period; create more than 2,000 construction jobs at its peak, with some 400 from the local community; and create approximately 100 permanent direct jobs during the operational period.

    The strategic importance of this project was recognized by the South African National Energy Association (SANEA) who presented ACWA Power with the "Leading the Way in the Power Sector" award in October 2021.

    AfDB Vice President in charge of Energy, Climate Change and Green Growth, Dr. Kevin Kariuki, said: “Redstone will play an important role in South Africa's decarbonisation efforts. Therefore, we are pleased to have played such a prominent role in the structuring and financing of the project. In addition, the Bank looks forward to playing an even larger role in supporting South Africa's just energy transition by harnessing abundant renewable energy sources through innovative partnerships with the private sector."

    Wale Shonibare, Director of Energy Finance Solutions and Policy Regulations at the African Development Bank, said: “This project marks a milestone in project finance investment in South Africa and demonstrates the commercial viability of CSP technology to enhance clean power generation. . Redstone's ability to convert solar power to baseload power at scale aligns with the AfDB's climate change and green growth policy and strategy of investing for clean and inclusive growth."

    The Bank's Director General for the Southern Africa Region, Leila Mokaddem, said: “The African Development Bank is privileged and proud to play the role of MLA and Coordinating Bank for this largest renewable project in South Africa together with our partners. ABSA, CDC, DBSA, DEG, FMO. , Investec, Nedbank and Sanlam, reflecting our shared goals to support the energy transition to address the threat of climate change in Africa.”

  •   Encouraging and financing trade development ultimately contributes to ITFC s overarching goal of improving the socio economic conditions of people around the world JEDDAH Kingdom of Saudi Arabia January 13 2022 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org has emerged at the top of the Bloomberg Islamic Finance League 2021 Charts as a world leader as Bookrunner and Mandated Lead Arranger MLA The 2021 Global Islamic Finance League Charts released by Bloomberg showed that ITFC is the best book broker and MLA ahead of international and regional banks The assessment recognizes the Corporation s leadership role in mobilizing resources globally from a wide range of investors and financial institutions for the financing needs of Organization for Islamic Cooperation OIC member countries and demonstrates the potential for Impact on the market of the ITFC financing model ITFC reported a funding transaction volume of more than 5 23 billion worldwide with a market share of 21 2 as Bookrunner and 18 6 as MLA Commenting on the ranking ITFC CEO Eng Hani Salem Sonbol said We are honored to be ranked at the top of the Bloomberg 2021 Islamic Finance League table as a leading book broker and mandatory lead organizer These rankings demonstrate the ITFC team s commitment to being a catalyst for the development of trade among OIC member countries Encouraging and financing trade development ultimately contributes to ITFC s overarching goal of improving the socio economic conditions of people around the world Given how difficult 2021 was for the global economy we are very pleased that ITFC has continued to provide significant strategic support to our member countries in this difficult environment and we look forward to 2022 with great optimism For this milestone I would like to express my sincere thanks and appreciation to our syndicated partners for their continued confidence in ITFC s role in leading these many syndicated funding deals The Bloomberg leaderboards published quarterly and annually classify banks and financial institutions into different categories namely organizers book brokers managing agents and advisers in various transactions including loans bonds and merger activities and acquisitions
    International Islamic Trade Finance Corporation (ITFC) Tops Bloomberg 2021 Global Islamic Financing League Tables as #1 Bookrunner and Mandated Lead Arranger
      Encouraging and financing trade development ultimately contributes to ITFC s overarching goal of improving the socio economic conditions of people around the world JEDDAH Kingdom of Saudi Arabia January 13 2022 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org has emerged at the top of the Bloomberg Islamic Finance League 2021 Charts as a world leader as Bookrunner and Mandated Lead Arranger MLA The 2021 Global Islamic Finance League Charts released by Bloomberg showed that ITFC is the best book broker and MLA ahead of international and regional banks The assessment recognizes the Corporation s leadership role in mobilizing resources globally from a wide range of investors and financial institutions for the financing needs of Organization for Islamic Cooperation OIC member countries and demonstrates the potential for Impact on the market of the ITFC financing model ITFC reported a funding transaction volume of more than 5 23 billion worldwide with a market share of 21 2 as Bookrunner and 18 6 as MLA Commenting on the ranking ITFC CEO Eng Hani Salem Sonbol said We are honored to be ranked at the top of the Bloomberg 2021 Islamic Finance League table as a leading book broker and mandatory lead organizer These rankings demonstrate the ITFC team s commitment to being a catalyst for the development of trade among OIC member countries Encouraging and financing trade development ultimately contributes to ITFC s overarching goal of improving the socio economic conditions of people around the world Given how difficult 2021 was for the global economy we are very pleased that ITFC has continued to provide significant strategic support to our member countries in this difficult environment and we look forward to 2022 with great optimism For this milestone I would like to express my sincere thanks and appreciation to our syndicated partners for their continued confidence in ITFC s role in leading these many syndicated funding deals The Bloomberg leaderboards published quarterly and annually classify banks and financial institutions into different categories namely organizers book brokers managing agents and advisers in various transactions including loans bonds and merger activities and acquisitions
    International Islamic Trade Finance Corporation (ITFC) Tops Bloomberg 2021 Global Islamic Financing League Tables as #1 Bookrunner and Mandated Lead Arranger
    Africa11 months ago

    International Islamic Trade Finance Corporation (ITFC) Tops Bloomberg 2021 Global Islamic Financing League Tables as #1 Bookrunner and Mandated Lead Arranger

    Encouraging and financing trade development ultimately contributes to ITFC's overarching goal of improving the socio-economic conditions of people around the world.

    JEDDAH, Kingdom of Saudi Arabia, January 13, 2022 / APO Group / -

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) has emerged at the top of the Bloomberg Islamic Finance League 2021 Charts as a world leader as Bookrunner and Mandated Lead Arranger (MLA).

    The 2021 Global Islamic Finance League Charts released by Bloomberg showed that ITFC is the best book broker and MLA ahead of international and regional banks. The assessment recognizes the Corporation's leadership role in mobilizing resources globally from a wide range of investors and financial institutions for the financing needs of Organization for Islamic Cooperation (OIC) member countries and demonstrates the potential for Impact on the market of the ITFC financing model.

    ITFC reported a funding transaction volume of more than $ 5.23 billion worldwide, with a market share of 21.2% as Bookrunner and 18.6% as MLA.

    Commenting on the ranking, ITFC CEO Eng. Hani Salem Sonbol said: “We are honored to be ranked at the top of the Bloomberg 2021 Islamic Finance League table as a leading book broker and mandatory lead organizer. These rankings demonstrate the ITFC team's commitment to being a catalyst for the development of trade among OIC member countries. Encouraging and financing trade development ultimately contributes to ITFC's overarching goal of improving the socio-economic conditions of people around the world. Given how difficult 2021 was for the global economy, we are very pleased that ITFC has continued to provide significant strategic support to our member countries in this difficult environment and we look forward to 2022 with great optimism. For this milestone I would like to express my sincere thanks and appreciation to our syndicated partners for their continued confidence in ITFC's role in leading these many syndicated funding deals. "

    The Bloomberg leaderboards, published quarterly and annually, classify banks and financial institutions into different categories, namely organizers, book brokers, managing agents, and advisers in various transactions, including loans, bonds, and merger activities. and acquisitions.

  •  RevenueJos Nov 3 2020 The Plateau State Internal Revenue Service PSIRS says it has generated over N7 billion between July and September The Chairman of the service Mr Dashe Arlat who disclosed this while briefing newsmen on Tuesday in Jos said the figure showed an increase of more than N5 billion over the amount the organisation realised in the second quarter During the second quarter Arlat said the service generated over N 2 196 billion He said the service was able to boost its IGR in the third quarter through various strategies and polices it deployed such as enhanced data collection aggressive tax auditing and investigation The other strategies he said were aggressive MLA enforcement in the transport sector in the entire state and sustained engagements with the various business associations and trade unions According to the chairman the service also intensified tax assessment in both the formal and informal sectors and recorded over 54 per cent compliance from the formal sector and 60 per cent compliance from the informal sector which remitted their taxes as and when due He said the service also embarked on aggressive tax payers education and sensitisation to boost its IGR He said that with the outbreak of COVID 19 pandemic the State Government recognised the suffering of businesses across the state and introduced palliative tax relief measures to help mitigate the adverse effects of the pandemic on businesses Arlat listed the measures as extension of timelines for filling of annual returns waiver of penalties and interests charged due to late returns and reduction of interest for late payment The other measures he said were the granting of one per cent bonus to all tax payers who filed in their returns early the suspension of enforcement of outstanding tax liabilities and the reduction of taxes payable by the informal sector businesses by 50 per cent He said with the decline in the price of crude oil due to the outbreak of the Coronavirus pandemic taxation and charging fees for services were the major means of revenue generation The chairman said that strategies must be evolved to ensure that revenues were harnessed and collected from the little activities going on during the pandemic to keep the wheels of the government turning He further suggested that a post pandemic strategy must be developed and deployed to ensure that business activities resumed seamlessly after the disease would have abated Edited By Abdullahi Yusuf Source NAN
    The Plateau State Internal Revenue Service generates N7 billion in 3rd quarter
     RevenueJos Nov 3 2020 The Plateau State Internal Revenue Service PSIRS says it has generated over N7 billion between July and September The Chairman of the service Mr Dashe Arlat who disclosed this while briefing newsmen on Tuesday in Jos said the figure showed an increase of more than N5 billion over the amount the organisation realised in the second quarter During the second quarter Arlat said the service generated over N 2 196 billion He said the service was able to boost its IGR in the third quarter through various strategies and polices it deployed such as enhanced data collection aggressive tax auditing and investigation The other strategies he said were aggressive MLA enforcement in the transport sector in the entire state and sustained engagements with the various business associations and trade unions According to the chairman the service also intensified tax assessment in both the formal and informal sectors and recorded over 54 per cent compliance from the formal sector and 60 per cent compliance from the informal sector which remitted their taxes as and when due He said the service also embarked on aggressive tax payers education and sensitisation to boost its IGR He said that with the outbreak of COVID 19 pandemic the State Government recognised the suffering of businesses across the state and introduced palliative tax relief measures to help mitigate the adverse effects of the pandemic on businesses Arlat listed the measures as extension of timelines for filling of annual returns waiver of penalties and interests charged due to late returns and reduction of interest for late payment The other measures he said were the granting of one per cent bonus to all tax payers who filed in their returns early the suspension of enforcement of outstanding tax liabilities and the reduction of taxes payable by the informal sector businesses by 50 per cent He said with the decline in the price of crude oil due to the outbreak of the Coronavirus pandemic taxation and charging fees for services were the major means of revenue generation The chairman said that strategies must be evolved to ensure that revenues were harnessed and collected from the little activities going on during the pandemic to keep the wheels of the government turning He further suggested that a post pandemic strategy must be developed and deployed to ensure that business activities resumed seamlessly after the disease would have abated Edited By Abdullahi Yusuf Source NAN
    The Plateau State Internal Revenue Service generates N7 billion in 3rd quarter
    Economy2 years ago

    The Plateau State Internal Revenue Service generates N7 billion in 3rd quarter

    Revenue

    Jos, Nov.3, 2020 The Plateau State Internal Revenue Service (PSIRS) says it has generated over N7 billion between July and September.

    The Chairman of the service, Mr Dashe Arlat, who disclosed this while briefing newsmen on Tuesday in Jos, said the figure showed an increase of more than N5 billion over the amount the organisation realised in the second quarter.

    During the second quarter, Arlat said, the service generated over N 2.196 billion.

    He said the service was able to boost its IGR in the third quarter through various strategies and polices it deployed such as enhanced data collection, aggressive tax auditing and investigation.

    The other strategies he said, were aggressive MLA enforcement in the transport sector in the entire state and sustained engagements with the various business associations and trade unions.

    According to the chairman, the service also intensified tax assessment in both the formal and informal sectors, and recorded over 54 per cent compliance from the formal sector and 60 per cent compliance from the informal sector which remitted their taxes as and when due.

    He said the service also embarked on aggressive tax payers’ education and sensitisation to boost its IGR.

    He said that with the outbreak of COVID-19 pandemic, the State Government recognised the suffering of businesses across the state and introduced palliative tax relief measures to help mitigate the adverse effects of the pandemic on businesses.

    Arlat listed the measures as extension of timelines for filling of annual returns, waiver of penalties and interests charged due to late returns and reduction of interest for late payment.

    The other measures, he said, were the granting of one per cent bonus to all tax payers who filed in their returns early, the suspension of enforcement of outstanding tax liabilities and the reduction of taxes payable by the informal sector businesses by 50 per cent.

    He said with the decline in the price of crude oil due to the outbreak of the Coronavirus pandemic, taxation and charging fees for services were the major means of revenue generation.

    The chairman said that strategies must be evolved to ensure that revenues were harnessed and collected from the little activities going on during the pandemic to keep the wheels of the government turning.

    He further suggested that a post pandemic strategy must be developed and deployed to ensure that business activities resumed seamlessly after the disease would have abated.


    Edited By: Abdullahi Yusuf
    Source: NAN

  •  The Kenyan government on Thursday launched legal guidelines to assist in the fight against international crime Githu Muigai outgoing Attorney General said the blueprint dubbed Mutual Legal Assistance MLA in Criminal Matters is a positive step in strengthening the East African nation s cooperation with international partners in the field of crime The mutual legal assistance will be used by law enforcement agencies during investigations prosecutions judicial proceedings consultations and service of overseas processes Muigai said He added that the document would also be used in freezing and confiscating property acquired from proceeds of crime The document which was put together with assistance from the British government is intended to provide basic information on the country s mutual legal assistance programme and will seek to improve the efficiency of processing of mutual legal assistance requests to Kenya Muigai said Kenya would now be in a position to provide mutual legal assistance to any country or territory in the world whether or not the country has signed treaties and agreements with such states He said the scandal in which officials of British printing company Smith and Ouzman got convicted for paying out bribes to Kenyan electoral and examinations officers was as a result of mutual legal assistance between the two governments According to the document a letter of request from a foreign government must specify the nature of the criminal matter the assistance required and details of any particular procedure to be followed in order for the application to be complied with British High Commissioner to Kenya Nic Hailey said the fact that Kenya is the first country in the region to endorse the MLA is testimony of its strength and willingness to tackle corruption We will help to bring more people to justice the bad guys don t play by the rules but governments do play by the rules the envoy commented Muthoni Kimani the Director of Asset Recovery Agency said Kenya is sending out a message that the country is not a safe haven for hiding ill gotten assets and that the nation is alive to its obligations Requesting states can now make their applications with ease so long as the procedure is not contrary to Kenyan law Failure to do so will mean that the service will be effected according to Kenyan law Kimani noted Edited by Fatima Sule NAN
    Kenya launches guidelines to tackle international crime
     The Kenyan government on Thursday launched legal guidelines to assist in the fight against international crime Githu Muigai outgoing Attorney General said the blueprint dubbed Mutual Legal Assistance MLA in Criminal Matters is a positive step in strengthening the East African nation s cooperation with international partners in the field of crime The mutual legal assistance will be used by law enforcement agencies during investigations prosecutions judicial proceedings consultations and service of overseas processes Muigai said He added that the document would also be used in freezing and confiscating property acquired from proceeds of crime The document which was put together with assistance from the British government is intended to provide basic information on the country s mutual legal assistance programme and will seek to improve the efficiency of processing of mutual legal assistance requests to Kenya Muigai said Kenya would now be in a position to provide mutual legal assistance to any country or territory in the world whether or not the country has signed treaties and agreements with such states He said the scandal in which officials of British printing company Smith and Ouzman got convicted for paying out bribes to Kenyan electoral and examinations officers was as a result of mutual legal assistance between the two governments According to the document a letter of request from a foreign government must specify the nature of the criminal matter the assistance required and details of any particular procedure to be followed in order for the application to be complied with British High Commissioner to Kenya Nic Hailey said the fact that Kenya is the first country in the region to endorse the MLA is testimony of its strength and willingness to tackle corruption We will help to bring more people to justice the bad guys don t play by the rules but governments do play by the rules the envoy commented Muthoni Kimani the Director of Asset Recovery Agency said Kenya is sending out a message that the country is not a safe haven for hiding ill gotten assets and that the nation is alive to its obligations Requesting states can now make their applications with ease so long as the procedure is not contrary to Kenyan law Failure to do so will mean that the service will be effected according to Kenyan law Kimani noted Edited by Fatima Sule NAN
    Kenya launches guidelines to tackle international crime
    Foreign5 years ago

    Kenya launches guidelines to tackle international crime

    The Kenyan government on Thursday launched legal guidelines to assist in the fight against international crime.

    Githu Muigai, outgoing Attorney-General, said the blueprint dubbed “Mutual Legal Assistance (MLA) in Criminal Matters,’’ is a positive step in strengthening the East African nation’s cooperation with international partners in the field of crime.

    “The mutual legal assistance will be used by law enforcement agencies during investigations, prosecutions, judicial proceedings, consultations and service of overseas processes,” Muigai said.

    He added that the document would also be used in freezing and confiscating property acquired from proceeds of crime.

    The document, which was put together with assistance from the British government, is intended to provide basic information on the country’s mutual legal assistance programme and will seek to improve the efficiency of processing of mutual legal assistance requests to Kenya.

    Muigai said Kenya would now be in a position to provide mutual legal assistance to any country or territory in the world whether or not the country has signed treaties and agreements with such states.

    He said the scandal in which officials of British printing company Smith and Ouzman got convicted for paying out bribes to Kenyan electoral and examinations officers was as a result of mutual legal assistance between the two governments.

    According to the document, a letter of request from a foreign government must specify the nature of the criminal matter, the assistance required and details of any particular procedure to be followed in order for the application to be complied with.

    British High Commissioner to Kenya, Nic Hailey, said the fact that Kenya is the first country in the region to endorse the MLA is testimony of its strength and willingness to tackle corruption.

    “We will help to bring more people to justice, the bad guys don’t play by the rules but governments do play by the rules,” the envoy commented.

    Muthoni Kimani, the Director of Asset Recovery Agency, said Kenya is sending out a message that the country is not a safe haven for hiding ill-gotten assets, and that the nation is alive to its obligations.

    “Requesting states can now make their applications with ease so long as the procedure is not contrary to Kenyan law.

    “Failure to do so will mean that the service will be effected according to Kenyan law,’’ Kimani noted.

    Edited by: Fatima Sule/
    (NAN)

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