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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.

The National Pension Commission (PenCom) says total pension fund assets have grown to N8.63 trillion as at December 2018.
Ms Aisha Dahir-Umar, its Acting Director-General, disclosed this at the public hearing of the House of Representatives Ad-hoc Committee in Abuja on Thursday.
The committee is mandated to investigate activities of PenCom and alleged violation of Acts establishing it.
Dahir-Umar said the fund had an average monthly contribution of N29.15 billion, while the total pension assets were equivalent to 7.40 per cent of the Nigerian re-based GDP.
She said  that the pool of pension funds generated by the Contributory Pension Scheme had aided the deepening of Nigeria’s financial sector.
The PenCom boss said that the fund had also provided a platform for attaining strategic programmes of government in the areas of infrastructure, housing and the development of the real sector of the economy.
She said that the number of registered contributors grew to 8.41 million as at December 2018.
According to her, this figure represents about 12.09 per cent of Nigeria’s working population and 4.29 per cent of total Nigeria population.
She said that the Contributory Pension Scheme (CPS) had simplified the process of payment of retirement benefits through the issuance of effective regulations and guidelines for accessing such benefits.
Dahir-Umar also disclosed that 260,808 persons had retired under the Scheme as at December 2018 and were currently receiving pensions as and when due with an average monthly pension payment of N10.18 billion.
“The pension reform has gained public confidence and acceptability within the short period of its implementation.
“The private sector, which hitherto was apprehensive of the CPS as a ploy by the public sector to raise funds to address its huge pension liabilities, has come to accept and is religiously implementing the reform.
“To date, about 200,000 private sector employers of labour are implementing the CPS and have contributed about 60 per cent of the total pension fund assets.
“The Contributory Pension Scheme has also introduced transparency and integrity in the pension administration system in Nigeria and inception of the reform to date, there had not been a single incidence of fraud or mismanagement of the pension funds and assets under the Scheme.
“Attracted by the enormous benefits of the Scheme, 24 States of the Federation and the FCT had enacted the laws on the CPS and are at different stages of implementation, six States are at the Bill stage on the CPS, three states have adopted the Contributory Defined Benefit Scheme (CDBS).
“And two states are currently drafting Bills to introduce CDBS, while one state has continued with the Defined Scheme as at December, 2018,” she said.
The PenCom boss said that Pension Transitional Arrangement Directorate (PTAD) was established to handle issues of Federal Government’s retirees exempted from the CPS subject to the regulation and supervision of PenCom.
“Indeed, payment of pensions to public sector retirees by PTAD has become more regular and efficient under the supervisory oversight of PenCom.
“The pension reform has also positively impacted on other sectors of the Nigerian economy. Notably, the reform facilitated the growth of Group Life Insurance and development of Life Annuity in the insurance industry.
“Indeed, monthly pension payment under the Life Annuity Scheme has average of N3.15 billion as at December 2018.
“It is also noteworthy that the total premium paid to insurance companies for the monthly Life Annuity was N304.09 billion as at December, 2018.
“This has significantly assisted the growth of the insurance industry in Nigeria which is a special focus area under the Federal Government’s Economic Recovery and Growth Plan (ERGP),” she said.
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At a United Nations debate in New York, Isabel dos Santos, who is currently the richest woman in Africa, spoke of the economic empowerment of African women as a key to transforming society.
This and many of her other hopeful and encouraging messages have inspired many citizens in African countries, mainly young women, to pursue their ambitions in business.
Dos Santos believes that some of the most promising and successful businesspeople in the world have been African because of the continent’s entrepreneurial spirit.
This spirit, however, has been weighed down by the stigmatization of women in the workplace.
This has robbed the economy of valuable innovators and has barred women from achieving their ambitions. But by ensuring that young women can access the same education, job opportunities, and potential for growth as men, dos Santos believes that she can change this attitude and instill a national confidence in women.
This type of thinking falls in line with her more general philosophy of reform: “First the seed, then the future.”
This dictum seems to urge against immediate change and, instead, encourages slow and steady growth.
The seeds that Isabel dos Santos thinks ought to be planted are also tied up in the economic freedom of women – by creating jobs, providing training, and breaking sexist stigmas, she believes that women can experience increased financial stability while giving their home countries more influence in the international economy.
Isabel Dos Santoshas spent a lot of time planting these seeds in Africa, focusing her efforts in her home country of Angola where she meets with young people and speaks with them about the power of entrepreneurship. Sometimes, she visits them in small, personable rooms at universities and other institutions, other times in much larger ones during her speeches and debates. Most tellingly, she refers to famous African entrepreneurs as a “great family” and invites everyone with the motivation to work hard and come join them.
She often encourages young women to leverage the world’s increased reliance on technology and artificial intelligence, which she refers to as “digitalization”. She believes working toward innovations in technology is key to increasing Africa’s presence in the international economy while flooding the continent with unique employment opportunities. With just a computer and internet connection, unemployed or underpaid citizens can find more work, sometimes with the higher wages that are more commonplace in developed countries, to support their families and stimulate their local economies.
During a conversation with students at the University of Warwick interested in developing Africa, dos Santos tells a young woman who is eager to accomplish her ambitions “now” that she has to be patient and have not just a goal but a string of subgoals to reach it. She goes on to encourages the student to involve herself as deeply as she can in the decision processes that influence that goal, and also to understand that sometimes it’s important to just focus on school, other times on a career or starting a business. This type of advice for strategic hesitance can be found in many of her speeches.
Isabel dos Santos is the daughter of Jose Eduardo dos Santos, Angola’s long-time former president. Much of her wealth came from her investments and her previous position as the chairwoman of an oil company owned by the state called Sonangol. Dos Santos considers herself an independent businesswoman and investor and has become Africa’s first females billionaire. Forbes ranks her as the 9thwealthiest billionaire in Africa for 2018.
For young businesswomen in various African countries, her success story has been a beacon of hope. But dos Santos has told various reporters that her rise to riches was marred by the sexism she had to endure in a male-dominated African business world. She has no shortage of stories concerning prejudice and discrimination based on her gender, such as during business meetings where the people she’s negotiating with would look to her male assistant, advisor, or lawyer for validation though she already stated her offer. She is also frequently asked what business her husband is in when her wealth is made clear.
Despite her tribulations in the business world, Isabel dos Santos has maintained a charitable and hopeful perspective on life and takes on many projects geared toward improving small communities and local economies. One of these projects was in Humpata, in the province of Huila, where dos Santos helped establish a strawberry field, “planting the seed” to empower citizens. This project gave 120 women a place to work and a new income. On her website, dos Santos says:
“Creating opportunities and employment for women means betting on the progress of the communities themselves. When they thrive, women invest their income in the family, health, and education. I value this as a sense of duty, commitment, and dedication. The impact that women create around them is powerful and transformative.”
She calls on other African entrepreneurs to give back to their countries by investing in similar projects. Though they seem small-scale, she believes that with enough support, this type of philanthropic work can create a value chain large enough to impact the national economy. As a result, smaller communities will have more prosperous citizens and influence. Should those new entrepreneurs be African women, then dos Santos hopes that their success will help chip away at the stigma that women are less competent than men.
This is all part of one of Isabel dos Santos’ larger goals to increase the prosperity of African countries as a whole. She plans to accomplish this by working from the ground up, focusing on the individual, such as the promising young men and woman of various African countries. By empowering them, she is, in turn, empowering their communities. This creates value within towns that have historically not had the chance to prosper, and by strengthening local economies, the national economy itself is bolstered.
“This is the true transformation of a country,” she says. It starts with a little hope and promise, with planting the “seeds”, and then, through the hard work of a community’s individuals, a brighter future can be earned.” 
APO
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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.
Minister of Budget and National Planning, Sen. Udoma Udo Udoma

The Ministry of Budget and National Planning, says the National Social Registry (NSR) is part of Federal Government’s effort to capture the Nigerian poor and vulnerable in the country.
Mr Olajide Odewale, the ministry’s Permanent Secretary said this during an engagement meeting with Ministries, Departments and Agencies (MDAs) and Donor partners on NSR in Abuja.
Odewale, represented by Mr Kayode Obasa, the Director, Social Development of the ministry said the register would help improve services in the country.
“A lot of misinformation and invalidated data are out there in the public domain.
“And attempt to use the data to implement the interventions have led sometimes to undesirable outcomes, hence the need to take the right steps.
“First, by warehousing details of the poor and vulnerable Nigerians irrespective of the location and socio-economic standings.
“I therefore, thank President Muhammadu Buhari for his visionary position and determination to ensure that every Nigerian is counted and given basic social service.’’
Odewale expressed optimism that the forum would address grey areas of the current NSR and shed more light on how MDAs could leverage on the register.
He said it would also provide the developers of the NSR feedback from seasoned technocrats on measures to better implement the register.
Odewale expressed the ministry’s commitment to ensuring that the NSR was sustained and utilised by all stakeholders.
He then commended the representatives of the various MDAs and donor partners for their efforts and contribution to the success of the NSR.
The World Bank Representative, Prof Foluso Okunmodewa, in his remarks expressed optimism that the NSR would resolve the errors of exclusions in the country.
“What is important for us at the bank is to make sure that we protect the quality and credibility of this register.
“I enjoin all the partners to ensure the register in terms of credibility is protected,’’ he said.
Mrs Hajara Sami, the Acting National Coordinator, Youth Employment and Social Support Operation (YESSO), said the forum was timely and pledged commitment to support the NSR drive.
Mr Hamidou Poufon, the Chief of Social Policy, United Nations International Children Emergency Fund (UNICEF), also pledged the fund’s commitment to support the register.
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The Presidential candidate of the Allied Congress Party of Nigeria, Obiageli Ezekwesili, has reacted to the recently released Global Competitiveness report, which ranks Nigeria 115th out of 140 profiled countries.

Ezekwesili, who is a former vice president of the World Bank for Africa, said on Saturday that Nigeria’s move from its previous position of 125 was a positive development.

She however noted that a lot needed to be done in making Nigeria’s socio-economic environment more globally competitive.

She said, “Moving 10 places on the Index is positive news for the country, but I must say that Nigeria has no business being in the lower rungs of the ladder as regards global competitiveness.

“With the right policies, resources at our disposal, and especially commitment from government, we can take a giant leap up the index and create a better life for majority of our citizens.”
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In another round of intervention, the Central Bank of Nigeria (CBN), on Friday, injected over 337 million dollars in the Inter-Bank Foreign Exchange (Forex) market.
The CBN also intervened to the tune of 53.44 million Chinese Yuan in the Spot and Short tenored forwards of the inter-bank foreign exchange market.
The CBN spokesman, Mr Isaac Okorafor, in a statement in Abuja said that the move was in furtherance of the bank’s commitment to ensuring adequate liquidity and stability in the inter-bank foreign exchange market.
The Bank had on Tuesday injected 210 million dollars in the Inter-Bank foreign exchange market.
Meanwhile, the Naira maintained its steady rate against major currencies around the globe, exchanging for N362 to a dollar in the Bureau De Change segment of the market on Friday.
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The Federal Inland Revenue Service (FIRS) has identified more than 6,772 billionaires’ tax defaulters whose bank accounts have been screened.
The tax agency would soon go after the bank accounts of defaulting taxpayers who are raking in billions in Nigeria and are not paying taxes.
Mr. Tunde Fowler, FIRS Chairman, said on Sunday in Lagos that all banks in the country would do substitution on accounts for such identified taxpayers.
“There are over 6,772 of such defaulting billionaire taxpayers that have been identified by the FIRS, leveraging on banks data,” Fowler said.
He noted that most of such taxpayers, who have between N1 billion and N5 billion in their accounts have no Taxpayer Identification Number, TIN, or have TIN and have not filed any tax returns as taxpayers.
“What we have done is what we call ‘’substitution‘’ which also is in our laws which empowers us to appoint the banks as collection agents for tax.
”So, all these ones of TIN and no pay and no TIN and no pay, to the total of 6772 will have their accounts frozen or put under substitution pending when they come forward.
”First, they refused to come forward in 2016, they refused to come forward under VAT and are still operating here."
”So, we are putting them under notice that it is their civic responsibility to pay tax and to file returns on these accounts,” Fowler said.
He explained that all businesses, partnerships, corporate accounts that have a minimum turnover of N1 billion per annum for the past three years were considered.
He said that the law stipulated that before you open a corporate account, part of the opening documentation is the tax I.D.
”From the 23 banks, we have analysed so far, we have 31,395 records, out of which effectively minus duplications we had 18,602.
“We broke those into three categories: Those that have TIN tax I.D, those that don’t have no TIN and of course no TIN no pay and those that have TIN and have not even paid anything.
“So, on a minimum, every company or business included here over the last three years have had a banking turnover of N3 billion and above.
Some of them have had banking turnover of over N5 billion and have not paid one kobo in taxes. Now the total number of TIN and no pay is 6772.” Fowler said.
He noted that FIRS is also paying closer attention to Audit.
”We have started a comprehensive Audit exercise that involves both national and regional Audits
”We got to a position where we found out that majority of the major organizations that were allowed to do self-assessment, do not truthfully declare or pay the taxes that were due.
”To date we have raised assessment of over N805 billion from 1324 national audits, out of which 499 (taxpayers) have N219 billion.
“N219 billion can do a lot of things. It can provide certainly a lot more infrastructure, healthcare and educational facilities.
”These monies that are supposed to go into the Federation Account are shared between Federal, Local and State governments.
”So, every state can get an additional 1 billion from such monies, hopefully if you vote right, that governor, that governor would deploy it to the right place,” Fowler said.
The tax chief warned his staff to be honest in dealing with tax payers.
He did not spare the FIRS either, even though it had made over N1 trillion over its 2017 collection between January to August by N1 trillion.
“If you look at 2018 revenue to date, between January and August, we have done N3.5 trillion, which is N1 trillion over 2017.
”But the main point I want to make is that majority of taxpayers that accounted for this revenue have not changed.
”The laws have not changed. And to a great extent, the consultants to these companies have not changed.
” If you look at 2017, there is an increase of close to N800 billion over the 2016 collection.
“The increase in 2018 so far showed N 1 trillion.
If the same consultants advised or reviewed the accounts of the majority of the taxpayers, one would wonder why such large increases occurred.
”It is either the taxpayers did not disclose fully their financials to the consultants or the consultants involved in tax planning.
”Either way, it is not good for to the wellbeing of our nation, Nigeria,” Fowler said.
He noted the perfidy of businesses who collect VAT and not remitting to government coffers.
“We have found out that a number of businesses , collect VAT that do not remit to government,
”So we are going back to the old school way were VAT certificate would be given to all tax payers and we expect them to display it in their places of business.
”We also found out the number of businesses were not even registered tax payers and were collecting VAT. Without having a tax, I.D.
”As an agent or a collector of VAT, there is no way you can remit that VAT to government. So, in short, they were collecting and adding it to their income and spending it,” Fowler said.
The FIRS Chairman noted that taxpayers can now enjoy the flexibility of choosing their tax offices and paying online.
“Prior to now, at times your tax office can be an hour away from your office, taxpayers can now choose where their files reside .
”You can pay anywhere in the world: London, Dubai, New York, pay your taxes online and download your receipt immediately,” he said.
Citing the example of taxes FIRS is levying on corporates which have property, but are now being assessed on the value of their property’s turnover, Fowler clarified on why such property owners were being assessed for tax.
“First of all, banking turnover does not mean that is the turnover of your business it simply means the money that has gone in and out of your account.
”But what the tax law says is that’’ if you do not file your returns and you are in constant default we use turnover as a basis of estimating your tax liability.
For example, if your turnover is N100 million we assume that 20% of that is profit and we tax that at 30%.
“Some of them claim not to own the property, those of them that claim not to own the property and of course were sent to government,
” The Presidency will decide what would happen to those properties that have no owners. To those that have owners and have not paid they would be prosecuted.
”We are also in the process of going to court to get the approval of the court orders to sell those properties.
” We are not only doing that in Abuja, we have also concluded in Lagos. We are currently doing it in Osun, Oyo, Kaduna and eventually we would cover the whole federation.
“The idea here is simple if you have had the opportunity to make your wealth in this economy, in this society, the least you can do is pay your tax.
“We have not included any group who by law are not meant to pay tax in this group.
”So far, we have sent out 2980 letters and we believe that before the end of September we would get most of them out,” he said. LR News
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The 16 per cent Value-Added Tax (VAT) imposed on petroleum products in Kenya by the National Treasury took effect from Saturday.
The Finance minister, Mr Henry Rotich, said on Friday evening that the fuel tax will be implemented starting September 1 even after parliament on Wednesday voted to delay it by two more years.
Lawmakers amended the Finance Bill, 2018, in a move to cushion poor households from an increase in the cost of living as the VAT on petroleum products would cause a rise in commodity prices and transport.
But to be enforced, President Uhuru Kenyatta needs to sign it into law.
“The transition period for the exemption of the petroleum products granted in September 2016 will therefore expire on August 31, 2018, after which the products will attract VAT at the rate of 16 per cent,” Mr Rotich said.
This will see pump prices for petrol and diesel go up by 10 per cent with kerosene costs increasing by 12 per cent.
In Nairobi, a litre of petrol will retail at $1.25, diesel at $1.12 and kerosene at $0.95.
Treasury says the levies it will collect will prevent a deficit in the 2018/2019 budget.
“If the measure is not implemented, it will create a shortfall in the budget for the current fiscal year, which will therefore require alternative financing either through borrowing or additional tax measures including reviewing the current VAT rate upwards to 18 per cent, like the other EAC countries, in order to plug the shortfall,” Mr Rotich said.
Treasury, however, says it will work with relevant energy stakeholders to ensure that the interests of consumers, investors and stakeholders are protected in order to avoid escalation of petroleum pump prices.
“Under the current VAT Act, most of the VAT associated with petroleum products is not claimable due to the exempt status of the products. However, under this new regime, the ability of the VAT registered taxpayers to recover input VAT will therefore lower their cost base and as such, they should be able to retain reasonable margins on their petroleum pump prices,” Mr Rotich argued. LR News
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Former Governor of Anambra State, Peter Obi, has decried the increasing rate of poverty in the country.

He said this during his appearance on Channels Television’s breakfast programme, Sunrise Daily.

“Poverty is increasing, children out of school have moved from 10 million to about 12 million,”  Mr Obi said on Wednesday.

He accused the All Progressives Congress (APC) led Federal Government of continuously borrowing money rather than fixing the economy to enable the rich and poor fit in comfortably.

The former governor claimed, “You are borrowing money and the issues that it is supposed to affect are not coming down. In 2017 unemployment moved from 14.8 per cent a high rate which means more people have lost their jobs; the economy is shrinking.”

He stated that Nigeria’s debt level has increased, stressing that the entire capital vote for the year was borrowed, including the previous debt which the country has been living on.

According to the former governor, state governments are in distress as a result of the debt level of the nation.

He said this was meant to be a major concern for the Federal Government.

Mr Obi also decried the increasing rate of illiteracy in the country, purporting that the case is severe in the North East.

He said, “In a state in the North, the number of children that sat for the West African Examination Council (WAEC) is 128; a state that is about five million people”.

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The Nigerian Bureau of Statistics (NBS) has reported that for the first time since Nigeria’s exit from recession, the Gross Domestic Product (GDP) has recorded growth.
Driven by the non-oil sector, GDP which grew by 2.05 per cent in the second quarters of 2018 represented the strongest growth in non-oil GDP since fourth quarter of 2015.
“Non-oil GDP growth was -0.18% in Q1 2016, -0.38% in Q2 2016, 0.03% in Q3 2016, -0.33% in Q4 2016, 0.72% in Q1 2017, 0.45% in Q2 2017, -0.76% in Q3 2017, 1.45% in Q4 2017and 0.76% Q1 2018.
“GDP grew strongly in Q2 2018 by 2.05%. Non-oil growth was driven by transportation which grew by 21.76% supported by growth in construction which grew by 7.66% and electricity which grew by 7.59%.
“Other non-oil sectors that drove growth in Q2 2018 include telecommunication which grew by 11.51%, water supply and sewage which grew by 11.98% and broadcasting which grew by 21.92%.’’
The non-oil sector performance was however constrained by agriculture that grew by 1.3% compared to 3.00% in Q1 2018 and 3.01% in Q2 2017.
Q2 2018 GDP growth was also constrained by oil GDP with crude oil and gas production contracting by -3.95% compared to 14.77% in Q1 2018 and 3.53% in Q2 2017
Services GDP recorded its best performance in 9 quarters, growing by 2.12% in Q2 2018 compared to -0.47% in Q1 2018 and -0.85% in Q2 2017.
NBS Boss, Yemi Kale
Statistician General and Chief Executive Officer of National Bureau of Statistics (NBS), Dr. Yemi Kale, last week denied reports quoting that Nigerian economy had yet to recover from recession.
Kale categorically said that Nigeria was out of recession and that at no time did he suggest otherwise.
His denial was contained in a statement released on Monday by the Bureau’s Public Relations Officer, Mr. J. Ichedi.
NBS said that it reported in the second quarter of 2017 that the country was out of recession as the country recorded the first positive growth in Gross Domestic Product (GDP) following five quarters of contradiction.
He said that economic growth as measured by GDP has remained positive ever since with 0.72% in second quarter of 2017; 1.17% in third quarter of 2017; 2.11% in fourth quarter; and 1.95% in first quarter of 2018.
Ichedi said that NBS had continued to explain that there would be economic recovery after the recession.
The economic after recession moves gradually towards sustainable strong growth which “is the stage we are now’’.
This is the position which the CEO told Arise Television in an interview, he said.
The CEO, he said, told the television that the economy was in the second state of recovery and heading toward sustainable growth which is the last stage’’.
“This should not be wrongly interpreted as the economy is still in recession,’’ Ichedi said.
According to a report by a local newspaper on Monday, the Statistician-General was quoted to have lamented the performance of the nation’s economy in the second quarter of the year.
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The Central Bank of Nigeria (CBN) says the aggregate foreign exchange inflow into the country increased to $91billion in 2017.

The apex bank revealed this in its ‘Draft 2017 Annual Report’ published on Wednesday.

It said the figure represents an increase of 45 per cent, from the $62.75 billion recorded in 2016.

According to the report, inflow through the CBN was $42.17 billion while inflow through autonomous sources amounted to $48.33 billion dollars.

At the same time, aggregate FOREX outflow from the economy increased by 31.8 per cent to $33.68 billion, compared to the total of $25.55 billion reported in 2016.

The CBN attributed the increase in foreign exchange inflow to its sustained intervention at the inter-bank and Bureau de Change segments of the FX market.

The report read in part, “Aggregate foreign exchange inflow into the economy rose by 45.0 per cent to US$91.00 billion, compared with US$62.75 billion in 2016. A disaggregation showed that inflows, through the CBN and autonomous sources, were US$42.17 billion and US$48.33 billion, constituting 46.3 and 53.7 per cent, respectively, of the total.

“A further analysis showed that foreign exchange inflow, through the CBN, rose to US$42.17 billion, compared with US$21.07 billion in 2016. A breakdown of foreign exchange inflow, through the CBN, showed that earnings from crude oil export increased by 1.9 per cent to US$10.37 billion, above the level in 2016.

“The development was attributed to price and output of crude, both of which rose relative to the preceding period. Similarly, the non-oil component of the inflow, through the Bank, rose by 192.2 per cent to US$31.80 billion in 2017, above the level in the preceding year. This was due mainly to: increase in foreign exchange purchases; government debt proceeds; securities lending cash collateral; and TSA and third-party receipts.”

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Mr Adedoyin Adesanya, the Chairman of Epe Local Government Council on Monday said it generated N4 million revenue from July 2017 to July 2018.

He said that this was against the N1.7 million generated annually by his predecessor.

Adesanya made this known in an interview with the News Agency of Nigeria in Epe on Monday.

“This is encouraging despite the harsh economic climate in the country. Also there are no many companies, factories and businesses in the community.

“Traders and shop owners don’t take payment of taxes seriously in the community, but we have sensitised them on the importance of tax payment.

“The tax will be used to improve infrastructure in their business areas and for community development.

“I use this opportunity to appeal to investors to come to Epe community to invest,’’ the council boss who assumed office on July 25, 2017 said.

He said that the amount generated was an improvement over revenues generated by previous administration and pledged to boost the revenue beyond the current figure.

Adesanya also said that the revenue would be used to improve the welfare of the community members and empowerment programmes.

“In spite of the economic situation of the country, the council can boost its revenue to 70 per cent as against 30 per cent generated by the past administration.

“With this, we have carried out so many community projects and provide infrastructure aimed at making life easier for our people.

“We have improve staff welfare package, purchased wheel chairs for the physically challenged, free eye glasses, building of ICT centre, construction of 36 classroom apartments for students of the LG Nursery and Primary school, among other projects,” he said.

Adesanya also said that his administration would continue to provide more infrastructure and programmes that would improve the economy and accelerate growth and development.

According to him, the council will continue to create opportunities for businesses of indigenes to thrive.

“We are determined to improve the well-being of the people and ensure that all tax payers enjoy the dividend of their contributions to our Commonwealth,” he said.

He, however, appealed to traders and business owners to pay their taxes to improve infrastructure

Adesanya also advised fish traders in the community to cooperate with the council by paying taxes.

“The fish market traders are not cooperating enough; they have refused to pay their taxes in the last four months.

“They are demanding for upgrading of facilities, but refused to pay tax that will be used to uplift the facilities.

“In spite of the token of N1, 200 they usually pay annually, they still don’t pay regularly. Such attitude is hindering development at the market arena,” the chairman said.

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New ECOWAS Chairman, President Buhari with his predecessor Faure Gnassingbe and President of Liberia, George Weah in Lome

Experts on Wednesday urged President Muhammadu Buhari to take his anti-corruption effort across the African continent to sensitise the member states of the Economic Community of West African States (ECOWAS) on the evil effects of corruption on societies.

An economist, Prof. Olanrewaju Olaniyan, the Director, Centre for Sustainable Development University of Ibadan and Mr David Olojede, a council member of Ibadan Chamber of Commerce and Industry made the call in an interview with the News Agency of Nigeria (NAN) in Ibadan.

Olaniyan however said among the things on the front burner for President Buhari to tackle in ECOWAS are the issues of corruption and accountability at the ECOWAS secretariat and also in individual countries that made up ECOWAS.

“Another thing that he should tackle is that of free movement of persons especially as it concerns the movement of herdsmen and their cattle; so as to check the insecurity challenge in Nigeria; though, there is a protocol in ECOWAS that allows herdsmen to move from Senegal across Mali, Burkina Faso, Ghana to Nigeria.”

The director also enjoined President Buhari to look into the issue of single currency by energising the West African Central Bank and ensure it come to fruition as it has been long overdue.

Olojede in his contribution urged the president to ensure Common Economic Tariff and also consolidate on economic integration, adding that it will boost income of member States if fully implemented.

“The common economic tariff is 20 per cent then we added the adjusted economic tariff which is 50 per cent meaning there is 70 per cent tariff on any goods in Nigeria.

“This implies the goods will be expensive in Nigeria and it will encourage smuggling, as people don’t want to pay 70 per cent tariff on goods in Nigeria.”

They however, urged President Buhari to improve on Nigeria’s infrastructure and provide required leadership in ECOWAS so that members clamouring for Morocco to join the community can believe in Nigeria.

President Buhari was  on July 31 in Lome elected the new chairman of the Authority of Heads of State and Government of the ECOWAS.

The president’s election was one of the highpoints of the 53rd Session of the Authority of Heads of State and Government of ECOWAS which held in the Togolese capital.

NAN also reports that on July 25, 2017, Buhari accepted his nomination to lead members of the African Union on anti-corruption crusade.

The President who has been in London since May 7 after leaving Abuja to see his doctors for follow-up medical checks gave the acceptance in a letter of appreciation addressed to President of Guinea, Alpha Conde.

Buhari was nominated by African leaders at the 29th Session of the Assembly of Heads of States and Governments of the AU in Addis Ababa, Ethiopia on July 4.

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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.

President Muhammadu Buhari was Tuesday in Lome elected the new Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS).
The President’s election was one of the high points of the 53rd Session of the Authority of Heads of State and Government of ECOWAS which held in the Togolese capital.
In his acceptance remarks, the Nigerian leader, who commended his colleagues for his election, noted that he did not offer himself for the post, “but you refused to take my no for an answer.”
He, however, told his fellow leaders that, “I am truly humbled and pledge to serve and work with all of you to deliver on peace, security, good governance and socio-economic development” of the sub-region, and “take our organisation to greater heights.”
President Buhari also commended his immediate predecessor and President of Togo, Faure Gnassingbe for successfully hosting two important meetings of the Joint Economic Community of Central African States (ECCAS) and ECOWAS as well as the 53rd Ordinary Session of the Authority of Heads of State and Government of ECOWAS.
The new Chairman had earlier been presented with the Emblem of ECOWAS by the outgoing Chairman, while the next meeting of the organisation will take place in Abuja on December 21, 2018.
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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.

The market indices of the Nigerian Stock Exchange  (NSE) commenced trading for the week on Monday on a bearish trend, dropping by 0.34 per cent.
The News Agency of Nigeria (NAN) reports that the market capitalisation shed N46 billion or 0.34 per cent to close at N13.499 trillion compared to N13.545 trillion posted on Friday.
Similarly, the All-Share Index dipped 125.91 points or 0.34 per cent to close at 37,266.86 against 37,392.77 recorded on Friday.
CAP recorded the highest loss to lead the laggards’ table, shedding N2.50 to close at N34.50 per share.
Forte Oil and PZ Industries trailed with a loss of N1.90 each to close at N27 and N17.10 per share, respectively.
UPDC REIT lost N1 to close at N9.00, while Custodian and Allied Insurance declined by 61k to close at N5.51 per share.
Conversely, Flour Mills led the gainers’ table during the day, gaining 90k to close at N29.90 per share.
UACN followed with a gain of 70k to close at N14, while NAHCO gained 37k to close at N4.08 per share.
Ecobank Transnational increased by 35k to close at N20.75, while Trancorp added 3k to close at N1.26 per share.
An analysis of the activity chart shows that Medview Air was active in volume terms, trading 100.01 million shares worth N198.38 million.
FBN Holdings followed with an account of 42.87 million shares valued at N445.84 million, while Transcorp traded 40.55 million shares worth N51.48 million.
Multiverse sold 20.89 million shares valued at N4.18 million, while Zenith International Bank transacted 16.61 million shares worth N398.49 million.
In all, investors bought and sold 303.48 million shares valued at N2.04 billion achieved in 3,402 deals.
This was in contrast with a turnover of 212.88 million shares worth N3.24 billion exchanged in 3,143 deals on Friday. LR News
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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.
President Buhari & President Cyril

The President of South Africa, Cyril Ramaphosa, will be visiting Nigeria’s President Muhammadu Buhari, to discuss bilateral and global issues among the two countries.

President Ramaphosa who has been invited by President Buhari is expected in the country from July 10-11, 2018.

During his visit, he will be participating in the 2018 Annual Meeting and 25th Anniversary Celebrations of the African Export-Import Bank (Afreximbank).

As the continent’s two largest economies, South Africa and Nigeria enjoy good political, economic and social relations formally established in 1994, immediately after South Africa’s first democratic elections.

While in Nigeria, it is expected that the two Presidents will discuss a wide range of bilateral, continental and global issues of common concern. Peace, stability and continental integration will feature prominently in their discussions.

Formal relations between South Africa and Nigeria have been conducted through the Bi-National Commission (BNC), established in 1999 as a structured bilateral mechanism to promote political, economic, social, cultural, scientific and technical cooperation between the two countries.

The BNC has over the years deepened and solidified the relations between the two countries, and laid the foundation for increased bilateral political and economic cooperation.

Bilateral cooperation has been enhanced over the years to the extent that there are thirty-four (34) signed bilateral agreements between the two countries which cover various areas such as arts and culture, education, agriculture, trade and investment, mining, defence, policing, immigration, taxation, science and technology, health, tourism, environment and energy amongst others.

South Africa and Nigeria also enjoy strong economic cooperation demonstrated by the increasing trade and investment flows between the two sister Republics.

For example, South Africa exported goods valued at R6, 4 billion in 2016 while Nigerian exports to South Africa totalled R30, 4 billion. In 2017, South African exports were valued at R5, 7 billion against R22, 8 billion imports from Nigeria. Nigeria enjoys a huge trade deficit due to the increasing South African importation of petroleum products.

There are over 120 South African companies currently doing business in Nigeria in various sectors, mainly in telecommunications, banking, retail, hospitality, mining, tourism, agriculture and construction and tourism. Some of the South African companies that have invested in Nigeria include MTN, Multichoice, Stanbic Bank, Shoprite Checkers, South African Airways, Sasol and Bon Hotels, to mention a few.

President Ramaphosa will be accompanied by the Ministers of Defence & Military Veterans; Energy, Police and Deputy Minister of Trade & Industry.

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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.

The Federal Government says it will shut down the land border between Nigeria and a neigbouring country in a few days time to avoid smuggling of foreign rice into the country.
Chief Audu Ogbeh, the Minister of Agriculture and Rural Development, made the disclosure in Abuja on Monday while speaking with youths in a leadership clinic under the auspices of Guardians of the Nation International (GOTNI).
Ogbeh who did not mention the particular country and border, said that shutting the borders had become necessary to encourage local production and sustain the economy of the country.
The minister said that a neighbouring country was bent on destroying the economy of the country and discouraging local production of rice, hence the need to shut down the border.
“Our other problem is smuggling.  As we speak, a neighbor of ours is importing more rice than China is importing.
“They do not eat parboiled rice, they eat white rice, they use their ports to try and damage our economy.
“I am telling you now because in a few days, you will hear the border has been shut, we are going to shut it to protect you, us and protect our economy.
“You will start seeing all sorts of negative things on the internet.
“Let me tell you why we need to shut the border, I grow rice, I was the first Nigerian to mill rice free of stones, if you plant rice in certain parcels of land, some poisonous materials gets into the rice.
“There are three kinds of water in their natural state; there is fresh water from the river, salt water from the sea, blackish water.
“If you go to the Delta in many countries, in South East Asia where they grow the rice, if you plant rice in the same place like four to six years continuously, the quantum of arsenic begins to increase and arsenic causes cancer and that is what they are dumping for us.
“Some people say they prefer Thai rice because they are very sophisticated, welcome to poison,’’ Ogbeh said.
He said that the Federal Government in two years reduced rice importation by 95 per cent and increased the number of rice farmers from five million to 30 million.
The minister said that states like Anambra, Ebonyi, Kebbi, Kano, Jigawa were doing well in rice production.
“We just have to handwork you to prosperity otherwise, this country will not grow. My wish for you is to have a better time that we had,’’ Ogbeh said.
The President of GOTNI, Dr Linus Okorie, commended the minister for sharing prosperity experiences with the youth.
Okorie noted that the leadership clinic was organised by GOTNI to expose young people to practical leadership principle for life success.
According to him, GOTNI is committed to changing the narratives of poor leadership in Nigeria by consciously developing the capacities of generational leaders.
“A lot of young people are asking questions, seeking answers to their questions, wish that they have an experienced person who will hold them by the hands and show them the way to achieve success.
“There are a few people that are readily available to do this; a lot of them are making decisions everyday on the basis of their limited exposure.
“If Nigeria must make progress, if we must consciously build the next generation of leaders then, we must expose these young people to experienced leaders that have gone ahead for a conscious transfer of knowledge and experiences,’’ he said.
Some of the youths who spoke at the meeting called for continuous mentorship from leaders, access to finance and low interest rates to assist them in businesses.
GOTNI is a non-profit youth leadership capital development organisation with a passion to nurture various categories of young people under 40 years of age, into transformational leaders. LR News
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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.
The Permanent Secretary, Federal Capital Territory (FCT), Chinyeaka Ohaa, has said that the coming into operation of the Abuja Light Rail service would accelerate FCT economy by boosting investments and creating job opportunities.
Ohaa gave the assurance on Thursday in Abuja when he led directors and management staff of the Administration on an inspection of the 78km Abuja Light Rail.
He reaffirmed FCT Administration’s commitment to ensuring that the Mass Transit service was inaugurated in a matter of weeks.
According to him, already the FCT Administration has written to the Presidency for a convenient date for its inauguration.
“The benefits of the project include the potential for over 20,000 jobs, aside boosting the economic fortunes of the Territory.’’
He said the Abuja Rail project which started in 2009 would help to curtail drastically traffic congestion in the nation’s capital city.
Ohaa added that all the necessary infrastructure and human personnel have been put in place for a successful event.
The News Agency of Nigeria (NAN) reports that the tour of the project from the Metro Station up to the Airport Terminal station up to Kubwa station showed that about 98 per cent of the work had been completed.
The permanent secretary, who described the project as a new experience in Africa, added that he wasimpressed with the level of work done so far.
He further revealed that the facility has ample escalators and lifts for physically challenged and adequate security devices for protection of passengers.
Ohaa said that both President Muhammadu Buhari and FCT Minister have shown tremendous commitment to ensure the Abuja Rail Mass Transit comes on stream while calling on residents to own the project. LR News
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