Business
Despite volatility of Nigerian currency, Dangote remains Africa’s richest man
Despite volatility of Nigerian currency, Dangote remains Africa’s richest man
President of Dangote Group, Aliko Dangote, remains the richest man in Africa, despite the volatility of Nigerian currency against the dollar, according to Bloomberg Billionaires Index (BBI).
Bloomberg, in its daily top billionaire lists released on Tuesday, revealed that Dangote with a wealth of $15.6 billion topped other Africans in the Index.
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Other Africans listed in the latest top 500 world billionaires for the year 2023 include Johann Rupert and family of South Africa, now worth $13.3 billion, while Nicky Oppenheimer of South Africa, Nassef Sawiris of Egypt, Natie Kirsh of South Africa, and Naguib Sawiris are also worth $9.0 billion, $7.47 billion, $7.37billion and $5.93 billion respectively. These are the only five other Africans that made the list.
Ellon Musk and Bernard Arnault are the top two richest in the world with $219 billion and $194 billion, respectively, in their kitties, while Jeff Bezos and Bill Gates followed respectively with $151 billion and $130 billion. Larry Ellison was the fifth richest with $130 billion on the world’s billionaires’ chart.
Despite volatility of Nigerian currency, Dangote remains Africa’s richest man
(vanguard)
Auto
Cash rain at Toyota Nigeria Awards as Nestle, Zenith, Roxcon win big (+ photos)
Cash rain at Toyota Nigeria Awards as Nestle, Zenith, Roxcon win big (+photos)
Toyota (Nigeria) Limited (TNL) on Friday, May 17, 2024, named Nestle Nigeria Plc as winner of its prestigious Evergreen Customer Award for the Year (2023).
The company emerged winner among the teeming Toyota customers, having purchased the highest cumulative number of new Toyota vehicles consistently within a five-year period (2019 – 2023) from the TNL accredited dealers.
As the Evergreen customer, Nestle was rewarded with office equipment worth about N10 million, which was announced by the Chairman of Toyota Nigeria Limited, Chief Michael Ade.Ojo, at a well attended ceremony held in Lagos to celebrate the customers.
Nestle also won the Best Customer of the Year award, being the customer with the highest purchase of Toyota vehicles from the TNL dealers in 2023. It also went home with a cash award of N5 million.
Roxcon Nigeria Limited and Zenith International Bank received N3 million and N2 million respectively for emerging first runner-up and second runner-up in the 2023 TNL customers purchase assessment.
Ade.Ojo congratulated the winners and thanked them for their loyalty to the Toyota brand and Toyota (Nigeria) Limited’s superior quality products and after-sale support.
Even as he urged others to take a cue from the winners, he announced that next year’s winner of the biggest award, the Evergreen, would go home with a brand new Toyota vehicle.
The Managing Director of Toyota (Nigeria) Limited, Mr. Kunle Ade-Ojo, in his address at the event, spoke on the big idea behind the annual awards.
He said, “At Toyota (Nigeria) Limited, the philosophy of ‘Customer First’ remains the focal point of all our activities. Therefore, at every opportunity, we like to recognize and acknowledge our customers’ overwhelming love and support for us, which has been our driving force over the years.
“Your unwavering patronage of the Toyota brand and unshaken loyalty to it have been awesome.”
The MD said that the company had consistently held the awards every year since the inaugural edition in 2005 but only suspended it during the COVID period.
“We thank you for staying with us throughout the difficulties brought about by the pandemic,” he added.
Notwithstanding the economic challenges confronting business organisations in Nigeria, Ade-Ojo expressed the determination of the TNL team “to maintain our culture of providing superior quality products and services to our esteemed customers.
“We will continue to avail you of models that meet your specific needs supported by robust after-sale services.”
He commended the vision of the company’s Chairman, Chief M. Ade.Ojo, affectionately called Mr. Toyota, whose foresight and tenacity, he said, had changed the face of the automobile industry in Nigeria.
Business
Over 60% firms, individuals not paying tax, says LCCI president, warns against overtaxing
Over 60% firms, individuals not paying tax, says LCCI president, warns against overtaxing
President and Chairman of Council, Lagos Chamber of Commerce and Industry LCCI, Gabriel Idahosa, has cautioned against the multiplicity of taxes by the Federal Government, saying the development was not good for the economy. Speaking on an Arise television show monitored in Abuja, Idahosa said it was not possible to begin to raise money for every little thing in government.
He said the federal government should instead increase the capacity of the Federal Inland Revenue Service FIRS to collect taxes, noting that not up to 40 percent of taxable persons and organizations were taxed. According to him, the countries that are most efficient in tax collection are the countries that have the minimum number of taxes.
His words: “It is not really possible to begin to raise money for every little thing in government. To levy for cyber security, industrial training, insurance, levy for police trust fund and others, the whole approach in recent times of trying to put levy on everything is simply not the way to manage public finance in any country.
“The business of raising revenue for government is assigned to a specific organization in government which is the Federal Inland Revenue Service FIRS in the case of Nigeria. It is the business of the FIRS to get revenue for all the services of the Federal Government of Nigeria. The countries that are most efficient in tax collection are the countries that have the minimum number of taxes.
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It has been established during the time of the Taiwo Oyedele Tax Reform Commission that some of the levies and taxes that you create does not translate into significant increase in revenue and in any country, the agencies in charge of activities like these, whether it is high level intelligence or security, are funded from the budget of the country and the way they are funded usually is not a matter for public conversation. Nobody exposes the way the intelligence agencies of countries are funded.
“The technical issue of whether the Act was correct or not is minor. The big issue is should government of Nigeria encourage all agencies to be coming with all manner of levies for every single thing. You want something on health and you have a levy, in security you have a levy etc. That should be the more important conversation, that there should be a concerted effort to increase the capacity of the FIRS to do the job of revenue collection.
As we speak, not up to 40 percent of taxable persons are taxed. The first thing to do is to bring all taxable people into the net and then tax them accordingly. You don’t even need to raise the tax. More than 60 percent of taxable organizations and individuals are not paying tax. That should be the focus. The first level of taxation is identity. Identify economic actors at all levels right to the remotest villages.
The capacity of the FIRS to reach tax payers across the country was not built over time but with the dwindling of oil revenue, that capacity has been increased. You are beginning to see FIRS offices in several parts of the urban areas and state capitals but more than 60 percent of Nigerian businesses are not in the urban areas or state capitals. Any country that wants to collect tax, has to go very granular. Businesses that exist in every village must be taxed and that is where the FIRS is moving slowly but steadily”, he stated.
Over 60% firms, individuals not paying tax, says LCCI president, warns against overtaxing
Aviation
FAAN begins sale of e-tags at airports
FAAN begins sale of e-tags at airports
The Federal Airport Authority of Nigeria (FAAN) on Friday commenced the sale of electronic tags (e-tags) at airports.
The initiative, it said in a statement, was in line with the presidential directive that mandating the use of e-tags for accessing the nation’s federal airports.
“Following the presidential directive that all citizens are mandated to pay for e-tags at all the 24 federal airports across the country, we wish to inform the general public that the e-tags are available for sale from Friday, 17th May, 2024 at the following locations,” FAAN said.
“Lagos: Murtala Muhammed International Airport Lagos, Terminal 1, 5th Floor) Office of HOD Commercial. Contact: 08033713796 or 08023546030.
“Abuja: Nnamdi Azikiwe International Airport, HOD Commercial Office (General Aviation Terminal) Contact: 08034633527 or 08137561615.”
FAAN however said there would be an option to pay in cash at the access gates for motorists without e-tags.
On May 14, Minister of Aviation and Aerospace Development, Festus Keyamo, announced that everyone, including the President and Vice President, would pay tolls at the airports.
Keyamo said the government was losing over 82 per cent of the revenue it should have earned from the access fee.
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