By Modupe Gbadeyanka
The Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has promised to sustain the tax revolution in Lagos State.
The tax administrator gave this assurance last Friday at the New Telegraph Awards 2022 held at the Balmoral Convention Centre, Federal Palace Hotel, Lagos.
At the event, he was bestowed with the Most Innovative CEO of the Year Award by the newspaper for his giant strides at the agency since he was appointed as the head.
Mr Subair, who dedicated the award to his late father, the governor of Lagos State, the management and staff of LIRS, emphasised that the organisation would “continue to double our numbers so that we have enough funding to sustain the development of our dear state.”
He thanked the “organisers of this great award, including the publisher and management of New Telegraph,” for finding him worthy of the honour.
“I want to say thank you for recognising LIRS as being the most innovative and very strategic agency. We know we have to be on top of our game so that we can generate enough revenue for this wonderful state,” he stated.
The LIRS chief further said, “I am very happy to receive this award. It is the recognition of all the hard work we’ve been doing at the LIRS. This award encourages us to strive to improve our innovation.”
“The LIRS is hinged on technology, and anybody who wants to make any headway in tax administration has to embrace technology. So, it’s our joy that we are being duly recognized as the foremost agency in that direction,” he noted.
According to the New Telegraph Newspapers, Mr Subair was honoured for his landmark strides since he became the LIRS Executive Chairman in 2016, as he has been able to implement strategic innovations as well as double the initial revenue generation from N240 billion to N427 billion with his astute knowledge and experience in accounting and taxation.
Driving the tax revolution at the LIRS, other Mr Subair’s achievements, according to the newspaper, include the introduction of eTax in 2019, the launching of the whistleblowing initiative (2022), staff reforms and welfare upgrades (from 2017 till date), the introduction of the IBILE HUB Initiative (2021), Technology driven Operational Reforms in LIRS formed in 2022, where an Intelligent Unit- a team of undercover administration specially trained in information gathering and intelligence reports to provide information on all taxpayers in Lagos State and to ensure the agency has adequate information for appropriate profiling to expose tax defaulters.
Others are the establishment of the LIRS Service Charter (2021), the introduction of Automation of collection of consumption taxes (2017-2018), the inauguration of the Joint State Revenue Committee (JSRC) in 2021 as well as becoming the agency with the Highest Generated Revenue amid Covid-19 pandemic in 2020.
Business Post gathered that the New Telegraph Awards 2022 was attended by several dignitaries, including the Vice President, Prof. Yemi Osinbajo; the presidential flagbearer of the All Progressives Congress (APC), Mr Bola Tinubu; his PDP counterpart, Mr Atiku Abubakar; and the Governor of Lagos State, Mr Babajide Sanwo-Olu; among others.
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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN’s Richard Quest and Christiane Amanpour.
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By Dipo Olowookere
The sale of treasury bills conducted by the Central Bank of Nigeria (CBN) on Wednesday, November 23, 2022, was oversubscribed by investors, thanks to the one-year instrument.
According to details of the exercise obtained by Business Post, the 364-day bill was the most attractive to traders during the session.
The central bank went to the market with N139.9 billion worth of the tenor but received subscriptions valued at N345.2 billion as a result of its attractive rate, which is closer to the benchmark interest rate.
It was observed that the bank allotted N199.9 billion worth of the 12-month instrument at the close of business, with the stop rate clearing at 14.84 per cent, 0.85 per cent higher than the 13.99 per cent offered in the preceding exercise, which was two weeks ago.
Several analysts had predicted that the CBN would increase the stop rate of T-bills yesterday as a result of the raising of the Monetary Policy Rate (MPR) by 100 basis points to 16.5 per cent and inflation hitting 21.09 per cent in October 2022, according to the National Bureau of Statistics (NBS).
A look at the other two maturities offered for sale during the primary market auction (PMA) on Wednesday showed that the stop rates were unchanged.
It was also observed that the tenors were undersubscribed by investors, ostensibly due to the low stop rates of the bills.
The apex bank auctioned N32.3 billion worth of the 91-day instrument yesterday but received bids valued at N12.0 billion, with N11.7 billion sold at 6.50 per cent.
Also, the central bank offered for sale N41.3 billion worth of the 182-day bill to traders during the session and got subscriptions worth N3.1 billion, with N1.8 billion allotted at 8.05 per cent.
By Adedapo Adesanya
Nigeria’s economic growth slowed in the third quarter of 2022, according to data released by the National Bureau of Statistics (NBS) on Thursday.
The NBS said between July and September 2022, the gross domestic product (GDP) of the country grew by 2.25 per cent year-on-year, the slowest growth since the COVID-19 pandemic.
According to the NBS, the slow growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.
The Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded in Q3 2021 and 1.29 per cent points relative to 3.54 per cent in Q2 2022.
The oil sector declined by 22.67 per cent (year-on-year) as of Q3 2022, indicating a decrease of 11.94 per cent points relative to the rate recorded in the corresponding quarter of 2021.
On the other hand, the non-oil sector grew by 4.27 per cent in real terms during the reference quarter (Q3 2022). This rate was lower by 1.18 per cent points compared to the rate recorded same quarter of 2021 and 0.50 per cent points lower than the second quarter of 2022.
Growth in the non-oil sector was driven mainly by Information and Communication (Telecommunication), Trade, Transportation (Road Transport), Financial and Insurance (Financial Institutions), Agriculture (Crop Production). and Real Estate, accounting for positive GDP growth.
In terms of contribution to GDP, the non-oil sector contributed 94.34 per cent to the total GDP, an increase from 93.67 per cent recorded in the previous sector, while the oil sector contributed 5.66 per cent to the aggregate real GDP for the period.
By Adedapo Adesanya
Nigerian startup, Pivo, which helps freight carriers get paid faster by providing banking services and digital invoicing tools that track payments, has closed a $2 million seed round.
This is in addition to a $550,000 pre-seed round it raised earlier this year.
The startup, which was part of Y Combinator’s S22 batch, counts Precursor Ventures, Vested World, Y Combinator, FoundersX and Mercy Corp Ventures as its investors in this round.
In a statement, the company said it intends to use the financing to upgrade existing products, build new ones, hire talent and expand outside of Lagos, its first market and other African countries, particularly in East Africa.
The firm, founded by Mrs Nkiru Amadi-Emina and Mrs Ijeoma Akwiwu in July 2021, provides financial services — credit, payments and expense management — to SME vendors within large manufacturing supply chains.
Pivo leverages manufacturing supply chain relationships and deploys financial services to the SMEs within them, mostly truckers in this instance.
The credit play of its platform, Pivo Capital, serves as an early payment alternative for truckers and allows logistics companies to deal with any upfront costs — such as diesel and driver’s allowance — typically incurred during operations. Pivo Business, its payments reconciliation arm, helps these small businesses to facilitate payments via peer-to-peer transfers and track payments with debit cards with spend controls.
“After our pre-seed raise of $550,000 early in Q1 of this year, we launched a new product, Pivo Business, with features that supply chain SMEs can use to achieve better cash flow,” the company said.
The transaction volume of Pivo Business accounts grew by over 400% between April and September. With this funding, we intend to build on existing products and develop solutions for supply chain anchors.”
The freight carrier–focused digital bank currently serves about 500 SMEs as direct customers and makes revenue by charging interest on capital and fees on payments processed.
Mrs Amadi-Emina said Pivo Capital has disbursed over $3 million to SMEs and currently records a 98 per cent repayment rate while transaction volume on Pivo Business grew over 400 per cent between April and September this year. The startup has registered a total volume of $4.7 million from July to date.
On his part, Mr Daniel Block, Investment Principal at Mercy Corps Ventures, alluded to that experience when commenting on their reason for investing in the startup.
“When we initially invested last year, we believed that the founders’ deep logistics industry expertise and commitment to unattended supply chain SMEs would enable Pivo to rapidly carve out a deep moat in the competitive fintech lending space. As Pivo launches additional products to graduate from a pure fintech lender to a full-fledged financial services platform, we are excited to see the company deliver a full suite of financial services specifically designed for the needs of the unattended supply-chain sector SMEs they serve.”
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LIRS Chief Vows to Sustain Tax Revolution in Lagos – Business Post Nigeria