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AMCON Engages Asset Tracing Experts for Debt Recovery

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AMCON

As part of its aggressive debt recovery drive, the Asset Management Corporation of Nigeria (AMCON) has engaged the services of asset tracing experts to help recover assets from its debtors that have investments outside the country.

Managing Director/Chief Executive Officer, AMCON, Mr. Ahmed Kuru, who said this in response to enquiry from THISDAY on how the corporation had been handling cases of debtors that have assets outside the country, said the corporation engaged the services of lawyers outside the country to help it carry out the task of assets tracing.

“You know gradually, the world has become a global village. What you need to do is that once you have a local judgement, you engage a lawyer that will go and file the case over there. That is why in some of our cases, we do assets tracing.

“And because over there, they are familiar with what happens here, once you have a local judgement, we engage a lawyer outside to file it in the court over there and they give us access to what we need. You see, these people outside, they know what is happening here because they have people that report to them regularly. So, we follow the law, we appoint lawyers and get those assets,” Kuru explained.

The AMCON boss said President Muhammadu Buhari is passionate about the recovery effort in AMCON. This, according to him is because the president doesn’t want the burden of AMCON’s debt to be passed on to ultimately taxpayers in the country.

He added: “The president is very keen that it doesn’t become the taxpayers’ responsibility. That is why the government is giving us all the support they could to ensure that we achieve our objective.

“We thank the judiciary for their support because whatever we do, we have to go to the judiciary because we are a law abiding organisation. Quick dispensation of justice is also very key when it comes to the future value of money. We appreciate the effort we get from the EFCC, Nigeria Police Force, the NNPC, the Central Bank of Nigeria and the Ministry of Finance.”

Speaking on the economy, he faulted the rebasing of the country’s Gross Domestic Product (GDP) that was done by the previous administration, saying if the economy was growing at about seven per cent, “for anything to shake the economy, it must be volcanic eruption.”

Therefore, Kuru argued that “all those were figures they were just throwing all over the place.”

According to the former Enterprise Bank boss, an economy can’t just collapse because there was a change in government.

As a nation, we must address the governance issue, he said, adding that if we don’t build institutions, if we don’t support governance structure and if we don’t remove impunity in Nigeria, “you can bring anybody from Wall Street, World Bank, London Stock Exchange, etc, and they would fail because there is no institution to support what they want to do.”

“And I think we must all support government to help in building institutions because no matter the economic permutation, if you don’t have institution to execute and support those policies, you will still have to go back and be talking about same thing. So, we have to be patriotic and see how we can support government. So, we need to re-orientate ourselves and see how we can help each other to grow the economy,” he said.

According to him, Nigerians have not considered what would have happened after the 2008/2009 financial crisis if the intervention of AMCON did not take place.

He said by the intervention by AMCON, the government was able to protect financial assets of almost N9.1trillion, saying that if they had allowed the crisis to affect the financial institutions, depositors would have lost money in excess of N4trillion.

“This is aside the unemployment that would have happened, the social unrest and a lot of other things. So, whatever you may lose on the financial side, obviously there are lots of gains on the social side. Primarily, AMCON was set up to provide liquidity to the financial sector, to provide financial stability and also support some of the businesses that are in the key sectors of oil and gas, power and agriculture.

“From our own perspective, I think that objective has been achieved because we were able to come out of that financial crisis due to the intervention. For us, we consider that as the first phase of the intervention and the first phase of the life of AMCON,” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Netflix Increases US, Canada Subscription Fees…Nigerian Subscribers To Suffer Same Fate

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With the increase in inflation rates and the unstable foreign exchange, Netflix is likely to hike its subscription fee in Nigeria.

This is following the latest increase in its subscription fee in the United States and Canada, effective immediately for new subscribers.

Usually, when the inflation rate rises, prices of goods and services also increases, and consequently, banks raise their interest rates as well to cope and maintain their profit margin.

In the U.S., subscribers to Netflix’s basic plan, which allows for one stream on one screen at a time and does not have HD streaming, will now be charged $9.99 a month, up from $8.99.

The standard plans, which allow for users to stream on two screens at the same time now costs $15.49 per month, an increase from $13.99, while premium plans have also increased to $19.99 a month.

Investors King gathered that this is the third time Netflix will raise its prices in three years and the first since October 2020 for streamers residing in the U.S. and Canada.

Presently in Nigeria, Netflix’s subscription rate ranges from about  3,300 to about 5,800 per month.

Investors King recalls that Netflix, in 2020, officially launched its presence in Nigeria and since its launch, the streaming company has dominated Nigeria’s relatively new video-on-demand market with some hit movies and web series like King of Boys, Òlòtūré, Citation, Lionheart, Namaste Wahala, among others.

Today, Netflix has over 151 million paying subscribers in more than 190 countries.

Meanwhile, the Federal Government of Nigeria is making plans to force international social network services and digital platforms to register and open offices in Nigeria.

This means that media services, social media platforms and digital streaming platforms like Netflix and the others must register and pay tax in Nigeria and register with the National Broadcasting Corporation (NBC).

This move, according to the government, is to ensure that all these platforms register with the NBC, apply for a broadcasting license and pay tax.

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NLNG Halts Cooking Gas Export, Directs All Sales to Local Market

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The Nigerian Liquefied Natural Gas (NLNG) Limited has suspended cooking gas export to prioritise the local market by supplying 100 percent of its propane and butane (cooking gas) products to Nigerians.

Before now, “Nigeria LNG Limited supplied LPG (Liquefied Petroleum Gas) both to the Nigerian and international markets. With the decision of the Board of Directors, all of the company’s LPG production will be delivered to the domestic market.”

In its statement, the NLNG said it had designed a scheme to sustainably supply LPG (butane and propane) for usage in cooking gas blending as well as in agro-allied, autogas, power and petrochemical sectors of the Nigerian economy to improve gas utilisation in Nigeria.

The initiatives were designed to increase LPG availability in Nigeria, diversify its uses and support the Federal Government’s Decade of Gas initiative, NLNG Managing Director and CEO, Dr Philip Mshelbila said.

Committing 100 per cent of Nigeria’s LPG supply is a major milestone in NLNG’s journey of domestic gas supply, he said, adding “We supplied our first butane cargo into the domestic market in 2007, which helped to develop over the years the LPG industry in Nigeria from less than 50,000 tonnes to over 1 million tonnes market size annually by the end of 2020.

“In 2021, we increased our LPG supply commitment from 350,000 metric tonnes (or 28 million 12.5kg cylinders) to actual delivery of 400,000 metric tonnes (or 32 million 12.5kg cylinders) thereby directing most of our production into the domestic market.

“But this was not enough for NLNG, hence this commitment to do all that we possibly can and supply 100 percent of our LPG production to the domestic market.”

With recent talks of going green, by reducing harmful emissions which cause global warming, Mshelbila noted that gas is the cleanest of the fossil fuels, and an essential energy source the Nigerian market needs to be reckoned with during this energy transition period.

“Other countries are revolutionising their energy industry to cut down on carbon emissions drastically. Nigeria should not be left out in this drive, considering its abundant gas resources.

“Gas is essential for life and living at the moment, because it can support everything we will need to develop our economy and create better living standards for Nigerians. We need to change the narrative, and NLNG is being pragmatic about it,” he said.

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FCT-IRS Encourages Taxpayers, Businesses to File 2021 Tax Returns Before Jan 31, 2022

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Company Income Tax (CIT) - Investors King

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has said all employers should file their tax returns for the previous year and submit them before January 31, 2022.

It called on taxable persons working under the Ministry Department and Agency of the government, private firms and self-employed persons resident in Abuja, to fill and sign form A which is the income declaration form.

According to a statement issued by the Service Corporate Head of Communications, Mustapha Sumaila, all tax returns should be submitted through any of the service’s tax offices across the territory.

Employers were asked to also file Employer’s Annual Declaration and Certificate– form H1 and form G, disclosing all emoluments paid to its employees resident in Abuja for 2022.

These documents as required by the law must be submitted before January 31, 2022, the stipulated deadline.

The tax agency, however, stated that the deadline for individual taxpayers is March 31, 2022.

“In compliance with section 41 of the Personal Income Tax Act (PITA) 2011 (as amended), all taxable persons, resident in the FCT are required to file annual returns of all incomes from all sources for the year ended December 31, 2021 and within 90 days from the commencement of the year (i.e between 1st January 2022 and 31st of March 2022, using the prescribed form A,” the statement read.

FCT-IRS noted that all defaulters will be penalized as it frowned at the refusal to prepare the tax returns files or late submission, adding that the agency would apply the laws where necessary.

It, therefore, called on agents–employers and individual taxpayers to do the needful and submit their returns promptly.

Appealing to Abuja residents to ensure compliance, it reminded them that payment of tax is their civic responsibility and no taxable person should be left out.

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