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Reps Amends Finance Act, Includes Levies on Non-Alcoholic Drinks

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The House of Representatives Committee on Finance has resolved that it will amend the Finance Act to include levies on all carbonated and non-carbonated drinks.

The Committee made the resolution on Monday at the interactive session on the 2022-2024 Medium-Term Expenditure Framework (MTEF), holding at the National Assembly, Abuja.

This followed the plea by the Comptroller-General of Nigerian Customs Services, Hameed Ali, that all beverages companies should be made to pay levies.

Mr. Ali, while responding to a question of levy on non-alcoholic drinks, said he had been advocating that non-alcoholic drinks be re-excised.

According to him, non-alcoholic drinks are as harmful as alcoholic beverages, noting that there is a 30 percent excise levy on alcoholic drinks.

“On several cases, I have made submissions. My chairman (Leke Abejide, the Chairman House Committee on Customs & Excise Duties) is aware that I have been on this battle that we should re-excise the companies that were de-excised in 2019.

“What we have been fighting for is that if alcohol beverages and tobacco are injurious to our health and that is why the government decided to tax them, the carbonated drinks are equally injurious to our health and they should be taxed.

“I have sung this song for many years now, Coca-Cola is producing in this country and it is not being taxed. There is nowhere you go in the world that Coca-Cola is not paying tax to its host country, but Coca-Cola in this country is not paying anything because of the government’s unwillingness to re-excise those companies. For us, we have been battling for it, and I hope that one day, we will start collecting,” Mr. Ali said.

Responding to the demand of Mr. Ali, the Chairman of the House Committee on Finance, James Faleke, said the committee will consider amending the Finance Act along the line of argument of the Customs CG.

“We will be considering……..I am sure that the federal government will be coming up with the 2022 Finance Bill. There is a need for us to look at the possibility of charging excise duty on all drinks manufactured in this country, this is on all drinks, carbonated and non-carbonated.

“Carbonated is already part of the Finance Act, but companies cannot be operating and making huge profits. We are talking about excise….I am sure they are paying their income tax, but in terms of production tax…..even non-alcoholic are injurious, if you drink too much it is a wahala (problem). You will just be consuming sugar,” he said.

Also making a case for the levy on beverages, Mr. Abejide said the government needs to commence the implementation of the carbonated drinks levy.

He said the full implementation of the law would increase the revenue generation of Customs.

“Customs is doing well, and I am happy. This Finance Act that we passed in 2020, we should try and start making it work for carbonated drinks. It is already there as a law. Customs should partner with the ministry of finance so that they will get the approval in order for them to start collecting so that they can act and start collecting, If we implement that Act, it will be very easy to collect. Even if it is not up to N2.5 trillion, at least they can cross it,” Mr. Abejide said.

The Customs CG also blamed the lack of scanners at major ports for the smuggling of goods. According to him, agents connive with importers to devalue goods to reduce the percentage of duties.

“To be frank, apart from vehicle smuggling, most of the smuggling —evasion of duties — happens at the port because we do not have scanners and which means we cannot inspect every container and know the content,” Mr. Ali said.

“With due respect to stakeholders, most of our traders in conjunction with clearing agents always try to devalue the goods that are imported and therefore reducing the percentage. But if we have scanners…. I thank God very soon we will be deploying three major scanners at the major ports. That will help us tremendously to be able to reduce to the barest minimum the extent of smuggling. Because you have a company bringing 50 containers, you hardly can inspect all those and also we are mindful of the ease of doing business.

“Mr chairman, I assure you that now that the scanners are almost at our shores, once we deploy them I believe that we will realise the increment in terms of revenue.”

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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