Business

Lagos Approves 15% Discount on Land Use Charge

Published

8 years ago

March 23, 2017

Lagos Approves 15% Discount on Land Use Charge

The Lagos State Government Wednesday approved 15 percent discount for all owners of properties in the state, which would pay their land use charge between now and April 14.

The state government said it would inaugurate Ajah Flyover before May 29, revealing the plan to remove three more roundabouts in Lekki-Ajah corridor to ease vehicular movement.

The state governor, Mr. Akinwunmi Ambode, disclosed the plan to remove three additional roundabouts at the State House, Alausa where he received the Managing Director of Chevron Nigeria, Mr. Jeffrey Ewing and other top management staff members of the oil giant.

Ewing visited the State House alongside the General Manager, Policy, Government and Public Affairs, Chevron Nigeria Limited, Mr. Esimaje Brikinn and General Manager, Deep Water, Chevron Nigeria Limited, Mr. Lanre Kalejaiye, among others.

However, in a statement by the Ministry of Finance yesterday, the state government said it had extended the discount window for the payment of land use charge till April 2017.

He noted that the discount window would allow Lagos residents to further enjoy the discount of 15 per cent, noting that prompt payment of land use charge would make the state excel and its residents enjoy laudable programmes.

He urged residents to desist from payment of tenement rate and ground rent as section 22 of the State Land Use Charge Law, warning that late payment or non-payment of land us charge on an annual basis “would attract accrued penalties and accumulation of arrears.”

It, also, urged all property owners in the state “to take advantage of the extended discount window and ensure payment is made on or before April 4 in order to encourage the government in the delivery of services to the general public.”

When visited by the managing director of Chevron Nigeria, Ambode disclosed the plan to remove three roundabouts along Lekki-Ajah axis from next week in order to solve the challenge of traffic congestion that had become intractable along the corridor.

He added that the action was in line with the resolve of government “to totally eliminate traffic in the axis. The affected roundabouts are Igbo Efon, Chevron and Third roundabouts.”

He explained that the state government had tried as much as possible “to improve on the business environment. The state government would continue to invest in security and infrastructure to make life comfortable for residents and investors.

“We have tried to improve services within the state. The area of operation of Chevron which is the Lekki axis is not left out. Few weeks back, we improved on the traffic management towards that axis. We believe the move would also enhance productivity of the people.”

He ascribed the resolve to remove three additional roundabouts along Lekki-Ajah axis to the impact of the elimination of the first set of roundabouts had, noting that the state government would begin eliminating three roundabouts next week.

“From next week, we will commence the elimination of additional three roundabouts in the axis most especially Chevron, Igbo Efon and Third Roundabout. We believe doing that will totally eliminate traffic in that axis and we hope to also open the Ajah Flyover before the end of May,” Ambode said.

He said the essence of any government “is to create the enabling environment for businesses to thrive,” assuring that he would continue to do his best to provide safe and sound environment.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Business

How Public-Private Partnership Projects Attracted $500m Investment – FG

Published

1 day ago

September 19, 2024

Bassey Marshall

Public-private partnership (PPP) projects appear to be of great benefit to Nigeria, particularly within the last year.

Within this period, these projects have attracted over $500 million worth of investment, according to the Infrastructure Concession Regulatory Commission (ICRC).

The Director-General of the ICRC, Dr. Jobson Ewalefoh made this known during his courtesy visit to the Minister of Interior, Hon. Olubunmi Tunji-Ojo.

During the visit, Ewalefoh felicitated with Dr. Tunu-Ojo as the latter was honoured with the PPP Icon Award.

According to him, the $500 million in investments through various PPP projects wouldn’t have been possible without Dr. Tunji-Ojo.

To ensure compliance with statutory requirements, Ewalefoh detailed that the commission will carry out a performance audit of all PPP projects

To him: “We have mechanisms in place to begin auditing PPP agreements, not to terminate them but to optimize them for national benefit. Compliance with the insurance policy is key to protecting our national assets under these partnerships.”

Minister Ojo received praise from Dr. Ewalefoh for his efforts in revenue generation and the continuation of abandoned projects.

Ewalefoh revealed that the past year has the highest number of PPP projects presented to the Federal Executive Council (FEC), a development he attributed to the efforts of the Ministry of Interior.

On the other hand, Minister Tunji-Ojo said the government is more focused on fostering private-sector participation.

To him, this will help bridge resource gaps and create a conducive environment for investments.

Key PPP initiatives within the Ministry include the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System, as detailed by the minister.

Minister Ojo signifies that the $500 million investment recorded in the past year is just the beginning of the many benefits of the PPP initiative.

Business

Makinde Moves to Make Ibadan South-West Business Hub With N41bn Ibadan Airport Upgrade

Published

1 day ago

September 19, 2024

Ugwoke Ogbodo

With a view to making Ibadan, the Oyo State capital the business hub of South West region, Governor Seyi Makinde has officially flagged off the N41bn upgrade of the Ibadan airport, renamed Samuel Ladoke Akintola Airport.

Speaking at the the ground-breaking ceremony for the project held at the airport premises in Ibadan, Makinde said his administration is focused on eradicating poverty in the state saying tye airport is an investment in the future.

Disclosing that the project is expected to be completed within a year, the governor noted that the project has been prioritised by his government since 2019, emphasising his commitment to transforming Ibadan into a regional business hub in the Yoruba region.

The governor stressed that the vision of his administration is fighting poverty and not the poor, admitting that there is hardship in the country of which the project, when completed, would partly contribute in tackling.

Governor Makinde posited that the airline initiative would enhance transportation and attract businesses, tourists, and investors to the region.

For the governor, the upgrade would facilitate modern touch to the airport, of which is essential for connecting the state to the global economy and drawing economic activities to Oyo.

According to him, the airport upgrade will cost N41 billion and that it is expected to enhance air travel operations and provide a reliable transportation network for both business and leisure travelers, positioning the state for economic growth and development.

Meanwhile, the Osun State Governor, Ademola Adeleke, who was the special guest at the event, described Makinde as one who actualises development projects.

He expressed willingness to collaborate with the state to explore mutually beneficial opportunities for both states.

Governor Adeleke reiterated his assurance to completing the 12 years Osun Airport project which his administration inherited, saying it would soon become a reality.

Business

Nigerians Lost ₦42 Billion To POS, Mobile Phone Frauds In 3 Month – Report

Published

2 days ago

September 19, 2024

Bassey Marshall

The Financial Institutions Training Centre (FITC) has expressed concerns over the increasing cases of fraud in Nigeria.

This is as the institution reveals that it recorded a total of 11,532 fraud cases only in the second quarter of 2024.

In a latest report, FITC revealed that many of these frauds were linked to computers, mobile devices, and point-of-sale (POS) systems.

Also, the report revealed that these frauds did not start now.

It started in 2023 and now, like a deadly plague, it has crawled into the first quarter of 2024.

In the second quarter, the total value of fraud stood at ₦56.3 billion, a significant increase from the ₦34.8 billion reported in the first quarter of the year.

Despite efforts by financial institutions to recover the stolen funds, only ₦13.7 billion was salvaged leaving fraudsters smiling home with a whooping ₦42.6 billion.

When we talk about Mobile fraud, we mean fraud carried out via mobile apps and internet banking.

This fraud scheme accounted for 33.4% of the total cases in the report, making it the largest category.

Fraudsters who operate via POS did not disappoint.

They contributed 24.6% of the cases.

Web-based fraudsters were well represented, holding 16.9% of the total fraud incidents.

Meanwhile, via the report, FITC decried the increase in computer-based fraud as a growing concern.

The report reveals how bank branches counted their losses, with 95% of the total fraud value occurring at the branch level.

Of a truth, there have been many advancements and upgrades in technology.

Yet, fraudsters continue to excel.

We cannot help but blame this on the insiders who betrayed their organizations.

During the quarter in question, 49 employees were dismissed for their involvement in fraudulent activities.

The report also brought to light a new kind of fraud.

It is called fraud by magnitude.

Fraud by magnitude caused bank branches to lose approximately ₦54 billion.

That amount signifies a staggering 95.63% of the overall fraud amount.

Web-based fraud followed closely with losses of ₦1.2 billion (2%).

POS and mobile fraud each contributed around 1%, resulting in ₦651 million and ₦547 million losses, respectively.

On the bright side, there was a 31.8% decline in card-related fraud, but cheque and cash fraud surged significantly.

This rise in cash-related fraud reaffirms that criminals are also updating their skills as the days go by.

The big question is, what is the way forward?

For FITC the use of advanced technology, including artificial intelligence may be worth a shot.

Also, attention must be paid to proactive measures, such as bolstered security systems and continuous training of staff, as critical to reducing fraud.

As detailed in the report, fraudsters have stolen a total of ₦42.6 billion from commercial banks between April and June 2024.