LBIC Gets Approval to Collect Revenue for Lagos

Internal revenuePhoto by Andrew Harrer/Bloomberg via Getty Images
  • LBIC Gets Approval to Collect Revenue for Lagos

The Lagos Building Investment Company Plc says it has joined the league of financial institutions approved by the Lagos State Government to collect its revenues.

In a statement, the approval, which was contained in a letter issued by the State Treasury Office,read, “Following your recent application for absorption into Lagos State Government EBS/RCM revenue generation programme and subsequent recommendation of our revenue consultant (Alpha Beta Consulting LLP) on the level of your bank’s compliance with necessary technical and operational procedure, we are delighted to convey to you the State Government approval for your bank’s enlistment.”

By this, the statement added, LBIC had been enrolled into the Lagos State electronic banking system of revenue collection and monitoring, while it is statutorily empowered to collect all forms of government revenues such as taxes, dues,and fines among others.

Confirming the approval, the Managing Director/Chief Executive Officer, LBIC, Ms Folasade Folivi, said that the bank, which had just been recapitalised and restructured, was ready to discharge these responsibilities to the clients of Lagos State Government.

Speaking further, Folivi declared that LBIC was able to achieve this milestone because its operations were now ICT compliant and could now provide internet banking, which means clients could access its services online and real time.

Folivi urged Lagos residents to patronise the bank for an effective and efficient banking experience and mortgage services that ”are unique and tailor-made for their needs.”

About the Author

Samed Olukoya
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 long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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