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SAHCO PLC Chairman, Taiwo Afolabi (CON) Honoured At 14th NIGAV Awards

The Chairman of SIFAX Group, Barr. Dr. Taiwo Afolabi (CON), has been honoured with the prestigious Aviation Industry Investor’s Award at the 14th Nigeria Aviation (NIGAV) Awards and Ministerial Dinner.

Additionally, Skyway Aviation Handling Company (SAHCO) PLC received the Aircraft Handling Service Achievement Award at the same high-profile industry event.

The NIGAV Awards, recognized as Nigeria’s most prestigious air transport award, celebrate excellence in the aviation industry.

According to Mr. Fortune Idu, Founder and Convener of the NIGAV Awards, the initiative aims to foster industry harmony, encourage healthy competition, and inspire safer and more sustainable air service delivery across the country.

Mr. Idu lauded Dr. Taiwo Afolabi for his transformational investments in ground handling services and aviation Industry&Tourism, noting that his contributions have led to the establishment of one of the best ground handling companies in Africa and his foot print is all over marine , aviation, transportation, hospitality &tourism industries.

SAHCO is a foremost ground handling company in Nigeria equipped with ultra-modern facilities and a highly trained workforce, operating seamlessly across all commercially operated airports in the country.

by Online Poster — April 18, 2025 in Industry 0

FIRS Commences Review Of Tax Incentives To Ensure Value For Money

The Federal Inland Revenue Service (FIRS) has commenced a comprehensive review of all tax incentives under its administration, citing the need to improve transparency, eliminate inefficiencies, and ensure value for money in the country’s tax expenditure system.

This move was disclosed by the Executive Chairman of the FIRS, Dr. Zacch Adedeji, who was represented by the Coordinating Director of the Corporate Services Group, Mrs. Bolaji Akintola, at the Tax Expenditure Workshop held in Abuja on Tuesday.

Dr. Adedeji said the Service had already identified a number of infractions in the administration of tax incentives, as a result of ongoing monitoring and evaluation processes.

He noted that the Tax Expenditure Management unit within the Service has been mandated to assess the foundational elements of all incentives, with early findings revealing major issues that require urgent attention.

Some of the problems uncovered include overlapping and, in some cases, contradictory tax incentives; lack of coordination among key stakeholders; absence of a central framework for managing incentives; and weak legislative oversight due to the non-existence of a dedicated tax committee in the National Assembly.

Also cited were political interference in tax matters, concerns arising from the OECD’s Base Erosion and Profit Shifting (BEPS) Pillar II framework, and ambiguity around the rationale for granting certain exemptions.

According to Adedeji, “The Service strongly believes that data is life in tax expenditure reporting. That is why the Tax Expenditure Management unit will receive the necessary support from the Service to harness our integrated digital tax administration system, TaxPro-Max, and any other ICT tools needed to ensure accurate and efficient data collection.”

Looking ahead, the FIRS Chairman expressed the agency’s readiness to collaborate with regional and international organizations, including the Economic Community of West African States (ECOWAS), the International Monetary Fund (IMF), the World Bank, and the Addis Tax Initiative (ATI), in building a robust tax expenditure value chain that supports accountability and effectiveness.

He said while some abuses have already been observed, there are broader concerns around the continued relevance of many tax incentives currently in place. To address these issues, the FIRS is proposing several reforms, including amendments to the legal instruments that enable tax expenditures. These changes, Adedeji explained, are critical to addressing misuse, aligning the system with global tax reforms like the BEPS Pillar II minimum tax rule, and making the framework more adaptive to changing economic realities.

The FIRS also advocates the establishment of a centralized mechanism for regulating and monitoring tax incentives. Such an arrangement, it argued, would be able to conduct continuous cost-benefit analyses (CBAs) to determine whether each tax incentive remains justifiable. Duplications and overlaps among Ministries, Departments, and Agencies (MDAs) would be eliminated under this model.

The Executive Chairman stressed the urgent need for inter-agency cooperation to transform the tax expenditure ecosystem, especially as the responsibility for impact assessments and evaluations still lies largely with MDAs such as the Nigerian Investment Promotion Commission (NIPC), the Nigeria Export Processing Zones Authority (NEPZA), and the Oil and Gas Free Zones Authority (OGFZA).

Dr. Adedeji drew attention to the growing pressure on FIRS to boost tax revenue collection at a time when direct contributions from some MDAs to the Federation Account are declining.

Despite these challenges, he said, the FIRS has managed to sustain significant contributions through reforms and strategic initiatives. In 2024, the agency collected a total of N21.6 trillion in tax revenue and is targeting N25.2 trillion in the current fiscal year.

Earlier at the event, Mr. Ikata John, Head of the Tax Expenditure Management unit, emphasized that while tax incentives play an important role in encouraging investments, supporting industries, and achieving policy objectives, their fiscal impact must be carefully managed.

He noted that poorly designed or inadequately monitored incentives can significantly reduce government revenue, defeating their original purpose. “This workshop provides a critical platform for stakeholders to examine whether the tax expenditures are achieving their intended goals and if the associated costs are being accurately measured,” he said.

Mr. John added that the FIRS remains committed to promoting a tax system that is fair, efficient, transparent, and accountable.

by Online Poster — April 18, 2025 in Industry 0

How Internal Audit Enhances Efficiency, Productivity, Profitability, By IIA

Whether in the Public service or in business, Internal Auditors facilitate the achievement of stated goals by assisting organizations to follow stipulated operational processes.

Much more, Internal Auditors enable organizations to identify the risks to the attainment of set goals and how to avoid them and also mitigate any at anytime.

These were the submissions of Audit professionals at the weekend in Lagos at the unveiling of the 2025 Institute of Internal Auditors Nigeria Conference holding at the Muson Center, Lagos on Wednesday, 17th September 2025.

In his opening speech at IIA’s Ikoyi office, Lagos, the association’s Chief Executive Officer – Mr Ambrose Enuma said gone were the days when Internal Auditors would shun visibility and remain silent achievers. Going forward, he said IIA would ensure that members are better valued because of the significance their roles, just as the Institute would provide sustained capacity building opportunities.

According to the CEO: ” We are not just concerned with the financials, but do a lot more. We give assurance and support organizations to achieve their objectives. We also identify risks, do risk control and ensure compliance to procedure”.

He added that the September conference, with the Theme: ” Living the Future: Fusing Tech and Ethics” provides a unique capacity building opportunity which should not be missed by professionals and other

stakeholders, especially Internal Auditors.

Also speaking at the unveiling, IIA’s President and Chairman – Mr Simon – Jude Mmayie stressed that Internal Auditors elevate the importance of doing things right. In his words ” Both in the Public and Private sectors, what IIA stands for is providing an assurance to the board and providing insight and foresight that are advisory and consulting in nature”.

He added: “As Internal Auditors, we share your vision, identify what can aid it’s achievement, what can hinder it, and provide advice for enhanced value.

To us, getting to the end doesn’t matter unless the right process is followed”.

To a Director of the Institute – Mr Don Umeha- ” The Corporate world relies so much on us. That’s why we are increasing public awareness and members’ empowerment. So, as we are having our yearly conference in September, we also have another one in May”.

The September 2025 Conference Chairperson – Mrs Bunmi Akinde- said the conference would enable all participants to evaluate their roles currently and appreciate what the future holds.

According to her, “Like the Theme clearly stated, the only way an Internal Auditor can continue to function well is to fully understand the need for the impact of technology and compliance with ethics with the future in view. That is why this conference is a must event to Internal Auditors, and hence the need to ensure necessary awareness “.

The President and Board Chairman, Institute of Internal Auditors (IIA) – Mr Simon -Jude Mmayie ( 2nd right), the Chief Executive Officer, IIA- Mr Ambrose Enuma (right), Director of the Institute – Mr Don Umeha (left) and the 2025 Conference Chairperson – Mrs Bunmi Akinde at the unveiling of the IIA September 2025 Conference in Lagos at the weekend.

by Online Poster — April 18, 2025 in News 0

Ondo Exploring Opportunities To Leverage Pension Funds For Infrastructural Development — Gov Aiyedatiwa

Governor Lucky Aiyedatiwa has said that Ondo State is exploring opportunities to leverage pension funds for infrastructural development in the state. The Governor made the revelation on Tuesday, 15 April 2025 when he received a delegation from the National Pension Commission (PenCom) led by the Director General, Ms. Omolola Oloworaran in Akure.

PenCom delegation visited the Governor to discuss critical pension reforms aimed at improving welfare for retirees and ensuring compliance with the Contributory Pension Scheme (CPS).

Speaking during the visit, Governor Aiyedatiwa extolled the critical role of pension funds in economic development and commended PenCom for its proactive engagement. He reaffirmed his administration’s commitment to the full implementation of the CPS in Ondo State.

The Ondo State Pension Commission (OSPEC) scored 72.44% in state pension compliance during the last Routine Inspection carried out by PenCom. The Governor expressed his aspiration to improve the State’s pension compliance rating from its current composite score of 72.44% to 95% by the next Inspection as challenged by the PenCom DG.

Also speaking, the PenCom DG proposed key amendments to the Ondo State Pension Law, including the introduction of a Minimum Pension Guarantee (MPG) to support indigent contributors and an Irrevocable Standing Payment Order (ISPO) to ensure consistent remittances by successive administrations.

Ms. Oloworaran also advocated for the integration of a Pension Compliance Certificate (PCC) as a mandatory requirement for business licensing, registration renewals, and contract awards within the State. This measure aims to enhance compliance and accountability in pension remittances by employers.

Additionally, the PenCom DG raised concerns identified during OSPEC’s last Routine Inspection, urging prompt resolution to improve the State’s pension compliance rating. Governor Aiyedatiwa promised that the state would address most of the concerns before the next inspection.

by Online Poster — April 18, 2025 in News 0

Strong Banking Sector Reforms Essential On Emerging Global Financial System- CBN

The Central Bank of Nigeria (CBN) is weighing the impact of the current protectionist development approach by the US and other big economies which has continued to pervade the global system.

The Bank said it is not compromising key indicators of regulatory reforms and in particular measures that will provide buffer to the national economy.

The Deputy Governor, Corporate Services, of the Bank, Ms. Emem Usoro, while speaking at the Seminar for Finance Correspondents and Business Editors, which began on April 14 to April 16, 2025, in Abuja, said the financial sector should particularly pay significant attention to bank recapitalisation to ensure that banks are strong, resilient and stable enough to carry out financial intermediation, and the much-needed financing of development projects and programmes.

Usoro, informed the audience that the current global system has manifested even more dynamic paradigms, with intense globalisation and guided protectionism, with countries favouring trade wars and retaliations.

This she said brings to the fore the readiness and preparedness of Nigeria and banking system to build a more sophisticated, vibrant economy.

Dwelling on the theme of the seminar, “Playing the Global Game: Banking Recapitalization Towards a One-Trillion Dollar Economy”, Usoro, described it apt at this time, and encouraged frank discussions with far-reaching recommendations that will enhance understanding of the workings of the global financial system and how to position the Nigerian Banks to take full advantage of the opportunities presented by the dynamics of these initiatives.

The Deputy Governor, noted that the global financial system and architecture have assumed a new dimension even before the new administration of Donald Trump in the United States of America.

Globalisation, she went on to stress, has broken the limits of financial flows, and investors have inadvertently taken full advantage of the opportunities. However, countries and their financial systems must be prepared and ready to utilise opportunities created by financial globalisation through appropriate policy support and actions.

“There is no gain saying that the financial system’s size and quality play critical roles in powering and financing an economy.

“Literature has established that financial resources, complimented by quality human capital and technology, remain the major driving forces of industrialisation since the emergence of the 4th industrial revolution.

“To play this critical role, the banking system must grow, expand and deepen through deliberate policy efforts. As you are aware, the Nigerian banking system has also undergone reforms, including bank recapitalisation and consolidation exercises.” she said.

Usoro, also recalled that the 2004 banking sector consolidation and recapitalisation exercise, which set a limit of N25 billion minimum capital base for banks, brought the Nigerian banks from 89 to 25, was a noble idea that the Central Bank of Nigeria implemented in line with emerging developments at that time.

“As we work towards building a One-Trillion Dollar Economy, we must consider the recapitalisation of our banks to be able to fund, finance and power the economy and favourably compete globally with its peers in other climes.”

by Online Poster — April 18, 2025 in Capital Market 0

Fidelity Bank Named “Nigeria’s Best Private Bank” At Euromoney Awards

Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London.

The Euromoney Awards for Excellence are prestigious annual honors and a benchmark for excellence in the global banking and finance industry. Established by Euromoney magazine, the awards highlight outstanding performance, innovation, leadership, and service excellence across various financial sectors and regions.

Commenting on the award, Managing Director and Chief Executive Officer of Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe said, “We are truly honored to be recognized by Euromoney as Nigeria’s Best Private Bank. This award is a testament to the hard work and dedication of our staff as well as our strong commitment to delivering premium wealth management solutions, personalized financial advisory, and superior client service to high-net-worth individuals in Nigeria and beyond.”

The Euromoney Awards are among the most highly respected in the global financial industry. Winning such an award for its private banking business further builds on Fidelity Bank’s growing reputation as one of Nigeria’s most trusted and customer-centric financial institutions.

According to a statement on Euromoney’s website, “The bank’s commitment to providing specialised credit solutions also sets it apart. Clients benefit from tailored lending options, including asset-backed lending, real estate financing, and customised credit facilities. These solutions are structured to support complex financial needs while ensuring flexibility and ease.”

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

by Online Poster — April 17, 2025 in Capital Market 0

SNEPCo Named Major Oil Company Of The Year, As Former MD Elohor Aiboni Is Amazon Of Nigeria’s Oil Sector

Shell Nigeria Exploration and Production Company (SNEPCo) has been named Major Oil Company of the Year for last year by a Nigerian publication, Energy Times in recognition of its contributions to deep-water oil and gas development and the industry generally. Energy Times also awarded the title of Amazon of Nigeria’s Oil Sector for 2024 to Mrs. Elohor Aiboni, a former Managing Director of SNEPCo now on international assignment in Brunei.

The awards were presented to SNEPCo’s Senior Operations Manager, Bolanle Odunayo-Ojo, who represented the Managing Director, Ronald Adams at a ceremony attended by key stakeholders in the oil and gas sector. “We are honored to receive the recognitions for the company and our former Managing Director as they underscore our dedication to excellence in the upstream sector,” Bolanle stated. “The modest achievements are result from teamwork and support by our partners, particularly the Nigerian National Petroleum Company Limited and regulatory agencies. The awards encourage us to continue to work together to power progress and innovation in Nigeria’s energy landscape.”

SNEPCo has been a pioneer in Nigeria’s deep-water oil and gas production since it began production from Bonga in 2005, Nigeria’s first deep-water well. Gas from Bonga is also piped to Nigeria Liquefied Natural Gas Company Limited at Bonny Island. SNEPCo’s operations have led to significant discoveries, including Bonga Southwest in 2001 and Bonga Northwest, which began production on August 5, 2014.

In its award, the Board of Directors of Energy Times pointed to the continuing success of Bonga, notably production of the 1 billionth barrel of oil in February 2023 and the recent Final Investment Decision on the $5 billion Bonga North project.

The award on Mrs. Aiboni’s highlights a career that has seen her serve in various business and leadership roles within and outside Nigeria. She was appointed Managing Director of SNEPCo in 2021 and led initiatives that deepened operational efficiency, local content development and social investment projects across the six geopolitical zones in the country.

by Online Poster — April 17, 2025 in News 0

Photo News

Some faces at the 2025 Finance and Business Online Publishers Association (FiBOP) Youth Capacity Building and Empowerment Programme held at MUSON Centre, Onikan, Lagos on Tuesday, April 15, 2025.

by Online Poster — April 17, 2025 in News 0

Insecurity: Flush Out Bad Eggs Among You – Mefor Tells Anambra Nonindeges

Insecurity: Flush Out Bad Eggs Among You - Mefor Tells Anambra Non-indigenes - New National Star

Anambra State Government has called on nonindeges to help curb insecurity in the state by flushing out the bad eggs among them.

The state’s Commissioner for Information, Dr Law Mefor, made the call while addressing members of the Association of Non Indigenes Welfare in Anambra State (ANISA-ANIAS), who paid him a courtesy visit at his office in Awka, recently.

The commissioner, who observed that non-indegenes have contributed meaningfully to the growth of the state, noted that they have equally benefited from Governor Chukwuma Charles Soludo’s inclusive governance in various areas, including security, employment, infrastructure, healthcare, education and youth empowerment, among others.

He however, explained that available data show that majority of the criminals apprehended in the state are nonindigenes, urging members of the association to do their best in supporting Governor Soludo’s security interventions to rid the state of criminals in order to redeem their image.

“The issue security is very important. Put it in your agenda. I am telling you that available data is showing that the majority of the criminals we got are nonindigenes. They are spoiling the names of those of you doing genuine businesses.

“We have to come together, work together with the Governor to ensure that the bad eggs leave or change their ways. We have the 1Youth 2Skills and the Solution Innovation District (SID). The Governor has trained more than 30,000 people, settled and empowered them. Any of them that wants something to do should come. I can use my office to place him somewhere in SID. Criminality is bad,” he said.

Mefor further assured that the ministry is willing to partner with them in promoting the good works of the government.

In their separate speeches, the President General, ANISA-ANIAS, Chief Ikechukwu Ugwuoke, and the traditional leader of Non-Indegenes Welfare in Anambra State, Igwe Amos Nkwuda, said the visit was to commend and allign themselves with the visionary leadership of Governor Soludo and also felicitate the commissioner on his 60th birthday, even as they pledged their support to the Governor’s re-election bid.

by Online Poster — April 17, 2025 in News 0

Youths’ Early Adoption of Insurance, Digital Payments, Investment Builds Financial Future

In today’s rapidly evolving economic landscape, the pivotal role of youth in shaping the future of financial systems cannot be overstated. At the 2025 Finance and Business Online Publishers Association (FiBOP) Youth Capacity and Empowerment Programme held Tuesday April 15, 2025 in Lagos, industry experts from the Insurance, Telecommunication, and Banking sectors convened to address the pressing need for early engagement of young individuals in essential financial practices. They emphasized that adopting insurance, digital payments, and investment strategies at a young age is not just beneficial but vital for equipping the next generation with the tools necessary for effective leadership and responsible financial stewardship.

While making opening remarks at the event which took place at Muson Centre, Onikan, Lagos with the theme “Empowering Nigerian Youths with Knowledge of Insurance, Digital Payment and Investment To Drive Financial Inclusion,” FiBOB President, Charles Onwuatogwu, highlighted the rationale behind the programme.

He said the programme was geared towards building the capacity of the youths to enable them navigate the future financial landscape and be able to contribute meaningfully to the growth and development of the Nigerian and African economy, as well as take charge of their finances both now and in future.

The theme of this program, he said, was painstakingly chosen to address the knowledge gap in insurance and digital payment in Nigeria.

“As the financial sector becomes more dynamic, a better understanding of the sector will aid speedy growth and development, particularly insurance, which, despite its importance, is grossly misunderstood; hence the need to expose the youths to the basic elements of playing in this field early in life.

“The importance of digital innovation in fostering a better understanding of insurance and its transformative power cannot be overemphasised.

“As we gather to discuss financial inclusion, via harnessing insurance, digital payment and investment, I urge you, our esteemed participants, to pay rapt attention to the lectures to follow the speakers,” Mr. Onwuatogwu said.

The keynote speaker, Miss Mojisola Ogundipe, presented the theme paper titled “Empowering Nigerian Youths with Knowledge of Insurance, Digital Payment, and Investment to Drive Financial Inclusion.” She emphasized the crucial need for young people to understand insurance, digital payment systems, and investment strategies

Speaking on insurance, Mojisola defined insurance as a system of protection against financial loss, which provides help during accidents, illness, or disasters.

She explained the basic terms in insurance, such as Policy, Coverage, Claim, Beneficiary and Premium.

Policy: A contract between the insured (you) and the insurance company, outlining the terms and conditions of coverage.

Claim: A request made to the insurance company for payment or compensation when a covered event occurs (e.g., accident, illness).

Beneficiary: The person or entity designated to receive the insurance payout in the event of a claim (often applicable to life insurance).

The Premium: The amount of money paid to an insurance company to maintain protection provided by the insurance policy, specifying what is included and excluded from the policy.

Mijisola listed types of insurance to include Life Insurance, Health Insurance, Vehicle Insurance, Educational Insurance as well as Home Insurance, noting that each type of insurance serves a specific purpose, helping individuals and families manage risk and financial uncertainty.

Life Insurance: Provides financial protection for loved ones in the event of the policyholder’s death, often including a payout to beneficiaries.

Health Insurance: Covers medical expenses incurred due to illness, injury, or disease, helping policyholders manage healthcare costs.

Mr Kayode Adetola, Head, Retail, Cornerstone Insurance, Presenting a Certificate of Recognition as FIBOP Number One Fintech Personality Of the Year 2025 to Chidinma Emena, representative of Monipoint CEO, Mr Tosin Eniolorunda at the programme.

Vehicle Insurance: Protects vehicle owners against financial losses due to accidents, theft, or damage to their vehicle.

Education Insurance: Designed to help fund education expenses, often providing a payout when a child reaches a certain age or milestone.

Home Insurance: Covers damage or loss to a home and its contents due to events like natural disasters, theft, or accidents.

On Digital Payment, she described it as the future of money, noting that it is the process of paying or receiving money using phones, cards, or computers—no cash needed.

Presentation of Certificate of Recognition to the representative of Anchor Insurance MD/CEO, Dr. Augustine Ebose Osegha, as Finance and Business Online Publisher Association (FiBOP) Insurance Personality of the Year 2025 by the Rector of the College of Insurance and Financial Management (CIFM), Dr (Mrs) Chizoba Ehiogu at Fibop’s 2025 youth capacity building and empowerment program held on Tuesday, April 15, 2025 at MUSON Centre, Onikan, Lagos.

Mojisola listed some common digital payment methods as Mobile wallets (e.g., Google Pay, Apple Pay, PayPal), Bank apps, Debit/Credit Cards and Quick Response (QR) Codes & Unified Payments Interface (UPI) in some countries.

Speaking on Investment, she said it is putting money into something to earn more over time.

According to her, types of investments include Savings Accounts, Fixed Deposits, Insurance, Mutual Funds, Stocks, and Cryptocurrency, which she said is highly risky.

Underscoring the importance of insurance, digital payments, and investment, Mojisola noted that “Insurance protects your life and assets. Digital payments are the new normal…Investments are for your future….”

by Online Poster — April 17, 2025 in News 0