From Our Business Partners

Key players in the banking, telecoms and other sectors advertised their programmes and activities on PREMIUM TIMES last week.

You can read the programmes and activities below.

BANKING

United Bank for Africa (UBA) has launched a “Fighting Fraud Together” campaign to protect its customers from financial fraud. The week-long initiative, which ran from 16th to 20th October 2023, included in-house sessions, webinars, seminars, and an engagement with external stakeholders. UBA aims to educate both staff and customers on safeguarding their accounts and sharing essential tips to prevent fraud. The bank’s Chief Audit & Assurance Officer, Sanusi Mudasiru, emphasised the importance of customer security, especially during the fraud-prone “ember months.”

Also, financial experts speaking at a UBA Business Series event in Lagos highlighted critical tips for successful wealth management for Small and Medium Scale Enterprises (SMEs). They emphasised the importance of discipline, consistency, and diversification in managing wealth. Business owners were advised to view money as a tool, cultivate a savings culture, set clear goals, and stay informed to avoid financial recklessness. UBA’s Business Series aims to provide insights and support to entrepreneurs in challenging business environments.

Over 2,000 programmers have enrolled for the FCMB Hackathon, showcasing the broad appeal of the programme among tech enthusiasts. The FCMB Hackathon, in partnership with Ingressive for Good, aims to harness the power of FCMB APIs to advance Open Banking Initiatives by bringing together tech enthusiasts to collaborate on innovative solutions to predefined challenges. The event will serve as a platform for fostering innovation and collaboration among participants, offering attractive rewards to outstanding teams.

TAXATION

The Acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has emphasised the importance of data accuracy and merit in the agency’s operations. During a visit to the Ikoyi office in Lagos, he outlined his vision for a data-driven and transparent FIRS. Mr Adedeji aims to achieve fiscal projections for economic development through accurate revenue prediction. He also expressed a commitment to efficient service delivery, customer service excellence, and a culture of transparency and accountability while admonishing against indiscipline and corruption within the organisation.

The Acting Chairman reassured corporate organisations that the FIRS’s goal to increase Nigeria’s tax-to-GDP ratio to 18 per cent from 10.86 per cent will not lead to an increase in taxes or the introduction of new taxes. He emphasised the focus on improving compliance through data without stifling investment or economic growth.

Mr Adedeji stated that the target would not result in higher taxes and mentioned efforts to reduce the number of taxes. The FIRS is engaging with large tax-paying companies to address challenges in tax revenue collection.

In a related development, the FIRS announced that it would launch a nationwide Value-Added Tax (VAT) and Withholding Tax (WHT) compliance monitoring exercise starting on 23 October. The initiative aims to enhance tax compliance and revenue collection by ensuring individuals and entities remit the required taxes. FIRS will review VAT and WHT records from 2019 to 2022 for those whose records were audited up to 2018. Non-compliant taxpayers are instructed to remit deductions to FIRS within two weeks of the announcement. In 2022, FIRS collected over N10.1 trillion in tax revenue and aims to surpass this figure in the present year.

OIL & GAS

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, stressed the importance of developing local capabilities in Africa’s oil and gas industry to drive economic growth and job creation. Speaking at the 2023 Africa Energy Week in Cape Town, he highlighted the need for local content to become a national agenda, supported by appropriate legislation. Mr Wabote also discussed strategies for enhancing local content capacity, including data analysis, structured capacity building, and incentives, emphasising the importance of patronizing in-country capabilities to ensure growth and sustainability. Under his leadership, the NCDMB has made significant progress toward achieving higher Nigerian Content levels in the oil and gas industry.

TELECOMMUNICATIONS

The new Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Aminu Maida, has committed to aligning the commission’s regulatory focus with President Bola Ahmed Tinubu’s Renewed Hope agenda for advancing the nation’s digital transformation. Mr Maida emphasised the need to ensure that all Nigerians have access to affordable and reliable broadband services, aligning with the aspiration to increase broadband penetration to 70 per cent and cover 90 per cent of the population by 2025.

MOBILE TELEPHONY

OPPO, a global tech leader, has unveiled its groundbreaking foldable smartphones, Find N3 and Find N3 Flip. These devices offer enhanced imaging, design, and usability, featuring a 6.3″ outer screen and a 7.8″ unfolded screen, pro-grade cameras, and robust performance with the Qualcomm Snapdragon 8 Gen 2 Mobile Platform. Find N3 Flip introduces flagship triple-camera technology in a flip phone. Both devices prioritise user privacy and data protection, setting new standards in foldable innovation and offering an exceptional user experience.

EDUCATION

The 2023 BSN Graduation Ceremony celebrated 65 new MBA graduates, extending heartfelt congratulations and welcoming them to the world of opportunities offered by the BSN MBA Degree. The event was graced by the Ambassador of Nigeria to The Netherlands, Olaitan Ajayi and Nike Adeyemi. There’s also an opportunity to join the MBA programme, with limited seats available, before the year ends. The application deadline for the next set is 30 November 2023.

OTHERS

The Nigerian Bottling Company (NBC) is addressing the critical issue of water, sanitation, and hygiene (WASH) in Nigeria, where millions lack access to clean water and proper sanitation. NBC has undertaken various initiatives, such as providing clean water facilities, renovating laboratories, and partnering with organisations like USAID to improve WASH services. With over 45 million people in Nigeria practising open defecation, NBC is committed to eliminating this practice and promoting hygiene. Collaboration with stakeholders is crucial, and NBC aims to impact about 5 million people annually through its efforts.

The Lagos Free Zone (LFZ), Nigeria’s first deep sea port-based private free trade zone, has been awarded the Industrial Champion category at the Global Free Zones of the Year 2023 awards by fDi Intelligence. LFZ was recognised for its leading industrial ecosystem as a Special Economic Zone for manufacturing in Africa, offering integration with a deep sea port, job opportunities, and training in critical sectors. The award highlights LFZ’s commitment to attracting global manufacturers and creating employment opportunities in Nigeria. The LFZ, situated in Lekki, boasts over $2.5 billion in committed foreign direct investment projects.

The Lagos State Government, led by Governor Babajide Sanwo-Olu, celebrated the ceremonial groundbreaking of the Lagos Film City in Ejinrin, Epe. This one-of-a-kind facility aims to create a thriving film, entertainment, and production ecosystem, offering state-of-the-art sound stages, post-production facilities, and educational institutions. Lagos Film City is set to unite cultures, foster economic growth, and inspire talent development while boosting the creative arts and job opportunities in Nigeria and the wider African region. This project aligns with Governor Sanwo-Olu’s vision to make Lagos a global entertainment hub.

Also in Lagos, a vicious attack occurred on a corporate property, raising concerns about security in the bustling metropolis. Unidentified assailants damaged the facility and injured staff, allegedly sponsored by a transport merchant. The incident underscores the need for improved security in corporate spaces and collaborative efforts with law enforcement to prevent future threats. Stakeholders advocate for enhanced security measures, community engagement, and social programs to address underlying issues and promote a safer environment. The affected property aims to rebuild and foster resilience in the face of adversity.