NEWS AGENCY OF NIGERIA
Economy/Business

FCT-IRS to set up service kiosks in plazas, markets

157 total views today

By Nana Musa

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has concluded plans to establish service kiosks in plazas and markets in Federal Capital City and the six area councils.

Mr Michael Ango, acting Executive Chairman, FCT-IRS, disclosed this in Abuja on Thursday, during the service’s annual sensitisation campaign to mobilise FCT residents for voluntary tax compliance.

Ango explained that the move was to bring services closer to the people and promote voluntary tax compliance.

“Apart from sensitisation to promote voluntary tax compliance, very soon you are going to see us setting up kiosk offices in the plazas and the markets, both within the city centre and in the area councils.

“The whole idea is that we need to reach out to taxpayers wherever they are,” he said.

He noted that one of the complaints of taxpayers was that they were not seeing what their taxes were being used for.

He, however, pointed out that that was not the case in FCT.

“I believe that wherever you stay in the FCT, you will see at least some presence of the FCT Administration within your area.

“This could be roads, streetlights or one form of construction or the other and a lot of work is still being done,” he said.

Ango added that the FCT-IRS has 16 tax offices spread out across the city, adding that the service would be expanding into some of the areas without offices.

He also said that the service was going to partner with the market associations, the informal sector and the area councils to boost IGR collection in the FCT.

He appealed for the support of the public on voluntary compliance, saying, “Abuja is a city that needs revenue for development”. (NAN)

Edited by Philip Yatai

Economy/Business

FCT-IRS collected N262bn in 2024, N43.8bn in January – Chairman

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By Nana Musa

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has collected N262 billion Internally Generated Revenue (IGR) in 2024.

Mr Michael Ango, acting Executive Chairman, FCT-IRS also said that the service had so far collected N43.8 billion in January.

Ango disclosed this on Thursday, during the service’s annual sensitisation campaign to mobilise FCT residents for voluntary tax compliance.

He explained that at the end of 2024, the FCT-IRS had collected a total of N262 billion, representing N12 billion more than the N250 billion targeted for the year.

While the performance was impressive, the executive chairman expressed confidence that 2025 would be better, adding that the service has commenced the year very strongly.

“In the month of January, we collected N43.8 billion and so far, in the month of February, we are also on track.

“The reality about the collection is that these monies are not manufactured, they are paid by taxpayers and residents of this town,” he said.

He identified some of the taxes being collected by the FCT-IRS as personal income tax, capital gains taxes, stamp duties, property taxes, entertainment tax and fees due to the FCT.

He also said that the FCT-IRS works for the entire FCT, explaining that it collects revenue for the FCT Administration for the area councils; for the FCT Secretariats, its departments and agencies.

He added that in doing this, the service was collaborating very strongly with all sister agencies, both at the federal and the FCT level.

“We have been reaching out to various agencies and what we are hoping to do is to create a revenue ecosystem whereby everybody believes that they are partners and stakeholders in raising revenues for the FCT,” he said. (NAN)

Edited by Philip Yatai

Economy/Business

CFAO advocates compliance culture, alignment to global systems

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By Rukayat Moisemhe

CFAO Nigeria, key player in fields of mobility and healthcare, has urged organisations to create a compliance culture and strengthen their alignments to global compliance systems.

The company gave the charge on Wednesday in Lagos at the CFAO Nigeria 2025 Compliance Week.

Board Chairman, CFAO, Gbenga Oyebode, said that compliance was not just a legal mandate; but the basis on which the company create a strong, ethical, and environmentally friendly business.

Oyebode stated that companies not meeting compliance standards risked damage to their reputation, financial losses, and legal problems that could put their very existence in danger.

He said that alignment to compliance systems led to reinforced investor’s trust, improved business resiliency and business reliability to customers, authorities, and society.

He added that the company’s board was dedicated to establishing the appropriate tone at the top to assure that integrity, openness, and responsibility govern all elements of operation.

“By means of the PACI Rules and our Global Code of Conduct & Ethics (COCE), we set clear expectations that match local regulatory demands as well as worldwide top standards.

“These cover adherence with global anti bribery and corruption legislations in Nigeria, Europe and globally.

“I urge you all to see compliance as an enabler of corporate success, not a handicap, and not only throughout this compliance week but as a consistent practice that is at the core of our corporate culture,” he said.

Chief Executive Officer (CEO), CFAO, Denis Martin, said compliance, which was not just about following rules but about building a culture of integrity, trust, and accountability, was of long term advantage to businesses.

He said the company as an industry continued to demonstrate firm commitment to compliance, transparency, and fairness.

“We must all take responsibility for upholding these values, as any compromise could have far-reaching consequences for our people, stakeholders, and the communities we serve.

“As we observe compliance week, I urge you all to renew your commitment to ethical excellence.

“By working together and holding ourselves to the highest standards, we will continue to build a company that is not only successful but also respected and trusted globally,” he said.

Chief Compliance Officer, Ayokunle Ayoko, said at CFAO Group, compliance was not just a box-ticking exercise, but a fundamental pillar of its business, ensuring long-term sustainability and success.

He added that compliance is beyond just adhering to regulations to fostering a culture of integrity, accountability, and responsible business conduct.

Ayoko said that it protects businesses from risks, enhances trust with customers and partners, and positions companies for sustainable growth in a competitive and ever-evolving marketplace.

“Whether it is ensuring workplace safety, preventing financial misreporting, combating corruption, or respecting human rights, every one of us plays a critical role in upholding these principles.

“When we integrate compliance into our daily work, we do not just protect the company; we strengthen it.

“Let us continue to hold ourselves to the highest standards, foster a culture of ethical excellence, and work together to build a resilient and responsible organisation that thrives for generations to come,” he said.(NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Economy/Business

FCT Internal Revenue Service partners EFCC to enhance tax compliance

250 total views today

By Philip Yatai

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has sought collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance tax compliance in the territory.

The acting Executive Chairman of the Service, Mr Michael Ango, solicited for the partnership when he visited Executive Chairman of the EFCC, Mr Olanipekun Olukoyede, in Abuja on Wednesday.

Ango explained that the partnership was in line with the mandate of the FCT-IRS to collaborate with relevant agencies such as the EFCC towards improving tax compliance in the FCT.

He disclosed that one of the major initiatives of the FCT-IRS in 2025 was the harmonisation of revenue collection and administration in the FCT.

This, he said, would not be achieved without the support and collaboration of all stakeholders including anti-graft agencies.

“This is to ensure that all revenue due to the FCT is collected and accounted for in a transparent manner, enhance ease of doing business and improve revenue generation.

“This will further consolidate the massive infrastructural development in the territory by FCT Minister Nyesom Wike,” he said.

He argued that most suspects being investigated by EFCC for financial crimes were not tax compliant.

Ango added that it would be helpful if the suspects’ tax obligations would also be interrogated as part of EFCC’s investigation processes.

According to him, this approach can also be extended to forfeiture of assets or monies of suspects to the EFCC by the courts.

“When suspects are being investigated or charged to court, we will like to know, Mr Chairman, their tax compliance level.

“If they escape from one door, we can catch them through another door. We will, therefore, be happy to partner with you on this, like we are doing with your sister agency, the Nigerian Financial Intelligence Unit (NFIU),” he suggested.

The FCT-IRS boss condoled with the EFCC on the recent loss of its operative.

He also commended the commission’s chairman and his management team for the excellent work they are doing to tackle financial crimes in the country.

In his remarks, the EFCC boss thanked Ango and his team for the visit and expressed the commission’s willingness to partner with the FCT-IRS to improve revenue collection in the FCT.

Olukoyede said the commission had entered into similar partnerships with the Federal Inland Revenue Service (FIRS) and other State Internal Revenue Services.

He expressed the commission’s readiness to extend the same gesture to the FCT-IRS.

According to him, the move will enable the FCT-IRS to shore up its revenue collections.

He, however, stressed the need for a Memorandum of Understanding (MoU) to highlight the specific areas of collaboration, pointing out that MoU would further strengthen the relationship between the two organisations.

The EFCC chairman, who said he has been keeping tabs on Ango’s achievements since appointment as the FCT-IRS boss, also lauded the ongoing massive infrastructural development in the FCT.

“This shows that taxpayer’s money is being judiciously used across the territory for the benefits of all,” he said. (NAN)

Edited by Muhammad Lawal

General News

PPDC, ministry of justice seek compliance with FOI Act

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By Jacinta Nwachukwu

Public and Private Development Centre (PPDC) and the Federal Ministry of Justice have urged private and public institutions to actively comply with the principles of Freedom of Information Act for more accountability.

The actors made the call during a roundtable engagement on the submission of the compliance reports on Freedom of Information (FOI) Act by public institutions in Abuja.

In her remarks, the Chief Executive Officer, PPDC, Lucy Abagi, said that the event was organised to promote transparency and accountability in governance by ensuring compliance with the Act.

Abagi said that the Act had remained a democratic instrument empowering citizens with the right to public information and fostering a culture of openness.

According to her, FOI has played an official role in social accountability, reducing corruption and promoting public trust in government institutions.

She said over the last 10 years, PPDC had been pioneering the FOI ranking, adding that for every year, it tried to assess the proactive disclosure of ministries, departments and agencies with the FOI Act.

Abagi said although progress had been made, challenges still persisted in achieving full compliance with the Act by public institutions.

“We’ve also identified a lot of gaps; you know, when you are dealing with the government, there’s always some level of transfers that happens with officers to different agencies or to different states.

“So there’s a lot of capacity gaps, one of which is for the FOI desk officers to respond to the FOI Act requests by citizens or other organisations to actually know where monies are going to and what those monies are being used for.

“So this training, in partnership with the ministry of justice, is to begin to identify areas of gaps and challenges that need to be filled across over 150 public institutions.

“We are hoping that governments are not just spending money on the budget, or are not just easily funding without accountability.

“We want to ensure that our procurement process is right; we want to ensure that there is transparency; we want to ensure that there is reduced corruption,” she said.

Abagi also encouraged all stakeholders to consider the training as an opportunity to address challenges, share experiences and explore innovative ways of strengthening compliance.

According to her, transparency is not just a legal requirement, it is a responsibility that promotes trust and drives sustainable growth in the society.

“We are dedicated to advancing procurement transparency and improving citizens’ access to information,” she added.

Earlier, the Head of Freedom of Information Unit, ministry of justice, Mr Garuba Godwin, while giving an overview of the FOI Act, said it was applicable to all MDAs.

Godwin said that the Act also applied to private institutions utilising public funds; hence the need for both government and private institutions to comply with its principles.

He said that with the establishment of the Act, no public document would become secret officially, saying that every Nigerian citizen had the right to access information from public documents.

“Last year, we had about 91 public institutions that complied with the release of government information.

“The honorable minister of justice has taken administrative action to ensure that this year, if not half of the total number of the public institutions we have in this country, we should have a majority of them complying.

“Last year, we engaged about 100, and this year, we are engaging about 300; so they have come to the knowledge that government activities are no longer secret.

“Citizens should have access to exactly what the government is doing, and if you look at the presidency, the president also came out to hold ministers and heads of MDAs accountable for their activities,” he said.

Godwin, however, said that access to government information records was not in all circumstances, as there were some exemptions to the Act.

The News Agency of Nigeria (NAN) reports that the training was organised by the centre, in collaboration with the ministry of justice, with the support of MacArthur Foundation. (NAN)

Edited by ‘Wale Sadeeq

Economy/Business

CAC strengthens compliance, enforcement mandates for efficient management of entities

209 total views today

By Lucy Ogalue

The Corporate Affairs Commission (CAC) has unveiled plans to strengthen its compliance and enforcement mandates, with a focus on formalising businesses and enhancing post-incorporation compliance.

The Registrar-General of CAC, Hussaini Magaji, said this during the in-house enforcement and compliance training for state offices on Monday in Abuja,

Magaji said that the training, with the theme “Re-engineering the Commission for Compliance and Enforcement Mandates” would ensure efficient management of corporate entities.

He called for a paradigm shift in the commission’s operations, emphasising the importance of compliance and enforcement functions beyond the routine registration of businesses.

“One of the key priorities I identified upon assuming duty in 2023, was the need to bring the commission’s regulatory and management functions to the forefront.

“This led to the inclusion of compliance enforcement as a key component of my four-point agenda,” he said.

The registrar-general said that advancements in Artificial Intelligence (AI) could handle routine operational tasks like business registration, freeing resources for more complex compliance and enforcement activities.

He reiterated the success of the PoS Formalisation Project, which had registered about 100,000 Point-of-Sale operators under the requirements of Section 863 of the Companies and Allied Matters Act (CAMA) 2020.

According to him, the project aims to formalise at least 250,000 operators in the sector as part of broader efforts to regulate the estimated 40 million micro, small, and medium enterprises (MSMEs) in Nigeria.

“Formalisation is the first step for legitimate business operations and access to government interventions.

”It also mitigates the risks associated with unregistered businesses, such as money laundering and terrorism financing,” Magaji said.

He revealed plans to implement sanctions for operators who fail to comply with formalisation requirements and clarified that multiple registrations across fintech platforms were unnecessary, as one registration sufficed

Beyond pre-incorporation activities, the registrar-general stressed the need to prioritise post-incorporation compliance, which he described as a sustainable revenue stream for modern registries.

He also unveiled plans to address issues like shell companies, opaque ownership structures, and proper disclosure of persons with significant control, in line with global standards and the Persons with Significant Control Regulations.

“This training will position our staff to undertake compliance enforcement and inspection duties with confidence.

”It also marks the start of our drive towards a hyper post-incorporation compliance mode.

“The training includes technical sessions on statutory books, records, returns, and filings for registered entities, with input from resource persons from law enforcement agencies to share practical experiences, “he said.

He urged participants to engage actively and embrace the reforms as part of efforts to align the commission’s operations with global best practices.

Representing the National Drug Law Enforcement Agency, its Deputy Commander on Narcotics, Harami Wakirwa, said that  the initiative demonstrated CAC’s commitment to promoting compliance, integrity and accountability.

“This is a good step in the right direction. I wish you all a productive and engaging experience.

”Let us work together to foster a culture of compliance and make a positive impact in our industries and countries,” he said.

Also, DCP Usman Ahmed, Deputy Director, Nigeria Police Force National Cybercrime Center (NPF-NCCC), acknowledged the crucial role compliance and enforcement played in safeguarding and fostering a secure regime for business operations.

“The challenges we face today, especially in cyber-attacks, demand that we continually adapt and improve our strategies and practices.

“This training is not just an opportunity to acquire knowledge, but should allow us to improve cybersecurity, inter-agency collaboration, and share the responsibility to restore confidence in public institutions.

“We must embrace this opportunity to re-engineer our operations and reinforce our ability to excel in cyber security. Together, we can make a significant impact,” he said. (NAN)

Edited by Dorcas Jonah/Kadiri Abdulrahman

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