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FIRS Enlists EFCC to Arrest, Prosecute Tax Defaulters

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Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC) are working together to arrest and prosecute tax defaulters in the country.

 

FIRS and EFCC duo explained that the partnership targets taxpayers who evaded the just concluded amnesty programme known as Voluntary Assets and Income Declaration Scheme (VAIDS).

 

Babatunde Fowler, executive chairman of the FIRS, who led a delegation on a visit to the EFCC head office in Abuja, commended the EFCC role particularly in the recovery of N28billion from various tax defaulters across the country.

 

“Through the intervention of the EFCC, the agency has been experiencing a high level of tax compliance and it’s yielding positive results.

 

“When tax defaulters are reported and invited to your office (EFCC), we see results, we don’t know how you do it, but we are seeing results and people are complying,” he said.

 

Fowler believes the FIRS alone cannot curtail the activities of tax evaders without the collaboration of other national and international agencies such as the EFCC.

 

He further stressed the need to strengthen the existing collaboration and synergy between the two agencies, noting that his organisation would explore every other means backed by the law to ensure that taxes are paid and not diverted.

 

According to the FIRS boss, funds will be available for the government to provide the infrastructure needed for the socio-economic well-being of the citizenry if taxes are paid.

 

Responding, Mr Ibrahim Magu, acting chairman of the EFCC, assured Fowler that the EFCC was ready to partner with any agency, organisation or individual in fighting corruption for the purpose of moving the nation forward.

 

He appreciated the visitor and called on all Nigerians to support the anti-corruption drive from home, offices and in whatever way they could to ensure a better future for the future generation.

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

NDIC Recovers N28.5Bn from Debtors of Ailing Banks

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Nigeria Deposit Insurance Corporation (NDIC) has recovered N28.48 billion from debtors of Deposit Money Banks in-liquidation as at December 31, 2017, according to Alhaji Umaru Ibrahim, managing director/chief executive officer of the Corporation.

 

Ibrahim who stated this in Corporation’s 2017 Annual Report, said the sum was higher than the N28.16 billion realised in 2016.

 

He said: “To date, a total of N125.13 million was realised from debtors of closed Microfinance Banks as at December 31, 2017.

 

“Debt recoveries from Primary Mortgage Banks increased by 22.60 per cent from N195.17 million in 2016 to N239.27million in 2017.

 

“The sum of N21.39 billion was realised from disposal of physical assets of closed DMBs compared to N21.21 billion in 2016.

 

“The sum of N386.11million was also recovered from the sale of physical assets of MFBs in the period under review as against N361.45 million recovered in 2016.

 

“Also, the value of physical assets recovered from PMBs was N77.87 million in 2017, compared to N75.50 million as at December 31, 2016.’’

 

According to Ibrahim, the NDIC paid N11.50 billion to depositors, creditors, shareholders and other stakeholders of closed financial institutions in the year under review.

 

The NDIC boss said the corporation’s Deposit Insurance Fund stood at N959.55 billion, Special Insured Institutions Fund was N114.39 billion, and its Non-Interest Deposit Insurance Fund stood at N0.693 billion in the period under review.

 

Ibrahim said NDIC operating income increased from N122.68 billion in 2016 to N146.47 billion in 2017 and its total operating expenses decreased from N93.60 billion to N63.55billion in 2017.

 

He further said that the corporation remitted N22.77 billion per audit to the Consolidated Revenue Fund of the Federation as at December 31, 2017.

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Oradian, TAB Finance Join Forces to Boost Financial Inclusion

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TAB Finance, a new microfinance bank licensed by the Central Bank of the Republic of Guinea, joins Oradian’s global community of visionary financial institutions.

With this strategic partnership, Oradian is expanding its presence in West Africa. TAB Finance is now enabled to boost financial inclusion in remote, hard-to-reach communities through Oradian’s toolset.

Microfinance institutions in frontier markets across West Africa are leapfrogging legacy systems and deciding to implement solutions that provide world-class best practices.

Digitalisation is increasingly important because it offers fintech providers such as mobile money apps the capacity to integrate with core banking systems. With its cloud-based solution, Oradian is driving the digitalisation of its customers so that they can offer their services to the unbanked more efficiently.

Oradian’s cloud-based core banking system enables financial institutions in West Africa to become more efficient with digital operations, make informed decisions and grow without incremental costs. With cloud banking technology, microfinance institutions are able to increase the number of clients they can service, expand their rural reach and further drive financial inclusion.

Mamadou Alpha Balde, Managing Director of TAB Finance commented on TAB Finance’s collaboration with Oradian saying: “We recognised that Oradian provides cloud-based solutions relevant to the operations of our financial institution. We chose Oradian as TAB Finance’s digital strategy partner because Oradian is experienced across African markets, offers global best practice and shares our mission. We look forward to increasing operational efficiencies and enhancing our security.”

Oradian’s teams based in Lagos, Nigeria and Accra, Ghana work with financial institutions through each step of their digital transformation: from data migration, training and implementation, to routine check-ins and continuous improvement. Cloud banking is eliminating manual processes and automating reporting, which enables financial institutions to access the live data they need to know control their portfolios.

Onyeka Adibeli, Oradian’s Co-founder and Programme Director for Africa said, “In TAB Finance and their visionary leaders, we found mission-aligned partners who are committed to financial inclusion. With Oradian and initiatives from local government, TAB Finance will be enabled to overcome some of the major challenges of the microfinance sector and serve more clients across West Africa.”

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Flutterwave Reiterates Commitment to Better Merchants Payment Experience

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With the recent change in the top management of Flutterwave Incorporated, the company says it remains committed in the drive towards ensuring that there renewed trust and security in the Nigerian payment technology sector.

Speaking at a media briefing in Lagos, Gbenga Agboola, Co-Founder and CEO of Flutterwave Inc., enumerated the company’s plans and programmes; and noted that Flutterwave is trying to build a new experience in payment in Nigeria.

According to Gbenga Agboola, the company has received certifications that attests to its ability to secure customers’ transactions. “We place a very high premium on security and trust,” he concluded. The certifications include PCI-1 licence, PA-DSS and ISO 27001.

He further pointed out that the unique feature of Flutterwave service is that they process any manner of card from across the world.

The company’s flagship application, Wave, allows merchants to collect payment from anywhere in the world, and already has over 25, 000 merchants on the platform.

Other features of the company’s services, according to Agboola include flexible settlement, connectivity via any client, flexible merchant architecture, 3D security, among others.

A Financial Technology (Fintech) company, Flutterwave, which was founded in 2016, is a payment technology company focused on helping banks and businesses provide seamless and secure payment experiences for their customers. The company says it has a team of world class entrepreneurs, financial services technologists and mobile payment experts working together to build Africa’s payment infrastructure from the ground up.

Since it was founded in 2016, Flutterwave has processed over $2.5 billion for clients such as Uber, Facebook, Transferwise, Flywire, Booking.Com among others. Some of its investors and partners include Mastercard, Omidyar Network, Y Combinator, Greycroft, Green Visor Capital, as well as other notable Silicon Valley venture firms.

Aside the $2.5 billion in payments process, the company which has 1200+ developers building on it has also processed up to 100 million transactions with 50 bank partners in Africa.

Flutterwave, last month, announced that it has completed its Series A Extension round of financing. The round of financing, according to a statement included investments from Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others.

To this end, Flutterwave has now raised over $20 million to date and its largest investors include Green Visor Capital and Greycroft Partners.

As part of the financing, the Chairman of Green Visor Capital, and former Chairman/CEO of Visa, Joe Saunders joined the Flutterwave Board of Directors.

The Fintech company, which recently replaced its pioneer CEO, Iyinoluwa Aboyeji, said it is building modern payments technology and infrastructure for Africa.

Its solution enables banks and merchants to replace multiple payment integrations with one simple Application Programme Interface (API), which enables processing of any form of payment anywhere in Africa.

Other features of the Flutterwave service are payment acceptance, make payouts and manage business funds from one integrated platform that helps businesses connect globally. “Processing billions around the world, we are the trusted payments partner of Nigeria businesses.”

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