News
Senate Accuses Samsung of Abusing of FG’s Fiscal Policy
Senate Committee on Customs, Excise and Tariff has begun investigation into allegations of abuse of Federal Government’s Fiscal Policy by Samsung Electronics.
Senator Hope Uzodinma, chairman of the committee, told newsmen in Abuja that some foreign companies, including Samsung, were importing finished goods into the country in the guise that they were Complete Knocked Down (CKD)
Uzodinma said: “Foreigners are here, pretending to be manufacturing different products in Nigeria, pretending to be importing raw materials or Complete Knocked Down but in the real sense, they have no assembly plant.
“You can see how a globally acclaimed company like Samsung is importing into the country and pretending to be manufacturing or assembling their products in Nigeria.
“Meanwhile, it has been confirmed now that they have no assembly plant in Nigeria.”
Uzodinma said the committee also found out during its oversight visit to Somotex Companies in Lagos that the claim that they were assembling Samsung fridges and television in Ikeja was not true.
He said: “We visited the site, we saw no assembly plant.
“Samsung has confirmed that Somotex is one of their distributors whom they supply finished products.
“The question is: if they supply finished products to Somotex and Somotex is their distributor, how come Somotex is importing CKD and claim to be assembling it in Nigeria?”
The lawmaker lamented that Nigeria’s economy “is bleeding” and called for the recovery of the country’s non-oil revenue.
He said: “The non-oil sector must be protected because this investigation has revealed a lot of things and we will continue without fear or favour until all these things are properly stamped out.”
Uzodinma said the committee’s investigation entailed looking into the entire import and export value chain with a view to identifying areas of abuses and leakages.
He said: “Apart from the lousy nature of customs duty collections by the authorised banks and their non-remittances and partial remittances, where revenues have been recovered, we have gone into the abuse of fiscal policies.
“Government incentives are being abused by non-manufacturers, and fiscal policies that supposed to assist people to import raw materials are being abused, free trade zones have become points of smuggling.
“These are the areas we have identified and we have raised alarm so that it can be corrected.”
According to Uzodinma, the fiscal policies are borne out of good intentions but the abuses and manipulation by some of these people must be stopped so that the expected impact could be seen.
He said: “We have adopted a segmented approach of all discoveries sector-by-sector, under several subheads, different types of infractions ranging from falsification of Form M and tripping of foreign exchange, were noted.
“Abuse of fiscal policy, abandonment of Customs duly accessed fees and levies, these are different sub-heads that are being addressed.”
Uzodinma said a comprehensive report would be sent to the Senate at the end of the investigation.
The Federal Government has inaugurated the new Board of Directors of Galaxy Backbone Limited (GBB). The board’s mandate is to lead Nigeria’s digital transformation in Information and Communication Technology (ICT) infrastructure and services.
It will support Federal Government Ministries, Departments, and Agencies (MDAs) in a fast-changing landscape.
George Akume, Secretary to the Government of the Federation, led the inauguration. He emphasised the government’s commitment to making GBB more agile, responsive, and impactful. The aim is to drive national digital public infrastructure and service delivery. This was according to a statement by Segun Imohiosen, Director of Information and Public Relations.
The board has George Akume as Chairman. Its members include Rabi’a Adamu Waziri from the Petroleum Technology Development Fund (PTDF), Abubakar Abdulqadir Maje from the Joint Stock Association (JSA), Kemi Owonubi from the Ministry of Finance Incorporated (MOFI), and Margareth Ebute from the Ministry of Communications and Digital Economy.
Other members are Ibrahim Adeyanju, Olusegun, Olumbe Akinkugbe, Sanni Ibrahim Mohammed, and Adama Pindar from Galaxy Backbone Limited.
In his acceptance speech, Prof. Ibrahim Adepoju Adeyanju, Managing Director of Galaxy Backbone Limited, assured that the board will focus on sustainability. He said it plans to realign its vision and build a strong foundation for achieving strategic goals.
He also noted that within one year, the agency developed its Integrated Digital Transformation Strategy (IDTS). This strategy will run from 2025 to 2028.
Smart Treasure (ST Team) has honored the Deji of Akure, His Royal Highness Ọbá Aladetoyinbo Ogunlade Aladelusi, Odundun II, CFR, with a plaque of recognition for his dedication to the welfare of his subjects.
The presentation was made at the monarch’s palace in Akure by a delegation led by Instructor Luke Mbadugha from the Lagos Operations Center.
The visit was part of ongoing discussions on a partnership aimed at boosting agriculture in Akure, Ondo State.
The initiative, spearheaded by the ST Team, seeks to ensure the availability of farmland for agricultural purposes.
Under the arrangement, the ST Team will provide seedlings and manpower, while a significant portion of the proceeds will be distributed to the indigenes at no cost.
The remaining proceeds will support the administrative operations of the ST Team.
In his response, Ọbá Aladetoyinbo announced the allocation of a parcel of land at Ofosu, along the Ondo-Benin Road, for the project.
He described the initiative as a commendable effort to enhance food security for both the local community and the nation.
The monarch also called for a follow-up meeting to facilitate the assessment of the land for the project’s commencement.
Meanwhile, farming activities are set to resume at Aladodo Isikan in Akure South Local Government Area, another site designated for the agricultural project.
The four-acre land will be used to cultivate crops such as yam, cassava, plantain, and maize. A test run of maize planting began on April 9, 2025, with expectations of harvesting in three months.
Kabiesi Akinwunmi Adekanmbi Obey, the monarch of Olulero Okelero, Onitan Isikan, lauded the ST Team for their commitment to ensuring food availability.
He emphasized the importance of agriculture, stating, “Whoever brings food brings life.”
The ST Team, an investment platform dedicated to reducing poverty in Africa by 30% by 2027, has been actively involved in various Corporate Social Responsibility programs, including this agricultural initiative.
The project underscores their mission to create financial freedom and improve the quality of life for individuals across the continent.
Zinox Technologies Limited, a leading ICT solutions provider in West Africa, has engaged with the Tertiary Education Trust Fund (TETFUND) in Abuja, marking a significant step towards advancing innovation and sustainable energy solutions within Nigeria’s tertiary education landscape.
Dr. Leo Stan Ekeh, Zinox Chairman (left) and Arc. Sonny Echono, Executive Secretary, TETFUND (right) after the meeting
Under the theme “Advancing Innovation for a Sustainable Future,” the meeting aimed to establish a collaborative framework for technological transformation.
The Zinox delegation was led by Dr. Leo Stan Ekeh, its chairman, and included key members of the company’s executive management team.
On the TETFUND side, Arc. Sonny Echono, executive secretary, was joined by members of his top management team for the high-level discussions.
The highlight of the visit was the establishment of a strategic partnership between Zinox Technologies and TETFUND to provide renewable energy solutions to universities and polytechnics across Nigeria.
Additionally, Mrs. Kelechi Eze-Okonta, managing director, delivered a comprehensive, world-class presentation on the company’s diverse verticals and advanced ICT services, underscoring the need for intentional policy measures to support indigenous technologies for sustainable economic growth.
The TETFUND team expressed their appreciation for Zinox’s contributions to technology awareness, implementation, and adoption in Africa.
Arc. Sonny Echono, executive secretary of TETFUND, conveyed his deep appreciation for the visit by the Zinox team and commended Dr. Leo Stan Ekeh for his unwavering and impactful contributions to Nigeria’s digital transformation, stating that efforts are underway to establish a framework for effective energy solutions in tertiary institutions.
Highlighting Zinox Technologies’ expertise and proven track record, Arc. Echono expressed optimism about partnering with the company to develop scalable and efficient power solutions for academic institutions.
While both organizations remain committed to implementing innovative initiatives that enhance institutional capacity across the nation’s higher education sector, the visit marks a significant milestone in establishing a strategic partnership to equip Nigeria’s tertiary institutions with the essential technological infrastructure for a sustainable, digitally-driven future.
AFD Commits €3m to Africa’s Financial Inclusion
EU Aims to Remove Barriers to AI Development
Africa Plans to Establish a $60Bn AI Fund
FG Inaugurates Board of Galaxy Backbone
Verve Expands Payment Frontiers with Global Partnerships, Contactless Innovation
E-Financial3 days agoAfDB Mobilizes $2.2Bn to Support Nigeria’s Agriculture
News3 days agoMTN Pens Moving Tribute to Pascal Gabriel Dozie, Former Chairman
Broadcasting2 days agoStarlink, DStv, Others Pay “Peanuts” to Operate in Nigeria- Minister
General News3 days agoNIPOST Threatens Courier, Logistics Service Providers
E-Business3 days agoNatasha: TMG Demands Probe of Alleged Data Breach in Failed Recall
E-Business3 days agoCJN Warns Judicial Officials against Data Breaches, Cyber Attacks
Telecom3 days agoNCC Issues 90 Days Deadline to Telcos to Resolve Subscribers’ Unclaimed Airtime
E-Financial2 days agoNigeria to Exit Grey List Soon – SEC