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WAIFEM Asks FG to Tax Rich’s Property to Boost Revenue

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Baba Yusuf Musa, director general of the West African Institute for Financial and Economic Management (WAIFEM), has called on the government to dive into property tax to boost its revenue.

WAIFEM Asks FG Tax Rich’s Property to Boost Revenue

Speaking on the sidelines of the just concluded 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF), the WAIFEM DG said, there is the need for government to work on raising the ratio of property tax to GDP from the less than one per cent to Gross Domestic Product (GDP) to at least five per cent.

Noting that the peers of the country are recording a property tax to GDP ratio of around 10 per cent, he added that there is a need for the government to tax the rich.

According to Baba, Nigeria still has a long way to go in terms of mobilising the actual tax revenue that it should have.

While stating that there are a lot of opportunities for us to tax, he said, one of the places the government needs to focus on is property tax. “When you take the property tax ratio to GDP of Nigeria is virtually less than one per cent, despite all the wealth that we have. The number of buildings, the number of cars that we have in the country.

“When you take the ratio of properties to GDP is less than one per cent compared with average of about five to 10 per cent in lower middle income countries like ours. That is one source that we can look at, and there are several opportunities to mobilise those tax revenues on properties.

“Just take the capital cities of any of our states and see the number of buildings, how many landlords are actually paying tax to the government.

If you take that ratio, you realise that there are very few and there are just some minimal issues that the government should do to mobilise those ones.

“We need to have a register that identifies who the owners of properties are, and have a reporting format that can easily be tracked. If you give out your house on rent, it is a source of income and you should declare it and pay a certain percentage but that has not been happening. That is why people are complaining.

“The problem is that the civil servants, all employees in the formal sector are the ones taxed by the government but those that are in the informal sector, and those who have properties, who are millionaires are actually evading the tax that they were supposed to pay.  That is one source.

“Another source is digitalisation and over the years, we should have addressed the issues that relate to digitalisation. We have actually tried to digitalise the collection process, but there are rooms for improvement. In the collection process, checks and balances should also be improved.

“For instance, if one is to pay a certain amount of money online to the revenue authorities, in many cases you will find that when you want to pay the tax the website is not working, but if you walk physically there to the Internal Revenue Department, somehow it will work.

“So, in my view, there has to be some form of monitoring mechanism that at least someone should be checking to see that all these are things working so that investors and those who are willing to pay tax online should have easy access,” he pointed out.

 

 

 


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E-Financial

Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

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Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.

Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

Kudirat Kekere-Ekun, chief Justice of Nigeria

Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’

The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.

The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.

“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.

“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”

The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.

“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.

Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.

She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.

“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.


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Ecobank Serves Customers Notice of Planned Service Disruption

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Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.

Ecobank Serves Customers Notice of Planned Service Disruption

The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.

In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.

However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.

Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.

The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.

 

 

 

 

 

 

 


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Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure

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Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”


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