The African Securities Exchanges Association (ASEA) have been challenged to work towards the listing of at least 44,000 Small and Medium Enterprises (SMEs) out of the estimated total of 44 million SMEs currently operating on the African continent.
Ms Arunma Oteh, the former Director-General of the Securities and Exchange Commission (SEC) and current VP and Treasurer of the World Bank, stated this in Lagos while delivering a speech during the ongoing 22nd annual conference of ASEA.
She stressed the need for stock exchanges across Africa to list small businesses, saying that doing so would help to deepen the markets.
She also noted that small and medium scale enterprises are key drivers of any economy. Unfortunately, they often face major challenge bothering on the lack of access to finance; something that could easily be taken care of through listing.
She also used the occasion to stress the need to advance Africa’s infrastructural base as well as diversify the economies on the continent in order to guarantee sustainable development.
In her words-
“If we focus in areas of opportunities that abound whether in agriculture, services, retail, technology, particularly emerging technology, financial services, and hospitality, sustainability will be more granted. We must also foster innovation and entrepreneurship and I believe that securities exchanges are the epicentre of the ecosystem.” -Oteh
Also speaking during the opening day of the conference is Mr Oscar Onyema, the Chief Executive Officer of the Nigerian Stock Exchange and the President of the African Securities Exchanges Association. He spoke about the benefits of the strategic relationship the alliance fosters, including a $1.5 million grant that has been set up and targeted at African Exchanges Linkage Project among other important projects.
“These programmes are critical levers of success for ASEA and we aim to continue to broaden and deepen our relationships in order to create increasing value for members and the African financial market.” -Onyema
This year’s ASEA conference was themed Champions on the Rise: Africa’s Ascension to a More Sustainable Future and Ms Aruma Oteh is among the 44 high profile individuals slated to speak during the 2-day event.
FG apologizes, says Self-Certification directive is not for everyone
The Federal Government has made clarifications concerning earlier announced Self-Certification Forms.
The Nigerian government has backtracked on its earlier issued guidelines on the new banking Self-Certification Forms, saying the notice does not apply to everyone.
On Thursday, the Nigerian government ordered all persons holding accounts across financial institutions and insurance firms, to complete and submit self-certification forms to their respective financial institutions.
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It stated, “This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions. Persons holding accounts in different financial institutions are required to complete & submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.”
However, on Friday morning, after receiving expected backlash on social media, FG attempted a clarification stating, “We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons,” and that, “the FIRS will clarify Nigerians on the objectives of the directive.”
We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly pic.twitter.com/KBiPh0lCwJ
— Government of Nigeria (@NigeriaGov) September 18, 2020
The FIRS earlier today made a statement, that the guidelines are only for non-residents, and people paying tax in more than one country.
and other persons who have residence for tax purposes in more than one jurisdiction or Country. Financial Institutions are expected to administer the Self Certification form on such account holders when information at its disposal indicates that the Account holder is a person
— FIRS Nigeria (@firsNigeria) September 18, 2020
“The Self Certification Form is basically to be administered on Reportable persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS. Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or Country.”
“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.” the statement read.
This is a copy of the Self-Certification form govt. wants targeted account holders to fill
The FIRS posted a copy of the self-certification form on its website.
The Nigerian government on Thursday tweeted an order to all persons holding accounts across financial institutions and insurance firms to complete and submit Self-certification forms.
This was announced by the Federal Government in a social media statement on Thursday. The FG warned that failure to comply may include a monetary penalty or inability to operate the account.
The Government also urged Nigerians to comply with the requirements and execute all forms needs, if not sanctions may be introduced in the forms of monetary penalty or inability to operate the account.
The government however deleted the tweet on Friday, explaining that it does not apply to everybody, contrary to what it had earlier tweeted. The FIRS claims those affected are non-residents.
Nairametrics has seen a copy of the “Self-Certification Forms” detailing the information that account holders are meant to share. See below;
NB: This article has been updated to reflect new information regarding who the accounts holders (reportable persons) are.
FIRS generates N490 billion tax revenue in July, collects 89% from non-oil sector
The agency has announced a significantly huge amount it collected as tax for the month of July.
The Federal Inland Revenue Service (FIRS) has announced that it generated a total sum of N490 billion in tax receipts in the month of July.
While making the disclosure in a statement on Thursday, September 17, 2020, the revenue agency disclosed that N438 billion out of that amount was generated from non-oil receipts, which represents 89% of the total figure, while N52 billion is from oil receipts, which represents 11% of the total collection.
Explore the Nairametrics Research Website for Economic and Financial Data
The FIRS stated that the significant drop in oil revenue could be attributable to the global shock caused by the coronavirus pandemic which led to a crash in crude oil prices and huge output cuts by oil-producing countries.
The statement also quoted the Executive Chairman of FIRS, Muhammad Nami, as attributing the increase in the non-oil receipt to the various reform measures that have been introduced by the board and management of the service, as well as the dedication of the staff. He said that it was gratifying to note that their collective effort as stakeholders was paying off.
The FIRS boss revealed that the FIRS continued to record a significant increase in tax revenue from non-oil sources, despite the national and global economic crises caused by COVID-19. He said that non-oil tax receipts had consistently contributed 75-90% of the total tax receipt in recent months.
Non-oil tax receipts have consistently contributed 75-90 per cent of total tax revenue in recent months. Out of N490 billion collected by the Service in July, N52 billion, representing 11% came from Oil sources while N438billion, representing 89% came from Non-oil receipts.
— FIRS Nigeria (@firsNigeria) September 17, 2020