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#EndSARS: CACOVID earmarks over N250 billion to rebuild police stations and create jobs

CACOVID has budgeted nothing less than N250 billion to rehabilitate damaged police stations across the country and solve the issue of unemployment.

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Over N27 billion received, what has CACOVID been up to?

The Coalition Alliance Against COVID (CACOVID) has budgeted nothing less than N250 billion to rehabilitate damaged police stations across the country and solve the issue of unemployment.

This is in response to the post-EndSARS violence which led to the loss of lives and valuable property last October.

This is according to a recent press release by the CBN, and seen by Nairametrics. The latest action is sequel to series of decisions reached at the stakeholders’ engagement under the CACOVID, which is aimed at developing measures that will support the government’s effort in rebuilding confidence in the nation’s economy.

What you should know

• In a bid to further strengthen the security apparatus in the country, CACOVID has committed to providing over N100 billion to procure equipment and gadgets for the Nigerian Police Force over the next 2 years.

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• It also earmarked the sum of over N150 billion to set up and implement the Youth Development Programme which will be available at selected training centres across the country. The programme is expected to provide vocational and technical education for at least 4 million Nigerian youths over the next 5 years, with beneficiaries getting trained on craftwork, plumbing, masonry, carpentry, and other artisanal related skills for which sufficient demand exist in Nigeria.

(READ MORE: COVID-19 Palliatives: CACOVID donation is 95% complete – PTF)

  • The selected student/beneficiaries will be eligible to access a N25 billion fund domiciled to support the entrepreneurial drive of the beneficiaries
  • For the out-of-school graduates that possess certain Entrepreneurial skills, CACOVID will be working with Bankers Committee to complete the Creative center at National Arts Theater area of Lagos in four select areas namely; ICT and software design/development, Fashion, Music and Movies. This project is expected to cost the Bankers Committee over N40 Billion.

Other key resolutions of the Alliance include;

  • Banks and financial institutions would be required to extend relief through concessionary loans to affected businesses and firms, so they can rebuild and restock their stores and continue to conduct their business activities
  • CACOVID has committed to fully rehabilitate all 44 damaged and destroyed police stations nationwide in a bid to restore provision of security in affected locations.

Why it matters

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The response is a way of complementing the Federal Government’s effort of rebuilding the economy which has been badly affected by the pandemic and violent demonstrations. As a way of forestalling future occurrences, CACOVID highlighted unemployment as a key issue that ought to be addressed, in lieu of that, a Youth Development Fund which is aimed at advancing entrepreneurship in the country, is mooted.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Business

Court suspends Mareva injunction, orders opening of Seplat’s corporate offices

The Court of Appeal has suspended the interim order issued by a Federal High Court sealing the corporate Offices of Seplat Petroleum Development Company.

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A Lagos Court of Appeal has ordered the suspension of an interim order issued by a Federal High Court sealing the corporate offices of Seplat Petroleum Development Company.

The closure of Seplat’s office was ordered over loan facilities Cardinal Drilling Services Limited allegedly owes Access Bank Plc.

The court lifts the interim order on the stance that Access Bank had nothing to lose if Seplat continued to discharge its obligation to its numerous customers.

While delivering a ruling on an application by the petroleum company for an order of the Court suspending the interim order pending the determination of the appeal filed by Seplat, Justice Joseph Ikyegh held that the balance of convenience favoured the petroleum company.

Justice Ikyegh, however, ordered the company to issue a bond of $20 million in the name of the Court’s Chief Registrar, an order the company’s counsel Etigwe Uwa, SAN said had been complied with.

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The Court rejected Access Bank’s argument that suspending the interim order would amount to dabbling into the substantive issues that ought to be determined while hearing the main appeal. The Court noted that Seplat supplied gas to three power plants that generate almost 40 per cent of power supply in Nigeria and that it would not be able to deliver this service if the order was not suspended.

What they are saying

Justice Joseph Ikyegh said:

“The fear and anxiety expressed by the 1st Respondent (Access Bank) appeared unfounded. It would also not amount to hearing the substantive suit.

“The Supreme Court has held that where machines and workers would be rendered useless, the court would intervene.

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“Disruption of business should be considered in the issue of balance of convenience. The court will exercise its discretion in suspending the injunction.

“Practical approach should be adopted and not do injustice to any of the parties.

“Where considerable hardship will be done to a party, the court will intervene by suspending the injunction or stay it.

“I found substance in the argument. The injunction restraining the appellant from operating is hereby suspended.

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“Order on its accounts are also lifted pending the determination of the appeal.”

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What you should know

  • Recall that Nairametrics reported some months ago that Access Bank obtained an Ex-Parte Order dated November 13th, 2020, to seal the assets of Seplat.
  • The bank also obtained a Mareva injunction freezing the accounts of Seplat in Nigeria and abroad.
  • The Federal High Court had earlier turned down an application by Seplat to access its accounts and offices which were earlier shut down by a Mareva injunction obtained by Access Bank against it.
  • Access Bank is understood to be grappling with a string of bad loans issued under the defunct Diamond Bank, and is now stepping up efforts to go after some of the debtors by obtaining several court orders to seize properties.

Seplat has continued to maintain that the loan agreements evidenced by letters of offer of credit facility were all between Diamond Bank Plc. (now Access Bank Plc.) and Cardinal Drilling Services Limited, while the three Deeds of Debenture to the loan were over specific and fixed assets of Cardinal Drilling viz four Drilling Rigs set out in the schedules of the three Deeds of Debenture.

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Buhari directs FIRS, others to ensure strict compliance of tax payment by foreign firms

President Buhari has directed the FIRS and other related government agencies to ensure strict compliance of tax payments by foreign companies.

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NASENI, Public holidays, President Buhari to scrap NNPC, PPPRA as he submits new PIB to National Assembly, Buhari says there is no provision for fuel subsidy in revised 2020 budget, President Muhammadu Buhari to address Nigerians on Monday, receives update and recommendations from PTF, President Buhari earmarks N420 billion for N-Power, GEEP and others under NSIP in 2021

President Muhammadu Buhari has directed the Federal Inland Revenue Services (FIRS) and other related government agencies to ensure strict compliance of tax payments by foreign companies operating in Nigeria by plugging all revenue leakages.

This is as the president has ordered all government agencies to automate their operations and ensure more synergy in advancing the interest of the country in revenue generation.

According to a report from the News Agency of Nigeria (NAN), this directive was given by the president at the virtual First National Tax Dialogue held at the Conference Hall of the State House, Abuja, where he also stressed the need for deployment of more digital platforms and seamless connections.

What President Buhari is saying

President Buhari in his statement said, “It is not enough that our citizens and local businesses pay their fair share of taxes. Equally, foreign businesses must also not be allowed to continue to exploit our markets and economy without paying appropriate taxes.

” Accordingly, the FIRS has my mandate to speedily put all measures in place to fully implement programmes to stamp out Base Erosion and Profit Shifting in all their ramifications and generally automate its tax processes.

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“In line with this, I have directed all government agencies and business enterprises to grant FIRS access to their systems for seamless connection.

”FIRS must ensure that its deployment of technology for automation is done in line with international best practices.  In particular, FIRS can borrow a leaf from other countries which have successfully automated their tax processes,’’ Buhari said.

President Buhari said that Nigeria will continue to work with the Inclusive Framework (on equal footing) to develop internationally acceptable rules for taxation of the digital economy, which he is optimistic would have evolved into an acceptable multilateral solution that will comprehensively address the tax challenges of the digitalised economy by the middle of 2021.

He said his administration was strategically restructuring the tax revenue mix in favour of indirect taxes in accordance with the national tax policy document.

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The president said, ”To this end, FIRS is mandated to do all that is required in order to efficiently collect tax revenue due from transactions carried out using local and foreign online platforms. The government has made relevant statutory amendment to tax laws in the Finance Act 2020.’’

”The administration is, however, not seeking to increase the tax burden upon the citizens but to plug the existing tax loopholes or leakages and to ensure even and equitable application of the tax laws.”

”This was clearly demonstrated by the provisions in the Finance Act 2019, whereby government exempted small companies from tax and reduced the income tax rate for medium companies from 30% to 20%.

”In the Finance Act 2020, which I signed into law at the tail end of 2020, we went further to cushion the burden of tax on the low-wage workers by exempting minimum wage from personal income tax,” he added.

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What you should know

  • It can be recalled that in the new Finance Act 2020 which was signed into law by President Buhari and took effect from January 1, 2021, necessary amendments were made to the FIRS Establishment Act to provide the legislative framework for the adoption of technology in tax administration.
  • The Federal Government has devised several strategies and policies to boost tax collections in the face of dwindling revenue due to the outbreak of the coronavirus pandemic.
  • The new Finance Act also includes provision for the exemption of low-income earners on N30,000 and below per month from income tax payment.

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Renewable energy critical driver of Africa’s post-COVID-19 recovery and prosperity

Renewable energy will be a critical driver of Africa’s post-COVID-19 growth recovery and economic prosperity.

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AfDB invests $600 million in Africa’s renewable energy, discloses de-risk plan 

Panelists in a 2021 UK Africa Investment Summit event have said that renewable energy will be a critical driver of Africa’s post-COVID-19 growth recovery and economic prosperity – calling for a stronger partnership between the United Kingdom and Africa.

The panel was themed, “UK & Africa: Partnering in Sustainable and Resilient Infrastructure Development.”

Discussions at the event covered British innovation and experience in the context of partnering with Africa to advance its economic development. Panel members said investment in large-scale electrification projects would be key.

What they are saying

Louis Taylor, CEO, UK Export Finance said, “African countries are building back better from the coronavirus,   adding that this presents an “unalloyed opportunity for UK investors to be part of the African success story and for African countries to access the UK’s support for projects.

“The UK is still the ultimate one-stop-shop. The UK government is still the largest G7 investor in Africa. For instance, UK Export Finance is providing a £ 1.7 billion guarantee to support the development of Cairo monorail in Egypt – the UK’s biggest ever overseas infrastructure guarantee.” 

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Wale Shonibare, the AfDB Director for Energy Financial Solutions, Policy and Regulation, while calling for a structured approach to sustainable infrastructure development and the implementation of large-scale electrification programs, citing the Bank’s Desert to Power initiative as an example of a project likely to attract interest from UK businesses; stated that:

“Building on the City of London’s deep expertise in innovative financial solutions, the African Development Bank sees promising opportunities to further expand its program to securitize receipts from solar home systems providers.”

Nicholas Oliver, Business Development Director of UK-based NMS Infrastructure Ltd, urged that: “We need to create partnerships with governments and local businesses. It is a great time to invest in Africa. The African Development Bank estimates that climate change presents a $3 trillion investment by 2030. What an opportunity.

Olusola Lawson, Co-Managing Director of African Infrastructure Investment Managers, an infrastructure investment management firm, noted that: “In Africa, you can’t have transition without electrification. In this context, what we see is the trend from centralized large-scale power plants to a more distributive system.”

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What you should know

  • According to International Energy Agency data, scaling up Africa’s capacity to achieve universal access to energy by 2030 would require over $100 billion per year, of which 40% would be dedicated to solar, wind, and other low-carbon power generation projects.
  • The African Development Bank has taken the lead in accelerating the electrification of the continent through its New Deal on Energy for Africa, a transformative partnership-based strategy that aims to increase access to energy for all Africans.
  • The UK Africa Investment Conference, hosted by the UK Department for International Trade, brings together the UK and African businesses to explore the opportunities for partnership and investment.
  • The UK has been a strong partner to the African Development Bank in the institution’s drive to attract greater private sector participation in African infrastructure investment. The Bank is currently working with a number of UK institutions to improve the enabling environment for infrastructure development in Africa.

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