TheNewsGuru

Tag: Levy

  • Shareholders lament over N436bn levy AMCON collected from 7 banks

    Shareholders lament over N436bn levy AMCON collected from 7 banks

    Shareholders have kicked against the N436.5 billion paid to the Asset Management Corporation of Nigeria (AMCON) by seven banks as banking sector resolution costs in 2024.

    Some of the shareholders, who spoke in Abuja on Sunday, said that the levy had negative consequences on shareholders’ funds.

    Mrs Bisi Bakare, the National Coordinator, Pragmatic Shareholders Association, said that AMCON should have wound down by now.

    According to her, AMCON saw free opportunity and loopholes and keyed into it (the hard earned money of investors).

    ”AMCON has over stayed it usefulness, hence they should wind up.

    ”Even those debt that have been taken over by them, what has been the level of recovery?

    ”Their continued stay is more like a conduit pipe that has consequences on shareholders fund. AMCON should wind up and leave.

    ”The shareholders have been shouting in all fora that AMCON has over stayed, unfortunately, the government is not coming to our aid,” she told NAN.

    Mr Moses Igbrude, the National Coordinator, Independent Shareholders Association of Nigeria, said that the AMCON levy on banks was another way of siphoning from the banking industry.

    He said that it was high time the corporation wounded up and the levy stopped.

    “AMCON was set up with a clear purpose and timeline, but “the Nigerian thing” happened.

    “Those who are benefiting from it both directly and indirectly launched a campaign of extension of timeline through the National Assembly.

    ”What AMCON management can not do for 10 years, give them eternity they will not be able to do it because of vested interests.

    ”To be collecting AMCON levy from banks is another way of siphoning from the banking industry, and because of this free money AMCON will perpetuate itself forever,” he said.

    A NAN correspondent who monitored banks’ 2024 audited financial statements posted on the Nigerian Exchange Group (NGX) platform, reports that the seven banks paid N436.5 billion to AMCON in 2024.

    The figure represents a 158 per cent increase from the N276 billion paid to the corporation by the seven banks in 2023.

    The banks’ include Guaranty Trust Holding Company (GTCO) Plc, Zenith Bank Plc, Access Holdings Plc, United Bank for Africa (UBA) Plc First HoldCo Plc, Fidelity Bank Plc and Wema Bank Plc.

    The banking sector resolution cost (AMCON levy) is charged based on the corporation’s Act of 2015 at 0.5 per cent of the bank’s total assets plus total off balance sheet assets.

    GTCO Plc paid N36.66 billion against N27.31 billion paid in 2023, Zenith Bank Plc paid N92.2 billion against paid in 2023, and Access Holdings Plc paid N112.23 billion against N68.8 billion paid in 2023.

    Also, UBA Plc paid N71.91 billion in 2024 billion against N40.36 billion paid in 2023, First HoldCo Plc paid N74.87 billion, Fidelity Bank Plc paid N35.81 billion while Wema Bank Plc paid N12.79 billion in 2024.

    AMCON was established in 2010 to stabilise the Nigerian banking system by efficiently resolving the non-performing loan assets of banks in the economy.

  • Why FG suspended helicopter landing levy

    Why FG suspended helicopter landing levy

    The Ministry of Aviation and Aerospace Development says the 300 dollars  helicopter landing levy collection by its concessionaire has been suspended.

    Mr Odutayo Oluseyi, Head, Press and Public Affairs  Unit of the ministry, disclosed this in a statement issued to newsmen on Friday in Lagos.

    Oluseyi said that the collection of the levy was temporarily halted to allow the ministry to address pressing concerns raised by industry players.

    “We want to set the record straight here by stating  that the Minister, Mr Festus Keyamo, (SAN), temporarily suspended the project to take a deeper look into issues raised by stakeholders.

    “Contrary to reports, this suspension does not cancel the concession and mandate granted the consultants responsible for collecting the levy.

    “Instead, a comprehensive review is underway to address issues and develop a forward-thinking approach.

    “A specially-constituted committee, comprising representatives of the ministry, its relevant agencies, Airline Operators of Nigeria and the International Oil Companies (IOCs), is working to achieve this goal,” the official said.

    According to him, the committee’s  primary objective is to develop a workable framework for implementing compliance with landing levy payments, ensuring a win-win situation for all stakeholders.

    “By doing so, the industry can move forward in a spirit of collaboration and mutual understanding,” he said.

    He said that the committee’s  recommendations would be crucial in shaping the future of helicopter landing levy collection and ensure a sustainable and thriving aviation industry.

    “Accurate reporting is central to the progress of the project.

    “By doing so, we can foster a more informed and supportive environment for the aviation industry to thrive.

    “Let’s embrace this opportunity for constructive dialogue and collective growth.We urge all stakeholders to remain calm and supportive,  as we work together toward a resolution.

    “The aviation industry is a vital sector that deserves our collective effort to ensure its continued growth and success,” Oluseyi stated.

    The ministry had, in April, announced the helicopter landing levy, giving NAEBI Dynamic Concept Ltd. the sole right to collect the levy.

  • Dealers of ‘tokunboh’ vehicles threaten shutdown over 15% levy

    Dealers of ‘tokunboh’ vehicles threaten shutdown over 15% levy

    Disturbed by the introduction of 15 per cent National Automobile Commission levy imposed on imported used vehicles by the Nigeria Customs Service, car dealers have threatened to close their stores this week.

    TheNewsGuru.com, (TNG) recalls the Federal Government had recently introduced a 15 per cent National Automobile Commission levy on used imported vehicles, a decision which didn’t go down well with clearing agents in the country’s maritime sector.

    The agents argued that the NAC levy is mostly meant for new vehicles, questioning the rationale behind the introduction of the duty on used vehicles.

    In a quick response, the service, in a statement by the National Public Relations Officer, Timi Bomodi, said the move was in compliance with the Economic Community of West Africa Common External Tariff.

    The statement read in part, “On Friday the 1st of April 2022, the Nigeria Customs Service migrated from the old version of the ECOWAS Common External Tariff (2017- 2021) to the new version (2022- 2026). This is in line with World Customs Organization five years review of the nomenclature. The contracting parties are expected to adopt the review based on regional considerations and national economic policy.

    “The nation has adopted all tariff lines with few adjustments in the extant CET. As allowed for in Annex II of the 2022-2026 CET edition, and in line with the Finance Act and the National Automotive policy, NCS has retained a duty rate of 20 per cent for used vehicles as was transmitted by ECOWAS with a NAC levy of 15 per cent. New vehicles will also pay a duty of 20 per cent with a NAC levy of 20 per cent as directed in the Federal Ministry of Finance letter ref. no. HMF BNP/NCS/CET/4/2022 of 7th April 2022.”

    Responding, the Lagos chapter Chairman of the Association of Motor Dealers of Nigeria, Metche Nnadiekwe, disclosed that the group would be meeting this week.

    He noted that the outcome of the meeting would determine if the group was going to close their stores or not.

    “How can we continue to run a system like this? This is really bad and until we get things right in this country, we are not going to move forward. We will have a meeting, come up with a strategy and take a position on that. We may stop selling and do some checks and balances because if we are going to sell the ones we have, we are definitely going to buy new ones. The issue is that no one knows the policy they may introduce next week, so, hopefully, before the end of this week, we may stop selling and know what next to do.”

    The AMDON Lagos chair complained that the government was in the habit of not carrying stakeholders along when making certain policies.

    “You know that the Nigeria Customs Service wakes up any time they want and try to introduce something extraordinarily without informing stakeholders.

    “Some people are stakeholders in certain businesses and when you want to introduce certain policies, why don’t you consider them? Can’t you even discuss with them to know how these people are going to be affected? So, it looks as if it is a calculated attempt to deal with certain people. We don’t really know what is going on here and, remember, wherever there is this type of thing, Nigerians will be the ones that suffer it.”

    He said by the time the dealers paid the levy imposed by the NCS, vehicle prices would go so high that many Nigerians would not be able to afford them.

    “So, I don’t know whether it is an attempt to take us out of business or what. We keep wondering what is actually going on. Sometime ago, it was Vehicles Identification Number and now it is this one,” he concluded

  • Conte sends Levy message after Chelsea defeat

    Conte sends Levy message after Chelsea defeat

    Tottenham Hotspur manager Antonio Conte has sent a message to Daniel Levy over his squad.

    Spurs were eliminated from the Carabao Cup by Chelsea on Wednesday night, going 3-0 across the two semi-final legs.

    Conte cut a frustrated figure after the game and admitted he was in trouble with his squad heading into the north London derby against Arsenal this weekend.

    “At the end of the two games Chelsea deserved to reach the final in this competition, we have to be honest,” Conte said.

    “In the second half we created many chances to score and we deserved a result better than losing 1-0 but if you have a judgement over the two games Chelsea deserved to win.”

    On the game against Arsenal, he added: “We have to recover some players. When we lose one, two or three players we’re in a bit of trouble.”

  • Bandits order seven Zamfara communities to pay N37m levy within 72hrs

    Bandits order seven Zamfara communities to pay N37m levy within 72hrs

    Bandits in Zamfara have issued Monday ultimatum to seven Zamfara communities to pay levy of N37m or face massive invasions.

    The communities under this unwholesome directive from the bandits camped in Tsafe, include: Bawagauga, Hayin Uda, Ruguza, Dumuyu, Zigau, Mai-Rerai and Gidan Kado.

    A source in the area who confirmed this ugly development said the bandits shared the amount (N37 million) among the communities.

    He revealed the bandits demanded that residents in Bawagauga pay N13 million, Hayin Uda to pay N7 million, Gidan Kado to pay N6 million and Mai-Rerai to pay N4 million while Ruguza, Dumuyu and Zigau were to pay N2 million each.

    It was also revealed that the bandit leader identified as Hassan Bamamu has sometimes ago signed a peace pact with the government of Zamfara State and pledged to desist from banditry activities.

    The source further said that it has already alerted the security authorities about the ultimatum for swift intervention.

    Efforts to get the spokesman of the Zamfara State Police Command, SP Mohammed Shehu confirm if it is aware of the ultimatum and measures being put in place to secure the communities proved abortive as he didn’t respond to either text or WhatsApp messages and phone calls put across to his mobile phone.

  • Ethiope East LG boss denies knowledge of N5,000 POS levy

    Ethiope East LG boss denies knowledge of N5,000 POS levy

    Pharm Victor Ofobrukueta, Chairman of Ethiope East Local Government Area (LGA) has denied knowledge of the N5,000 POS levy that has caused a stir.

    TheNewsGuru.com (TNG) reports Pharm Ofobrukueta specifically stated that he never approved the POS levy, nor the notice distributed by the council’s POS Central Sub-Revenue Committee.

    Mr Tega Enakerakpo, Chairman of the POS Central Sub-Revenue Committee of the LGA verbally assaulted a reporter of TNG as a result of the POS levy.

    Our reporter had sought clarification, and provided Mr Enakerakpo the opportunity to address issues arising from the annual levy.

    Operators of POS across the LGA had lamented the N5,000 levy, describing it as draconian, and an effort to further increase the burden of the people.

    “The council just wants us to suffer. How can they say we should pay N5,000 as levy for operating POS. There are other deductions accrue to us in operating POS. At the end of the day, it’s the masses that will suffer it,” one of the POS operators in the LGA, who asked not to be named told TNG.

    TNG reports the Ethiope East Local Government council announced the N5,000 levy in a release on Tuesday, requesting POS operators across the LGA to comply within 27 days.

    The release titled ‘Demand Notice on POS Operation’ was signed and released by Mr Enakerakpo, the Chairman of POS Central Sub-Revenue Committee Ethiope East Local Government, Islokolo.

    A bank account the Ethiope East Central Sub-Revenue Committee operates with Zenith Bank was also attached with the release along with the contact phone number of Mr Enakerakpo.

    The council also threatened legal action against POS operators who will fail to comply with the notice.

    The release reads in part: “As part of the urgent need of Ethiope East Local Government Council to have a proper and approved P. O. S., operators in the Local Government Area, the Local Government has decided to notify you to pay your P. O. S., annual operational levy of Five Thousand Naira (N5,000.00) only.

    “Take note, that you are requested within 27 days to make payment to the account stated below as failure to abide by this demand notice will attract serious legal action against you”.

    When contacted, Mr Enakerakpo shouted, screaming on top of his voice, saying our reporter “should get out of his phone”. He directed our reporter to reach out to other LGAs that sundry and similar levies are also being collected.

    After introducing himself, and the reason for the call, the committee chairman immediately cut in saying: “Bros, other committee dey for other local government. Make una no dey post nonsense wey una no know on Facebook. All the ones wey una dey do since, I dey see am. So, no dey call me to dey ask me. Anything wey dey your mind do. No be only Ethiope East dey charge POS levy. Abeg, get out from my phone”.

    However, Chairman of Ethiope East LGA has denied knowledge of the N5,000 POS levy.

    In a statement released by the Chief Press Secretary of the LGA, Ehwarieme O. A., the LGA Chairman, Ofobrukueta said he never authorized anybody or committee to distribute a demand notice on POS operators in the local Government Area.

    He further said members of the POS Committee have been invited to his office to clarify their stance.

    The statement reads: “It has been brought to the notice of the authority of the Executive Chairman of Ethiope East Local Government Council, Rt Hon Pharm Victor Ofobrukueta and his executives over the unwanted act of some individuals who without the authorization of the Local Government Chairman distributed notifications urging POS Operators/owners to pay the sum of #5,000 ( five thousand naira) as revenue.

    “The Chairman frowned and debunked the allegations in its entirety. “I have not authorized anybody or committee to distribute demand notice on POS operators in the local Government Area. Though we believe that little financial contributions from everyone who renders certain services and earned money within the LGA will contribute to the growth and development of the local government. We would rather do it within the ambits of the law and without putting more burden on our people. We regret the inconvenience such demand notices might have costs our dear citizens and we have therefore put in place necessary steps to correcting them”.

    “The Chairman was taken aback that the committee went ahead to distribute demand notices without his approval.

    “Meanwhile, all contributions, suggestions, and ideas geared towards the growth and development of the Local Government should be channelled to: www.ethiopeeastlga.dl.gov.ng

    “We regret such misleading information as all the members of that Committee are invited to his office to clarify their stance”.

  • Tottenham chairman to make Conte second highest paid in EPL

    Tottenham chairman to make Conte second highest paid in EPL

    Tottenham chairman Daniel Levy is willing to make Antonio Conte the second highest paid manager in the country.

    Conte is in talks with the North Londoners, having left Inter Milan at the end of the season.

    The Mirror reports Conte could be offered an incredible salary of up to £15m-a-year – in addition to funds being made available to spend on the squad.

    Levy, 59, is also reportedly bullish over his chances of keeping Harry Kane at Tottenham.

    And Conte is eager to work with the England skipper.

    Should the Italian take the job, only Pep Guardiola would earn more than him in the Premier League.

    The former Barcelona boss rakes in around £20m per season at Manchester City.

    While Conte’s new salary would tie him with Liverpool boss Jurgen Klopp.

  • What we want in next manager – Tottenham chairman

    What we want in next manager – Tottenham chairman

    Tottenham chairman Daniel Levy has set out the criteria for their next manager.

    Tottenham sacked Jose Mourinho as manager in April and appointed Ryan Mason as interim boss in the week leading up to their Carabao Cup final defeat by Manchester City.

    Spurs striker Harry Kane has reportedly told the club he wants to leave

    but Levy says “that central to our ambitions is a successful football team” as the club “focus” on appointing a new manager.

    “We are acutely aware of the need to select someone whose values reflect those of our great club and return to playing football with the style for which we are known – free-flowing, attacking and entertaining,” said Levy.

  • Tottenham chief already has next manager lined up – Redknapp

    Tottenham chief already has next manager lined up – Redknapp

    Former Tottenham boss Harry Redknapp believes chairman Daniel Levy had already sounded out the next manager before he sacked Jose Mourinho.

    Redknapp believes it will be Brendan Rodgers, if Spurs can persuade him to quit Leicester, or Belgium manager Roberto Martinez.

    “I would think I would have more chance than (Maurizio) Sarri,” Redknapp said. “Where would he come into it?

    “Who do I see? I see Brendan Rodgers or Roberto Martinez. I think he would have a big chance. And they tried to get Brendan when I left. It is whether he wants it.”

    Redknapp also said: “Tottenham have already got somebody. They will have done a deal with somebody already. I know how they work.

    “When I went, they had already spoken to two or three people. I knew that and I had heard that.

  • Kogi Govt queries permanent secretary over bread levy saga

    Kogi Govt queries permanent secretary over bread levy saga

    The Kogi Government has issued a query to Mr Usman Ibrahim, the Permanent Secretary in the state’s Ministry of Commerce for his alleged role in the bread levy saga in the state.

    On Nov. 9, the Kogi State Ministry of Commerce and Industry wrote to the chairman of the state’s branch of the Association of Master Bakers and Caterers of Nigeria (AMBCN), introducing a company to collect a so called bread levy from members of the association.

    The development sparked an outrage nationwide, prompting the State Government to deny the introduction of the levy.

    The state’s Head of Service, Mrs Deborah Ogunmola, issued the query letter to Ibrahim in Lokoja on Tuesday.

    Ogunmola in the letter, dated Nov. 17, said that Ibrahim had on Nov. 9, signed and addressed a letter to the state’s branch chairman of AMBCN on the subject of introducing an identified consulting company.

    According to her, the letter also touches on payment of levies on bread by all bakers and caterers doing business in and across the state.

    Ogunmola accused the permanent secretary of acting without due approval of the state’s commissioner of commerce and industry.

    She said that the permanent secretary had also failed to provide a file documenting the approval for the dissemination of such information.

    The head of service directed the permanent secretary to answer the query within 24 hours and explain why disciplinary action should not be taken against him.

    The letter said that Ibrahim’s action contravened the provisions of Public Service Rules, Section 4 – 030402 (1), (N) and (O), which may lead to his dismissal from service.