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FG orders Nigerians with financial balances to fill, submit Self-Certification Forms

The FG cautioned that inability to go along may incorporate money related punishment or powerlessness to work the record.

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The Nigerian government has ordered 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.

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.”

According to the government, the certification forms would be in 3 categories, which are “Form for Entity – For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc) – Form for individual”.

Comply or face sanctions: The Government 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 did not explain what those sanctions will be and how it will be implemented.
  • The inability to operate the account suggests the government could end up freezing the bank account of Nigerians
  • Nigerians have over N30 trillion in bank deposits according to Nairalytics research.

The government has over the years introduced several measures targeted at increasing tax revenues. For example…

  • Last year, the FIRS launched a new universal TIN aimed to boost tax compliance and revenue collection in the country.
  • Former FIRS Boss, Fowler, stated then that “the new system is able to generate TIN automatically for newly registered cooperate taxpayers from CAC, verify TIN details and print TIN certificate, using the TIN Verification Portal.
  • And that “The system also allows tax officials and taxpayers to initiate TIN registration from the comfort of their homes/offices and at their convenience, as the system also notifies the taxpayer through a robust and secured system-system integration, with transparent and convenient benefits.”

What they are Saying: Social media in Nigeria erupted in a frenzy as twitter users reacted to the tweets by the government’s handle.

  • Tweets had gathered over 3,800 comments, over 8,000 retweets, over 3000 tweets.
  • Here are some tweets;

 

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Business

FinRik Shop is helping you expand your business, taking your brand online and facilitating building of e-commerce websites without writing a line of code

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Nigeria was ranked at 131st out of 190 countries in 2019 when it comes to ease of doing business, therefore doing business in Nigeria is already hard and risky, now you have started, Weldone! Running your business shouldn’t be hard.

That’s why we at FinRik are dedicated to building tools that make doing your business easier from our free hosting infrastructure to crypto payment gateway which also have features that help you save, loan or lend crypto.

The first tool is FinRik Shop, a software built for SMEs that makes taking your business online easy, having full data about your business easier. With FinRik Shop you can create an e-commerce website with zero codes, accept credit cards or bank transfer payment instantly, without third-party involvement, you own everything as regards your business, we don’t take any money from your payment accepted, have access to marketing tools, and every data you need to take your business to the next level.

FinRik Shop is basically a facilitator that helps you to find selling your product on the internet easier and cheaper than it has ever been.
Free hosting, free website, free data management tools, access to cheaper marketing tools, free SSL certificate, free website, customize-able domain, free themes.

FinRik Shop offers access to multiple payment gateway with zero third party involvement, give you an a business owner access to very efficient and affordable next level marketing tool. Sell to anyone, increase productivity.
Free hosting
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Easily create a master class, connect with more entrepreneurs using FinRik Academy. No-code friendly
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Take you business online and scale simultaneously

Doing business is risky and expensive our job is to help you reduce your amount of monthly debit/liabilities and we have done that by giving you free hosting, crypto infrastructure for businesses, educative tools for entrepreneurs to grow more, marketing tool etc.

 

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Business News

MTN Group seeks to offer for sale shares of MTN Nigeria to the public

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MTN Group Limited has announced plans to offer for sale, the shares of its Nigerian subsidiary, MTN Nigeria Communications Plc.

The Group has disclosed its intention to proceed with a public offer for sale of 575 million shares in MTN Nigeria.

This was made known in a notice signed by the company’s secretary, Uto Ukpanah and filed with The Exchange.

The notice further stated that the offer would be by way of a bookbuild to institutional investors and a fixed price to retail investors.

According to the statement, the offer is expected to open in November 2021 with a bookbuild to institutional investors and after which a fixed price will be announced for retail investors before it closes in December 2021.

It is worth noting that this is the first step towards the Group’s previously communicated statement notifying The Exchange and investing public of its intention to sell down 14% of its current shareholding in MTN Nigeria.

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ENERGY

Shell unveils new business line in Nigeria

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Global energy giant, Shell, has announced the expansion to a new business line in Nigeria with the expansion of natural gas sales and distribution to meet the growing energy needs of wholesale consumers and provide more and cleaner energy across the country. 

The new business line, which is Shell Energy Nigeria will seek to deliver gas-based energy solutions to businesses across the country to help drive economic development while also delivering greater value from the country’s natural resources. 

According to a statement signed by the Media Relations Manager of Shell, Bamidele Odugbesan, the new business is expected to draw on the capabilities and experience of Shell Energy, a leading global provider of reliable, integrated and innovative energy solutions from a portfolio of natural gas, power and environmental products. 

What the General Manager of Shell Energy Nigeria is saying 

The General Manager, Shell Energy Nigeria, Markus Hector, said, “In line with the Federal Government’s ‘decade of gas’ initiative, Shell Energy Nigeria will strive to deliver gas-based energy solutions to a broad range of businesses across the country to help drive economic development and deliver greater value from the country’s natural resources.’’ 

Shell Energy Nigeria’s gas solutions are designed to partner with other sources of energy – including renewables – to provide competitively priced and flexible energy, while helping the country to transition to a lower carbon energy system. 

What the Country Chair of Shell Companies in Nigeria is saying 

The Country Chair of Shell companies in Nigeria, Osagie Okunbor, said, “Shell Energy Nigeria demonstrates our ongoing commitment to powering progress by providing more and cleaner energy solutions in the country. It brings to Nigeria Shell’s decades of marketing and trading experience, a wealth of market knowledge and its ability to integrate energy solutions to support economic development in Nigeria.” 

The new business offers a comprehensive selection of energy solutions available from a single supplier and made possible by one of the industry’s largest trading operations. 

Building on the success of Shell Nigeria Gas, Shell Energy Nigeria, aims to deliver competitive and reliable energy for power generation and industrial users and to develop gas distribution to serve people in new regions. 

What you should know 

This appears to be a new business focus and strategy for Shell in its operations in Nigeria. 

Recall that recently, Shell had intensified its move to drive down carbon emissions as well as deliver value to their shareholders, customers and the general public. 

Meanwhile, Royal Dutch Shell had in July 2021, launched a major divestment of its Nigerian assets as they had engaged Standard Chartered to sell its Shell Petroleum Development Company of Nigeria Limited (SPDC) subsidiary. 

The sources had said that Shell is selling its Nigerian business because it no longer views its activities in the Niger Delta as core to its ongoing strategy, which is driven by the Environmental, Social and Governance (ESG) pressure from its investors. 

Shell Nigeria Gas (SNG) will continue its current operations as part of Shell Energy Nigeria.  

SNG was incorporated in 1998 SNG is a fully owned Shell company for the downstream distribution of gas to over 120 industries and manufacturing plants in Nigeria. The company’s 150-kilometre gas transmission and distribution network serves several distribution systems, including Agbara-Ota industrial cluster in Ogun State, the Aba Cluster in Abia State, and the Port Harcourt Cluster in Rivers State 

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