FIRS New Excel Sheet Upload To File VAT Returns Is Counter Productive — By Dr. Gbenga Adeoye

Let me start with three proverbs, if they don't want you in a city, do not raise song. If you do, nobody will join you to sing it.

Tax is not something people enjoy topay especially when they cannot see corresponding benefits; Hence,  making it difficult is like someone not wanted in a city raising songs.(Yoruba Proverb)

The second proverb is that a man they want to roast as suya that rub palm oil on his body and then stand beside fire thereby making the work of those who want to roast him easy.

When people are looking for how to avoid tax, do not compound the problem by making payment difficult for them.

The last proverb is that palm oil and white clothes are not friends.Tax payers and difficult payment systems are not compatible.

1. Any student of Taxation knows that one Major principle of tax administration is that it must be easy to pay.

2. This is hinged on the Canon of Convenience among others by Adam Smith.

3. Recently acceptance certificate for asset worth N500, 000 was discussed extensively and 99% of Nigerians are of the opinion that such policy is outdated because even just one laptop and table is in excess of N500,000 and asking people to go get any acceptance certificate is more or else an attempt to impose unnecessary burden on SME's... Some FIRS Team still ask for this during audit when we all know it is unreasonable. There are other ways to verify asset cost.

4. Let me return to the main subject of the day, March 2023 VAT filing which was meant to be filed on or before April 21 suddenly requires that you upload an excel sheet showing the following :

A. Name of your Customers/ Client.

B. Tax Identification Numbers.

C. Amount of Sales.

D. Code representing Nature of Transaction which is either of the following :

O for Vatable.

1 for Zero Rated.

2 for Exempted.

E. Type of Services

 or product

F. Description of Product or Service.

5. As a matter of fact a video was posted on Tax Pro Max asking that each sheet can take 1000 line items.(Funny Numbers)

6. How do you begin to fill an excel sheet Containing all the above fields with 1000.?

7. You will not actually be able to file if you sell items in pieces such as soft drinks.

8.FIRS claimed that once you indicate the TIN of a tax payer; the respective  VAT against such tax payer will go to the system as input VAT as a second leg.

9.Hence, there is no room for you to post local purchases that will enable you to claim or enjoy input VAT.

10. The question is; does FIRS think all tax payers will file at the same time.?

11. If the person you bought from is yet to file, it means you will have no input VAT. That means you will have to pay double VAT.

12. Most companies CEO's could not sleep from 19th to 21st of April 2023 all over Nigeria because many couldn't file the VAT. Some eventually chose to give up.

13. Another issue about VAT is that FIRS is yet to understand the reality in business and a good example is as follows.

You buy goods for N100,000.

You sell with 2% profit.

Meaning you sell for N102,000.

In any case, because of competition, you cannot sell above N102, 000 and no buyer will listen to your explanation that you actually charged VAT on it and as such price had to be higher than N102, 000.

Meanwhile, Most times when you bought from, there is nothing like input VAT in your favour and as such, FIRS is looking at your sales of N102, 000 and asking you to come and pay VAT of N7,650.(Quite Logical ? Isn't it? But Very unreasonable and against ease of doing business and a show of lack of understanding of industrial practice in such sector)

Once you pay N7,650 as expected, your profit of N2,000 is gone. Then FIRS takes another N5,650 from your trading Capital.

Do you think any businessman is stupid to pay such.?

Assuming you are trading with N100,000 and you pay the N7,650, which is rare, but let us assume you actually pay, if the business maintained the same level of transactions over a period of 18 months, the entire Capital would have been wiped off in the name of VAT without considering overheads.

14. For so many tax payers; nothing was shown as input VAT and yet no room for posting cost which the system uses to calculate input VAT.

15. Many posted their cost to Imported Cost so that their actual VAT can be seen.

16. The Excel sheet introduction is not going to work when it comes to input VAT claim because the entity you bought from may not have filed as at the time you are filing and as such, there should be a space for the posting of local purchases.

17. Over the counter transactions also does not give room for you to start asking for Tax Identification Numbers of customers. Yes it is also there that you can put zero if you don't know the TIN, but the question is why the stress.?

SUGGESTIONS TO FIRS.

1. Allow normal VAT filing to continue as it used to be.

2. You can ask for schedule of sales as mere additional documents with or without TIN and where customer's name is unknown, allow tax payers to insert "VARIOUS" to combine many customers... The truth is that such favours FIRS in that no one will claim such VAT as input anyway.

3. Leave the role of requesting for additional information with various tax offices. They know what to do to validate claims of sales and purchases.

4. Use VAT monitoring and Audit exercise to cross-check records of filings and stop stressing tax payers with unreasonable additional burdens.

Conclusion 

1. The newly introduced system is counter productive and that account for why FIRS had to extend filing till April 30 for March VAT.

2. If step is taken to verify collection for the month of March, it will be below expectation.

3.FIRS and indeed all agencies dealing with the public should engage stakeholders and Professionals before introducing any policy.

4. Please note that many companies have not recovered from the damage done by CBN Naira redesign policy on the Economy and so, introducing this new filing method will amount to adding salt to injury

 5. Such pain is not good at the time of tax payments as it negates Canon of Taxation and contrary to ease of doing business because productive time is wasted on irrelevant and counter productive exercise. 

6. All these circulars going around about seminars on the new policy should be converted to apologies to tax payers as it constitute medicine after death where cart have been put before the horse.

The Author. 

Dr.Gbenga Adeoye is a Lawyer and a Fellow of the Institute of Chartered Accountants of Nigeria.

He is also a Fellow of the Chartered Institute of Taxation of Nigeria 

He is an Arbitrator of the United Kingdom and Nigeria.

He is Passionate about Social Economic Development of Nigeria and Africa.

He is an advocate of Tax Justice and Ease of Doing Business in Nigeria.

He can be reached via dga@gbengaadeoye.com

Dr Gbenga Adeoye: Nigeria's Economy In Need Of Divine Intervention In 2023

 

Usually, when a car is to break down, certain signs will be seen by the owner and over time it gets worst if repairs is not carried out on time.

Listed below are the dangerous signs:

1. Students who paid School fees and have been debited and now being deported because CBN could not fund the settlement.

2. Big manufacturers who largely depends on imported materials, are in serious need of Forex, but after their Naira have been taken by Commercial Banks and sent to CBN, for months, Telex has value as recipient are not getting their money.

3. Most LC Applications and Forex Bids are just mere papers resting on the table in Banks.

4. Most Bank workers in LC foreign operations will be laid off in 2023.

5. In a short while, if you need anything overseas, you will have to go get your dollar outside the banks and to avoid problem, you will now have to carry your dollar Cash and enter the aircraft with it or else your money will not get to the recipient because CBN may not be able to honour the settlement.

6. Most brilliant young men and women have migrated from Doctors to Nurses, IT guys and now Teachers will join them. Estate Valuers, Accountants, Lawyers and several professionals are migrating in large numbers Very dangerous. 

7. Commercial Banks no longer get Forex for Form A. Students are now going to be deported because their payment did not get to their schools. Medical Treatment and in deed all those essential needs are no more beneficiary of Forex. What a terrible situation. CBN, where is our dollar? Nothing in Foreign reserve to settle obligations again? 

What is most surprising is that the newly painted notes which is called newly redesigned Naira notes are not available in Commercial Banks.

Customers still get paid with old notes even after December 15, Something is wrong somewhere. Stamp Duty money is said to have disappeared to some pockets ... Different stories every day . Somehow you almost want to put a bet to it that those news are untrue... Because how do you explain that Nigeria's 5 years budget has gone to the hands of few guys... Even now I  still doubt what I read here and there.

How did we get here.? A big question yet without an immediate answer

SOLUTIONS AND EFFECTS 

1. Only what is produced in Nigeria will then be available.

We must then work out on those Skills that will enable us to do almost everything here like China did.

2. We may suffer for like a decade like CUBA and continue to ride old cars and so on but over time, things will improve.

3. Billionaires in Naira may not even be able to import things through Banks as Dollar will not be available in 2023.

4. Dollar demand in the parallel market will go to the roof as almost every Importation will depend on black market. Dollar may go to N1,000 in January, later to N1,500.

5. Tax Compliance drive will be stronger than ever before in 2023, but FIRS must be careful to avoid too much pressure on those paying already and rather work hard to widen the tax net.

6. Exception from Tax based on less than 25m threshold turnover will likely  end as we may be losing a lot more from small companies in view of the fact that many big manufacturers will face tough times with difficulty in getting Forex to buy imported raw materials, and they may begin to close certain lines and relocate them to more stable forex arena in Africa.

7. Most Airlines will stop their Nigerian route as many have stopped already because they could not get Forex to take back their proceeds.It means a time will come that you will need foreign exchange to even buy ticket ... As I heard some airlines no longer accept Naira even now. Another boom for those in forex market . Dangerous as dollar will keep rising as predicted in item 4 above.

Conclusion & Recommendation Notes

1. We need all Professionals to sit together to solve our problems.

2. Like one of my elder Brother said in Abeokuta ."when elections are contested and won, the government belongs to everybody" and to that extent I will recommend Government of National Unity from all the 7 major parties.APC, PDP, LABOUR, NNPP, SDP, ADC & APGA.

3. We all must join hands to work together to find solution to our problems.

2023 requires patriotism and not Political fights.

4. Some guys that have been in government since 1999 have information about where our dollars are kept and those who stole them. They even know where the accounts are.

We don't need to spend money on litigations... All we need to do is to begin to take over those money and bring them back to our foreign reserve account, so we can at least have a new Nigeria.

5. We understand that the kind of money in the hands of some people is so much that if they wage war against Nigeria; they may win.

Some people have enough money in dollars and pounds kept offshore that is enough to even rebuild all our Schools and set up an airline that is a  National Carrier like Nigeria Airways or Air Nigeria.

6. Yes we need all those dollars. There is no need for stressing our judges and Prison budget ...all we need to do is to get as much as we can get so as to kick the country going and get it back on track.

7. Then we must speed up our development in the areas of Roads, Rail lines, Hospitals, Technical Schools, University, ICT, reduction in numbers of subject in primary and secondary School with focus on career paths. We must end lending rate of 35% and have interest rate to be a maximum of 15% if really want the real sector growth.

8. Divine intervention in my view also implied that men and women with integrity, Character and intelligence will join hands together under God to work for the good of the country. Men  who understand that they do not need billions to have food and raiment. Men who place value on hard work than pleasure. We must all join the next cabinet regardless of whoever wins the election and whichever party we belong to Yoruba, Hausa and Ibo and in deed all the tribes and ethnic nationalities must come together to deliver our country from the danger that is ahead.

We all know the seven Parties, and we know the three strong ones and so it must not be personal or party interest anymore but rather National Interest.

God bless Nigeria and may God raise men that will fight for the country economically in 2023.

The Author, Dr.Gbenga Adeoye is a Lawyer and a Chartered Accountant with PhD in Management Accounting.

He also holds an M.Sc. in Banking and Finance.

He is an alumnus of University of London where he studied International Business Law for LLM.

He is also an Alumnus of Harvard Business  School Executive Education on Innovation and Building New Business in Established Organizations being part of 3 Nigerians in the 2011 set.

He is a member of Egba Economic Summit Group and Nigerian Economic Summit Group in the Tax & Fiscal Policy Department.

He believes that National Development is a function of the Quality of those in leadership. 

He can be reached via e mail  on : 

 dga@gbengaadeoye.com

I am your landlord – Aboro tells Olu Imasayi

 

The Aboro of Iboro in Yewa North Local Government Area of Ogun State, Oba Abayomi Salako, has told the Olu of Imasayi, Oba Luqmon Kuoye, that he is the landlord to the people of Imasayi.

This is as the Aboro, his chiefs and residents of the Iboro cautioned Oba Kuoye to stop trespassing on their lands.

The people of Iboro said Imasayi indigenes are their tenants, claiming that the present settlement occupied by Imasayi was given to them by their ancestors.

It was gathered that Imasayi residents, had in 2021 attacked Iboro traditionalists, who were in Imasayi to perform their annual rites on the land they said belonged to them.

A few days ago, the Olu of Imasayi was said to have addressed journalists at the Igan Okoto-Ayetoro road being constructed by the Ogun State Government in the area, claiming ownership.

But the Oba of Iboro, while addressing the press on Wednesday, said there is not supposed to be any land dispute between Iboro and Imasayi, adding that “the records are there for everybody to see unless you want to be partial.”

Describing himself as a peace-loving person, who would never condone violence, Oba Salako said, “the fact remains that the land in question is for Iboro.”

He stressed that, “Imasayi does not have a single plot of land on that road, so I'm wondering how could the road be named Imasayi-Ayetoro road?”

His words: “There have been series of violence between Iboro and Imasayi and I told their monarch that I will not condone violence; anybody that fights will be reprimanded and that is my own point. There is no reason for it (violence). The government is there to look into it. 

“Let the government come into the matter, if we disagree, then we go to court. There is no need for fighting, I don't believe in that,” he said.

In his message to the Olu of Imasayi, the Aboro asked him to go back to the elders in his community before trespassing.

“My message to my brother, the Olu of Imasayi is that he should go back to his people, the elderly ones, let them tell you the truth before you start taking actions because the truth is there. If they have any single plot, let them come out with the proof, I will relinquish the land for them. I don't fight for whatever that doesn't belong to me, but he himself knows.

“He knows they don't have any land over there. For him to go on that land and address the press, it is wrong; even if he was going to do that, he was supposed to call me.”

Speaking, the Chairman of Iboro Central Working Committee, Mr Kolajo Owolabi, expressed surprises that the Olu of Imasayi could be laying claim to the road being constructed, saying, “Surprisingly, Imasayi has not even a single plot of land belonging to them historically.”

Owolabi maintained that the Iboro Public Health Clinic is situated by the then Egbado Divisional Council, directly opposite the road in question.

“The original boundary attesting to the fact that Imasayi people are customary tenants on Iboro land is between Iboro and Ibese at Iniya River along Abeokuta/ Ilaro road, about six kilometres away from the reconstructed Iboro/Ayetoro road,” he said.

Going down memory lane, Mr Owolabi said: “When the forebears of the present Imasayi people came to Iboro, our forebears accommodated them and gave them land.

“It is irrational, irritating and provocative to now lay claims to portions of land owned by your customary landlord and which of course was never allocated to any of your forebears.

“Our investigations revealed that one Engr. Deinde Falana, an indigene of Imasayi who worked in the Ogun State Ministry of Works perpetrated the act of change of name of the road in question to Imasayi/Ayetoro road, during the administration of Col. Akintonde.”

Calling for peaceful resolution, he appealed to the state government to wade into this boundary issue quickly and “resolve it with honesty and sincerity, devoid of any political manipulation.”

Contacted, the Olu of Imasayi said the road had been known to be Imasayi-Ayetoro road from time immemorial, adding that reporters from the state government usually visit him for comments on the level of work done.

“From time immemorial, it is crystal clear that that road is Imasayi-Igan Okoto-Ayetoro road. They have played a lot of politics, requesting that the name, Imasayi should be removed, but government said that's what is in the document in the state archive,” the Oba of Imasayi stated.

He added that there are documents in his palace on who owns the land.

Indian, Ayan Asit Chakraborty declared wanted for allegedly stealing Nigerian firm’s N500m

The Nigeria Police Force has declared an Indian national Ayan Asit Chakraborty wanted.

A Gazette Bulletin with Ref No AR: 3000/ZN.2/MTU/TMI Vol. 2/141 announced that the Magistrates’ Court had issued a warrant of arrest in Lagos.

The suspect is expected to turn himself in at the office of the Assistant Inspector General of Police, Zone 2 Command in Onikan.

Ayan is wanted for alleged stealing and fraudulent diversion of funds from a Nigerian firm Shash Industries Ltd., between 2017 till July 2022.

He is accused of making about N500,000,000 fraudulent transfers to his various personal accounts for personal benefits.

The accountant is 35 years old, 5.7 by height, medium build, oval face, long nose, small mouth, thin lips, good teeth, black eyes, light skin, and round chin,

The police description also said Ayan has curly hair, large head, low forehead, smokes and drinks, dresses in corporate/casual, and frequently visits clubs and bars.

“If seen, arrest and hand over to the nearest police station or to the office of the Assistant Inspector General of Police, Zone-2 Command Onikan Lagos 07030308813”, the notice added.

Oke-Ogun APC leaders endorse Adebutu, Akinlade

Leaders of the All Progressives Congress (APC) in Oke-Ogun axis of Abeokuta North Local Government Area of Ogun State have endorsed the governorship candidate of the Peoples Democratic Party (PDP), Hon. Ladi Adebutu and his running mate, Hon. Adekunle Akinlade.

The APC leaders gave the endorsement at a meeting held on Monday.

According to them, the decision to join forces with Adebutu was born out of the need to reset Ogun and save the State from the incumbent Gov Dapo Abiodun, under whom the state is heading towards the wrong path.

The APC leaders regretted that the Abiodun government has neglected Oke-Ogun and the entire Abeokuta North since he came on board, saying this must not continue for another four years.

They vowed to mobilise votes for Adebutu and his running mate, Akinlade in 2023.

Leaders at the meeting include: Chief Major Adejimi Dede; Hon Ibikunle Bayowa; Hon Taored Salami: Hon Sola Adebesin; Hon Abegunrin; Hon Fagbenro Mukaila (AKA ASA); Hon Oluleye Taiwo; Olurebi Adebowale; Adams Kantey; Akeem Adigun and others.

How Nigeria Lost Creation Of One Million Jobs In 2021 – By Dr. Gbenga Adeoye

I hear stories of how young Nigerians leave in droves to other countries in search of greener pasture.

2.There is hardly no week without a call coming from people who want to relocate.

3. Some have good jobs and in their case, it is about looking for another working system....System that are predictable...with Public wealth.. 

4.Most of those leaving are people who concluded there is no hope for them here.Their perception may be justified based on their experience.

5.Having laid this foundation, it is important to itemise things we MUST STOP forever and things we MUST DO URGENTLY .

6.I was privileged to know entities set up with less than N10b from land to Equipment and initial working capital now creating about 1000 direct and indirect jobs.

7.If we look at  the N20,000 meant for 1,000 youths in 774 local government for three months , it would have amounted to N46,440,000,000.

8. By adding just N13,560,000,000 it would have amounted to N60b.

9.We could have set up  six factories based on comparative advantage in each geopolitical zone.Some argued with me that...oh...Government cannot run any business successfully ...The answer is NO.We could have handed it over to Professionals even if they are foreigners.As a matter of fact, we can ask them to double capacity every 5 years by establishing one more in the respective zone.

10.Empirical Data available to me shows clearly that entities established with up to N10b could generate over 20b revenue annually.

11.Instead of 774,000 people to get N20,000 for three months and thereafter return to poverty...There is a better option in perpetuity. 

12.We could have successfully mop 1m people out of unemployment forever through direct and indirect jobs.

13.Assuming we flow along this direction of long term and enduring policies, It means that by 2026, if we are able to double that expansion, another 1m employment would have been created.

14.I know this is a possibility and I know it is not Rocket  Science and I know many intelligent Nigerians who knows that this is achievable without needing any Rocket Science or some sorts of magic...Just critical thinking and implementation. 

15.Giving N20,000 or any of such amount for three months  does not eradicate poverty.

16. I have seen with my eyes, direct investment in serious manufacturing sector with figures less than the N10b doing turnover in excess of the projection I stated above....Most Financial  Consultants will be my witness on this fact.

17. We could also say, for 10 years, all tax payable would be ploughed back into a plan to double the business and employment every five years. Hence the Tax Holiday will be to achieve massive creation of jobs.

18. Imagine we do this consistently for 20 years...Just with the seed investment of  N60b , we would have  successfully reduce unemployment by 16m ..( Year One 1m jobs, year five 2m jobs, year Ten, 4m jobs, Year  Fifteen 8m jobs, Year Twenty 16m jobs.)

19. This analysis is based on the current challenges with power .If we deliberately and aggressively address power,  it means we could do more as cost of energy would have reduce and as such, the capacity could increase leading to higher rate in terms of expansion every five years.

20. China actually embarked on these type of aggressive setting up of factories by providing INTEREST FREE LOANS to companies to do this. Imagine we say instead of paying back..just keep expanding..They were able to make 100m Chinese millionaires and they are not stopping at all.

21. Another way to do this is by promoting Vertical Mergers which is a merger of entities producing complimentary goods or providing complimentary services to achieve economy  of scales.

22. I therefore urge whoever becomes the next president or let me say all the Presidential Candidates to start collating data on the following : 

1 What can we produce or do in each Geo Political Zones...?South West, South South, South East, North Central, North East and North West.?

2.What is the volume of raw materials available in such areas.? What type of skills do they have in abundance there.?

3.How much do we need to set up a standard company with collaboration with Nigerians in diaspora in such a way that each factory can create 1000 direct and indirect job.?

4.How best can we structure the entities legally with water tight clauses to avoid political influence and nepotism that will result in  mismanagement that characterised government owned entities in the past.( Nigerian Airways as an example of failed Government  business but we can safeguard such failure now )

5.How do we ensure that state government get actively involved.?They own the land anyway .

23.Let me conclude by stating that as fearful as it may sound to most Governors (excluding Lagos, Ogun, Rivers, Delta, Akwa Ibom, Kaduna and Kano and perhaps any other state with reasonable IGR). We can close our eyes and in my considered opinion I think we should plan to close that eyes and do it soon and  foreclose sharing in a given month.

24.If we decide that one month every year for the next 5 years, we would not share anything directly to any state account or local government but this funds will go into a trust fund that will be used to set up enduring factories and entities such as mentioned above...Then we would be close to our deliverance....We may say 20% of what is available for sharing will be taken out for this purpose...Imagine in months when we share 600b...our 60b is just 10%. What a wonderful success that will follow .!!!

25 Safeguards from corruption will be that we would not  keep the money in any fixed Deposit account but to start working immediately with time table set for each milestone.( Or else some guys could start collecting cash interest into their pocket  for the fund to remain idle for years.)

26.State Governors can be asked to set aside land for factory  clusters considering what is good for the kind of comparative advantage of their respective states in each local government.

 27.As we focus on the coming generation by the end of 2050, which is just 28 years from now, ( it is not far away...1994 was 28 years ago..We watched Tunishia 94 ...it is like yesterday) each local government can have entities that can comfortably employ most of the youths.

If 20 year gives us 16m jobs, every five years we double the base for each year...by end of 25 years...we would have 32m jobs...By end of 30 years we would have 64m....If we start now...by 2052 ...64m jobs would have been created.We must be deliberate with affirmative actions.

28.There are low hanging fruits we can attack immediately. 

This is doable if we set out for it.

29.Finally here...My projection of generating revenue of over 20b with an entity set up with 10b is modest based on what I know.Am also sure many people in Nigeria also know this.

30 .While we pursue this, I want to beg our people in government to be consistent with good policies.Stop all forms of harassment of businesses either on the road or in their premises.

Encourage Friendly Tax Compliance mechanism like VAIDS introduced by Kemi Adeosun..Even though it is painful that FIRS slept off on this and woke up five years later to start talking about VAIDS..I will rather suggest we introduce a second scheme of VAIDS...to bring additional people on board ..If you do not know what to do...Many of us love this country we are  willing to offer free service to move the country forward and those who thought the policy out are alive and  reachable...We need collaboration with those that have served before now to revive good policies that are dead.

31.In the words of Mr Kayode Sofela (a legal ICON), on Friday 8th July, 2022 during a mentoring lecture in Victoria Island Lagos, we must embrace Design Thinking by having proper understanding of the  problem , leading to ideation and we must subject those ideas to test but we must implement same using the information available to us while defining the situation to Chart a course of action from among the alternatives by thinking on our fit and out of the box.

32.Toyota has one of the best advert I love....GOOD THINKING...GOOD PRODUCT.

We must think out of the box and the time is NOW .

Like the youths will say. WE MOVE ....BUT I WILL SAY , LET US MOVE AND WE MUST MOVE WITH SPEED....

The Author ;

Dr.Gbenga Adeoye holds a PhD in Management Accounting, a Bachelors Degree in Law( LLB).

An MSc.in Banking and Finance, a diploma in Criminology and Security Studies, 

He was among Law Graduates admitted to Queen Mary School of Law for Master in  International Business Law at the University of London in 2020.

He is an Associate of the Chartered Institute of Arbitrators of UK and Nigeria (ACIArb)

He is a Fellow of the Institute of Chartered Accountants of Nigeria.(FCA) and a member of International Federation of Accountants ( IFAC).

He is a Fellow of The Chartered Institute of Taxation of Nigeria.( FCTI)

He was part of  3 Nigerians trained at Harvard Business School, Boston USA  on Innovation and Building New Businesses in Established  organisations in 2011 along with other CEO's and Heads of Strategy  from multinationals all over the world.

He is the founder and Principal Partner of Gbenga Adeoye & Co.(Chartered Accountants)

He is a member of Egba Economic Summit and Nigerian Economic Summit Group.

He is a member of  Professional Practice Committee (PPC) of the Institute of Chartered Accountants of Nigeria.

He is also a contributor  to National Policy on Taxation, Development Economics  and Good Governance.

He is the founder of Gbenga Adeoye Foundation; an NGO focused on the eradication of poverty, ignorance and sickness in Nigeria especially in the rural areas.

He is Passionate about Social & Economic Development of Africa and Nigeria.

He believes the quality of people in leadership determines development in any country.

He can be reached via e mail : dga@gbengaadeoye.com

TEL : +(234)8034050773

Sokoto 2023: The Defections Galore - Bello Umar Riyoji

The recent wave of defections of political heavyweights leaving the APC to the PDP in Sokoto state is surely leaving so much to be desired. Despite the vitriolic lamentations of the APC establishment,  political pundits are sifting the moves as coming from all directions as a volte-face and signal of an impending political tsunami threatening the  entire foundation of the APC house in Sokoto. This is akin to a similar force that swept the old order in 2006/7,  coincidentally and retrospectively directing itself against  the same  group that  it ushered in, back then. The force depleted the powerful statuesque and power of incumbency of the Bafarawa hegemony and brought in that of Wamakko against all expectations. History has indeed a way of repeating itself. 

The APC leadership and its arrowhead,  H.E Aliyu Magatakarda Wamakko seemed impregnable before 2019 general elections but the centre suddenly started to stop holding after that year’s primary elections purportedly won by the political godson of the leader,  Ahmed Aliyu. The leader however,  managed to  re assemble his house and forged ahead to enter the battle with H.E Aminu Waziri Tambuwal contesting and leading the PDP onslaught. The general public eventually decided the outcome in favour of the PDP and thus the underbelly of fowl started getting its feathers dismembered and today its body is finally being exposed.  

Some of the heavyweights that have just left the APC for the PDP in an elaborate ceremony beamed live on national TV nation wide  included the Speaker of the State House of Assembly,  three former  APC governorship candidates in the recent primaries,  two former ministers, two serving members of the House of Representatives,  two serving members of the  House of Assembly,  two former Ambassadors and several former commissioners under Wamakko, local leaders and tens of thousands of their supporters. Analysts are wondering if this is not  a Tsunami, what adjective could possibly be used to qualify it.

Many reasons have been attributed to this mass exodus and most are directed to the leader and his purported henchmen in the inner caucus.

The manner in which the entire leadership of the party evolved ab-intio has been a subject of rancour amongst the members of the party in general.  The general belief was that the local congresses that produced the ward,  local government and state executives were not done freely and were at the behest of the whims and caprice of the leader; otherwise,  you have to belong to emerge as an exco member. 

Ordinary party members and local leaders believed they have been short-changed and excluded in the election/selection process of its grassroots leadership.

Favouritism and deliberate patronage of only few members of the party in sharing proceeds of governance in contracts and appointments at both the state and the federal levels. The selective treatment of party members has caused a dearth of  members in droves. 

Leaders like the former ministers and former commissioners and former Ambassadors complained of deliberate excommunication and total exclusion in decision of party affairs orchestrated by certain cabal at the beck and call of the leader.  They particularly alleged that the leadership has refused to  advance their course and interest in securing federal appointments for them,  thereby leaving them helpless and courting the anger of thousands of their supporters who expect so much from them. They are particularly irked with the depth of alleged nepotism and crack favouritism  in securing appointments to deserving party chieftains and elites at the centre.  They also complained of being regulated to the background and levelled persona-non-grata in all affairs and decisions of the party. 

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The crux of the matter however,  remains the leader’s  alleged refusal to provide a level playing ground for interested party members in contesting various electoral positions in the last primary  elections for the 2023 coming general elections at all levels. This is in addition to coercion of delegates to vote for particular candidates under somewhat duress circumstances in primary elections where they hold at all.

Finally,  the three governorship candidates that detected unambiguously accused the leadership of supporting openly, the candidature of Alhaji Ahmed Aliyu against the others in brazen and shameful way that sells the party as a one man affair.  They alleged vote rigging and deliberate manipulation of the primaries process with active connivance of the election committee from Abuja. 

Be that as it may,  the APC as a party stands to lose as it is now, with the winds of the Tsunami blowing ferociously in the direction of a final destination at the front door of the PDP and the foot soldiers of The Right Hon. Aminu Waziri Tambuwal are at the city gates receiving their most esteemed visitors and comrades.  Such is politics!

Owo massacre: Install CCTV in churches Ogun monarch, Eselu tells CAN President

The Eselu of Iselu, Oba Akintunde Akinyemi, has written to the President of the Christian Association of Nigeria (CAN), Revd Supo Ayokunle, over the killing of many worshippers at the St. Francis Catholic Church in Owo, Ondo State.

Oba Akintunde, in the open letter addressed to the CAN President on Tuesday, advised that churches in the country should facilitate the deployment of 'closed-circuit televisions (CCTV) so as to constantly monitor movements into and out of worship centres. 

According to the letter signed by the First-class Oba, the video footage from the 'closed-circuit televisions (CCTV) would continually assist the church authorities to raise alarm to security agents when the need arises. 

Oba Akinyemi emphasised that the CAN should also mandate all churches in the country to purchase and use security gadgets to put a stop to gruesome killings in worship centres.

Saddened by the massacre of the church worshippers by yet-to-identified gunmen, the monarch described the incident as not only heinous, but sacrilegious, saying “we must all stand up more than before to vehemently condemn and reject the invasion of churches by unknown gunmen.”

Eselu stressed that the CAN should continue to condemn the acts of killing anyone, both Christians and Muslims under the pretence of blasphemy, stating that such incidents are indeed barbaric and unacceptable. 

He advised that all Nigerians should direct energy towards an outright stoppage of this madness in our dear country, Nigeria.”

He commiserated with Governor Rotimi Akeredolu; the Olowo of Owo Oba Ajibade Gbadegesin; the Christian community in Ondo State and Nigeria in general as well as the families of the worshippers, who were gruesomely murdered by the assailants.

He prayed God grant the families of the deceased the fortitude to bear these irrecoverable losses.

The letter reads partly: “CAN President, it is important to note that the Owo tragedy is capable of putting an unprecedented fear into the minds of the children of God and this alone can make them to desist from going to worship centres to pray to God. To me, we must not allow things to degenerate to that level where Christians will desist from congregating to worship God. 

“Your Eminence, it is, therefore, my sincere opinion that for the children of God to be courageous and feel safe, the Christian Association of Nigeria under your able leadership should put the safety of the children of God at the front burner. The Bible, in the book of Matthew 26:41, says "Watch and pray .... " It is good to pray fervently, but the scripture also asks us to be watchful. 

“In short, my admonition to the Christian Association of Nigeria (CAN) is that, as a matter of urgency, they should facilitate the deployment of some 'closed-circuit televisions (CCTV) to every church in the country so as to constantly monitor the movement into and out of worship centres. 

“The video footage from the 'closed-circuit televisions (CCTV) will continually assist the church authorities to raise alarm to security agents when the need arises. The Christian Association of Nigeria (CAN) should also mandate all churches in the country to purchase and use security gadgets for thier protection.

“It is my belief that once this technology and other security gadgets are deployed in all churches across the country, the children of God will bodly and regularly congregate to worship the Almighty God.”

Showunmi: I remain Ogun PDP governorship candidate

The spokesperson to former Vice President Atiku Abubakar during the 2019 presidential election, Otunba Segun Showunmi, has insisted that he remains the governorship candidate of the Peoples Democratic Party (PDP) in Ogun State.

Showunmi said he emerged winner of a primary election held at the NUJ Secretariat, Oke-Ilewo, Abeokuta, on May 25.

But, the party in Ogun State has said the primary election conducted same day at the Olusegun Obasanjo Presidential Library (OOPL), which returned Mr Ladi Adebutu as the candidate, is the only recognised one.

On Thursday, the Chairman of the PDP in Ogun State, Sikirulahi Ogundele, stated that anyone who thinks he had won the party’s ticket through a parallel congress was only “living in fool's paradise.”

Reacting, Showunmi emphasised that he had no time to exchange words with anyone as he had been busy working on the strategy document for Ogun new deal.

The PDP chieftain maintained that he had met with a Jamaican, Dr Paul Bryant, whom he described as one of the best behavioural change strategists.

“While some were busy talking trash, I was busy with one of the best behavioural change strategists, Dr Paul Bryant, my Jamaican brother working on the strategy document on the Ogun New Deal with bold ideas,” he said.

Showunmi explained that Ogun needs behavioural change to stem the tide of ritual killings, cult clashes, kidnapping among others.

He promised to be the best governor Ogun has ever had if elected.

He disclosed that his concept paper is now being sent across the globe for input.

“I promise I will be the very best Governor Ogun State has ever had if you all are bold enough to send me. Our concept paper is now being sent to the best across the globe for input and some people who are totally without capacity think it's about them. I am so excited about what we plan to implement,” it was said.

FIRS Should Stop Promoting Unreasonable And Outdated Law On Fixed Asssets – By Gbenga Adeoye

1. In Nigeria of today, I respect some Government Agencies for their forward thinking and daily improvement in the use of Technology.

FIRS and Lagos State IRS is one of such.

2.Recently Ogun State IRS also upgraded the payment system such that when you want to pay your tax, a bill is generated and the bank account you will see on the invoice will show your name.

3.I pray that we would be able to continue and stop the STUPIDITY of stopping anything good once there is a change in government .

4. Few days ago, the entire country went on rage among Professionals over one circular emanating from FIRS asking Companies to ensure they obtain Acceptance Certificate for Qualifying Capital Expenditure of N500,000 and above.

5.This Law was made in the 70's when such threshold has a value of over N1.4b

The Industrial Inspectorate Act promogated in 1970 was relevant at that time but NOT in today's Nigeria.

6.As at that time the value of 1 Naira to US Dollar was $4.7260.

It means if you compare that with the value today and try to maintain the same position, the asset class that is used as bench-mark requiring such certificate is as analysed below:

7.N1,000,000 worth of Asset then will be $4,726,000. If you compare that with the exchange rate of today which has reversed through mismanagement of our Economy and Monetary Policy (by men who ought to face their duty of strengthning the system but allowed  greed and selfish interest to divert their attention from their responsibilities ) over the years what you get from  N1m worth of asset is about N2,835,600,000.

8.The implication of the above is that the only asset that qualify for any company to seek Acceptance Certficate is over  N1.4b.

Please note Billion and not million.

9.Apart from this, does it mean that in all these 23 years of the new unbroken democracy, nobody in the National Assembly saw any irrelevant provisions of this archaic law and deem it fit to make amendment or a complete deletion.? Anyway today is not to talk about what people like to do and why they want to go to National Assembly.

10.In a country where we hear noise of amendment everyday, where are my Colleagues (Chartered Accountants) in the National Assembly .?Those that have practiced before as Chartered Accountants ? Where are you ? 

11.Where are the Real Learned Men( Lawyers Called to Bar or even those with LLB) in the National Assembly ?

Why should we be going backward instead of going forward.?

12.Looking at it from another angle, the requirement of substantiating the value of Asset over the years does not require this archaic law.Third party document is enough as evidence to prove the asset value .

13.Another angle is to look at Ease of doing business, why do we enjoy or derive pleasure in disturbing people that are running our economy.( By that I mean employers of labour and people in the private sector .)?

14.Why do we enjoy adding to the burdens of people that we should be encouraging.?Where is the EASE OF DOING BUSINESS WE ALL NEED TO EMBRACE.?

15. If you buy just two laptops, one Printer and 1 table today, you are in excess of N500,000. 

Let us do the mathematics, for that you now need to go and apply for Acceptance Certificate and travel to Abuja from Lagos with the current Aviation fuel cost and airline ticket, you will spend about N350,000 for ticket and hotel which is almost  the value of N500,000 asset.

They will also come for inspection..wasting our dwindling resources on nonsense voyage that can only encourage corruption.

LET US STOP ALL THESE NONSENSE HERE PLEASE.

16. Where are the business minded men in the government. ?

The value of N1,000,000 dollar worth of asset when compared to what it was then in 1970  to the dollar is now like $1,667. Then it was $4 7m. 

The  implication of  that is that , such Law should not have a place here now at all.NOBODY Should talk about this or similar policy now.We have too many battles and stress to contend with .

17.FIRS is trying to do espirit de corp to make the Federal Inspectorate Division of Ministry of Trade happy or what ? Common!!!! We must stop this child's play and  get serious.

Why not tell State Government to demand the Tax Clearance Certificate of those who purchased N100m or 50m or 20m forms and get see what they paid in the last 10 years.

Then insist that anyone who could get a form of N100m should show tax payment evidence of N120m in 3 years...Then you will see those who can show face.

18.Let us stop adding more trouble to our people.We have enough crisis on diesel cost and lack of electricity than to be facing another trauma again.

19.Two  years ago some team started going from company to another  claiming they are from  ministry of labour and productivity .. What are they producing? 

They want to check the workforce and their welfare in private companies.

How many Government agencies, ministries and department have good toilet and flowing water, good table, good ceiling, YET SOMEONE IS BOLD to say he wants to check people who they should go and learn from.

Worst of it is that, at  that time,  Doctors and different bodies in government were on strike. Who should supervise who? Who should learn from who.? 

20.Some people will go round claiming to be fire service inspectors and so many other agencies whose house are not in order .

21.There are some government agencies that are not sure of when they will have light in their offices.Some have no printer,  no table, no chair and such agencies will say they are inspecting private companies they should beg to teach them how to run their affairs.

How can we just not have little shame and stop disturbing people that are creating jobs and the little  sanity we  have in the land.?

22.Everyday,  you just see different people sending letters out  in the name of one oversight or inspection or the other loaded with hidden Agenda.In fact beyond their terms of reference .

People just do what they like .In fact Police is getting better everyday.DSS is getting better daily.EFCC is gettng better everyday too but the civilian agencies of government accusing police, DSS and EFCC  are now the one causing trouble for people in Nigeria.Why? 

23.FIRS should withraw that circular and all men and women preparing to reap another set of fruits from the labour of pains of private companies in the name of OUTDATED & IRRELEVANT Acceptance Certificate should just go back to their office and think of how to develop Nigeria and not how to add to our pains.

Manufacturers Association of Nigeria(MAN) NECA and  SMEDAN should RESIST this forthwith.It cannot stand the test of time in this current crisis on Power, Exchange rate and many jeopardy on the economy.

I respect FIRS handling of things,  especially Technology like Tax Pro Max (which can be made better and better everyday) and as such should  not allow any agency to stain their  white clothe of development with RED OIL.

GOD BLESS NIGERIA.GOD BLESS THOSE CREATING JOBS AND PROVIDING PLATFORMS FOR OUR ECONOMY TO RUN.

The Author ;

Dr.Gbenga Adeoye holds a PhD in Management Accounting, a Bachelors Degree in Law( LLB).

An MSc.in Banking and Finance, a diploma in Criminology and Security Studies, 

He also holds a Post Graduate Diploma in International Business Law from The University of London.

He is a Fellow of the Institute of Chartered Accountants of Nigeria.(FCA) and a member of International Federation of Accountants ( IFAC).

He is a Fellow of The Chartered Institute of Taxation of Nigeria.( FCTI)

He was part of  3 Nigerians trained at Harvard Business School, Boston USA  on Innovation and Building New Businesses in Established  organisations in 2011 along with other CEO's and Heads of Strategy  from multinationals all over the world.

He is the founder and Principal Partner of Gbenga Adeoye & Co.(Chartered Accountants)

He is a member of Egba Economic Summit and Nigerian Economic Summit Group.

He is a member of  Professional Practice Committee (PPC) of the Institute of Chartered Accountants of Nigeria. The Committee that brought a lot of innovations to  Practicing  Licence Processes of ICAN in 2021/2022 Presidential year.

He is also a contributor  to National Policy on Taxation, Development Economics  and Good Governance.

He is the founder of Gbenga Adeoye Foundation; an NGO focused on the eradication of poverty, ignorance and sickness in Nigeria especially in the rural areas.

He is Passionate about Social & Economic Development of Africa and Nigeria.

He believes the quality of people in leadership determines development in any country.

He can be reached via e mail : dga@gbengaadeoye.com

TEL : +(234)8034050773

2023: Why Abiodun can't be Ogun guber candidate – APC member writes Adamu

A member of the All Progressives Congress (APC) in Ogun State, Ayodele Oludiran, has petitioned the National Chairman of the party, Senator Abdullahi Adamu, telling him why Governor Dapo Abiodun should not be the candidate of the APC in 2023.

Oludiran, in the petition signed on April 12, said Abiodun’s candidacy would portend danger for the APC with the damning allegations against him.

According to an acknowledged copy of the petition sighted by our correspondent, Oludiran maintained that Abiodun was accused of “concealing criminal offenses he allegedly committed in the USA in the 1980s.”

The petition told Adamu that a former prominent member of the APC, who just decamped to the opposition Peoples Democratic Party, PDP, to procure a gubernatorial nomination form, has boasted to everyone that he has more compelling and damning documentary evidence, such as incident card and mugshot of Abiodun, in his possession. 

“This individual, also from the same Senatorial District as the subject matter, is confident that the incumbent will be disqualified by the courts to pave way for him to clinch the Governorship seat,” it was said.

In his words, Oludiran noted that there are discrepancies in Forms CF001 the governor filled in 2015 and 2019 with the Independent National Electoral Commission (INEC).

“Excellency Sir, I note with grave concern that HE. Prince Adedapo Oluseun Abiodun’s actions and integrity are questionable; “while filling the columns for his educational qualifications in the INEC form CF001 for the office of Governor of Ogun State in 2019, under ‘Primary School Attended’, HE. Prince Adedapo Oluseun Abiodun recorded and claimed that he attended International Primary School Ayetoro in 1971, while in his 2015 INEC Form CF001, while vying to represent Ogun East at the Senate, he recorded and claimed to have attended another primary school, Comprehensive High School Ayetoro State Primary School, in the same 1971.

“All efforts to locate both schools, which would have been in the present Ekiti State or Ogun State - of the Old Western Region of Nigeria - proved impossible. 

“I submit that if he indeed had attended any of the above-stated schools, he would have been consistent while filling the INEC forms.

“His claim to have attended non-existent schools in 1971 also amounts to lying on oath and presenting a false certificate to INEC which are very potent grounds for disqualification as enshrined in Section 182 (1) (j) of the 1999 Constitution as amended.”

The APC member informed Adamu that “Abiodun's profile can only best be described as a bundle of consistent inconsistencies,” referring the APC Chairman to his Form CF001 submitted to INEC in 2015 where he indicated under oath that he attended the University of Ife (now known as Obafemi Awolowo University) in 1986.

However, Oludiran pointed out that in Form CF001 submitted to INEC in 2019, no mention was made of the University.

“My inquiries at the Obafemi Awolowo University, Ile-Ife, revealed that HE, Prince Adedapo Oluseun Abiodun never even graduated from the University of Ife. It beggars belief why he would say he did in his form CF001 in 2015.

“No person shall be qualified for election to the Senate or the House of Representatives if: (i) he has presented a forged certificate to the Independent National Electoral Commission,” Oludiran said, quoting, Section 66(1)(i) of the 1999 Constitution (as amended).

Also, Oludiran said “Abiodun lied about his indictment and imprisonment in 1986.”

He explained: “On July 12, 1986, an African American male, born on the 22nd of June 1959, who went by the name Shawn Michael Davis, was arrested at the American Express Travellers Office located at 32, Miracle Mile in Coral Gables, Florida, by Officer G. Clayton of the CGPD and indicted for Forgery, altering a forged Travellers Cheque, grand theft and theft of a credit card belonging to Mr. John A. Moruay. 

“Similarly, at 8:20 pm on November 6, 1986, Officers R. Ubieta and R. Stewart of the Miami (Metropolitan) Dade police department (MDPD), Florida, assisted by US Secret Service Agent, S.A, Tim Cristine, arrested one Adedapo Oluseun Abiodun (a male Security guard, an African of Nigerian origin with Date of Birth; May 29, 1960) at 85ST, SW 107AVE (Horizons East) for forgery, altering forged instrument and resisting arrest with violence. 

“While being processed at the Miami (Metropolitan) Dade Police Department (MDPD) for detention, the fingerprint of the suspect, Adedapo Oluseun Abiodun, was squared on the US criminal database and it was discovered that the suspect is the same person as Michael Shawn Davis earlier mentioned, who then was still facing trial, and released on bail, at Coral Gables. 

“Adedapo Oluseun Abiodun was thereafter indicted for the offense of credit card fraud in Miami Dade, Florida, USA, and remanded in jail as a repeat offender with jail number: 860089436.”

Oludiran expressed concern that the Abiodun in 2015 and 2019 claimed in his INEC forms CF001, under oath, that he had never been under any sentence of imprisonment, fine for any offense of dishonesty or fraud or any offense imposed by a Court, saying the claim is false.

He also hinted that Abiodun did not disclose to INEC that he has another name as Shawn Michael Davis.

He said the governor “dubiously omitted Section B(3) “Former Names” in both forms, whereas Appendix 20, also herewith attached, expressly shows that competent authority, of the Circuit and County Court of the Eleventh Judicial Circuit of Florida in and For Miami Dade County, captured and affirmed that he was - as far back as 1986 - also known as Shawn Michael Davis.”

Making reference to how the APC lost the governorship seat to the PDP in Bayelsa State, Oludiran argued that “Abiodun is not permitted by the laws guiding the INEC form CF001 to decide which of his past names to keep and which one to disclose. He is compelled by law to make a full disclosure and not to Chameleonically use names as the environment changes.”

He said “If it was convenient for Oladapo Oluseun Abiodun to bear Shawn Michael Davis in 1986, it should also be convenient for him to state the name as demanded by the Sworn INEC form CF001.”

Concluding, the petitioner stated that, “it is deducible from the above-stated facts, vis-à-vis the above cited statutory and judicial authorities, that some of the past actions and records of HE. Prince Adedapo Oluseun Abiodun amount to grave infractions of the provisions of the Constitution. I, therefore, make a call for his disqualification from any future elective position in the All Progressives Congress. 

“An attempt to field or present HE. Prince Adedapo Oluseun Abiodun for the 2023 gubernatorial election in Ogun State will simply amount to inadvertently (or perhaps deliberately, having brought these infractions to your attention, sir) ceding Ogun State to opposition parties as they have rightly commenced the process of filing for his disqualification because he is not eligible to contest or aspire for the office of governor of Ogun State or any State for that matter due to the many constitutional and electoral law violations earlier enumerated.”

Reacting in a statement titled "Who is afraid of Prince Dapo Abiodun?", Tunde Oladunjoye, the State Publicity Secretary of APC, blamed the petition on "the handiwork of desperadoes."

He said "Governor Dapo Abiodun is focused on delivering on his mandate and finishing well and strong. And for his teeming supporters and followers, there is no turning back. We are solidly beside and behind him. 

"To the sore losers and agents of darkness, I make bold to say that, even the latest shenanigan will not postpone their day of ultimate defeat and doom.

"In the words of Shakespeare: “Cowards die many times before their deaths; The valiant never taste of death but once. Of all the wonders that I yet have heard, it seems to me most strange that men should fear; seeing that (their political) death, a necessary end, will come when it will come (certainly in 2023).

"Our opponents/enemies have never been so devastated and hopeless. We have the entire party structure, we are relevant in national party affairs where our team hold sway and we are performing on all fronts at home, they are facing political extinction!

“Writing of satanic news and petitions is true-to-form. This is all that is left for them to do, we must remain laser-focused; our performances are best way to humiliate and respond.”