Economy
E-Invoicing: Customs Accuses CBN of Contracting Foreigners to Swindle Nigerians of $3.1bn
By Ubong Ukpong, Abuja
The Nigeria Customs Service (NCS), yesterday, openly accused the Central Bank of Nigeria, (CBN), of outsourcing the e-Invoicing policy implementation to foreign service providers at an amount that has been discovered to be 3.1billion dollars, saying that this was robbing the country of funds and jobs.
The Service therefore has vowed that it would have nothing to do with the policy, unless it was done indigenously, as it had the capacity to drive the policy, to better achieve the set aim for the nation’s economic prosperity.
This is as the House of Representatives joint committee on Customs and Excise, Finance and Currency, embargoed the implementation of the policy pending the outcome of the technical committee comprising the CBN, NCS and Ministry of Finance fine-tune the policy and its implementation processes.
The Customs delegation told the committee that the NCS had met with the CBN and discussed the disadvantages of outsourcing this policy, but the CBN was bent on carrying on with it’s plans.
Led by the Assistant Controller General (ACG) of the Service, Galadima Saidu, who is in charge of Customs Information Communication Technology (ICT), the Service said it was not against the policy, but was concerned about the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO), which Nigeria was a signatory.
The Service said, “these people will be here milking the country, why can’t we fashion out something indigenous to us? We have told CBN that, let’s have a Home based project, not to outsource.”
Saidu cited Article 10.5 of the TFA, which forbade the use of preshippedment inspection.
The Service said it was against paying such huge amount to a private foreign service provider, for a government work, which government has the personnel and capacity in the NCS and CBN to handle.
The NCS said such foreign service providers had never been useful to the country, as they took huge money and depended on the NCS for data and information to function, and never left knowledge or technical support to the country when disengaged.
The NCS was furious, given its previous experiences with foreign service providers, especially with it’s scanners.
The Service said in all these, it would still be the one to do most part of the job in e-Invoicing, while the foreigners would enjoy the pay for the same work the NCS could as well do, saying Nigerian people should be allowed the opportunity to put to use their expertise in ICT.
In what looked like there was an underlying motive by CBN, the NCS said, “CBN should tell us who they have engaged to provide this service. If they say they are Nigerians, fine, we will work with them.”
In his intervention Chairman of the Committeeon Customs, Leke Abejide, said said Customs concerns were germane as they were trying to protect the security and economy of the country.
He insisted that they went into the technical committee and that the policy must be homegrown, adding that the committee would not invite them untill the CBN requests for seating.
In its submissions, the CBN had said that the policy would improve trade system in the country and promote transparency.
Represented by Ozomaena Nnaji, the CBN, “We are willing to work with Customs. This project might even help Customs make more revenue.”
The CBN had asked for April 15, to carry-on with implementation saying that if it’s impact is negative on trade, it would reevaluate, but the Committee rejected the request pending the outcome of the technical committee.
The Securities and Exchange Commission (SEC) says it is organising a compliance summit for Chief Executive Officers (CEOs) and Compliance Officers to address Financial Action Task Force (FATF) and related issues.
The Director-General of SEC, Dr Emomotimi Agama, said this in a statement made available on Saturday in Lagos.
He said that the summit, with the theme, “Navigating regulatory challenges: Aligning with changes in FATF in the era of VASPS,” would be in Lagos on Oct.
21 and Oct. 22.According to him, SEC aims to equip capital market operators with the necessary tools and knowledge to thrive in a complex regulatory environment.
Agama said that the Nigerian Capital Market Institute (NCMI), a subsidiary of SEC, would hold the summit.
He noted that the summit would ultimately foster a culture of compliance and integrity in the operations of the participants.
“The aim is to equip capital market operators with essential insights and strategies to effectively navigate the evolving regulatory landscape.
“Attendees are to gain knowledge of understanding regulatory changes, clarity on the latest updates to FATF standards and how these impact Virtual Asset Service Providers (VASPs).
“They will also learn best practices for aligning their compliance programmes with new regulations, ensuring they meet international standards that enhance compliance frameworks in their organisations,” he said.
According to him, key objectives of the summit are regulatory compliance, understanding and implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
Others, he added, would include risk management, which encompasses identify, assess and mitigate risks associated with virtual assets and operational efficiency which would lead to enhanced internal controls, governance and compliance frameworks.
The director-general mentioned that the benefits of the summit include regulatory clarity, risk reduction, enhanced governance, competitive advantage and networking opportunities.
The welcome address at the summit is expected to be presented by Ms Frana Chukwuogor, Executive Commissioner, Legal and Enforcement, SEC Nigeria.
The opening remarks and overview of the summit will be delivered by Dr Agama while Ms Hafsat Bakari, Director, Nigeria Fraud Intelligence Unit(NFIU) will present a goodwill message.
Among the speakers expected at the event are, Mr Obinna Iwuno, Chairman, Stakeholders in BlockChain Association of Nigeria (SiBAN) and Certified Cryptocurrency Compliance Specialist and Investigator, Mr Ade Bajomo.
Also, Mr Zacch Adedeji, Executive Chairman, Federal Inland Revenue Service (FIRS), President, Fintech Association in Nigeria, Mr Peter Shodipo, and the President, Committee of Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN) among others.(NAN)
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
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