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FIRS Certifies Donations to DashMe Foundation as Tax Deductible – Official

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DashMe Foundation, founded by the former Minister of Finance, Mrs Kemi Adeosun, says the Federal Inland Revenue Service ( FIRS) has certified corporate organisations’donations to it as tax deductible.

This is contained in a statement signed by Mr Tomisin Akinwunmi, the interim Chief Executive Officer of the charity organisation on Sunday in Abuja.

Akinwunmi said that the government’s revenue agency had consequently issued a tax-deductible donations certificate to DashMe Foundation, adding that the certificate was issued to it on Thursday in Abuja.

Newsmen report that DashMe foundations is a Lagos-based charity organisation founded by Mrs  Kemi Adeosun in June 2021, with operations in Nigeria, the U.

S. and UK.

According to him, the FIRS issues tax-deductible donation certificates to carefully vetted registered charities, whose operations meet Nigeria’s statutory ‘public character’ requirements.

Akinwunmi said that Section 25(c) of the Companies Income Tax Act (CITA) permits companies to charitable donations to charities with tax-deductible donations certificates to a ‘donation relief’.

“The donation relief provision is aimed at encouraging corporate bodies in Nigeria to channel their Corporate Social Responsibilities (CSR) donations to carefully-vetted non-governmental bodies.”

He said that corporate organisations that donate to it would now enjoy donation relief under its new status, “which is an allowance to deduct their donations from their taxable profits.”

Akinwunmi expressed excitement at the funding possibilities that the foundation’s new status offers.

“We are thrilled by this development. Our projects are making a huge difference in the lives of people and this certification will encourage us and our partners to do more.

“We are thankful to the FIRS for providing us with an opportunity to raise funds at a scale that will enhance our ability to reach more Nigerians.

“The foundation has raised over N200 million in the past year through its thrift shops, corporate donations drives and snacks business.

“It has undertaken projects in Borno, Cross River, Imo, Kano, Lagos Nasarawa, Niger, Ogun and Osun states respectively and planned to extend its operations to all parts of the country by 2023.”

Reacting to the development,  the former Finance Minister expressed her delight at the FIRS’s tax-deductible donations certificate to DashMe foundation.

Adeosun said that the issuance of the certificate by FIRS was a recognition of the charity’s strides in the past year and its commitment to changing the lives of  vulnerable Nigerians.

She said that DashMe Foundation was recently granted a similar certificate in the U.S, adding that the approval would energise the charity’s drive to obtain the same tax-exempt status in the UK.

“I am delighted that FIRS has recognised DashMe Foundation as being worthy of this rare status. We believe that more corporate bodies will be incentivised to donate to us now that they know that their donations will be fully tax deductible.

“The certificate will significantly enhance our capacity to raise more funds from the corporate sector and also enhance our ability to initiate more life-changing projects for Nigeria’s most vulnerable children, women and other disempowered groups.”

Newsmen report that the vision of DashMe Foundation raises funds from within Nigeria and the Diaspora to change the lives of Nigeria’s most disempowered persons through projects that seek to improve the lives of orphaned children, women and underprivileged groups.

The foundation’s current projects include orphanage building project in Imo and Ogun states, sponsorship of orphans in universities, provision of prosthetic limbs and start-up capital for amputees and regular food donations to several orphanages and IDP camps. ( NAN)

Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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