General
Dangote Denies Getting 10-Year Tax Holiday from FG
By Dipo Olowookere
The management of Dangote Group has refuted reports making the rounds that its Chairman, Mr Aliko Dangote, has secured a 10-year tax holiday from the Federal Government after he agreed to rehabilitate the 35km Apapa to Oworonshoki highway end of the Lagos-Ibadan Expressway.
Speaking on Monday at the Ikoyi head office of the firm, the Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Limited, Mr Devakumar Edwin, disclosed that the company has never benefited any tax waivers or credits in its entire history except when it is industry based and same applies to all industry players.
Mr Edwin described as “painful” reports claiming that Dangote Group has been given 10-year tax holiday by the government.
According to him, the company volunteered to repair the Apapa road at no cost to the Federal Government as part of its Corporate Social Responsibility (CSR) initiative.
He noted that the construction of the Apapa to Oworonshoki long highway would be done at 15 to 25 percent less than the lowest bid.
“It is very painful when some people accuse our company of benefitting 10 years’ tax rebate from the government. There is nothing like tax credit in all these.
“We volunteered to construct the Apapa to Oworonshoki long highway at a cost that will be about 15 to 25 percent less than the lowest bid on the road.
“We hope to get back our money after three years by removing the sum from the tax we are supposed to pay,” Mr Edwin said on Monday.
He further explained that the company proposed to the government to reduce 50 percent of the total cost of the road, from its proposed tax, on its first year after completion and 25 percent of the costs respectively for two years from its proposed tax.
“…the government came forward and said, good enough your company is repairing a road that is very important to all Nigerians…is it possible to help us do proper road construction of 35 kilometres from Apapa to Oworonshoki?
“We advised the government to go for a competitive bidding and also that we will take it up at a costs that will be lower than the lowest bid received by the government.
“Since the government may not be handy with cash, we proposed that we will recover our money over three years in instalments against our future tax.
“The reality is the government will not pay us for the construction, but we will only offset our costs against our three years tax,” he added.
It would be recalled that the federal government said it would give tax relief to private sectors that invest in road construction in the country.
Speaking at the Road Construction Summit 2017 organised by Lafarge and Business Day at the weekend in Lagos, the Minister of Power, Works and Housing, Mr Babatunde Fashola said that there are a lot of possibilities that lie ahead when private capital comes into road construction under the tax relief order as proposed to be amended and complements government spending.
According to him, the government has just concluded an agreement using the tax incentive order to hand over the Apapa area comprising Creek Road, Liverpool Road, Marine Beach to Mile 2, Oshodi, Oworonshoki to the Lagos end of the Toll Gate on the Ibadan Expressway to Dangote Group.
Also, he said the government has signed an agreement with NLNG to construct the Bodo-Bonny Bridge at the cost of N120.6 billion with NLNG and federal government sharing the cost.
“We have identified 28 toll plazas out of the old toll plazas, on roads where construction work is currently going on, at which we propose to restore toll plazas.
“We have also concluded traffic surveys on 51 major highways and now have current traffic data on these roads and we can project vehicular traffic movement for tolling and concession purposes,” Mr Fashola said.
Going by the recent second quarter GDP report, the Minister said, “With respect to construction and related activities, GDP in the sector had been negative since Q2 2015, but turned positive for the first time in Q1 2017 growing by 0.15 per cent and continued to positive growth into Q2 2017 by growing by 0.13 per cent. The reversal in construction has to do with civil works especially due to FGN capital expenditure.”
Chairman, Lafarge Africa, Mr Mobolaji Balogun noted that with the federal and respective state governments grappling with dwindling resources, it has become crucial that the ecosystem of public and private sector players brainstorm on issues of funding, partnerships, design, and quality of roads in Nigeria, as for sure government can no longer do it alone.
By Bon Peters
More congratulatory messages have continued to pour in for Mr John Azuta Mbata on his emergence as the President of the Ohaneze Ndigbo.
Last week, the Rivers State-born man was elected as the successor to Mr Nze Ozichukwu Chukwu, who took charge of the organisation after the demise of Mr Emmanuel Iwuanyanwu last year at the age of 82.
In a statement, the Igbo World Assembly (IWA) said it was happy for Mr Mbata for emerging as the new leader of the prominent Igbo socio-cultural group.
In the statement jointly signed by its chairman, Mr Nwachukwu Anakwenze; the vice chairman, Mr Christian Onuorah; and the general secretary, Mr Oliver Nwankwor; the group commended Mr Chukwu and his team for weathering the storm within the 27 days to ensure the smooth democratic transition to the new executives.
“The election offers a renewed opportunity to address key challenges, and IWA is optimistic that this new leadership will apply statesmanship and diplomacy to achieve unity, peace, greater collaboration, due process, development and progress.
“The Igbo World Assembly has always been and will remain a core backbone of Ohanaeze Ndigbo and will support in Actualization of Igbo Agenda,” the statement said.
“Above all, your distinct desire to unify and restore Ndi Igbo towards the part of peace, progress and growth shall be the guide to our actions as Igbo Diasporas worldwide,” it added.
On the goals of the organization, the statement emphasised that IWA’s goal was clear, “Ndi-Igbo must speak with one voice and one accord; we must seek to do and be done equitably, by all means expedient or warranted; we must wage struggles as necessary; we must conclude peace as always necessary; we must establish and prosper our economies; we must promote our welfare; we must tell our stories; and we must celebrate our culture and history.”
On finding a lasting peace for the socio-cultural organization, IWA strongly pleaded with other notable persons in Rivers State to sheath their swords and bury their differences and stand behind Mr Mbata for Igbo unity.
The British Council, a UK-based organization dedicated to fostering cultural relations and educational opportunities, hosted the Going Global Africa Conference 2024.
The event, which took place from November 26 to 28 at the Transcorp Hilton Hotel in Abuja, was themed Building Sustainable and Relevant Tertiary Education Institutions and Systems in Africa.
It brought together policymakers, academics, industry leaders, and youth advocates to address critical issues in tertiary education across the continent.
At the opening session, which spotlighted youth aspirations and actionable strategies to bridge the gap between tertiary education and workforce demands, the Minister of Education, Mr Olatunji Alausa, unveiled the Nigerian Educational Sector Renewal initiative, a six-pillar agenda aimed at modernising the education system.
The session, titled The Future is Now: Realising the Vision of Africa’s Youth, was used by him to emphasised the importance of STEM and vocational training.
According to him, one of his takeaways from the opening plenary session is starting up student-led ventures, a good initiative the government would take on.
Throughout the three-day event, critical sessions explored the role of partnerships and innovation in strengthening tertiary education.
Another session titled Maximising Impact through Tertiary Education Partnerships, chaired by Prof. Sir Steve Smith, examined frameworks for sustainable education partnerships.
Also, at another session, Transitioning to the World of Work, led by Femi Taiwo, Founding Partner of F.I.T. Africa, delved into career-readiness strategies and the systems required to prepare graduates for industry demands.
Contributors such as Prof. Colin Riordan from the Association of Commonwealth Universities and Ms. Nadia Waggie from the University of Cape Town enriched these discussions with their expertise.
The conference also included a variety of focused sessions and panels, such as Learning Labs on technology integration, employability, and international research partnerships. Discussions highlighted access to education for marginalized groups, including women and persons with disabilities, with sessions such as Disability Inclusion in Tertiary Education led by Prof. Tracy Bhamra and featuring disability rights advocates.
Business Post reports that the conference coincided with the British Council’s 80th anniversary in Nigeria, celebrating decades of impactful partnerships in education.
“Hosting this conference in Sub-Saharan Africa underscores our commitment to fostering sustainable partnerships and innovation in education,” the Regional Director for Sub-Saharan Africa at the British Council, Lucy Pearson, remarked.
The event concluded with a renewed commitment to bridging the skills gap in Africa’s tertiary education.
The Acting Country Director for the council, Chilufya Besa, said, “By bringing together industry stakeholders, we have made significant progress in aligning education with workforce needs.”
By Adedapo Adesanya
Nigeria has received a 32-tonne shipment of rice from Thailand as part of foreign relief to tackle escalating hunger and food insecurity.
The shipment, the first of its kind in a decade, has arrived in Lagos, according to DUCAT, the logistics company that facilitated its delivery.
The rice from Thailand was exported following Nigeria’s decision to implement a tariff moratorium on wheat, corn, rice, and other food crops last year, DUCAT revealed.
Although the duty waiver was introduced, purchases have largely been cautious, driven by concerns about its potentially harmful impact on local producers.
“Nigeria has been working hard to find solutions to broaden and strengthen its food supply accessibility,” DUCAT Chief Executive Officer, Mr Adrian Beciri said in a statement.
Several months ago, Nigeria unveiled a set of measures to combat soaring food inflation, which is rising at its fastest rate in three decades.
According to the last inflation update, food inflation reached 39.93 per cent year-on-year in November from 39.16 per cent the previous month in October 2024, caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.
Inflation quickened sharply in the second half of 2023 after President Bola Tinubu devalued the Naira and cut petrol and electricity subsidies to try to lift economic growth and shore up public finances.
Inflation has still not let up as it remained at 34 per cent as of November.
Many of the policies have failed to materialise including a 180-day window to allow duty-free imports of wheat, corn, and other critical food crops— a move promised would crash food prices.
A survey of market prices by Business Post indicates that food prices remained elevated during the last Christmas period.
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