Opening Speech of President Goodluck Ebele jonathan at the Inauguration of the national Conference, Moday, 17th march, 2014.

Posted on March 19, 2014 by Hakeem Adesanya

Remarks by His Excellency, President Goodluck Ebele Jonathan, GCFR At the Inauguration of the National Conference Monday, 17th March, 2014.

1. I am delighted to welcome you all to the inauguration of this historic National Conference which promises to be another significant landmark in our efforts to strengthen national unity and consolidate democratic governance in our beloved country.

2. I also believe that this National Conference is coming at a very appropriate time. Having just celebrated the first centenary of our country, the most compelling task before us, as we move ahead and contemplate what our nation will be at the end of its second century, is to lay a much stronger foundation for faster development.

3. This we can achieve by building a more inclusive national consensus on the structure and guiding principles of state that will guarantee our emergence as a more united, progressive and prosperous nation.

4. In our history as a political entity, we have experienced highs and lows but have always forged ahead. To my mind, the fact that we have weathered all storms and continued with the mission of evolving a truly national identity signifies that we are going in the right direction.

5. The strongest nations in the world today also went through their own formative stages; some for decades and others for centuries. We must learn from them that nationhood will not happen overnight, especially given the circumstances of our birth as a nation.

6. History also teaches that nation-building is a journey of dedication, commitment, diligence, perseverance and patriotic vision. To be successful, nation-builders must continually strive to evolve better and more inclusive societies in which every citizen is a proud and committed stakeholder.

7. It was with this objective in mind that we set up the Presidential Advisory Committee (PAC) on the National Conference in October last year and charged its members with the responsibility of designing the framework and modalities for a productive National Conference.

8. The Committee which submitted its Report in December, 2013, was able to reach out to all Nigerians and various interest groups, socio-political groupings, regional and religious elements, professionals, civil society, the organised private sector, labour, youth, women and others to ascertain their views on the initiative.

9. The Presidential Advisory Committee established that there was indeed, a national consensus for this Conference to be convened immediately, to meet the yearnings and aspirations of our people.

10. The National Conference is therefore being convened to engage in intense introspection about the political and socio-economic challenges confronting our nation and to chart the best and most acceptable way for the resolution of such challenges in the collective interest of all the constituent parts of our fatherland.

11. This coming together under one roof to confer and build a fresh national consensus for the amicable resolution of issues that still cause friction among our people must be seen as an essential part of the process of building a more united, stronger and progressive nation.

12. We cannot continue to fold our arms and assume that things will straighten themselves out in due course, instead of taking practical steps to overcome impediments on our path to true nationhood, rapid development and national prosperity.

13. For many years we have discussed and argued over various issues concerning our national existence and well-being. Much of this national discourse has been conducted through the mass media, both print and electronic. More recently, the advent of the age of ICT and social media has greatly enlarged the space for the discussion of our country’s future.

14. Many more young and articulate Nigerians who previously had little access to the traditional mass media have now joined the conversation, motivated by patriotic concern for good governance, peace, stability, justice, equity, fairness and the harmonious co-existence of the diverse groups that make up our great nation.

15. Dear Compatriots, my administration is convening this National Conference today because we believe that we must assume responsibility for ensuring that the long-running national debate on the best way forward for our country is not in vain.

16. It is our expectation that participants in this conference will patriotically articulate and synthesize our peoples’ thoughts, views and recommendations for a stronger, more united, peaceful and politically stable Nigeria, forge the broadest possible national consensus in support of those recommendations, and strive to ensure that they are given the legal and constitutional backing to shape the present and the future of our beloved fatherland.

17. In inaugurating this national conference today, we are not unmindful of the argument of those who say that we do not need such a conference since we already have an elected Parliament and an elected Government in place.

18. As cogent as that argument may sound, I have chosen to act on the sincere conviction that in the truly democratic nation we are striving to build, we must never ignore the loudly expressed views of the majority of ordinary Nigerians.

19. I have heard that majority say, that we need to rebuild trust by involving them in the process of developing a guiding document of our national political relationships which is more acceptable to all sections of the country. I have heard our people say that we need to openly and frankly discuss our problems and seek acceptable solutions instead of allowing them to fester and remain sources of perennial conflict.

20. I have also heard them say that, as the elected representatives of our people, we must never arrogate to ourselves all knowledge and wisdom regarding the development of our country.

21. And I am in full agreement with our people. The power we hold is, without question, in trust for the people. Sovereignty belongs to the people. Their voices must be heard and factored into every decision we take on their behalf.

22. This National Conference is a very important avenue for the voices of our people to be heard. Our people have yearnings and desires that need to be discussed. Their representatives at this conference are neither usurping the role of the National Assembly nor the Executive. They are complementing us in our march towards a greater and stronger union.

23. Over the years, well-meaning Nigerians have drawn attention to inadequacies in our current constitution. Some have described it as a military-inspired document which does not take into full consideration the genuine desires and wishes of the people.

24. The phrase in the preamble that says “we, the people,” has been variously criticised as being misleading because, according to the critics, the constitution was not written by the people. There are also those who believe that the constitution is not our problem but the political will to faithfully implement it for the peace and progress of Nigeria.

25. While opinions on the matter can be as diverse as rain showers, I believe that irrespective of our personal views on the issue, no one can deny the fact that every constitution is a living document that needs to be revised and improved upon from time to time. The United States, which is the model democracy in the eyes of many, has amended its constitution 27 times since it was first adopted in 1787.

26. Some of our compatriots also believe that because we have held several conferences in the past, we do not need to hold another one. I do not share that view at all.

27. A deeper look will reveal that the challenges we faced before each of the preceding national conferences were different. The challenges of 1956 are certainly not the challenges of 2014, and definitely not the challenges that the nation will face in years to come. It makes sense, therefore, that as the challenges before us evolve, we must be constant and proactive in our search for fresh solutions. We cannot continue to proffer yesterday’s solutions for today’s problems.

28. This conference is open for us to table our thoughts and positions on issues, and make recommendations that will advance our togetherness. The issues range from form of government, structures of government, devolution of powers, revenue sharing, resource control, state and local government creation, boundary adjustment, state police and fiscal federalism, to local government elections, indigeneship, gender equality and children’s rights, amongst others.

29. We must not approach these issues with suspicion and antagonism. Rather, we should be open-minded and work to achieve what is best for Nigeria. Even though you come to the Conference as nominees and representatives of different interest groups, I urge you all to make a more united, stronger, indivisible and prosperous Nigeria your preoccupation and reference point at this national gathering. Whatever the pressures on you may be, I call upon you to put the best interest of Nigeria before all other sectional or group interests.

30. Indeed, I am quite worried when I hear people say that some participants in this National Conversation are coming here to defend and promote ethnic or clannish agenda. It is very regrettable that there are persons who believe that we cannot undertake any collective task in our country without the hindrance of ethnic rivalry even after 100 years of nationhood.

31. This conference gives us an opportunity to prove such persons wrong and I believe it will. As we start a new century of nationhood, we have an obligation to reshape and redirect our country for the benefit of our children. There should be no room for divisive cleavages and ethnic jingoism. There should be no room for selfish considerations that defeat the purpose of national progress. There should be room only for the national interest.

32. In the 60s, our country was ranked along with some developing countries including India, Malaysia and South Korea. Today, those countries have moved far ahead of us in several areas. My expectation is that the outcome of this Conference will be a positive turning point for our country’s development. We must seize this opportunity to cement the cleavages and fault lines that tend to separate us. We must re-launch our country.

33. I know the task before you is onerous; but there must be only one winner, and there can only be one winner if we do everything right, and that winner must be Nigeria. I urge you therefore to focus strictly on the Nigerian Agenda.

34. I expect that, as persons of integrity and honour, you will do nothing in this Conference that will undermine our efforts and desire to build a truly great nation. I also expect that your discussions will be informed only by the noblest of instincts and persuasions.

35. Our sole motivation for convening this conference is the patriotic desire for a better and greater nation. We are determined that things must be done in a way and manner that will positively advance that objective.

36. While we recognise that groups and communities are the building blocks of our nation, we must also emphasise that we need one another to build the solid and prosperous country of our dreams.

37. We cannot join hands together to build with a collective vision if we continue to harbour negative biases and prejudices against ourselves.

38. Yesterday’s prejudices should die with yesterday. Today is a new day. This is the dawn of a new era. This is an opportunity to think anew. We must jettison the poisonous mind-sets of the past, which were built on unhealthy competition among our diverse groups and peoples.

39. We need a new mind and a new spirit of oneness and national unity. The time has come to stop seeing Nigeria as a country of many groups and regions. We have been divinely brought together under one roof. We must begin to see ourselves as one community. We are joined together by similar hopes and dreams as well as similar problems and challenges. What affects one part of the community affects the other.

40. An average Nigerian sees every part of the country as home. Let us seize the opportunity of this Conference to do more to further turn our diversity and plurality into unique national resources for strength and greatness.

41. I have always affirmed that our ability to stay together despite our acknowledged differences, when other countries are finding it difficult to meet that challenge, is a powerful statement by Nigeria to the world on the virtues of tolerance and unity.

42. It is a strong and compelling statement in a world much afflicted by strife and violence. We must sustain it. We must not allow the antagonists of unity and togetherness to prevail. We must work ceaselessly to remain one nation bound in freedom, peace and unity, as our National Anthem says.

43. Honourable Chairman and distinguished delegates, I urge you not to be under any illusions as you begin your assignment. The task that lies ahead of you is formidable. Over the coming weeks, you will be confronted with complex and emotive issues; strong views will be expressed by opposing sides and some disagreements will, in all likelihood, be intense.

44. I sincerely believe, however, that we can overcome all obstacles to true national unity if we dig deep into the recesses of our national character and look up to God Almighty for wisdom, guidance and the generosity of spirit we need to ensure the success of this conference.

45. Once again, I wish to express my appreciation to the Nigerian people who have, without hesitation, accepted dialogue as a means of resolving all differences and tensions that may exist in the country, and therefore, given their unequivocal support for this National Conference.

46. Let me at this point thank the National Assembly for introducing the provision for a referendum in the proposed amendment of the Constitution. This should be relevant for this Conference if at the end of the deliberations, the need for a referendum arises. I therefore urge the National Assembly and the State Houses of Assembly to speed up the Constitutional amendment process especially with regard to the subject of referendum.

47. I thank the Chairman, Senator Femi Okurounmu and members of the Presidential Advisory Committee for the arduous work they undertook to prepare for the Conference. I also thank the Chairman of this National Conference, Justice Idris Legbo Kutigi, the principal officers and all the distinguished patriots and representatives of our people who have taken time off their busy personal schedules to serve the cause of national unity and progress at this conference.

48. I am confident that we are embarking on a landmark journey that will make us stronger as a nation if we undertake it with all sense of purpose and sincerity. Let us do that which is selfless, purposeful and patriotic so that history will remember us for having served our nation well.

49. In conclusion, I urge all officials and participants in the national conference to work extra hard to ensure that their deliberations are completed on schedule, well ahead of the schedule of events for the next general elections already announced by the Independent National Electoral Commission (INEC).

50. Let me again repeat what I have been saying that Goodluck Jonathan has no personal agenda in convening this national conference.

51. Ladies and Gentlemen, I now have the honour and privilege of declaring the National Conference open, for the good of our Nation and to the glory of God Almighty who has brought us together.

52. I thank you all.

Corruption costs EU $162 billion yearly, report says

Posted on February 6, 2014 by Hakeem Adesanya

The European Commission on Monday in Brussels unveiled the first anti-corruption report of the European Union, EU, saying corruption costs the European economy $162 billion (about N25.9 trillion) annually.

According to the report, corruption is still a challenge which affects all EU member-states despite initiatives taken against it in recent years. The results of the initiatives, however, are uneven.

The report showed that public procurement was particularly prone to corruption in the member-states, owing to deficient control mechanisms and risk management. It said some sectors, including urban development and construction, healthcare and tax administration, also seemed particularly vulnerable to corruption.

The EU Commissioner for Home Affairs, Cecilia Malmstrom, said in her reaction that corruption undermined citizens’ confidence in democratic institutions and the rule of law.

“It hurts the European economy and deprives states from much-needed tax revenue,” she said.

The commissioner said member-states had done a lot in recent years to fight corruption, but lamented that the report shows that it was far from enough. Ms. Malmstrom therefore urged EU member-states to follow proposals on counter-corruption listed in the report.

A Eurobarometer survey on the attitude of Europeans towards corruption published on Monday showed that 76 per cent of Europeans think that corruption is widespread; 56 per cent think that the level of corruption in their country had increased over the past three years; and eight per cent said they had experienced or witnessed a case of corruption in the past year.

SOURCE OF REPORT: http://premiumtimesng.com/news/foreign/154508-corruption-costs-eu-162-billion-yearly-report-says.html

GTBank expands into East African market with acquisition of 70 per cent stake in Fina Bank Group

Posted on February 6, 2014 by Hakeem Adesanya

The Guaranty Trust Bank, GTBank, on Wednesday announced the acquisition of 70 per cent stake in one of Africa’s financial conglomerates, the Fina Bank Group.

The bank said that the acquisition, which would extend its investment frontiers beyond Kenya, Rwanda, Uganda and Nigeria, followed its successful securing of the regulatory approvals in the East African countries and Nigeria.

GTBank stated that the acquisition of shares in Fina Bank Group was through a combination of capital injection and equity acquisition worth 8.6 billion Kenya Shillings, a development that would result in the fusion of two organisations with expertise in banking.

The GTBank Group has a vast business outlay in Africa and the United Kingdom, with combined staff strength of more than 12,000 workers in Nigeria, Cote d’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the U.K.

The bank’s managing director, Segun Agbaje, said that the acquisition was a strategic investment for customers and shareholders. He said with Fina Bank’s enviable banking record in East Africa, their combined strengths with GTBank would help build an attractive portfolio of leading products, services and marketing capabilities.

“We can now deepen existing and future customer relationships with differentiated capabilities to exceed customer expectations and grow market share,” Mr. Agbaje said, pointing out that the merger would also provide the partners with an attractive foothold in Kenya, Rwanda, and Uganda.

Mr. Agbaje also said that the bank would, over the coming months, integrate the operations of the Fina Bank Group into the GTBank system, while assuring the customers that the partnership would not affect its operations and level of service delivery to them.

The Chairman of Fina Bank Group, Dhanu Chandariam, said that the bank was delighted to partner with GTBank, noting that the business combination was consummated because they shared a common philosophy on integrity, governance, and transparency.

Stamp Duties Tax in Nigeria

Posted on February 4, 2014 by Hakeem Adesanya

The Stamp Duties Act requires that all written instruments, including instances where any property or interest in property is or are transferred or leased to any person, must be stamped.

Generally, Stamp Duties is charged at the rate of 75 kobo for every N200 of the consideration of certain real estate transactions like mortgages, while for conveyances or the transfer or sale of real property, the stamp duties rate is 75kobo for every N50. The Stamp Duties rate for lease and rental agreements is 16kobo for every N200 of the consideration of the lease or rental agreement.

Any written document that is not stamped is not allowed to be received in any judicial proceeding in Nigeria until the stamp duty and the resulting penalty for the non-payment of the stamp duty is paid.

The complex nature of collecting stamp duties as it relates to contract notes was once confused in the stock market with stockbrokers claiming that they are being threatened by the Federal Inland Revenue Service (FIRS) and Nigerian Postal Service (NIPOST). However, the controversial issues had since been resolved. For the purpose of clarification, the provisions in the Stamp Duty Act which prescribe that stamp duties on certain categories of documents such as agreements, contract notes among others, could be denoted by adhesive stamps is a demonstration of government concern for cost efficiency achievable through lower compliance cost and minimal cost of administration. This arrangement of convenience does not in itself imply the ceding of FIRS stamp duties collection responsibility to any agency. The responsibility for stamp duty collection is solely vested on FIRS. With specific reference to the collection of duties on contract notes, FIRS is to collect all stamp duties payable through the Commissioner of Stamp Duties, while NIPOST engages in the supplies of adhesive stamps where the duty payer excises the option to do so.

There are fines and other penalties for any failure to pay stamp duties on any written instrument that is not exempted from the payment of stamp duty.

Again in Lagos State, the flat Stamp Duty rate of 2% of the consideration of the property transaction is charged when applying for Governor’s consent to the transfer of any interest in a landed property.

MINIMUM TAX AND DORMANT COMPANIES

Posted on February 1, 2014 by Hakeem Adesanya

According to the Federal Inland Revenue Service, Minimum Tax is justifiable on the premise that every asset generates income. The Minimum Tax regulations is therefore a anti- tax avoidance measure which is charged whether or not the affected company declares a profit, or the company was dormant during the relevant year of tax assessment.

Where a company is dormant, Minimum Tax is usually charged on the company’s net asset or on its share capital, whichever is higher of the two.

Many companies have closed businesses without liquidation or winding up and there are also companies that were registered and have remained dormant without the owners been aware that the dormancy of their companies attracts minimum tax and minimum corporate affairs commission compliance requirements.

The Companies Income Tax Act (as amended) provides that where in a year of assessment, the ascertainable profits of a company, from all sources, results in a loss or where the company’s ascertainable profits results in no tax been liable for payment, or where the tax payable is less than the statutory minimum tax allowable, such a company shall be liable to be charged and to pay a statutory minimum tax, which amount will be dependent on whether the company has a annual turnover of less than N500,000, or more than N500,000.

A company with an annual turnover of N500,000 or less, that has been carrying on business for at least four (4) years, is liable to charge to a Minimum Tax of any of the higher of the following sums:

(i) 0.50 per cent of the company’s gross profit; or
(ii) 0.50 per cent of the company’s net assets; or
(iii) 0.25 per cent of the company’s paid up share capital; or
(iv) 0.25 per cent of the turnover of the company for the relevant year of tax assessment.

Where however, the turnover of the company is more than N500,000, the minimum corporation tax payable shall be the higher of the above rates that is charged for companies with an annual turnover of N500,000 or less, plus 0.125 (or fifty per cent) on the excess of the turnover that is above
N500,000 will be charged as Minimum Tax.

Exemption from Minimum Tax Regulations

Companies that are involved in agricultural production or businesses, with companies that have not carried on business during the first four years of their incorporation, or companies that have at least twenty-five per cent imported equity capital fully paid for by a foreign company, are among the
exempted corporations to whom the minimum tax provisions stated above do not apply.

Capital Allowances and Minimum Tax

For each year of tax assessment in which Minimum Tax is payable, the capital allowance for that year shall be computed together with any unabsorbed allowances brought forward from the previous years, and these shall be deducted as far as possible from the assessable profits for therelevant financial year, and carried forward to the next financial year.

Dormant Companies and Minimum Tax

The general perception that dormant companies are not liable to pay any tax at all as they are not engaged in any trade or business is not correct. As a tax-avoidance measure, Minimum Tax is charged on the higher amounts of such a dormant company’s gross profit, or on its net assets, or
on its paid-up share capital, or on its turnover, at the rates stated above. The only exemptions to this rule are as also stated above.

To avoid penalties for non-compliance, owners of companies that are dormant for any reason, or are not making any profits, will do well to contact their Tax Advisers for compliance in order to avoid tax penalties that could compound the financial obligation of the company.

Did you know that bribes were once tax deductible as cost of doing business?

Posted on January 26, 2014 by Hakeem Adesanya

For those of us who have had an interest in corruption for much of our careers, there is little doubt that sometime in the late 1980s and early 1990s there was a shift in thinking within the development community about the role of corruption in the development process. The shift was tentative at first; continued reluctance to touch upon a subject that was seen to have a large political dimension coexisted for a while with increasing references to the importance of “good governance” in encouraging successful development.

What were the factors that contributed to this shift?

One that quickly comes to mind is linked to the falling of the Berlin Wall and the associated collapse of central planning as a supposedly viable alternative to the free market. It was obvious that it was not inappropriate monetary policies that led to the collapse of central planning but rather widespread institutional failings, including a lethal mix of authoritarianism (i.e., lack of accountability) and corruption.

The collapse of central planning in the late 1980s and the need for the international community to assist these countries in making a successful transition to democratic forms of governance and economies based on market principles made it glaringly clear that it would take far more to do so than “getting inflation right” or reducing the budget deficit. Literally overnight, the economics profession was forced to confront a much broader set of issues beyond conventional macroeconomic policy. Related to the demise of central planning, the end of the Cold War had clear cut implications for the willingness of the international community to turn a blind eye to glaring instances of corruption in places where ideological loyalties had led to episodes of collective blindness. By the late 1980s, for instance, Mobutu was cut off by the donor community, no longer willing to quietly reward him for his persistent loyalty to the West during the Cold War.

A second factor was growing frustration with the plight of people in Africa and other parts of the developing world. Gains in the global fight against poverty had begun to bear some fruit but these were largely concentrated in China, with Africa actually seeing further increases in the number of poor.

A third factor had to do with developments in the academic community. In particular, research on the importance of property rights, education and training, and institutions, including some empirical work which began to suggest that differences in institutions appeared to explain an important share of the growth differential between countries, and therefore have an influence upon countries’ growth performance. (For a nice survey see, for instance, Acemoglu et. al., “Institutions as the Fundamental Cause of Long-Run Growth”, in Handbook of Economic Growth, Elsevier, 2004). For a growing number of economists corruption began to be seen as an economic issue and this led to a better understanding of the economic effects of corruption.

Also playing an important role was the intensification, beginning in the 1980s, of the pace of globalization. Globalization and its supporting technologies have clearly led to a remarkable increase in transparency and to people’s demand for openness and greater scrutiny. The multilateral organizations were not immune to these influences. How could one ignore or fail to see the stashing away of billions of dollars of ill-gotten wealth in secret bank accounts by the world’s worst autocrats, many of them long-standing clients of these organizations?

In parallel to these developments and further raising international public awareness of corruption, the 1990s witnessed a large number of scandals involving major political figures in some form of bribery or corruption.

In India and Pakistan the prime ministers were defeated largely because they were dogged by corruption charges. In South Korea two presidents were jailed following disclosures of bribery, while in Brazil and Venezuela bribery charges resulted in the presidents being impeached and removed from office. In Italy, Italian magistrates sent to jail a not insignificant number of the political class, who had ruled the country in the post-war period, and exposed the vast web of bribery that had bound together political parties and members of the business community.

There was less progress in Africa but, without question, corruption became harder to hide and the new technologies of communication proved a useful ally of increasing openness and transparency.

A related development pertains to changes in the global economy, which significantly boosted the perceived importance of productivity as a primary engine of prosperity. Globalization highlighted the importance of efficiency. Countries could not hope to maintain their presence in the global economy and compete in an increasingly complex marketplace, unless they used scarce resources effectively. And the prevalence of corruption definitely detracted from this. Furthermore, business leaders began to speak more forcefully about the need for a level-playing field and the costs associated with doing business in corruption-ridden environments.

In the 1990s the United States government made efforts to keep the issue of corruption alive in its discussion with OECD partners, further raising international awareness. The Foreign Corrupt Practices Act of 1977 had forbidden American businessmen and corporations from bribing foreign government officials, imposing stiff penalties, including prison terms, on those engaged in the paying of illegal bribes. Because other OECD countries were not subject to such restrictions—in fact, the payment of bribes continued to be tax deductible in most other OECD countries, as a cost of doing business abroad—American companies began to complain that they were losing business to OECD competitors. Academics sifting through the data showed that following passage of the Act, U.S. business activities abroad declined substantially, as the Act had actually helped to undermine the competitive position of American firms. These developments gave considerable impetus to U.S. government efforts to persuade other OECD members to ban bribery practices and in 1997 the OECD adopted the Anti-Bribery Convention, an important legal achievement.

Also contributing to this shift in attitude was the work of Transparency International (TI) and the publication, beginning in 1993, of its now well-known Corruption Perceptions Index (CPI). That corruption existed everywhere was a well-known fact. What TI showed was that some countries had been more successful than others in curtailing it. The work of TI helped greatly to focus public attention on the issue of corruption and contributed to legitimizing public discourse on issues of corruption and thus eased the transition by the multilateral organizations into doing the same.

Transparency International was soon assisted in its efforts by the international organizations themselves. At the IMF/World Bank meeting in 1996 the Bank president, James Wolfensohn, gave a speech in which he did not mince words, saying that there was a collective responsibility to deal with “the cancer of corruption.” More important, Mr. Wolfensohn gave strong backing to Bank staff efforts to develop a broad range of governance indicators, including those specifically capturing the extent of corruption. This was an extremely important development because it made it possible for the Bank, through the use of quantified indicators and data, to focus attention on issues of governance and corruption while at the same time not appearing to interfere in the political affairs of its members.

SUBMITTED BY AUGUSTO LOPEZ-CLAROS

New Samsung Galaxy S5 coming in April, possibly with eye scanner

Posted on January 10, 2014 by Hakeem Adesanya

Samsung is eyeing an April release date for its upcoming Galaxy S5, and speaking of eye, it’s currently testing iris recognition technology that could be featured in the new handset which would be on par with Apple’s new fingerprint scanner in the iPhone 5C and 5S.. The upcoming device is expected to have a new design and features to compete with Apple’s iPhone 5c and 5c smartphones.

Samsung also plans to change up the design of the Galaxy S5, mainly because consumers complained that the S4 resembled its predecessor — the Galaxy S3 — too closely.

The S5 will be paired with a new wearable device that will be an evolution of the Galaxy Gear smartwatch.

There’s also a chance Samsung will release a high-end and low-end version of the phone. The high-end model could have a metal casing while the low-end will still use plastic like all other Samsung’s phones

FG moves to legalise oil bunkering operations in Nigeria

Posted on January 10, 2014 by Hakeem Adesanya

The Federal Government has resolved to legalise oil bunkering activities in the oil and gas sector while targeting an annual N250million revenue from licensing, renewals and registration of vessels for the bunkering activities.

The aim is to revive the operations of bunkering businesses in the nation’s coastal waters which has been taken over illegally by most operators.

The Director, Department of Petroleum Resources (DPR), George Osahon, who spoke at a sensitisation forum in Lagos, on Wednesday, said operators of bunkering in the country would be licensed by the DPR from this month (January).

He said President Goodluck Jonathan approved the issuance of license to bunkerers as part of his economic agenda, adding that resuscitating bunkering business would create employment activities for Nigerians as well as act as stimulus for growth in other sectors of the economy, including inland ports and waterways.

According to him, “prior to 1979, there was not much records of bunkering activities recorded in the country. In 1979, however, it was introduced as a legitimate business with licences issued by the DPR. This was thwarted in 1984 apparently due to some abuse of the system.”

Osahon said his agency had prepared all guidelines to regulate the business of bunkering in accordance with the provision of the Petroleum Act

Osahon said his agency had prepared all guidelines to regulate the business of bunkering in accordance with the provision of the Petroleum Act 1969.

Among petroleum products recognised by the Act for bunkering activities included Automative Gas Oil (AGO) or diesel, Low Pour Fuel Oil (LPFO) and recently Liquefied Natural Gas (LNG).

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IFRS First time adoption – Phase 3: SME

Posted on January 2, 2014 by Hakeem Adesanya

IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements.

In order to achieve complete conversion, the Federal Reporting Council categorised reporting entities into three(3) phases and assigned deadline to them. As at the date of publishing this pose, Phase 1 and Phase 2 have been concluded. Phase three is expected to be concluded by December 31, 2014.

Phase 1: Publicly listed Entities and Significant Public Interest Entities (deadline is January 1, 2012 and the first IFRS based audited account shall be for the year ended 31 December, 2012)

Phase 2: Other Public Interest Entities (deadline is January 1, 2013 and the first IFRS based audited account shall be for the year ended 31 December, 2013)

Phase 3: Small and Medium-Sized Entities (SMEs)

IFRS for SMEs shall mandatorily be adopted as at January 1, 2014. This means that all Small and Medium-sized Entities in Nigeria will statutorily be required to issue IFRS based financial statements for the year ended December 31, 2014.

Entities that do not meet the IFRS for SME’s criteria shall report using Small and Medium-sized Entities Guidelines on Accounting (SMEGA) Level 3 issued by the United Nations Conference on Trade and Development (UNCTAD) .

It helps to work with a team that’s been there before. We understand the practical issues around IFRS from both a Nigerian and global perspective. Our experienced team works with organizations to help them implement IFRS in a comprehensive way.

Please note that Phase 3 is further defined to mean companies whose audited accounts are mainly filed with the Corporate Affairs Commission and the Federal Inland Revenue Service only.

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