The Federal Government has directed all account holders in the country to obtain and fill self-certification forms in line with the Income Tax Regulations 2019.
The directive contained in a series of tweets on Thursday stated that each account holder must submit the filled forms in their respective financial institutions.
“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.
“Persons holding accounts in different financial institutions is required to complete & submit the form to each one of the institutions,” it stressed
The government, however, stated that the exercise is part of due diligence exercise mandated by the banks and other financial institutions in line with the Income Tax Regulations 2019.
According to the directive, the forms have been categorised into three: Form for Entity, for Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc); and form for individual
The directive by the government warned that “failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.”
The Federal Government has launched a central database for the management of recovered assets.
The Minister of Justice, Abubakar Malami during the launch on Thursday, in Abuja, said all the assets that have been recovered by the Federal Government are now tied to specific projects.
The launch was witnessed by officials from government agencies including the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and the Federal Inland Revenue Service (FIRS).
In his remark ICPC Chairman, Professor Bolaji Owasanoye said all anti-corruption agencies should be digitised and integrated for easy access.
He adds that the idea of the central database system is to ensure that all anti-corruption agencies harmonise all recovered assets.
The Attorney General of the Federation and Minister of Justice had earlier in December 2019 told journalists in Abuja that a central database will be created for the management of recovered assets stolen from the country.
He stressed that the war against corruption in the country by the President Muhammadu Buhari-led government is devoid of any political or ethnic sentiments.
Bayelsa State government has approached the Supreme Court asking for an order stopping the Federal Government over the payment of monthly statutory allocation from Soku oil wells to Rivers State.
In a suit filed in Abuja, the Bayelsa State Government is invoking the original jurisdiction of the Supreme Court, which enables a state government to sue the Federal Government directly at the apex court.
The suit is predicated on a December 2019 judgement of a Federal High Court, ceding the Soku fields to Rivers State.
A Federal High Court had earlier in December 2019 ruled that Rivers State owns the disputed Soku oil wells located in Akuku-Toru Local Government Area of Rivers State.
Justice Inyang Ekwo of the Federal High Court had declared that after examining all the documents from relevant Government agencies and facts before the court, the Soku Oil Wells/fields belong to Rivers State.
Bayelsa State in its suit against the Federal Government, however, claims that it stands to lose billions of naira accruable to it if the Federation Accounts Allocation Committee (FAAC) complies with the judgement and pays the allocation to Rivers State.
Bayelsa State is also seeking an interlocutory injunction against Akwa Ibom state asking the Supreme Court to stop the Revenue Mobilization Allocation and Fiscal Commission from withholding its statutory allocation or deducting it in favour of Akwa Ibom State.
The Presidential Task Force on COVID-19 has read the riot act to all unruly passengers who violate protocols at the airports, including dignitaries.
Minister of Aviation, Mr. Hadi Sirika says the Federal Government will ensure the prosecution of such persons.
Mr. Sirika also confirmed that investigations are ongoing over alleged cases of breach of airport protocol by some prominent Nigerians.
In a similar vein, the Federal Airports Authority of Nigeria (FAAN) has asked all very important personalities to obey all COVID-19 protocols at the nation’s airports or risk being denied access to any of its facilities.
FAAN also insisted that Governor Umaru Fintiri of Adamawa State and former Governor Abdulaziz Yari of Zamfara State flouted the guidelines in place for passenger facilitation at the Port Harcourt and Kano airports, respectively.
Below is the full statement by FAAN as published on Twitter.
The Federal Airports Authority of Nigeria (FAAN) notes with dismay, two acts of infractions on the rules and guidelines for air passengers and airport users.
The first incident occurred on Saturday, July 11, 2020, at the Aminu Kano International Airport, when the former governor of Zamfara State, Alhaji Abdulaziz Yari, declined to adhere to the Port Health protocols and procedures.
The second incident occurred on Tuesday, July 14, 2020, when the Governor of Adamawa State, Alhaji Ahmadu Umaru Fintiri, arrived at the Port Harcourt International Airport, in the company of eight other passengers. He also fragrantly refused to observe airport security and port health protocols.
As a responsible institution of the Federal Government of Nigeria, FAAN holds all officials of the state in high esteem and accords them all the courtesies their status deserves. Therefore, FAAN has no personal issues with Alhaji Abdulaziz Yari and Governor Fintiri.
We are merely implementing our standard operating procedures (SOPs) to assure the success of our Security and Public health Protocols. The protocols flouted by both personalities were duly approved by the Federal Government through the Presidential Task Force on COVID-19.
They were intended to protect all airport users and to curb the spread of COVID-19 pandemic.
By their actions, the two personalities put at risk not only themselves but also other airport users. These protocols are now part of the new normal all over the world, and no person, no matter how highly placed, is exempted from them, else he would be denied access to our facilities.
FAAN wishes to restate the need for all air travelers to strictly adhere to the security, Public health, and operational protocols put in place to make air travel in the country safe, secure, and efficient, especially in the midst of this pandemic.
Our esteemed Government officials and other Very Important Personalities (VIP) should not only comply with the rules but provide leadership for other air travelers, by projecting good conduct and protecting public safety.
FAAN will continue to enforce the protocols, and advise all air travelers to adhere strictly to the same.
Despite the suspension of the Federal Government Special Public Works Programme by the National Assembly, the Federal Government says the programme has kicked off across the country.
The Minister of State for Labour and Employment, Mr Festus Keyamo on Tuesday, inaugurated special committees in all the states of the Federation and the FCT for the selection of applicants for the programme.
The SPW is a post-COVID-19 poverty alleviation programme, approved by President Muhammadu Buhari, under which 1,000 persons are to be employed from each of the 774 Local Government Areas in the country.
The initiative is expected to commence on October 1 and according to the Minister of State for Labour and Employment, each beneficiary will be paid N20,000 monthly to carry out public works.
In a virtual inauguration conference jointly addressed by the Director-General, National Directorate of Employment, Dr Nasir Ladan Argungu in Abuja, the Minister said: “These Committees would be saddled with the responsibility of identifying the public works to be executed in each of the LGAs in all the States. This would be in addition to projects already identified by several Federal Ministries, Agencies and Parastatals in different localities across the country.
The Special Public Works Programme of the Federal Government has kicked off nationwide. The State Selection Committees have been inaugurated and have commenced work. Find the names and contact details of members of your State’s Committee here: https://t.co/d7YjB49JeE#NigeriaSPW
“Having accepted the recommendations, we also ensured that the composition of the Committees is multi-sectoral and local enough to balance all the competing interests in different States. Your selection, therefore, was a result of a painstaking process we carried out to ensure that we make the exercise as credible as possible,” the Minister said.
“The 1,000 persons you will recruit per LGA would be engaged by the Federal Government between October and December this year to carry out public works that are peculiar to each Local Government Area.
“They would be paid a total of N60,000 each (that is N20,000 per month). They would be engaged in roads rehabilitation and social housing construction, urban and rural sanitation, health extension and other critical services,” he explained.
He further stated that the programme could be extended or repeated every year.
“After the selection of those to be engaged, they still have to be captured by some selected banks we are in talks with, their account opened, and their BVNs obtained. This is because Mr President has directed that everyone must be paid through their BVNs to eliminate fraud in the programme.
“As a result, I direct that all the States’ Selection Committees have just three weeks to complete the selection process and return the names of those selected to us for further processing with the banks.
“My belief is that if the committees adhere strictly to the guidelines given to them, they are bound to achieve the targets set by Mr President to reach out to 774,000 Nigerians who are largely indigent and itinerant worker,” he added.
The Federal Government has announced the approval of $150million stabilisation fund to meet shortfalls in monthly allocations.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, announced this on Monday, in Abuja during a media briefing on the measures to tackle the impact of the Coronavirus pandemic on the economy.
She explained that owing to the decline in the monthly allocations from N716 billion in January to N645 billion in February and N581 billion in March, the Federal Government has approved a stabilisation fund of $150 million to meet the short fall in monthly allocation.
She added that the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund.
Ahmed during the briefing also announced the establishment of a N500 billion COVID-19 crisis intervention fund.
Part of the proceeds of the intervention fund will go into a special works program, which targets states and local governments and is expected to create one thousand jobs in each local government areas.
Other measures to be adopted by the Federal Government to mitigate the impact of COVID-19 on the economy, according to Ahmed, include accessing loans from the World Bank, the International Monetary Fund (IMF), the African Development Bank (ADB) and the Islamic Development Bank.
She gave a breakdown of expected loans from International Organisations to include $3.4 billion from the International Monetary Fund (IMF); $2.5 billion from the World Bank; and $1billion from the African Development Bank (ADB).
As part of measures to mitigate the COVID-19 pandemic, the Federal Government also plans to restructure the Treasury Single Account (TSA).
This according to the Finance Minister is to allow for flexibility of donations into the Federal Government’s coffers.
In a statement on Monday, the union said it is dismayed about the decision of the Federal Government to invite doctors from China, when the Chinese government is still battling with the pandemic.
According to the statement, Nigeria has a large pool of unemployed general medical and specialist practitioners that the government can engage instead of foreigners who can pose some security concerns at this time.
The NMA advised the government to concentrate on improving the welfare of front-line health workers, provide them with the needed personal protective equipment and other incentives to work.
In its communique, the NMA stated that it would like to review her participation in the fight against COVID-19 considering the serious implications and risks this will bring to their members should the government insist on invitation.
The Federal Government is seeking to establish a N500 billion COVID-19 Crisis Intervention Fund to upgrade healthcare facilities and provide intervention to states.
The Minister of Finance, Budget and National Planning Zainab Ahmed disclosed this on Saturday at a meeting with the leadership of the National Assembly.
She says the proposed fund to be created will involve mopping up resources from various special accounts from the federation as well as be sourced from grants being expected and loans from multilateral institutions.
The Finance Minister is seeking the approval of the National Assembly for the taking of loans from these special accounts and promised to return to parliament with a proposed bill in that regard which will define what the fund will be used for.
Responding, Senate President Ahmed Lawan says the loan request is critical because the country is in an emergency and time is of the essence.
He is, however, asking the Federal Government to examine another approach in its implementation of the Social Intervention Programme as he says giving out N20,000 to indigent Nigerians might not be the best way to go.
The Federal Government has reopened the Kara Bridge axis of the Lagos-Ibadan expressway.
The re-opening of the road began at about 9:00 am on Sunday and has brought about an easier flow of traffic on the highway which has otherwise been notorious for serious traffic jams since the commencement of the reconstruction.
It had been partially closed in September when the reconstruction work commenced and traffic was diverted on both sides of the expressway.
A statement signed by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, explained that Buhari made this commitment during his meeting with U.S. Treasury Secretary, Steven Mnuchin, on Thursday.
Buhari held a meeting with Mnuchin, in Riyadh, Saudi Arabia, on the margins of the Future Investment Initiative Forum, to discuss investments in Nigeria under the new U.S. financing initiative.
The President and Mnuchin also discussed areas of strengthening Nigeria’s ongoing collaboration with the United States on stopping terrorist financing.
According to the statement, President Buhari vowed that Nigeria will leverage on the U.S facility (USIDFC) to address current challenges confronting the power sector as well as the general upgrade of infrastructure.
United States International Development Finance Corporation (USIDFC), provides $60 billion for investments in developing nations.
The Nigerian leader also requested the continued support of the U.S. to Nigeria, especially in accessing the $60 billion infrastructure fund under the USIDFC.
The Federal Government has said that it would appeal Friday’s ruling of a British ordering that about Nine billion dollars ($9bn) worth of its assets be seized by the Process and Industrial Development Limited following a breach in contract.
According to the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice, Dayo Apata, the government has instructed its lawyers to appeal against of the court which sat in London.
The ruling on Friday is the latest development in the case which started in 2010, regarding an agreement to build a gas processing plant in Calabar, Cross River State.
The project collapsed between Nigeria and the Irish firm after the former is said to have failed to meet its end of the bargain.
In his statement on Friday, Mr Apata noted that as regards the recent Judgment of the English Court, the Federal Government’s Counsel have been instructed to pursue an appeal, as well as seek for a Stay of Execution of the said judgment.
He added that the Federal Government of Nigeria is making vigorous efforts to defend its interest in this matter and would not relent in exploring every viable option in doing so.
Below is a full statement by the Solicitor-General of the Federation and Permanent Secretary, Dayo Apata.
PROCESS & INDUSTRIAL DEVELOPMENT LIMITED V. FGN
Please recall the dispute that led to Arbitration between Federal Government of Nigeria (FGN) and Process and Industrial Development Ltd which arose from a 20 year Gas Supply and Processing Agreement (GSPA) entered in 2010 between FGN (through the Ministry of Petroleum Resources) and P & ID in respect of an accelerated gas development project in Nigeria’s OMLs 67 and 123. P&ID never began the construction of the project facility although it alleges it incurred about $40 Million in preliminary expenses.
P & ID’s claim in the arbitration proceedings was mainly for loss of profit for the entire twenty-year term of the GSPA, initially claiming the sum of US$1.9 Billion and later increasing its claim to US$5.9 Billion.
The Arbitral Tribunal on 31st January 2017 rendered its Final Award against the Ministry of Petroleum Resources in the sum of US$6.597 Billion together with pre-award interest at the rate of 7% per annum effective from 20th March 2013 and post award interest at the same rate till date of payment.
In granting the huge arbitration award against Nigeria the tribunal decided the following:
that the project would operate at 93% uptime during the twenty year of the GSPA despite the well-known risks of operating such a project in the Niger-Delta.
that the average price of Natural Gas Liquids (the main revenue earner for P&ID assuming the GSPA had been implemented), should be based on an average oil price in excess of $100 per barrel over the twenty-year life of the project;
to apply a discount rate to P&ID’s supposed lost profits of 2.65 %, the same interest rate paid on United States treasury notes thereby adjudging P&ID, a start-up company that never commenced any physical work on the project but planned to operate in the midst of the Niger-Delta crisis, using a novel and unproven technology, a virtually “risk free” investment.
Upon the Award, P & ID commenced recognition and enforcement proceedings of the arbitration award against FGN in March 2018 in both the United Kingdom (“UK”) and the United States of America (the “United States”).
The FGN is duly represented in the proceedings in the United States by the Law Firm of Curtis, Mallet-Prevost, Colt & Mosle LLP which also represented it in the UK proceedings of which judgement was given on 16th August, 2019 in favour of the P&ID to commence enforcement proceeding against the FGN assets in the UK.
Recall further that this matter was inherited from the previous Administration by the present one. Upon inheriting this matter, this Government engaged the renowned US Law Firm of Curtis, Mallet-Prevost, Colt & Mosle LLP to defend the interest of the FGN. The Law Firm has taken step to defend the proceedings in the United Stated by urging the District Court to dismiss the P&ID application for enforcement of the award on the ground that Nigeria as a sovereign state has an absolute right to obtain an authoritative determination of its sovereign immunity. The FGN therefore demanded that the jurisdictional issue must be conclusively resolved before Nigeria may be required to litigate the merits of P&ID’s petition.
P&ID has variously challenged Nigeria’s position urging the District Court to direct Nigeria to file both its jurisdiction and merit defenses as a consolidated defense so that the proceedings may be disposed of by the District Court summarily.
The FGN has however pursued the validity of its jurisdictional defense as a preliminary matter which must be conclusively resolved prior to any consideration of the merit argument up to the Court of Appeal.
In a ruling on 9th October 2018, the District Court granted a stay of proceedings pending a determination of the appeal.
P&ID has also subsequently filed motions to have Nigeria’s appeal certified as frivolous and to have proceedings in the District Court continue pending determination of the appeal at the Court of Appeal.
On 1st November 2018, the US District Court issued a decision in favour of FGN denying P & ID’s further attempt to certify Nigeria’s appeal as frivolous and denied P&ID’s attempt to lift the stay of proceedings.
On 15 February 2019, the Court of Appeal issued a decision in favour of FGN by dismissing P&ID’s motion requesting the court to dismiss Nigeria’s appeal for lack of jurisdiction or to summarily affirm the scheduling order of the District Court.
The proceedings therefore are currently on-going in the United States and the FGN will ensure that its interest and that of the people of Nigeria are vigorously defended.
As regards the recent Judgment of the English Court of 16 August 2019, the Federal Government’s Counsel have been instructed to pursue an appeal on the judgment of the English Court dated 16 August, 2019 and at the same time seek for a Stay of Execution of the said judgment.
In view of the above, please be informed that the Federal Government of Nigeria is making vigorous efforts to defend its interest in this matter and would not relent in exploring every viable option in doing so.
Dayo Apata, Esq.
Solicitor General of the Federation and
Permanent Secretary, Federal Ministry of Justice, Abuja.