Business

Group Lauds LIRS On Whistle-Blower Initiative

Vanguard for Transparency and Accountability, has described the recently launched Whistle-Blower Initiative of the Lagos State Internal Revenue Service, as an exemplary boost to the anti-corruption crusade

Published

2 years ago

August 22, 2022

Sunday Osanyintuyi

A civil society organisation, Vanguard for Transparency and Accountability, has described the recently launched Whistle-Blower Initiative of the Lagos State Internal Revenue Service (LIRS), as an exemplary boost to the anti-corruption crusade.

The President of the anti-corruption crusade group, Paulycap Nnabuogor, said the initiative which subjects the operations of LIRS to public scrutiny, will promote openness, accountability and ultimately enhance citizens’ participation in governance, boosting their trust in the activities of a sensitive agency of government.

Nnabuogor said the anti-corruption group is convinced that the initiative is targeted at strengthening and re-invigorating frontiers in the fight against fraud and corruption and puts both the management and the staff of the agency on their toes to deliver their statutory roles in compliance with the global best practices.

He said, “We are not particularly surprised that the Lagos State government chose the LIRS as a pilot scheme for its Speak Up programme because of the reforms the Subair-led management of the revenue agency had carried out internally to boost its operations and enhance the capacity of its workforce. Undoubtedly, this initiative shows that the activities of civil society organisations like ours are beginning to bear fruit and Nigeria is the ultimate winner.

“Before the birth of the Whistle-Blower Initiative, we were aware of the efforts of the LIRS management to promote accountability within the system and the importance Subair particularly attached to the welfare of his staff. Our findings show that the LIRS maintained the payment of performance allowances to the staff, and doesn’t joke with the prompt release of other pay including wardrobe allowances, particularly to the staff at both the legal and relationships units all geared towards enhancement of performance.

“More so, we found out that the decision to introduce a computer-based test for promotion, which is handled by independent assessors, has encouraged high-fliers within the system to grow rapidly and underlined why the agency has maintained its status as the best-performing tax collecting board in the country. Subair’s Award of Recognition by the Joint Tax Board of Nigeria is a testimony of his achievements as the agency has always met its revenue target even during the COVID-19 pandemic.”

Meanwhile, Subair restated the commitment of the LIRS management to the welfare of its staff, strengthened by the belief that a motivated workforce will lead to greater productivity.

He said.” We take our workforce’s welfare and career development as a key metric in our journey to consistently deliver our statutory role as a revenue agency. In 2019, we approved a 70% salary increase for staff from Assistant Revenue Manager and below, and a 50% increase for Revenue Manager and above. This is the most significant salary review in the Agency to date. A total of 3,608 members of staff were promoted between 2017 to 2021 and all our staff do not pay for standard medical services.

“We also ensure that performance bonuses are paid to all staff, based on clearly defined and documented processes while Union dues are remitted timely and correctly with all other statutory deductions such as pensions.”

He added that the consequential adjustment of salaries has been agreed upon in principle and payment modalities are currently being worked out by management, stressing that all are geared toward ensuring that the agency serves the people of Lagos State effectively.

Business

We’ve commenced fuel lifting from Port Harcourt, Warri refineries – PETROAN

Published

3 days ago

February 2, 2025

Seyi Babalola

The Petroleum Products Retail Outlet Owners Association says its members have started loading dual-purpose kerosene, automotive gas oil, and premium motor spirits at the Port Harcourt and Warri refineries.

The spokesperson of PETROAN, Joseph Obele, disclosed this in a statement on Saturday.

This follows a reported shutdown of the Port Harcourt refinery in December 2024 after it was rehabilitated in November. The same situation was said of Warri Refinery after it recommenced operation in December 30, 2024.

However, in an update, Obele revealed that the lifting of petroleum products has commenced in both state-owned refineries.

According to him, the Port Harcourt refinery is already selling petrol, diesel, and kerosene to retailers, while the Warri refinery is supplying only diesel and kerosene.

“PETROAN members are now loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits.”

The restart of petrol sales at both the Port Harcourt and Warri refineries, together with the existing Dangote Refinery, has sparked speculations of retail fuel price reduction.

“The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.

“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,“ Obele stressed.

Meanwhile, Nigerians currently buy fuel between N965 and N1,100 per litre nationwide.

Business

Dangote refinery slashes petrol price to N890/litre

Published

3 days ago

February 1, 2025

Seyi Babalola

Citing favourable developments in the global energy sector and a significant decline in international crude oil prices, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, from N950 to N890 per litre, effective from Saturday.

The company stated that the decision to slash prices is also part of plans to drive economic relief for Nigerians.

Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.

A statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19 January, when a modest price increase was implemented due to rising crude oil costs.

However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.

Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

Business

SA billionaire Johann Rupert maintains Africa’s richest man record, Dangote New position revealed

Published

2 weeks ago

January 25, 2025

Seyi Babalola

South African business mogul, Johann Rupert has solidified his position as the continent’s richest man as Aliko Dangote’s net worth dropped further, causing him to fall even further behind South Africa’s billionaire on the list of the richest people in Africa.

According to Forbes, Dangote lost $95 million on Friday, January 24, bringing his net worth down to $10.7 billion.

His rival, Johann Rupert, continued to amass more wealth as he made $76 million on Friday to push his net worth to $13.6 billion.

Rupert is currently the 168th richest man in the world 68 places higher than Dangote, who is ranked 236th richest man in the world, and also the second in Africa.