Nation
We’re Tackling Illicit Financial Flow, FG Insists
The Minister of Finance, Budget and National Planning, Zainab Ahmed, yesterday, said Nigeria has implemented significant measures to curb illicit financial flow and ensure asset recovery.
The minister spoke at the International Conference on Illicit Financial Flows and Asset Recovery which was held virtually.
In her keynote address, Ahmed described Nigeria as one of the most affected countries as far as illicit financial flow is concerned.
She said, “As one of the most affected countries, Nigeria has demonstrated strong commitment to addressing illicit financial flows through our participation in the Open Government Partnership and the significant progress made in the extractive industry.
“We have demonstrated that technology-enabled improvements in tax collection and compliance help deter tax crime and facilitate public trust.
“Also, the mainstreaming of transparency and anti-corruption measures into economic-policy-making processes significantly reduces crime.
“Similarly, establishing an accurate, up-to-date and public beneficial ownership register; and strengthening the automatic exchange of tax information; helps address the commercial components of illicit financial flows.”
She explained that among other things, the Federal Government has established an independent Financial Intelligence Unit within the Central Bank of Nigeria (CBN) and bilateral agreements with several critical destination countries including the United States and Switzerland to ensure the return of stolen assets.
According to her, about 65 per cent of illicit financial flows across Africa emanate from commercial activities such as aggressive tax avoidance and tax evasion, through trade mispricing, abusive transfer pricing, profit shifting, and tax arbitraging.
The minister added that if unchecked, IFFs will continue to “significantly erode domestic revenues, enable corruption, threaten economic stability and sustainable development, divert money from public priorities and hamper government’s efforts to mobilize domestic resources and recover better.”
She, therefore, called for sustained cooperation between Africa and multilateral organisations to eradicate illicit financial flow, thereby enabling environmental, social, and economic development across the continent.
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Nation
Rivers Deputy Governor Hails PH City One Love For Humanitarian Gesture
Rivers state Deputy Governor Professor Ngozi Nma Odu has commended “The Port Harcourt City One Love,”a Port Harcourt based humanitarian orgnisation For it’s commitment towards alleviating the sufferings of the poor and vulnerable in the society.
Professor Ngozi Nma Odu said this while speaking at this year’s edition of “operation feed the needy” a yearly outreach program of “The Port Harcourt City One Love ” in Port Harcourt.
The Deputy Governor said by feeding more than sixty thousands hungry people within the past six years, the Port Harcourt City One Love Movement has distinguished itself as a club that cares for the less privilege in the society.
She commended the , organization for listing eleven thousand persons to be fed in the current exercise.
Meanwhile The Port Harcourt City One Love has planned a permanent solution to the problem of feeding the poor in the state.
The leader of the group Mr Idaere Gogo Ogan who said this in an interview with newsmen during the distribution of food items to the poor and vulnerables in Port Harcourt said the organization is planning a permanent food kitchen where poor and vulnerable persons can work in anytime and get fed.
Idaere Gogo Ogan said more than sixty thousands poor and vulnerable persons across Port Harcourt City and environs have been fed since the inception of “The operation feed the needy” program six years ago,adding that so far sixty thousands poor and vulnerable persons have beneffited.
He described the group as a platform to promote friendship, brotherhood, community development empathy and feeding the less privilege and hungry people
“That’s what we are doing today here,so we started the exercise six years ago”.he said.
Ogan said the effort was a private sector driven initiative but added “it also involves people in Government because the platform does not recognize any division,we bring everybody together in unity , friendship and brotherhood”he said.
He said the effort will go along way in alleviating hunger especially following the prevailing hunger in the country.
According to him “you know the country is very tough, people are hungry people are starving, there is a whole lot of economic hardship,so for us, this is just our own way of reaching out, our own social contribution to what is very difficult”he said.
Over eleven thousand persons were fed in the just concluded exercise.
Areas of coverage include, Isaac Boro park, Port Harcourt prison/Macoba, Borokiri/Enugu waterside Bundu areas Waterlines and others.
Some of the beneficiaries including an 80 years old widow commended the movement for the annual programm and urged other organizations to emulate them
John Bibor,/Esuuk Oyet/Suotor Memoye /Jeremiah Hannah
Nation
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Nation
SheVentures Open Zero-interest Loan Applications for Women Entrepreneurs
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers.
“This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs”, Edun said.
Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB), Nnenna Jacob-Ogogo said access to affordable finance remains a major constraint for women entrepreneurs.
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