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FIRS

Headlines

48 hours after, FIRS yet to upload recruitment link as fraudsters flood internet with fake links

by Folarin Kehinde
written by Folarin Kehinde

Barely two days after the announcement of recruitment from the Federal Inland Revenue Service (FIRS), internet fraudsters have storm the Internet with fake links for the recruitment exercise.

Recall that the agency announced the recruitment opportunities for young graduates to join their team for tax officers (Officer II and Officer I) in various locations across Nigeria.

Investigation by Leading Reporters revealed that several fake links such as https://mpetition.org/Federal-Inland-Revenue-Recruitment-Form.html,
https://dataplugz.org/Federal-Inland-Revenue-Recruitment-Form.htm and a host of others have been seen and shared on various WhatsApp groups.

Despite this, the agency is yet to release a press statement to caution Nigerians on fake links and update on their authentic link.

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Headlines

FIRS begins recruitment of tax officers

by Folarin Kehinde
written by Folarin Kehinde

The Federal Inland Revenue Service (FIRS) has announced the commencement of a new recruitment exercise aimed at engaging young graduates as Tax Officers (Officer I and Officer II).

The announcement was made in a statement by the agency’s management on Monday, October 21.

The statement reads: “Are you young, skilled, courageous, and principled? Nigeria needs you!

“The Federal Inland Revenue Service (FIRS) is excited to announce upcoming opportunities for young graduates to join our team as Tax Officers

“(Officer II and Officer I) in various locations across Nigeria.

“We are looking for candidates with integrity and a strong desire to excel professionally, as well as those who possess strong analytical, problem-solving, and communication skills.

“Further specific information regarding application procedures, including application deadlines and submission details, will be published shortly on our official website.

“The Federal Inland Revenue Service (FIRS) is an equal opportunity employer. We encourage all eligible candidates, regardless of gender, ethnicity, or background, to consider applying.

“Stay tuned for more details, and thank you for your interest in joining the FIRS team!”

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Business

Opay, Moniepoint, Other Fintechs End Free Banking as N50 EMTL Deduction On N10,000 Transfers Begins

by Folarin Kehinde
written by Folarin Kehinde

Fintech companies, including OPay, Moniepoint and others, have started notifying their customers of plans to begin deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by their customers with effect from Monday, September 9.

According to the fintech companies, this deduction followed a directive by the Federal Inland Revenue Service (FIRS).

This mandatory deduction brings to an end the era of free banking services that some of the fintechs provide, though the charges are remitted to the federal government.

The free banking services had made these fintech companies attractive to the members of the public, especially small and medium-scale business owners, students, and the downtrodden.

The regulations provide for a one-off levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or above. For equivalent receipts or transfers carried out in other currencies, the levy will be charged at the exchange rates determined by the Central Bank of Nigeria (CBN).

In December 2023, the FIRS directed deposit money banks to deduct and remit Electronic Money Transfer Levy (EMTL) on foreign currency (FCY) transactions going forward. Within the first five months of this year, a total of N78.95bn was accrued to the government from the N50 levy imposed on electronic bank transfers.

In recent times, the Electronic Money Transfer Levy has become an integral part of Nigeria’s tax system. This levy is, among others, primarily designed to generate revenue for the government. The Finance Act, 2019 amended various subsets of the existing tax and fiscal legislation at the time, including the Stamp Duty Act (SDA).

The Finance Act, of 2023 stipulates that revenue accruing by the operation of EMTL shall be distributed to the three tiers of government based on derivation with the federal government receiving 15 per cent; state governments receiving 50 per cent and the local governments receiving 35 per cent of the EMTL realised.

The regulations mandate the receiving bank to collect and remit the levy to the FIRS by the next working day after the transaction date or on such other date as prescribed by the FIRS.

In addition, the receiving bank is required to deduct the levy from the amount payable if the receiver is a walk-in customer who does not have an account with the bank.

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HeadlinesOpinion

Expert flays NNPC N287B profit; describes it as a manipulated balance sheet full of deception

by Leading Reporters
written by Leading Reporters

A financial expert, public issues commentator and good governance advocate, Dr. Nnaemeka Obiareri has described as deceptive,

manipulative and sheer distortion of standard accounting standards the recently announced profit of N287billion by the Nigeria National Petroleum Corporation NNPC, from its perennial operational losses.

He said that when the figures brandished by NNPC leadership is interrogated, it would be discovered that NNPC did not engage in any extensive or extra-ordinary productive or trading activities in 2020 to generate and report such huge profits in 2020 from a consistent six years loss (2015-2020). 

“From my desktop review and analysis, I knew straight away, that it is either they reported bubble paper profit to enable them debit a ledger for a particular nefarious game or they engaged in unwholesome balance sheet engineering games.

“What Melee Kyari presented as profit from direct  NNPC operations and activities is actually a retention  of 20% of the profits and dividends paid by independent entities,  which the NNPC   received on behalf  of the federation ( FGN, States and LGAs). This is the first time they are allowed to retain such.  

“According to a reliable source, before now,  the FGN and the states used to collect 100% of all the dividends paid by these independent entities . 

“However, in 2020, the NNPC decided to retain the 20% from the dividends paid the the NLNG, the NGC, the West African Gas Pipeline ( Operated by Chevron) etc and consolidated same in their balance sheet.  

“So, what they reported were retained portions of the dividends  paid by other entities for the Federation.  All the poppycock by Melee Kyari of improving efficiency at the NNPC and cut cutting cost  measures  over the last one year are just hogwash . NNPC as an entity under him,  its operations  and that of  the three  refineries are cesspool of losses and perfidy . Don’t be deceived by their tales by moonlight . 

”It is a grave affronts to our sensibilities and intelligence for these guys to receive about $2.5billion/N1trillion (using CBN official rates)  as combined dividends on behalf of the federation from independent entities established by acts of Parliament for the benefits of the federation,  consolidate the retained  20% portion of  dividends meant for the Federation accounts and then report it (N287bn)  as profits made from the activities of a  corporation that did nothing,  other than , import PMS at a loss under subsidies and ignorant people clap away without asking questions  

“The most painful thing here is that these people understand that IGNORANCE walks on all four in Nigeria.  So, they assumed rightly, that a majority of us have no common sense , capacity , competence and ability to dig beyond the surface.  They also realise that investigative journalism built on deep knowledge is absent in this clime. THEY ALSO realise that we do not have many people with the discipline, knowledge,  good conscience and integrity in the NASS to probe, dig , uncover and recover as we have it in the US Congress.  So, they  corner our resources,  throw pittance at us  and then rub it on our faces  ..

“For those,  who have the discipline,  knowledge, ability and time,  kindly fish out the 2019 audited financial reports of the following independent entities set up by acts of Parliament for the benefits of the federation: 

  • The  NLNG; 2. The West African Gas Pipeline Company ( Operated by Chevron);  3. The Nigeria Gas Company(NGC);  4. Duke Oil;  5. The NPDC; 6. C. 7 Wheel Insurance ; etc 
  • When you add up all of the dividends  for the year ended 2019, which was declared,  paid and  transferred to the NNPC accounts in 2020 on behalf of the federation , you will get in excess of over $2.5bn/N1trillion (using the CBN official rate). 

“These guys at the NNPC are not sincere one bit . It is the height of deceit and manipulation of numbers, for them to gleefully consolidate the profits and dividends of independent entities, with independently audited balance sheets , who have been making and reporting  consistent profits over the last 10 years retain 20% of such dividends,  use them to cover the huge losses and pillaging at the NNPC and report same as profit for the NNPC, for the first time over the last 43 years . 

“Honestly, if the misappropriation and cornering of our national resources at our MDAs like the  NNPC, Petroleum Ministry,  FIRS, Customs,  NIMASA, NPA, are checkmate and  the leakages plugged , Nigeria will not need to borrow to fund our critical infrastructure needs .

“This is why we clamour for urgent and  total constitutional, fiscal,  administrative,  socio-economic and autonomous RESTRUCTURING of this jungle to stop the ongoing  bleeding,  destruction and destitution of the masses.  

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Gbajabiamila
Exclusives

House will pass PIB into law in April – Gbajabiamila

by Folarin Kehinde
written by Folarin Kehinde

Gbajabiamila gave the assurance, while taking contributions at the public hearing, organized by the Ad-hoc Commitee of the House on PIB.

The Speaker promised that the speed of the passage would not diminish the thoroughness, expected of the Lawmakers, on the bill.

The Minister of State for Petroleum Resources, Timipre Silva said, he is optimistic that after 20 years of the introduction of the PIB to the National Assembly, that both the Senate and the House of Representatives would continue the sustained determination to pass the bill into law.

Similarly, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, offered a glimpse of hope, that oil will still be relevant in the next 30 years.

Mele added that the passage of the bill into law, would bring about the needed vigour and transparency that would in turn, engender productivity in the petroleum industry.

In his submission, the Chairman, Federal Inland Revenue Service, FIRS, Mohammed Nami, explained that the bill would promote economic growth and make the petroleum sector competitive.

He stressed total support of the Service to the development of the oil and gas industry, inline with international best practices.

The bill, termed, “A Bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Communities and for Related Matters (HB. 1061)”, is an executive bill that debuted to the National Assembly 20 years ago.

But high profile multicoloured interests, according to reports, had stifled its legislative progress and passage.

With this development, President Muhammadu Buhari, on September 20, 2020, retransmitted the Bill to the National Assembly, for which the House is currently having a public hearing with keyplayers in attendance.

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InvestigationHeadlines

Breaking: FIRS Lands N40m Tax On Bokadi Links Supports Ltd; A Company allegedly used by NIRSAL For Fraudulently Activities

by Leading Reporters
written by Leading Reporters

Information at the disposal of LeadingReporters has revealed that the Federal Inland Revenue Service, FIRS has handed down a tax liability to the tune of N40million to Bokadi Links Supports Ltd, a company LeadingReporters investigation revealed has been perennially used by the Nigeria Incentive-Base Risk Sharing System for Agriculture Lending (NIRSAL) Plc to commit all manners of fraudulent activities.

From a discreet investigation carried out by this media platform, NIRSAL has perennially used Bokadi Links Supports Ltd FCMB Account No 3109214010 to divert and corner funds into private pockets.  One of such criminal diversion of fund was the transfer of the sum of N227,825,333 transferred into Bokadi Links Supports Ltd FCMB Account no 3109214010 under the guise of “Payment for attending seminar” on 15th of December, 2017. 

Other diversions into the account include:

  • N15,528,900  paid into the said account on 22/09/2017
  • N12,309,841  paid into the said account on 10/10/2017
  • N10,301,200 paid into the said account on 17/11/2017
  • N55,000,000 paid into the said account on 05/12/2017
  • N55,197,000 paid into the said account on 14/12/2017
  • N227,825,333 paid into the said account on 15/12/2017
  • N12,500,000 paid into the said account on 25/01/2019
  • N10,860,000 paid into the said account on 28/01/2019
  • N54,991,589 paid into the said account on 08/10/2019
  • N10,000,000 paid into the said account on 28/01/2020
  • N10,000,000 paid into the said account on 03/03/2020
  • N18,000,000 paid into the said account on 05/03/2020
  • N15,000,000 paid into the said account on 12/03/2020
  • N2,000,000 paid into the said account on 20/04/2020
  • N1,500,000 paid into the said account on 08/05/2020
  • N2,000,000 paid into the said account on 13/05/2020
  • N6,950,000 paid into the said account on 02/06/2020
  • N3,000,000 paid into the said account on 05/06/2020
  • N10,000,000 paid into the said account on 30/06/2020

Fraud and criminal diversion of public fund have become synonymous with NIRSAL, a company heavily funded by the Nigeria Tax Payers through the Central Bank of Nigeria and other donor agencies.  NIRSAL over the years has garnered notoriety of criminal diversions of funds, using every available processes and means.  Despite public outcry of the perennial looting going on in NIRSAL, the Central Bank of Nigeria’s Governor, Godwin Emiefele has continued to look the other way.  A recent investigation carried out by LeadingReporters has revealed Bokadi Links Supports Limited FCMB Account is one of the conduits through which monies are perennially fleeced the agency. 

Bokadi Links Supports Limited, according to our investigation was floated for the sole purpose of using it to fleece NIRSAL as these monies were paid into the Company’s FCMB Account under frivolous purposes.  An inside source in NIRSAL told this media platform that Bokadi Links Supports Ltd is one of the more than 15 corporate accounts floated by the Aliyu Abdulhameed-led NIRSAL using proxies through which hundreds of millions of monies are fleeced the company.

Further investigation revealed that the MD of Bokadi Links Supports Limited is paid 20% of every money moved into the company’s account, while the remaining 80% were usually changed into dollars and returned to the top management staff of NIRSAL.

Our investigation further revealed that bubbles burst when the Federal Inland Revenue Service FIRS landed a tax liability of N40,000,000 on Bokadi Links Supports Ltd.  Following the pressure mounted on the MD of Bokodi Links Supports Limited to pay the company’s tax liability of N40,000,000 to the Government, the MD was said to have approached the “ogas” in NIRSAL to inform them that Government, through FIRS is already on his company demanding for tax to be paid.  The ‘Ogas” were said to have denied him, insisting that he was given enough portion of the looted fund through which he should have used to pay whatever tax liability FIRS was asking for.

All attempts to get the Managing Director of Nirsal to address the allegations failed because he neither picked calls nor returned to text messages sent to him.  Mails couriered to his office were rejected by the security at the gate who claimed that the MD gave them a standing order never to pick any mails aside from Central Bank and few government agencies.

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