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Sanwo-Olu Signs VAT Bill Into Law

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Sanwo-Olu

Lagos State Governor Babajide Sanwo-Olu on Friday signed into law the State VAT Bill.

By this act, the Bill has now become a Law to impose and charge VAT on certain goods and services.

Consequently, Lagos State Internal Revenue Service (LSIRS) has been empowered to administer and implement the law and account for money collected in accordance with the law.

The VAT law titled, “Lagos State Value Added Tax Law: A Bill for a Law to Impose and Charge Value Added Tax On Certain Goods And Services, Provide for the Administration of the Tax and for Related Matters,” empowers the state to charge VAT at the rate of six per cent on the value of goods and services in the state.

It also states that “the value of taxable goods and services shall be determined in the following ways: where the supply is for a money consideration, its value shall be deemed to be an amount which with the addition of the tax chargeable is equal to the consideration.”

The law further states that revenue accruing from VAT would be shared on a ratio of 75 per cent to 25 per cent between the state government and the Local Government Council Areas.

Meanwhile, a Federal High Court in Port Harcourt in August delivered a judgment restraining the FIRS from collecting VAT and personal income tax in Rivers State.

FIRS on Wednesday said it has appealed the judgment which held that it does not have the right to collect VAT in the state.

“Be assured that FIRS has filed an appeal and that one is in process and that is why we are not able to speak,” FIRS Group Lead, Special Tax Operations, Matthew Gbonjugbola told a news conference on Wednesday.

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Air Peace Boss, Allen Onyema,  Flying Like An Eagle

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With his huge body of work available as evidence, no wise person will dare bet against the indefatigable Air Peace Chairman, Allen Onyema, as he focuses again on performing new streaks of magic.

The aviation top shot is not one of your run-off-the-mill businessman. In several ways, he has proved to be head and shoulders above several competitors in the industry having proved himself to be one of the few Nigerians that rub shoulders with other top executives around the world.

From law to aviation, this great achiever has soared high on the wings of his uncommon brilliance and business acumen to become a shinning light in the sectors.

Like the majestic eagle, he perches atop the leading airline, Air Peace. Vigilant-eyed and sharp-nosed, he has never disappointed his mentees and admirers, and he doesn’t look like he’s going to start now.

After delivering such a resounding slap to the face of his numerous doubters who insist on remaining blind and deaf to his incontestable greatness, he has continued to do triple digit successes in all of his endeavours.

While many of his counterparts continue to groan in the midst of unforeseen economic hardship, Onyema’s has kept with the quote of a notable Zimbabwe politician, Roy Bennett that says, “Your hardest times often lead to the greatest moments of your life. Keep going. Tough situations build strong people in the end.”

Under his watch, Air Peace has confidently kept to this vision of providing seamless connections and expanding existing network to accommodate the evolving air travel needs of the flying public.

Few  weeks ago, the airline expanded its network to Asia with the commencement of a direct one-weekly flight to Guangzhou, China.

It was gathered that a total of 240 passengers were carried out from Lagos directly to China on its Boeing 777 aircraft, while it also plans  to connect Beijing, Shanghai, others from Nigeria and utilising interline arrangement with Asian airline, soonest.

Many would recall that Air Peace successfully operated several evacuation/special flights to the country at different times in the past, especially in 2020, during the COVID-19 lockdown. After entering the China air travel market, Air Peace is now focused on growing its route networks to India and Israel.

Onyema began to show traces of greatness early in life. As a child, his dream was to become one of the greatest businessmen in the world. Luckily, providence has granted him his heart’s desire.

He has been able to stand tall despite all odds against him particularly in his business is what astounds many.

But what they don’t understand about this lawyer cum entrepreneur is that he was born with the proverbial lucky star.

Nevertheless, he has never taken the grace of God in his life for granted.

All his life, he has always aimed for the best. Even so, he has an abiding trust in the almighty God. He remains unshaken even when things are difficult and seem almost impossible to actualise.

Earlier in life, he started off as a lawyer and later ventured into the real estate business. As fate would have it, he again joined the players in the aviation sector.

Today, he’s regarded as one of the major players in West Africa’s Aviation Sector.

He is graceful in his fine grasp of business intricacies, with a very strong sense of deep erudition in discussions, especially in the area of aviation as well economic development in Nigeria. Also, he  has deep fountain of knowledge and a shining light in the business firmament.

Those close to him revealed that he has remained relevant based on his wonted tenacity and doggedness.

No doubts, evidence abounds. Despite a series of negative media attacks targeted at maliciously denting the reputation he has built over the years with dedication, selflessness and hard work, he has always been vindicated.

The cosmopolitan business magnate, who had sowed in tears, is currently reaping bountifully, as his airline, Air Peace, is being showered accolades by all for its seamless services and good customer relations.

Leveraging on his intelligence in the business, Onyeama has been able to move his company from an indigenous airline leasing a few planes to owning fleets plying international routes; thus, putting Air Peace in the leagues of industry players in Africa and the rest of the world while also according Nigeria the great prestige she deserves among the comity of nations.

He has created well over 5000 jobs through the establishment of Air Peace in 2014. And in less than eight  years, the airline has grown to own the largest fleet in West Africa.

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Araoyinbo Scores Another goal, Emerges 21st Ondo Commerce Chamber president

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It was yet another beautiful milestone for Irun-Akoko. Ondo State-born entrepreneur and philanthropist, Honourable Olugbenga Araoyinbo, on Friday, when he emerged the President, Ondo State Chambers of Commerce, Industry,Mines and Agriculture (ONDOCCIMA).
Araoyinbo, a former Majority Leader of the Ondo State House of Assembly, was elected president at the chanber’s Annual General Meeting, held in Akure, the Ondo State capital.
Araoyinbo is also incumbent President of Akoko Chamber of Commerce, Industry,Mines and Agriculture, AKOCCIMA.
All elective positions were filled by respective candidates from the different Chambers under ONDOCCIMA
In his acceptance speech, Araoyinbo promised to build on the legacies of the founding fathers as bequeathed to their generation for onward delivery to the next generations.
Excerpts of his acceptance speech:
ACCEPTANCE SPEECH OF OTUNBA HON.OLUGBEMIGA ARAOYINBO, AS PRESIDENT-ELECT OF ONDO STATE CHAMBERS OF COMMERCE, INDUSTRY, MINING AND AGRICULTURE [ONDOCCIMA] ON THURSDAY,14TH JULY,2022.
I would like to begin my acceptance speech as the 21st President of this great Association by giving thanks first to Almighty God the Author and Captain of our Souls for making us realised the dream of this day and to renewed my covenant with God before the public to use all my God-given potentials to serve this great Association.
I wish to extend my deepest respect and appreciation to all the leaders and members for their strong support most especially the founding fathers of ONDOCCIMA who through their sweat and dedication build this enduring legacy bequeathed unto us and the incoming generation to benefit.
I wish to start my appreciation by thanking the immediate Past President and the executives whose tenure ends this moment that paved way for my emergence and my executives for her tireless leadership of this great Association.
It will be an honor and a great privilege to follow her footsteps and to build upon the tremendous progress and legacies of her accomplishments recorded during her tenure as President.
She has been a champion for OSCCIMA leading an executives sailing the ship of this association to a peaceful harbor not that they simply weather some stormy seas during the ravaging Covid–Pandemic but led the Association to emerge stronger and united every time in those critical moments.
I am confident that the out-going executives will not abandon my executives as we will be in need of your experience to navigate this Association throughout our tenure.
In the spirit of sportsmanship, I wish to extend my hands of fellowship to every member regardless of their tendencies during the election.
I greatly look forward to your support in taking ONDOCCIMA to a greater level and I wish to say Big Thank You to the Adhoc Committee that supervised this free and fair election that graciously prepared and guided our members to mid-wife this smooth transition and change of baton.
I stand before you and deeply touched and inspired by your generosity to me in terms of the massive votes freely given to me and your words of congratulations and encouragement is an elixir propelling us to hit the ground running..
With boundless gratitude for the confidence reposed on me and the new executives by the members of this great association and with an unwavering resolve to honor that trust, I humbly accept my victory as the President-Elect of this great Organization, ONDOCCIMA.
I am deeply honored to become the new President of this great association and with God on my side I wish to also reassured our members that I will try as much as possible to lead a high performing Team of executives and we shall delivered on the mandates of our respective offices by fulfill all our election campaign promises and even do more.
Distinguished Members, I promise to play by the rules and at all time will be fair and extend equitable distributions of all opportunity to all members without discrimination.To those concerned about the strength of ONDOCCIMA.
I promise that with my Executives we are going to restore those great values by partnering with those who beliefs in the progress of our Association as we will fight to preserve and sustain ONDOCCIMA.
I will lead a team that will sustain the vision of our founding fathers by building a very strong and united ONDOCCIMA through an open door policy in my tenure. Distinguished Members, I wish to state on record here that My tenure will be build on the following cardinal principles and this is Our Future Outlook:
[1] I will work towards securing a land to build for our Association a befitting secretariat that will be ICT driven with global standard.
[2] Create opportunity for Local and International Conferences, Workshops and Exhibitions for All our Members
[3] Open our doors for positive collaborations and networking with Organisations and individuals to cross pollinate new and modern ideas and strategies to the benefits of our members.
[4] Prompt dissemination of up-to-date information to All our members to ginger their exposure to global best practices.
I will not conclude this address without thanking my immediate family and friends for their unflinching support allowing me to take up this uphill task to serve humanity in this regard-I love you and will remain grateful for ever.
Wishing you all the very best as we begin another historic chapter in the life of our great Association under my Watch….God bless you All.
Your Sincerely,
OTUNBA.HON.OLUGBEMIGA ARAOYINBO, Fmr,MHA

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Organisers of Africa-Canada Investment Summit Announces New Date 

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In a bid to ensure proper preparation with logistics and planning, organisers of the Africa-Canada Investment Summit, have announced a new date for  the summit.

According to the organisers, the summit will now hold between  23rd July and 15th August, 2022. The change in date was made known via a communique to journalists and the general public by the convener and head honcho of Hope ForSureFoundation, Ms. Peju Naomi Sigismund.

 

Ms. Naomi disclosed that due to the array of high-profile guests and speakers they  are expecting all over the world, they  needed to make sure everyone is fully ready. The change in date will avails them the opportunity to cross their  T’s and dot our I’s. “Some of our attendees and speakers that  have had one engagement or the other on the previous date are fully ready to attend. We have also used the change in date to secure travel visas for those attending from African soil as well. The change in date is to ensure that preparation is in top gear so we can have a top-notch event and summit. Nothing has changed in the event lineup. The arrival will start from the 23rd of July while the main event commences on the 25th.” She said.

 

Our plans are still intact.

Ms. Sigismund also used the opportunity to apologise for the change in date.

‘’To all those who have booked their tickets for the previous date, we are sorry for the inconvenience; we will surely it worth the while. The change is to enable us to host you better and make the event a memorable one.” She added.

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