Connect with us

Finance

Sanwo-Olu Approves N1Billion Seed Capital For Tourism Business

Published

4 years ago

on

Governor Babajide Sanwo-Olu has announced the approval of N1 billion seed capital for investment in tourism to drive growth in he sector.

Sanwo-Olu made this announcement on Wednesday at the 6th Lagos Corporate Assembly held at the Banquet Hall in the State House, Alausa.

The Governor said the investment was required to bolster the hospitality sector by providing key operators in tourism business with soft loans to boost their capacity in driving growth.

The initiative, Sanwo-Olu observed, is necessary to position tourism business as a new frontier for job creation and economic prosperity in the post-Coronavirus era.

The seed capital will be domiciled in the Lagos State Employment Trust Fund (LSETF), the Governor said, adding that the funds will be made available specifically to Micro, Small and Medium Enterprises (MSMEs) operators in the sector.

The Governor said the State would also be collaborating with the Central Bank of Nigeria (CBN) to further create access for fund to support the hospitality business.

The event with the theme: “BOS Meets Business, was attended by the captains of industry, manufacturers, and members of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Besides, Sanwo-Olu disclosed that the State had started the first phase of the 6,000km optical fibre being laid across Lagos, with the aim of providing technological infrastructure to support MSMEs.

He said the State had continued to strengthen its Ease of Doing Business policies to drive private investment and economic growth. This, he said, is being made possible by the digitisation of business registration and asset acquisition processes, which, he said, removed administrative bottlenecks.

He said: “We have just given approval for N1 billion support that will be given out through the Lagos State Employment Trust Fund to support hospitality business in the State. The beneficiaries of this fund will go through screening in line with the requirement of the agency. We are making this investment because of the huge potential for job creation and inclusive growth this sector can bring about.

“We will be working with the CBN for more funding to fully develop the potential of our tourism sector. This effort is being completed with the rolling out of 3,000 km optical fibre across the State to provide technological infrastructure for the MSMEs whose operations would depend on fast Internet networks to drive their businesses.”

With Lagos’ Gross Domestic Product (GDP) valued at $130 billion and over three million Micro, Small and Medium Enterprises (MSMEs), which make the State the fourth wealthiest city in Africa, Sanwo-Olu said it was time for the State to strengthen its economy with right policies for accelerated growth and prosperity.

The Governor said there will be a review of the dusk-to-dawn curfew imposed in the State by the Federal Government in response to requests by businesses across the State, noting that the ongoing rehabilitation of major bridges and roads had impacted business activities in the State.

Sanwo-Olu said the repeal of 2018 Laws on Land Use Charge was to further create incentives for more growth in the corporate sector, stressing that the new Land Use laws had addressed controversial provisions and remove ambiguity in the levies paid by companies in Lagos.

The Governor granted a three-year waiver on penalty for those that defaulted the payment of land use charge from 2017. He also offered a 25 per cent discount for those who make early payment of the Land Use.

He said: “We are granting a waiver of three years in late payment, which covers 2017, 2018 and 2019. We are also giving 25 per cent special discount on early payment. By this, we have achieved a 48 per cent reduction for businesses in chargeable rates by repealing the 2018 Land Use Laws.

“We are taking these steps to show that we are not being insensitive to the plight of businesses and residents, especially in this period of pandemic that have slowed down activities. We have been doing everything possible to make sure businesses are not choked by taxes.”

Sanwo-Olu told the business leaders and MSMEs operators to see his administration as a “real partner” in driving growth. He said the Government would continue to introduce more incentives to strengthen its partnership with the private sector to keep Lagos economy on the path of growth.

Representatives of corporate organisations praised the Governor for the reviews of the Land Use Laws. They, however, called for harmonisation of taxes and levies payable to the Government.

Deputy President of Lagos Chamber of Commerce and Industry (LCCI), Chief Olawale Cole, hailed the State Government for the three-month moratorium given to MSMEs, noting that the incentive would stimulate more commitment in the sector.

Commissioner for Commerce, Industry and Corporative, Dr. Lola Akande, noted that Lagos Government had taken steps since the last meeting with the Organised Private Sector to sustain the momentum of growth.

She said: “We recognise that creating an enabling business environment is the key to job creation, poverty eradication and growth of the State economy. Lagos State is positioned to support businesses and industrial sector to maximise their potential for greater contribution to the State’s GDP.”

Related Topics:

Justice Okamgba is journalist at Grassroots.ng

Continue Reading

Finance

AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC

Published

2 days ago

on

April 27, 2024

By

The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid by the immediate past governor of Kogi state, Yahaya Bello, for his children attending the school.

In response to a letter addressed to the Lagos zonal commander of the EFCC, the school said $845,852 was paid in tuition “since the 7th of September 2021 to date”.

AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.

“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.

Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty-Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.

We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).

No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”

In a chat with The Cable, the spokesperson of the EFCC, Dele Oyewale, confirmed that the school has refunded the money.

‘’The money has been paid into public account,” Dele Oyewale was quoted as saying

Continue Reading

Finance

Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge

Published

5 days ago

on

April 23, 2024

By

The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.

EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.

EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu

Counts one to four of the charge, read,

“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

This and three other charges were stated against him. They read;

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

Continue Reading

Finance

Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him

Published

1 week ago

on

April 19, 2024

By

The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.

The order for the withdrawal was contained in a police wireless message. The document with reference number:

“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.

Please, above, for your information and strict compliance.”

Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.

This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.

From EFCC

In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.

From National Immigration Office

And read;

“I am directed to inform you that the above-named person has been placed on the watch list.

Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.

Continue Reading

Trending