UBA’s REDTV launches Season 2 of Inspector K

On March 16th 2018, the online lifestyle network powered by the United Bank for Africa, REDTV, held an exclusive screening for season 2 of the hit series, Inspector K , at Filmhouse Cinema in Lekki, Lagos.

Inspector K is a crime comedy about a wacky inspector who through unconventional ways solves crimes in the city of Lagos. He is supported by two clueless but surprisingly sometimes intelligent police officers.

This season the super inspector has finally met his match. He is dealing with a cartel that seems to be completely untraceable and is always one step ahead of him: drugs, murders, major heist and thievery.

The heat is on as Inspector K’s station tries to uncover this menacing group, but this time they enlist the help of another station and a Special agent from “the abroad”. The only problem is Inspector K is not the best at working in a team as the spotlight seems to get smaller and smaller.

‘Inspector K is back better than ever. The cinematography is top quality and the script got funnier. REDTV continues to break barriers as it brings together the best in the industry in all its productions’

This Season promises plenty of laughs, forced teamwork, bad guys, a boss and a potentially awkward love story we present to you #InspectorK season 2… Thief, Murderer and The Boss.

The series, which is set to launch on REDTV on March 21st, stars Koye “K 10” Kekere-Ekun, Charlie Chen, Folu Storms, Bosun Shadare, Jemima Osunde, Demi Banwo, Obi Obiora, Martin Ayeni, Damola Layonu and many more.

 

UBA Expands Presence in London as the Regulatory Authorities (PRA) Grants Wholesale Banking Licence to its UK Subsidiary.

 

United Bank for Africa (UBA PLC), Africa’s global bank, announced today that its London subsidiary has obtained regulatory permission to carry out Wholesale Banking activities in the UK. Following this authorization, UBA is now the only Sub-Saharan African bank to conduct banking activities in New York and London, as well as in 20 other countries across Africa.

Commenting on the landmark achievement, the Group Managing Director/CEO, UBA PLC, Mr. Kennedy Uzoka said: “This authorization strengthens our capabilities in meeting the growing cross-border financing needs of our customers. It enhances our customer coverage and product offerings whilst positioning our Group as an optimal conduit for trade and foreign investments into and across Africa as well as export flows to the United Kingdom. Importantly, the licence will enable us to fulfill our aspiration of deepening financial intermediation in Sub-Saharan Africa and providing the much-needed financial support to the broader real sector of the African economy,” he added.The CEO of United Bank for Africa (UK) Ltd (“UBA UK”), Mr. Andrew Martin noted further, “this enhanced positioning of our business is timely, as it comes at a time when the UK is seeking to expand trade and broaden economic ties with Nigeria and Africa in general.”
As part of the transformation process, resulting from the authorization, the current name of UBA Capital (Europe) Ltd will change to United Bank for Africa (UK) LTD. In addition to a full suite of treasury services, cash management, corporate lending and wholesale deposit offerings to professional and eligible counterparties, the operations of United Bank for Africa (UK) Limited now extends to all aspects of trade finance; issuance, acceptance, confirmation and refinancing of Letters of Credit of different variations, including SBLCs.
UBA PLC, is a leading Pan- African financial institution, offering banking services to more than fourteen million customers, across 1,000 business offices and customer touch points in 19 African countries. UBA is connecting people and businesses across Africa with presence in the United States of America, the United Kingdom and France//end

Land Use Charge: Stakeholders express support for Government at Public Hearing

The Lagos State Government in its bid to demonstrate an inclusive, responsive and responsible government, conducted a public hearing today, Tuesday, March 27, 2018, at the Lateef Jakande Auditorium, inside the Lagos State Assembly complex.

It will be recalled that the re-enacted Land Use Charge Law had gone through a second reading, and a downward review was announced by the Lagos state government, various reactions have trailed the law, thereby prompting the government to call for a public hearing.

A six-man committee was set up weeks ago to look into the repealed law in order to identify the grey arrears of the law. The committee extracted from the 37 sections of the law 8 sections identified to tally with the peoples’ concerns and demands, these 8 sections have now been put forward for amendment.

Addressing the hearing, Speaker, House of Assembly, Honourable Obasa who gave a keynote address mentioned that this will be the first time since 2003 the house will witness such an outpour of the crowd in any bill passing process, which simply indicates that the Land Use Charge issue concerns the majority of Lagos residents. ‘It has been said that the Lagos state population will increase over the next years and so the state needs to look inward for means of revenue generation as we cannot solely rely on federal allocation alone’, said Hon Obasa. He also noted that it is the contribution we make as citizens that will pave way for the future generation.

Stakeholders in various fields in the state came with their observations and recommendations, which led to a robust argument on the Land Use Charge Law 2018.

Mr. Okpabio, who represented Organized Private Sector (OPS) after submitting their memorandum, recommended that assessment of properties for valuation should be carried out by professional bodies alone, and the process should carry on for about 3 to 5 years, this is to give room for an accurate valuation. He further advised that empty properties should be exempted from taxation. Also, that pensioners, as represented in the law, should not be limited to Lagos State pensioners alone, it should cut across other retirees in the state as well. He further went ahead to express support for Government proposition on further reduction of rates as stated earlier by the Hon. Commissioner for Finance in Lagos state, Mr. Akinyemi Ashade.Chukwuka Ikwuazom, Chairman Nigerian Bar Association, Lagos Branch thanked the house for letting them air their views on the controversial law, He suggested that regulations that provide for reliefs and grand concessions are made a part of the principal law, this will inspire more confidence in the people, and also avoid being altered in the process. He also appealed for more time in order to enable his branch to study the amended law and send in a memorandum.

Furthermore, Mr. Olurogba Orinmalade, Chairman of The Nigeria Institution of Estate Surveyors and Valuers (NIESV) commended the adoption of Market Value as the basis for determining property assessment, he also noted that a lot of ignorance has surrounded the issue of Market Value and Reliefs as presented in the Land Use Charge Law, and advised that it should be addressed. He, however, requested that the House grants his association extra period in order to put up a technical report on the debated Law.

Godwin Alenka, Chairman, Estate Agent Commission Association, Lagos branch advised that Government should engage estate agents in the state to ensure remittance of tax, as they are the ones closer to property owners and can hold them accountable.

Abiola Sanni, a property owner and a professor of law of taxation added that valuation process should be made robust and inclusive, he advised that adequate provisions be made for the process in order to be a successful one.

Hon. S. O. P Agunbiade, Speaker, majority leader of the House of Assembly, who reiterated that the Law making process is a continuous one, commended all stakeholders who came forward with their contributions. He assured that the House will look into all concerns and memorandum submitted by professional bodies across the state. He also advised that bodies who are yet to submit their memorandum can do so in the next two weeks.

UBA Strengthens Brand Affiliation on Nigerian Campuses, Unveils 30 Ambassadors

The United Bank for Africa (UBA) Plc has launched the second edition of its Campus Ambassador Programme with the induction of 30 new brand ambassadors.

The UBA Campus Ambassador Programme is an initiative to identify young emerging leaders among students of tertiary institutions and give them a unique and highly rewarding learning experience.

The 30 successful candidates were selected from over 300 students across tertiary institutions in Nigeria through a rigorous screening exercise in line with set criteria.

The colourful inauguration ceremony was held at the UBA house in Lagos  on Friday, with Chuks Nweke, Executive Director, Group Chief Operating Officer, and other senior management staff in attendance.

“UBA is pleased to have you all on board as valuable Ambassadors who will help us propagate our goodwill messages, ethos, values and what we stand for as a bank, across your institutions,” Nweke said.

He further noted that the goal is intended to give students a platform to demonstrate leadership as well as build and instill the brand philosophy into the consciousness of youths.

According to Nweke, our bank is a bank with strong affiliation to youths, evident in the Bank’s scholarship and grants schemes through the UBA Foundation National Essay Competition amongst other educational initiatives.He continued “We at UBA take youth development and engagement seriously, because we believe they are the future of Nigeria. For this reason, we decided to collaborate for the purpose of building their creative skills, leadership skills.  It is the abilities that the students exhibited that influenced their selection. No doubt, they have the core values of Enterprise, Excellence and Execution that are dear to us. Starting from now, they are expected to try to exhibit the core values of UBA”.

He further said, this days,  Life is tough. “We need people in who can exhibit those qualities, beyond what we've done, these are people we have seen leadership traits in. We will work with them to develop their leadership traits, creativity for the good of everyone”.

Also speaking, Mr. Tomiwa Sotiloye, Group Head, Retail & Consumer Banking, explained that, the  30 students selected are from 10 universities. The new ones among them are 25. We have five returning ambassadors from the pioneer set. He noted that among the 15 the bank decided to retain a few outstanding students. He also stated that the programme is for six months - between now and September. “Starting from next session it will be one year because we have now aligned the programme to the academic calendar - not from January- December  which gave us a lot of problems last year”.
“As  part of our plans to bring them on board, from  now we will take them on an intensive training. They will have specific projects which they will execute after which We will  discuss the projects tomorrow.  Also worthy of note is that they will get an opportunity for a one month paid internship at any of our branches. They will also get paid for this programme. And for them, a pathway has opened for employment in UBA”, he said.

He also charged them to be good leaders and positive influencers who should stand out by ensuring the bank’s reputation soars high in their respective campuses.

The 30 ambassadors, who are A-list students in their various institutions, include: Hassan Mahmud Balarabe,  Ahmadu Bello University, Muftau Monishola Barakat, Ahmadu Bello University, Ibrahim Kamilu Muhammad, Ahmadu Bello University; Okara Daniel, Babcock University; Olujobi Adebayo, Babcock University , Romi Oghoghome, Obafemi Awolowo University; Ajisafe  Mojolaadura, Obafemi Awolowo University; Barakat Tiamiyu, Obafemi Awolowo University, Ike Nathaniel C., Obafemi Awolowo University; Fadaini Asalewa Boluwatife , Obafemi Awolowo University; Jaja Queen Oko, Rivers State University; Wuche Jeremiah Chris, Rivers State University; Umeh Justice Frank, University of Abuja; Victor Isah Efekpo  University of Abuja, Stanley Nnamdi Alieke, University of Benin; Rita Nkemdilim Okonkwo, University of Benin; Isaiah Confidence O, University of Benin, Ihechi Opara, University of Ibadan, Egbodofo Temitope Sunday, University of Ibadan.

Others are Chiamaka Uzokwe, University of Lagos; Olatunbosun Yetunde Anuoluwapo, University of Lagos, Fatogun Ayomiposi Oluwatoyin; University of Lagos, Nwajiaku, Vivian Nneka, University of Lagos, Winifred C. Mbanugo ,University of Nigeria, Nsukka, Ezeonu Tochukwu Edward, University of Nigeria, Nsukka, Charles-Onah Orlando C., University of Nigeria, Nsukka, Asimiea Ibioku, University of Port Harcourt, Manuel Dateim Ibikebobo, University of Port Harcourt; Beth-karibo Owen Tamunoibi, University of Port Harcourt, Benson Queen Chidinma,  University of Port Harcourt

UBA Announces Full Year 2017 PBT of N105.3bn

•   Declares Profit Before Tax of N105.3 billion
• Recommends N0.85 Total Final Dividend for the Year

United Bank for Africa Plc has announced its audited results for the financial year ended December 31, 2017, showing significant growth in the contribution and market share from its pan-African subsidiaries, among other positive trends in the financial performance.

The pan-African financial institution’s audited results showed that gross earnings grew substantially to N462 billion, up by 20 percent from N314 billion recorded in the corresponding period of 2017.

According to the report released to the Nigerian Stock Exchange on Friday, the Group delivered a strong 16% year-on-year growth in profit before tax of N105 billion, compared to N90.6 billion in the 2016 financial year. The Profit After Tax also leaped to N78.6 billion, an 8.8% year-on-year growth compared to N72.3 billion in 2016.

The Bank’s subsidiaries outside Nigeria contributed a third of the Group’s top-line and 45% of the profit for the year, a remarkable improvement from 31 percent contribution made by the ex-Nigeria offices in 2016. This, according to market analysts affirms the success of the Bank’s expansion strategy, with target of 50 percent contributions by 2020.

The Bank’s Operating Income grew to N326.6 billion, a 20.6 percent increase compared to N270.9 billion recorded in 2016. This, according to analysts, affirms the capacity of the Group to deliver strong performance through varying economic cycles and challenging business environment.

The audited results also showed that the Bank’s Total Assets peaked at N4.07 trillion, translating into 16.1 percent year-on-year growth from the figure of N3.50 trillion recorded as at 2016 financial year. In the 2017 financial year, the Bank’s Net loans achieved a prudent 9.7 percent growth at N1.65 trillion, while the customer deposits grew to N2.73 trillion, representing 10 percent YoY growth on N2.49 trillion recorded in 2016 financial year.

Reflecting a strong internal capital generation, the Bank’s shareholders’ fund also soared 18.2 percent to N529.4 billion in the 2017 financial year.

Subject to the approvals of the shareholders, the Board of UBA Plc proposed a final dividend of 65 kobo per every share of 50 kobo each. This final dividend proposal is in addition to the 20 kobo per share interim dividend paid after the audit of the 2017 half year financial statements, thus putting the total dividend for 2017 financial year at 85 kobo per share.

Commenting on the result, Kennedy Uzoka, the GMD/CEO, said: “the results, underlines the success of our strategy of expanding across Africa, diversifying revenues and capturing the broader business opportunities inherent in Africa’s growth. The results reinforce the sustainability of our business model and the capacity to deliver superior long-term return to shareholders, as the economic and business environment improve.”

“In 2017, we made strong progress in our strategic initiative of dominating transaction banking across all our countries of operation, gaining market share in all lines of our business. Even as the non-oil sectors of our largest country of operation, Nigeria, remained relatively weak, we still grew earnings by 20% to N462 billion, a third of which is attributable to non-funded income,” he further noted.  

Also speaking on UBA’s financial performance and position, the Group Chief Finance Officer(GCFO), Ugo Nwaghodoh said; “In a period of high interest rates, we achieved a relatively low 3.7% cost of funds. This operational efficiency reflects the benefit of our rich pool of stable savings and current account deposits. The net interest margin stabilized at 7%, even as yields on treasury assets dropped in the last quarter of 2017. Our core transaction banking offerings gained strong momentum, with income from these business lines growing by double digits.”

“We remain committed to our responsible approach to balance sheet management, with focus on growing risk asset and broader balance sheet in a profitable and prudent manner. Amidst a subdued Nigerian credit market, we grew our loan portfolio by 10%, leveraging our robust liquidity and capitalization to support good businesses through this challenging economic cycle. We closed the year with a Basel II capital adequacy ratio of 19% and a liquidity ratio of 50%, well ahead of 15% and 30% regulatory requirement respectively. Our disciplined approach to lending and broader risk management continues to uphold our asset quality.” 

Apart from the strong financial performance in 2017, UBA Group proved its leadership on the continent as the Banker Magazine crowned the Group, “African Bank of the Year 2017”.  To further demonstrate the group’s strength and dominance in the financial sector on the continent, four of UBA Group’s operations in Africa also led contenders in their respective countries to emerge the Best Bank of the Year 2017 in their respective markets. UBA Congo, UBA Tchad, UBA Gabon and UBA Senegal emerged the Best Bank of the Year in Congo, Tchad, Gabon and Senegal, reinforcing the strong franchise of the Group across its chosen markets in Africa.

United Bank for Africa Plc is a leading financial services group in sub-Saharan Africa, with presence in 19 African countries, as well as the United Kingdom, the United States of America and France.

From a single country operation founded in 1949 in Nigeria, Africa's largest economy, UBA has emerged as a pan-African provider of banking and other financial services, to c.10 million customers globally, through one of the most diverse service channels in sub-Sahara Africa; 632 business offices, 1,750 ATMs, some 13,500 PoS, and a robust online and mobile banking platform.

UBA was the first Nigerian bank to make an Initial Public Offering (IPO), following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts (GDRs). The shares of UBA are publicly traded on the Nigerian Stock Exchange (NSE) and the Bank has a well-diversified shareholder base, including foreign and local institutional investors as well as individual shareholders.

Photo News:4th ‎Cycle of The Tony Elumelu Foundation’s (TEF)

The selected startups make up the fourth cycle of the Tony Elumelu Foundation’s 10-year, US$100 million entrepreneurship programme.
The cohort includes an additional 250 entrepreneurs to the standard selection of 1,000 thanks to a US$1 million partnership with the International Committee of the Red Cross (ICRC) to support 200 entrepreneurs in conflict and fragile zones of Nigeria, a US$200,000 agreement with the United Nations Development Programme (UNDP) to support 40 pan-African entrepreneurs, and a US$50,000 partnership with Indorama to support 10 Nigerians.
Over the next nine months the entrepreneurs will be trained and mentored, and use the skills acquired to develop a business plan, after which they become eligible to receive up to US$10,000 in seed capital to develop their business concepts.
A full list of the entrepreneurs is available here.

Ambode Taking Lagos On Flight To Tommorrow

…condemns NBA’s extreme action


On behalf of the teeming members of the Lagos Peoples' Assembly, spread across the nooks and crannies of Lagos State, we commend the efforts of Governor Akinwunmi Ambode to position Lagos State as a preferred destination point for investment and tourism through the astute adherence to the Centre of excellence master plan for development as well as his recent announcement of reductions in charges payable in the State as a result of the newly amended Land Use Charge Law 2018.

For the avoidance of doubt, we fully identify with the aspirations of the Governor for holistic development of the State. We note that an unwary observer of governance in the State would have jumped into the conclusion that the State is for the development of areas where the upper middle class reside like Victoria Gardens City, Victoria Island, Ikoyi, Lekki, Ikeja etc. in terms of provision of basic infrastructural facilities.
However, the strides of this administration in the near slum areas of the State is worthy of commendation. Vintage examples can be cited with the bridges in Abule Egba, Aboru/ Ipaja, and Agege as well as the ambitious infrastructural strides in Epe, Ikorodu and Badagry.

We totally share the underlying philosophy of the State as encapsulated in the recently amended Land Use Charge Law 2018. It is an equitable social justice practiced globally to tax in progressive ratio the more privileged, affluent and wealthy sections of society in order to provide basic social amenities for the poorer sections. This is not just a social re-engineering mechanism but a veritable tool for holistic socio economic growth, social stability and security. It is trite to emphasize that the rich can sleep better when the poor are not hungry and can live in habitat suitable for human beings and not in zoological environment.

Lagos with an estimated population of more than twenty million is projected to surpass thirty five million in a few years from now. Yet, it lost the campaign to be accorded a special city status and it is grappling with reductions in allocation and dwindling revenue.

The State administrators must put on its thinking caps and reason out of the box on how to meet up with the challenge of gaping infrastructural deficits in health, education, housing, pipe down water, road network sports, street lights, security and habitable environment.We are most concerned about the negative activities of some elements to throw spanners to clog the wheel of growth and development of the State. In a democracy, there is no one man show, it is run by institutions and processes. We thus advise those who are against the developmental policies of the State to modern and civilised status to engage the parliament/State House of Assembly that passed the law instead of threatening fire and brimstone to create social chaos in the State. It is trite to reiterate that no group had the monopoly or copyright to mass actions.  We challenge the Nigerian Bar Association (NBA), Ikeja Branch to seek judicial interventions or be prepared to meet us in street barricades.

It is rather worrisome that the organized private sector which ought to be a social partner on the infrastructural development of the State has seemingly become organized political sector for some hawks in corridors of power. We owe it a duty to alert the good people of Lagos on the injurious intentions of these anti developmental elements.

We have authentic information that the NBA, Ikeja Branch on its part has turned itself into a mercenary tool for some nefarious politicians and we shall unmask their sponsors.

The LPA wish to remind Lagosians that world-class cities like Tokyo, New York, London, Singapore etc. are built by statesmen with developmental vision like Ambode. We therefore, call on Lagosians to continually rally round him.

Money Laundering Saga: Yoruba Actress, Lola Margaret Deported From US, Relocates To Ibadan

  Yoruba actress, Lola Margaret has been deported to Nigeria. She presently in Ibadan, the Oyo State capital to pick the pieces of her life.
Lola who was a member of Abeokuta Yoruba movie caucus before she traveled to the US  is now an ex-inmate because of her incident with the US police over an alleged fraud case in which she was involved.

She was about a month ago  arrested  by the police at Atlantia, Georgia, before she was incacerated.  Lola  was allegedly   linked to money laudering. She was arrested after a huge sum of money was wired into her her account and the collection method failed.  Further checks confirmed that she's been doing this for a while before she was nabbed by the authority

 

 At first when she was arrested, she was asked to reveal who she'was working for,after several interogations, she was released and later picked up and deported to Nigeria ,considering the gravity of her actions.  Lola  has decided to relocate to Ibadan from Lagos, her former resident

Currently, the actress has kept a low profile because she has not yet attended a public function because she is planning to reposition herself with  a strong return into the industry.
Additional Reports from  Shybellmedia in the US

LAND USE CHARGE: REAL ESTATE SECTOR STAKEHOLDERS HAIL 50% REDUCTION BY LSG

Mr. Olurogba Orinmalade, Chairman (Lagos State Chapter) of The Nigeria

Institution of Estate Surveyors and Valuers (NIESV), on Thursday, March

16, 2018, in Lagos hailed Governor Ambode’s gesture in slashing the new

Land Use Charge for Commercial properties by 50%. At a stakeholders

meeting held at The Protea Hotels, GRA, Ikeja, Lagos, Mr.  Orimalade

described the Ambode led government as a listening government and

pledged his association’s support for the new law and all other

progressive decisions of the government going forward. In his words, “we

are committed to working with the present Lagos State administration to

make the new law succeed and we have already set up a technical

committee to come up in ten days, with directions, recommendations and

position of the Institution on the law in order to collaborate with the

government for a better society.

 

 

 

Arc. Ifeoma George, Vice President Nigeria Institute of Architects, said

at the meeting that “this is a listening government and propose that

stakeholders should continue to be carried along in all government

dealings, going forward “. The event was a meeting with professionals in

the real estate sector.

 

The commissioner for Finance, Lagos State, Mr. Akinyemi Ashade, took the

opportunity to further enumerate other reliefs entailed in the amended

Land Use Charge Law. He emphasized that the state government was opened

to further discussions on how to solve the challenges plaguing

infrastructural financing and investments in Lagos State. He also

mentioned that there will be no penalty for late payment in this 2018

regime as earlier stipulated. Furthermore, the amended Land Use Charge

Law is a property tax that consolidates the tenement rate, Neighbourhood

Improvement rate, and Ground rent.

 

Outside of the commercial properties, properties occupied by owners and

third party used for commercial purposes will get a further 25%

discount, while a wholly owner-occupied property will get an additional

15% discount as graciously pronounced by the government. In addition to

these, all the other reliefs enumerated at the inception of the amended

law remains valid. 

 

These include 40% general relief across board,

meaning that whatever is the value of the property, 40% will be deducted

and the charge will only be calculated on the remaining 60%. For elder

citizens above 70years old, there is an additional 10% discount. For

those living with any form of disability, there is also 10% discount

while properties that are 25 years old and above will also enjoy another

10% discount. Above all, payments can be staggered across the year to

soothe the economic convenience of the payer.

 

The Commissioner also emphasized that self-assessment of property will

be encouraged to help individuals calculate their charges appropriately.

They are allowed to use their independent Estate Valuers to assess their

property and bring such discrepancies up to the government for

reconciliation. The state government according to Mr. Ashade, the

Commissioner for Finance, is opened to discussions and ever willing and

ready to dialogue on the Land Use Charge Law or any other government

policy for that matter.

 

Everyone present at the meeting agreed and fully appreciated the

unparalleled efforts of the state government in turning around the

infrastructural fortunes of the state. They pledged their loyalty and

support to the government’s efforts towards the Lagos Mega City Drive.

To buttress this point, members of the Estate Agents Association

present, pledged to partner with the state government in advising the

landlords to speedily pay Land Use Charge.

 

The stakeholders meeting had in attendance professional associations and

bodies like Nigeria Institution of Estate Surveyors and Valuers (NIESV),

Faculty of Estate Agency and Auctioneering, International Real Estate

Federation, Nigerian Institute of Architects,  Association of Builders &

Property Developers, and Association of Town Planners and Estate Agents

UBA, Agence Française de Development to Finance SMEs Across Africa

United Bank for Africa (UBA) Plc, a pan-African banking group and Agence Française de Development (AFD), France’s public and solidarity-based development bank, on March 14, 2018 have entered into a Framework Agreement to utilise the EURIZ and ARIZ schemes offered by AFD to facilitate the financing of small and medium enterprises (SMEs) and startups across the 20 countries where UBA operates in Africa.

The new partnership, an off-shoot of the strategic relationship both institutions have had over the years, will enhance UBA’s capacity to finance SMEs in Nigeria and across the other 19 African countries where the bank currently operates, whilst ensuring AFD uses the financial structure availed by UBA to reach out to many SMEs across Africa.

The AFD’s EURIZ project helps the financially underserved Micro, Small and Medium Enterprises to receive loans for business development and sustainable jobs. AFD designed ARIZ risk-sharing facility as one of the financial tools to give SMEs easier access to financing from financial institutions. In the same vein, ARIZ helps financial institutions to deal with their SME risk and thereby help them develop their loan activity for micro-enterprises, SMEs and microfinance institutions (MFIs).

“Our partnership with Agence Française de Development(AFD) is novel as the scheme being introduced will enable us reach the various markets in our presence countries and would empower the SMEs across Africa through the provision of financial access, critical to their survival,” Kennedy Uzoka, Group Managing Director/CEO, UBA Plc, said.

“With this partnership, we will be able to derive value from a world-class financial institution which we believe is critical in growing wealth on the continent in the long-term,” Uzoka further stated.

Also speaking at the signing, Mrs Cecile Couprie, Deputy Director, Sub-Saharan Africa, Agence Française de Development(AFD) said: “It is an honour for us at AFD to work with UBA to promote the development of African countries. Working with UBA will assist us to contribute to  improving the economic and social conditions in Africa of which the growth of SMEs is essential.”

Both Parties recognize the core role of the private sector in the economic development of Africa and the need to support African entrepreneurship as the catalyst to creating jobs and fighting against poverty on the continent. UBA, Africa’s global bank, is one of the largest commercial banks in Nigeria incorporated which operates in 20 African countries whilst providing a wide range of products and services. The bank has been the leading financial institution to support various infrastructure projects, particularly power, telecom, transport and also social infrastructure such as hospital and education facilities to various countries in Africa. In Nigeria, UBA operates in each of the country’s 36 states, helping to deepen financial inclusion through its brick and mortar branches and revered digital banking platforms. Globally, UBA has over 1,000 branches and customer touch points, serving over 14 million customers. Agence Française de Dévelopement(AFD) is a bi-lateral development finance institution established in 1941 that works on behalf of the French government in more than 80 countries . Its mission is to finance development according to France’s Overseas Development Assistance policies. AFD’s activities are aimed at reducing poverty and inequalities, promoting sustainable economic growth, and protecting “Global Public Goods” of benefit to all humanity. Protecting Global Public Goods includes the fight against climate change and pandemics; the preservation of biodiversity; the promotion of social and environmental responsibility; as well as aid to countries weakened by strife, war and natural disasters

LAGOS REDUCES LAND USE CHARGE RATES, WAIVES PENALTY FOR LATE PAYMENT

.Grants 50% Reduction on Commercial Charges, 25% for Owner-Occupier, Manufacturing Concerns
... Gives Tax Credit for Payment Already Made, Introduces Instalment Payment Plan
 
In line with the administration’s tradition of inclusive governance and civic engagement, the Lagos State Government on Thursday, March 15 announced the downward review of the amended Land Use Charge Law 2018 to 50% for commercial property as well as other LUC waivers that will give economic succour to owners of property and taxpayers in Lagos State.

This announcement was made by the Lagos State Commissioner for Finance, Mr. Akinyemi Ashade during a Press Conference held at the Baguda Kaltho Press Centre, Alausa, Ikeja, Lagos attended by members of the media in the state and other relevant stakeholders.

Mr. Ashade stated that the review to the amended LUC Law 2018 which was received with mixed feelings in the state came as a result of widespread dialogue with stakeholders such as the Organised Private Sector, Nigeria Bar Association, Real Estate Investors & Developers, Landlord & Resident Associations, Community Development Associations, Civil Society Organizations, Lagos Chamber of Commerce and Industries (LCCI), Nigeria Institute of Estate Surveyors & Valuers and several other professional groups.

“As a Government that is committed to the welfare of its citizens and which understands the importance of continuously engaging the populace, the Lagos State Government took this important decision for the good of the people”.
The after effect of the review of the amended LUC law means owners of property in Lagos State can now reap the benefits and waivers as follows:

COMMERCIAL PROPERTY OWNERS, who are undoubtedly the stakeholders mostly impacted by this amended Law will be granted 50% discount. This means a commercial property valued at N20 million which was earlier billed N91, 200 will now pay N45,600 per annum.

PROPERTY OCCUPIED BY OWNER AND THIRD PARTY & PROPERTY USED FOR INDUSTRIAL AND MANUFACTURING PURPOSES will now enjoy 25% discount. This means that a N20 million property expected to pay N30,720 will now pay N23,040 per annum.OWNER-OCCUPIED PROPERTY will enjoy 15% discount. For a N20 million property, this used to be N9,120. Now, it is N7,752 per annum.

Additionally, the penalty regime for late payment of LUC has been waived completely. Therefore, LUC payers who have received their bills will no longer be penalized for late payment of bills issued in 2018, thereby providing additional relief to LUC payers.

Apart from the earlier stated ones, other rates and reliefs will remain unchanged and will be implemented as stipulated by the Law. These include 40% general relief, 10% for 70 years and above, 10% for properties owned by persons living with disability and 10% for properties that are 25 years old and so on and so forth. Owners of Property across all categories will now be allowed to make payments by instalments. This will help to reduce the burden of taxation on Lagos citizens.

The Executive Director of Centre for Public Accountability (CPA), Comrade Femi Lawson who was elated at the new LUC review praised the administration of Governor Akinwunmi Ambode for its empathy with the people of the state. “This review shows a government that shares in the pain and concerns of the citizens of this state. Not only did they listen to our agitations but also LASG took action to allay our fears and worries by bringing the LUC rates down and introducing some other tax burden relief measures. This is surely a pro-people government.”

Similarly, Mr. Thomas Aderinola, a real estate investor in Lagos State, said the downward review of the amended LUC law by as much as 50% was a reassuring indication that the LASG is a listening government. “Imagine this huge waiver of 50%. It shows that the state government is sensitive to needs and is working for the interest of the people. We all can see what Governor Ambode is doing in the state in terms of Infrastructural development.”

More importantly, Aderinola applauded the government for introducing some other waivers like instalmental payment and the newly set up People’s Tribunal to resolve LUC payment cases in the state. “With developments like these, we will be happy to show our commitment to the growth of Lagos by paying our taxes as at when due”

Furthermore, the Commissioner of Finance appreciated and commended property owners of all categories who have been performing their civic duties faithfully by paying the LUC.
“Consequently, as a result of these new measures, those who have paid the original amount will be awarded tax credits to the extent of the excess amount paid and carried forward to next year”.

The Government also thanked Lagosians for their support and trust while encouraging them to participate effectively in the legislative proceedings.
“We appreciate you for trusting the current administration with the responsibility of investing the revenue from LUC in infrastructure renewal and overall development of our State. We promise we will continue to make your tax work for you”.

My Mission In Nigeria - Canadian Consultant, Kehinde Adewoyin

Kehinde Adewoyin, the Managing Director of Davest Immigration Consultant, a Canadian based consultancy firm was in Lagos few days back to give back to Nigerians.

Her mission in Nigeria and few other African countries was to see how people will embrace an opportunity spread to Nigeria by the Manitoba Government in conjunction with the  University of Manitoba, Canada.

Adewoyin while speaking during the week said   the government of Manitoba created a programme with the University and the programme is to focus on bringing people into Canada as immigrants, but have to go through a school programme; which is a one year Post Graduate Certificate course in Canada and the aim is to make people become permanent residents and Canadian citizens thereafter.

"I ran into this programme a year ago and I discussed with the University to be their representative in Nigeria and Africa and that is where we are now".

The African countries we are looking at this year are Nigeria, Ghana and Kenya",she stated. Adewoyin in her submission  posited further that the programme is strictly for professionals. 

" You must have been a graduate, at least a Diploma is accepted but with some years of work experience. I handle under-graduate too but not for this particular project.

"Presently, we don’t have openings for science students, we have for people in business administration, HR, Accounting, Economics and other related courses. For science students, something is coming up soon but it has not been launched," she enthused.

Asked her originality  Kehinde said
It’s true that there are fake consultants out there but for me, I’m a regulated immigration consultant and to work in a regulated industry in Canada, you must be under a professional body unlike a customer service officer.

 "I’m a member of the Immigration Consultant Canada Regulatory Council, ICCRC, the council has created a platform on their website where you can confirm their members even with their status. Infact, it will tell you a member that is in good standing or not and this membership is being renewed every three months".

"All you need to confirm this is the agent’s membership number and name. So, it’s very simple, if the name did not come up, it means the person is not a registered agent.

 

"The government of Canada has said it repeatedly that they don’t have power or control over fake agents because their activities are not in Canada. I must say this, there are a lot of opportunities in Canada. "

"The government of Canada is telling people to learn a trade and they will support them to start a business. So, it’s a good opportunity.
In her conclusion  she added that Canada is a good place. "They want Nigerians but you must abide by their rules. "The cost of living in Canada is better to Nigeria, though, it’s a different culture entirely but It’s not bad. Canada is a friendly and peaceful nation".

Weststar takes on the Firefighting truck Segment

                          

The Commercial Vehicles department of Weststar Associates Limited – (Authorised General Distributor of Mercedes-Benz in the Federal Republic of Nigeria) on Friday 2nd of March 2018 debuted its first unit of the new Atego 1725 firefighting truck for the year 2018 to support firefighting operations in Nigeria. This is in line with Weststar’s new strategic philosophy to support firefighting operations in Nigeria.

The Mercedes-Benz Atego Firefighting truck comes with a double cabin laid-out for 6 people - driver plus one person in front and four people behind. It features Autonomous Respirators built into the seat backrests. The Pump compartment in this Atego Firefighting vehicle is mounted between the cabin and the water tank made of aluminum profiles and coated with smooth aluminum with its Pump access door on the right side and with roller blind-type door located on the left of the driver’s side.


The structure and firefighting equipment are in accordance with MBR 14096 – for firefighting vehicles, setting the minimum conditions required for the design, construction and performance of the vehicle. Two tanks are within the inner compartment, one for water and another for LGE, with capacity respectively of 5000 liters of water and 500 liters LGE, fitted with internal longitudinal and transverse deflectors according to standards boost flexibility when driving in rough terrain.


The Atego 1725 firefighting truck is the perfect match for organizations striving to achieve total quality in fire protection solutions as it is equipped with a strong and robust 6.4 liter inline, 6 cylinder Mercedes-Benz engine that produces 245hp ensuring excellent performance, complies with Euro 3 emission standards ensuring a low level emission of pollutants and low fuel consumption. The dashboard of the vehicle supports economical driving by featuring a real time indicator for fuel consumption as well as an econometer, which indicates the most appropriate engine speed in every operating situation.
Extremely hazardous fires require top-level skills and innovative agents. Twin-Agent Fire Suppression Systems provide proven technology to fight large flammable liquid and gas fire

This main capability distinguishes the Atego 1725 firefighting truck from others in its category - combining dry chemical agents for rapid flame knock down and Aqueous Film Forming Foam (AFFF) for securing the fire area. 

Available with Class BC dry chemicals (Purple K or sodium bicarbonate) and your choice of 3% or 6% AFFF concentrate.
In the words of Mr. Mirko Plath, Managing/CEO, Weststar Associates Limited – the Mercedes-Benz’ fire-fighting truck is a genuine all-rounder with extensive equipment and technical payload to match specific needs and situations. It is most suitable and will demonstrate high quality and reliability as a fire truck in Nigeria. It is available for immediate delivery through Weststar with up-to-the-minute aftersales support synonymous worldwide with the Mercedes-Benz brand”.

Land Use Charge: LSG gives Clarity at a stakeholder meeting

 ...reassures Lagosians on easy assessment of charges

The Lagos State Government today, Thursday, March 9, 2018, further clarified the rates for the newly reviewed Land Use Charge Law of 2018 noting that payers can compute the amount of charges payable on their respective properties themselves.

Speaking at a stakeholders' forum organized by the Lagos Chamber of Commerce and Industry, LCCI, the State's Commissioner for Finance, Mr. Akinyemi Ashade said the Land Use Charge law is aimed at entrenching a regime of self-assessment, which would allow property owners to make their own calculation and know their rate with the help of professional valuers.

 "The Land Use Charge law institutes the regime of self-assessment. The intent of the reviewed Law is for Lagosians to be able to compute the amount payable on their respective property by themselves."

"You don't have to wait for demand notices before your pay your charges, you can calculate it yourself, engage us, you can make your payments voluntarily.  Do it yourself, let's dialogue and let's get the basis right."

The Commissioner further gives examples under three categories recognized by the law. First of which is that, "If you are a landlord and you are the only one living in your house with your family (No tenant), your annual fee is 60% of the value of the house × 0.076%.""For instance, if your house is valued at N20million, your fee is 0.076% of (60% of N20m) = 0.076% x N12m = N9,120.00 per annum"

"Secondly, If you are a landlord living with your tenant in the same building value of N20million, you will pay 0.256% of (60% of N20m) =0.256% × N12m= N30,720.00 per annum."

"Thirdly, If you rented out the house to tenants only and you don't live there and the house is worth N20million, you will pay 0.76% of (60% of N20m) = 0.76% of N12m = N91,200.00 per annum."

"The Law does not tax the market value of properties. It gives a general discount rate of 40% to all property owners in the state. The Land Use Charge Law is holistic and fair to everybody. It is quite discriminatory. It is not one cap, fit all. Market value of properties in Ikorodu and Ikoyi can never be calculated as the same."

According to one of the participants at the stakeholders' meeting,Mr.Shadrack Bayowa,The Managing Director,Hinges Constructiona and Properties Limited,the meeting has cleared the grey areas on the formulae used in assesing the Land Use charge as well as whose shoulder lies the responsibility of valuation.He could not hold back his impression of Mr.Ashade who he described as a thoroughbred professional and a brilliant public officer who was calm and,patiently answer questions inspite of the initial hostile dispositions of some participants."I am more comfortable now with the new law as it is reasonable and progressive", he concluded.

In his own remarks, the President of the Lagos Chamber of Commerce and Industry, Mr Babatunde Ruwase noted that one of the key tenets of democracy is inclusiveness, participation and dialogue. He commended the Lagos state government for being receptive to dialogue.

"As business community, we appreciate what the state government has been doing, especially the investment in infrastructure and security. We are therefore willing and ready to pay our taxes. Indeed, over 90% of the current IGR of over N300bn generated in the state is coming from the private sector. We appreciate the need to even do more."

Ado Ekiti In Frenzy As Ojudu Declares

It was a mammoth crowd of All Progressives Congress, APC, stalwarts, members, loyalists and lovers of Senator Babafemi Ojudu, SBO, who trooped out in Ado, capital city of Ekiti State, to sheer and nudge him to victory as he stormed Okeyinmi Street to declare his intention to run as the next governor of the state this morning.

Vehicular movement swelled and indigenes trooped out in numbers to show solidarity for the only son of the soil in the race for the Oke Ayaba plum office which none of their own has occupied since the state was created on October 1, 1996.
Business activities suffered a little hitch as many small business entrepreneurs close down shops while a chunk of the popular motorbike riders (Okada) abandoned commercial service to provide complimentary glamour to the colorful event with a theatrical riding display.

Traffic snarl ruled the day as the only route allowed for passage by the seating governor could not accommodate the massive movement of participants who came in from different parts of the state.
Earlier, the governor, Ayodele Fayose had ordered the dismantling of the campaign posters, standing banners, and billboards of Ojudu that adorned the streets of Ado Ekiti but for the swift intervention of loyalists who mounted resistance.

The journalist turned politician entered into the receiving hands of party faithful who were being treated to good melodious music coming from popular Fuji musician, Saheed Osupa. Ojudu immediately dissolved into the fanfare with sweat provoking dance steps.

“I am here to liberate my people. I am here to take Ekiti to the Promised Land. I am learned. I will not watch and see my people perpetually being humiliated by those who have no plan for us. I am here to set our people free and then restore our economy. Today I declare my intention to run as the governor of this State. Today, I enjoin all of you to come with me and let us rescue our state from the claws of our oppressors.

“We shall not waver, we shall not surrender, we shall not rest until our today is bettered for a promising tomorrow. We shall all join hands in this struggle to save our state.”

The train later moved colorfully to the Ajilosun end of the town where the APC state secretariat is located to meet party leaders who received him before he made his declaration to contest.

The party leader were full of praises as they all eulogized Ojudu and commended him profusely for his past developmental activities in the state and the country in general.

Fraud: Folly Coker & Wife Diverted N3bn From Lagos’ Number Plate Agency -EFCC

A federal high court in Lagos on Monday froze the bank accounts of Lagos State Government Number Plate Production Authority (LSGNPPA) over an alleged fraud of N3 billion.
Justice Mohammed Idris gave the order following an ex parte application by the Economic and Financial Crimes Commission (EFCC).
Idris said the account would remain frozen pending the conclusion of EFCC’s investigation into the alleged N3 billion fraud.
The order affected 32 bank accounts of companies which were allegedly used to divert the N3 billion from LSGNPPA.
In an affidavit attached to the application, the EFCC said its preliminary investigation revealed that the funds were diverted when Folorunsho Coker, was the managing director. He is now the director general of Nigerian Tourism Development Corporation (NTDC).
The companies whose accounts were also frozen include a law firm, Rimi and Partners. The EFCC said Coker’s wife, Aisha Rimi, was the sole proprietor.
Olamide Sadiq, the EFCC investigator, who deposed to an affidavit in support, said the probe into the alleged fraud was informed by an intelligence received sometime in 2017 by the Nigerian Financial Intelligence Unit.
Sadiq said there were suspicious transactions on the account of Rimi and Partners as there were “heavy inflows” in excess of N3 billion from LSGNPPA into the account.
Sadiq said investigations by EFCC revealed that Rimi and Partners had 10 bank accounts with Guaranty Trust Bank.
“Mr. Folorunsho Coker was as at that time the managing director of the 1st respondent — LSGNPPA,” he said.
“He was also the husband of Aisha Rimi, one of the signatories to the accounts of the 2nd and 3rd respondents — Rimi and Partners and Ekosina Investment Ltd respectively.
“Further to the depositions contained in the paragraph above, I know as a fact derived during my investigations, that the said Mr. Folorunsho Coker was also a signatory to the Bank account of the 1st respondent.
“Investigations revealed that Aisha Rimi is the major partner in Rimi and Partners and she is also in control of Ekosina Investment Ltd, a company seen to have received huge transfers from the LSGNPPA.
“From preliminary investigations by the commission, the 2nd and 3rd respondents were used to divert funds from the LSGNPPA with the influence of Folorunsho Coker, who was the Managing Director of the Lagos State Agency.”
Other companies whose accounts were frozen are Ekosina Investment Ltd, SW Properties Ltd, Imira Trade and Global Services Ltd, Lofty Investment Nigeria Ltd, Pure Technical Services Ltd and Cablepoint Ltd.

LAND USE CHARGE: OUTRAGEOUS AMOUNT IN CIRCULATION UNFOUNDED, BASED ON ARREARS - LASG

The Lagos State Government on Wednesday clarified the figures
circulating in the media on the rate for the newly reviewed Land Use
Charge Law of 2018, saying many of the numbers were based on several
years of arrears on the levy not paid by affected property owners.
Speaking at a news briefing held at the Bagauda Kaltho Press Centre i
n
Alausa, Ikeja, the State’s Commissioner for Information and Strategy,
Mr Kehinde Bamigbetan said there were so many misconceptions and
misinformation about the new law, adding that the law was a progressive
enactment duly made by the House of Assembly and handed over to the
Executive for implementation in the overall interest of the people.

He specifically dismissed the humongous figures being bandied about on
the social media, saying many of the calculations were based on arrears
of many years of non-payment.

“The fact is that this law took a long process to be made. It started
as a bill and went through the first reading, second reading, public
hearing to which all stakeholders were brought together to debate it and
some of the relieves we have seen were part of the debate expressed by
the stakeholders about the need to protect the vulnerable segment of the
society. Having made the law, the Lagos State House of Assembly has
handed it over to the executive to implement.“The second important part is that a lot of relieves have been built
into the law but many people are confusing arrears with the actual
figure. If you see those figures, ask whether it is for one year or
arrears of several years of non-payment. The humongous figures that are
being bandied around particularly in the social media relate to the
arrears of many years of non-payment which are computed together,”
Bamigbetan said.

Also speaking, Commissioner for Finance, Mr Akinyemi Ashade said the
government has extended the period for tax payers to enjoy the 15 per
cent discount in the reviewed Land Use Charge Law to April 14, 2018 in
order to enable the implementation and enforcement of the new law, as
well as allow many property owners to benefit from the discount.

Ashade, who took time to clarify reactions in some section of the public
on the new law, said under the old law, which had not been reviewed for
over 15 years since 2001, the Land Use Charge rate was totally
inaccurate and retrogressive and was depriving the State of keeping
track of all economic activities that relate to land in Lagos State.

He said the Law, which was reviewed by the Lagos State House of Assembly
and signed into Law by the State Governor, Mr. Akinwunmi Ambode on
February 8, 2018 is a merger of all Property and Land Based Rates and
Charges in the State.

Ashade said: “There was an urgent need for the repeal, as the old law
had not been reviewed for over 15 years, since 2001. Under the old law,
the LUC rate was totally inaccurate and retrogressive which deprived the
State of keeping track of all economic activities that relate to land in
Lagos State. “The new law is a consolidation of Ground Rent, Tenement Rate, and
Neighbourhood Improvement Levy. This charge is payable annually in
respect of all real estate properties in the State, which means owners
and occupiers holding a lease to a Property for ten (10) years or more
are now liable to pay the annual LUC invoice charged.

“Thus, the Tenement Rates Law, the Land Based Rates Law, the
Neighbourhood Improvement Charge and all other similar Property Rates or
Charges, Laws or amendments to any such property Laws shall cease to
apply to any property in Lagos State as from 2018.  Nonetheless, all
pending invoices, orders, rules, regulations, etc. under the 2001
repealed Law shall continue to be in effect until such obligations are
discharged.”

Explaining the calculation of amount payable, the Commissioner said that
property owners can determine the amount by multiplying the Market Value
of their property by the Applicable Relief Rate of 40 per cent and
Annual Charge rate.“Upon receiving a notice or not, the new law has made it possible for
owners to calculate their charge, and enable prompt payment, which
allows them to benefit from a 15% discount for early payment, applicable
to payments made within 15 days of receipt of Demand Notice,” he said.


Responding to fears of tenants that the new Law might force landlords to
increase rent, Ashade said aside the fact that the Lagos State Tenancy
Law 2011 was still in force, the incidence of payment for Land Use
Charge under the new law is on the Landlord and not the tenant.

He said the minimum rate was only increased from N1,200 it was in 2001
to N5,000, while there is provision for self-assessment and Assessment
Appeal Tribunal under the new law.

On vacant properties, Ashade said such would be treated based on
owner-occupier and not as a commercial property, explaining that the
target of government is to make commercial property owners to pay a
little bit more.

Land Use Charge: Payment is only 0.076% of the 60% of the value of a Property – Real Estate Professionals

 ...it is a more scientific and standardised payment

Following the announcement of the re-enacted Land Use Charge Law (LUCL) 2018 of Lagos State, the Coalition of Real Estate Investors and Surveyors in Lagos State has revealed that after its thorough analysis of the LUCL 2018, Owners-Occupiers are expected to pay a token percentage of 0.076% of the value of the assessed property.

Mr. Ayokunle Gregory, the convener of Coalition of Real Estate Investors and Surveyors in Lagos, made this revelation through a press statement after a closed-door meeting of the Coalition held in Lagos on Friday, March 2, 2018. While also expressing dismay at the level of misinformation circulating about the law among the unsuspecting public, Mr. Gregory further stated that some mischief-makers were bent on exploiting the new law for their selfish purpose by confusing the entire populace through dissemination of half-truth.

"And as such, we feel obliged to address the falsehood from a professional perspective before the unsuspecting public is misguided to bewilderment and violation of the law".

The newly implemented LUCL 2018 is a repeal of the Land Use Charge Law 2001 (the LUCL 2001) that lacked clarity on the formula used to derive an accurate rate. Also, under the old law, the LUC rate was totally inaccurate and retrogressive which deprived the state of keeping track of all economic activities that relate land in Lagos State.

According to the coalition, the reviewed LUCL 2018 is to put in place a regulated and standardised system that enables clarity and self-assessment. It was reviewed by the Lagos State House of Assembly and signed into Law by the Lagos State Governor, Mr. Akinwunmi Ambode on February 8, 2018. Property owners in the state have gone ahead to pay their LUC following the flag off by the Lagos State Governor on February 19, 2018.

The law is a consolidation of Ground Rent, Tenement Rate, and Neighbourhood Improvement Levy. Thus, the Tenement Rates Law, the Land Based Rates Law, the Neighbourhood Improvement Charge and all other similar Property Rates or Charges, Laws or amendments to any such property Laws shall cease to apply to any property in the State as from February 2018.

Nonetheless, all pending invoices, orders, rules, regulations, etc. under the 2001 repealed Law shall continue to be in effect until such obligations are discharged.
The LUCL is payable annually by owners and occupiers holding a lease to a property for 10 years or more. Using the applicable formula provided by the reviewed law, owners and occupiers can now calculate their rate by multiplying the Market Value (MV) of a property by the Applicable Relief Rate (RR) and Annual Charge Rate (CR).

Providing detailed breakdown on the law, Ayokunle Gregory said, "For Owner-occupied residential property, the LUC per annum is at 0.076%. For instance, if the Market Value of an owner-occupied property is at N15, 000,000.00 it means that that the amount payable is N6,840 per annum only which amounts to N570.00 per month. For a property occupied by tenants, used for commercial purposes, at the same Market Value of N15, 000,000.00, the LUC rate of that property will be N68, 400 per annum".
It was made known that the state government has made available some reliefs applicable to the entire property owners and also some specific owners according to their status."These include a general 40% relief for all property liable to LUC payment, a 10% relief for owners and occupiers with persons with disabilities, a 10% relief for owners and occupiers of 70 years and above, a 10% relief for properties above 25 years, a 5% relief for properties occupied by their owners for over 12 years, a 20 % relief for non-revenue generating federal and state government property, and 20% partial relief for non-profit making organisations", he disclosed.

In addition, some properties are exempted from the LUC payment, such as properties used for public and religious activities, properties used as registered educational institutes and charitable activities, properties occupied and owned by pensioners of 60 years and above, public cemeteries and burial ground and all palaces of recognised Obas and Chiefs in the State.

According to the press statement, the state has provided professional services of registered Estate Surveyors and Values to get accurate data which will help in assessment and valuation of properties in the state.

"In order to clear the air of any misinformation, we implore all owners and occupiers of properties in Lagos to do a self-assessment using the formula provided, and also provide officials with valid documents to ensure a smooth run of the exercise for the benefits of all", the coalition concluded.

Turkey 49th Birthday Bash: Fathia Balogun In Debt Scandal

  ....Lagos Fashion Designer  Accuses Fathia  of   Debt Allegation

 Nollywood actress, Fathia Balogun, is presently enmeshed in debt scandal   that is not palatable at this time as she just returned from Istanbul in  Turkey where she was recently hosted for her 49th birthday.

Bimbo Tella, owner of V3 Fashion House located in Badore, Ajah, Lagos  is threatening fire and brimestone to take the  mother of three  to the cleaners if she refused to pay up for her  service.

According to the Information Bimbo made available  exclusive to Asa News Online , she said prior to her 49th birthday, Fathia had contracted her to sew  latest fashion atires of different sizes running into 70 thousand Naira.

 Fathia, after receiving the clothes, she  traveled to Turkey for her birthday and on her return to Nigeria,she has been playing pranks with the payment for a service rendered.

The mullato actress started her hatched plot  with excuses that she lost her ATM card, she later said she wanted sorted out her children's school fees to internet banking problems.

All these went on for several weeks before it lasted and the fashion designer  decided to take the bull by the horn to recover her money.

Bimbo her in her words said: "I regret working for Fathia because of the altitude she has since  put up.
 " I have made several calls to her line, at times, she hangs the phone on me  whenever she knows I'm on the phone and text messages sent to her  were yet to be replied".

"A business needs working capital to stay afloat and if business are not been financed promptly, it may run into shambles because salaries and other bills has to be paid",Bimbo stated. 


Bimbo while narrating her grievances further said such  behavior lately is becoming rampant  in the movie industry as some of  these so called actors try catching  on fame to obtain services and goods without payment.

However, to balance our story, Happenings Media, put a call to Fathia on her  MTN line: 08030791117, to confirm the veracity of the whole episode and to possible get her reaction but as at the time of filling this report she is yet to return our calls and text message sent was   yet to be replied.

Exictment As Emerald Wins Edidot School Inter House Competition

Emerald House at the weekend garnered 18 medals to win Edidot School, Lagos annual inter-house competition, which took place on the school’s Sports Complex, Healing Campgrounds  Awoyaya, Ajah, Lagos Island.

The competition, watched by old students of the school, parents  and dignitaries from across the country, as well as students from other  private schools, government colleges, featured track and field events,  scrabble, cricket and table tennis. 

 Four houses namely: Emerald, Ruby, Sapphire and Burgundy were involved in the various categories of the competitions while 15 schools participated in the invitational Relay Races. Activities carried out includes lighting of Torch, Match Past, Calisthenics display, Students Race, Staff Race, Parents Race, Invitational Relay and Soccer.

Other activities carried out during heat were Sack Race, Cycling, Lime and Spoon Race, Tug of War,Bursting of Ballons, Picking the Balls, and Treasure Hunt.

Emerald house emerged the winners; Sapphire, Ruby and Burgundy houses came second, third and fourth positions respectively. In her speech, the Propietress  of the school, Rev. Edith Okubanjo emphasised the essence of inter-house sports, saying it is a means of assessing the psychomotor domain of education.

 

She highlighted that sport is part of the developmental process of a child since it goes beyond entertainment but a viable economic tool. “Exercise has been identified as a therapy for many ailments that torment mankind. Social, economic and health values of sports have been expressed through the annual Edidot School  inter-house sports.

The school has produced the second best student in sport since inception of our inter house sport I hereby encourage parents and guardians to support their kids in choosing and participating in any sporting activity,” she said.