Fidelity Bank’s Profit Before Taxes Increased By 72 Percent To N21 Billion In The First Quarter

Fidelity Bank Plc reported a profit before tax (PBT) of N20.6 billion for the half-year (H1) ended 30 June 2021, up 72 percent from the N12.0 billion it reported in the same period last year. The N20.6 billion PBT was accomplished, according to the tier-2 lending bank, as a result of higher client transactions and enhanced operating efficiency. The bank had a profit after tax (PAT) of N19.306 billion, up 70% from N11.303 billion in the same quarter of 2020. Mrs. Nneka Onyeali-Ikpe, the bank’s Managing Director/Chief Executive Officer, said: “We maintained our impressive financial performance with double-digit growth in […]



FIRS and SystemSpecs Join Forces to Make Tax Remittances Easier

SystemSpecs has partnered with the Federal Inland Revenue Service (FIRS) to boost tax administration through its Remita Payment Gateway, which powers payments on TaxPro-Max, a newly developed solution for submitting tax returns, as part of efforts to further simplify tax remittances in Nigeria. The Remita Payment Gateway platform for private sector and government payments has been integrated with the FIRS’s new TaxPro Max e-filling platform to automate tax filing, enable hassle-free registration, ease tax payments, and provide a single-view of transaction records, according to the company in a statement. Taxpayers can now register for TaxPro Max online or at a[…]



Representatives Summoned Federal Inland Revenue Service (FIRS) To Investigate ‘$30 Billion In Tax Leakages’

The joint committees on finance, banking, and currency of the House of Representatives have launched an investigation into tax leakages that cost the federal government $30 billion between 2005 and 2019. Revenue remittance into the federation account has been a source of worry. The examination targets agencies and enterprises in banking, oil exploration, engineering, procurement, building, installation, marine transportations, manufacturing, and telecommunications, according to Abiodun Faleke, chairman of the finance committee, who spoke during a hearing on Monday. According to Faleke, the joint committee also discovered irregularities in “the inflow of foreign investments, such as equity, foreign cash loans, and[…]