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Dr. Fasua is new DG, Nigerian College of Accountancy Nigeria

The Association of National Accountants of Nigeria (ANAN) have appointed Dr Kayode Olushola Fasua  as the new Director General of the Nigerian College of Accountancy, (N.C.A.). A statement issued by the College Public Relations  Officer, Cyril Umoh in Jos stated that Dr. Fasua’s appointment took effect from March 1, 2019 as contained in a letter signed by the Registrar/Chief Executive of ANAN, Dr Nurudeen Abba Abdullahi, dated February 8, 2019. It stated that the DG has over two decades of cognate work experience in the ANAN College and had before his appointment served as the Director of Studies of the College and on many occasions acted as the College DG. The statement further explained that Dr Fasua holds a PhD in Accounting and Finance. “The new Director General, who also graduated from the College 23 years ago is the first graduate of the College to head the institution within the 25 years of her existence   and is expected to bring his wealth of experience from the academics and practice to bear on his new assignment.” “ Dr Fasua took over as the Director General of N.C. A. from Dr Joseph Femi Adebisi,” it stated.   Source: Dailytrust

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ICAN seeks collaboration with finance ministry on training

The Institute of Chartered Accountants of Nigeria (ICAN) on Tuesday commended the laudable achievements of the Federal Government under the Federal Ministry of Finance in the last three and half years, saying it has blocked leakages and set the tone for improved revenue generation to finance government’s economic development agenda. ICAN President, Alhaji Razak Adeleke Jaiyeola, who stated this when executive members of the organisation visited the Minister of Finance, Mrs Zainab Ahmed in Abuja, solicited the Ministry’s collaboration in organizing in-house training for staff and ICAN members in the Ministry. According to a statement by her Special Adviser on Media and Communications, Paul Abechi, the minister assured ICAN of the readiness of the ministry to collaborate with it. Ahmed who welcomed ICAN’s recently released Accountability Index, noted that the country was often measured by external index which did not take local peculiarities into consideration and that it will encourage both the federal and state governments to ensure good public governance. Speaking earlier, the ICAN President particularly noted the giant strides of the Federal Inland Revenue Service (FIRS) under the President Muhammadu Buhari-led administration, which he said, has led to an all time high revenue generation of the sum of N5.3 trillion in 2018. While expressing worries over delays in national budget, Alhaji Jaiyeola, commended the implementation of the TSA, pointing out that many of the software that drive the process are not locally sourced. He called on the federal government to deploy more local content which he said will both preserve “our hard-earned foreign exchange and create more jobs for the citizenry”. According to him, “Let me seize this auspicious opportunity to warmly commend the laudable achievements recorded by the Federal Ministry of Finance in the last three and half years. The Treasury Single Account (TSA), the Voluntary Assets and Income Declaration Scheme (VAIDS), Whistle-blower Policy, the establishment of the Development Bank of Nigeria (DBN) and the Efficiency Unit, the Collateral Registry under the Central Bank of Nigeria, the laudable reforms in the FIRS, are all initiatives driven by your ministry not only to set a credible governance tone at the top and raise the bar of credibility.” He said the move of FIRS to recover N23 billion from 45,000 people who had more than N100 million in their accounts in 2018 through substitution of their bank account is highly commendable. On collaboration, the ICAN President said, “we are willing to collaborate with the Ministry of Finance at organizing in-house training for its staff and mandatory Professional Continuing Education (MCPE) for members of ICAN who work in the Ministry.” “As you are aware, ICAN released the first result of its Accountability Index during the 48th Annual Accountants’ Conference. This strategic initiative was jointly financed by ICAN and the Internal Federation of Accountants (IFAC). The ICAN-AI is an initiative for improving public sector finance management at the three tiers of government, he said. “The objectives of the ICAN AI among others include encouraging fiscal responsibility and good public financial management, tackling corruption by encouraging quality professionals in the public sector and providing a holistic, objective and evidenced-based framework for assessing performance of public sector entities, the ICAN boss added”.   Source: Today.ng

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FG secures N1bn EFCC traced to Patience Jonathan

The court ordered that the forfeited sum be deposited in the Treasury Single Account of the Federal Government. A Kano division of the Federal High Court has ordered an interim forfeiture of the sum of N1,000,494,000, suspected to belong to former First Lady, Patience Jonathan, to the Federal Government. According to an investigation conducted by the Economic and Financial Crimes Commission (EFCC), the sum in question was lodged in three deposits with Fidelity Bank Plc on May 20 and May 25, 2015. The bank account allegedly belongs to Magel Resort Limited, a company linked to Mrs Jonathan, according to a statement signed by the EFCC’s spokesperson, Tony Orilade, on Friday, February 1, 2019. The commission had received information that the money was not being utilised and had commenced an investigation that allegedly revealed that Mrs Jonathan and some relatives of former president, Goodluck Jonathan, were directors of the company. Others listed as directors of the company are Oba Oba Tamunotonye, Goodluck Jonathan Aruera, Goodluck Jonathan Ariwabai and Esther Fynface. Investigations revealed that the sum of N500,000 was deposited on May 20, 2015 by one Fynface, who is alleged to be in charge of the company, while N1 billion was transferred in two tranches on May 25, 2015 from PAGMAT OIL AND GAS NIGERIA LIMITED, a company that was not incorporated with the Corporate Affairs Commission. Acting on an ex parte motion filed by the EFCC to forfeit the money to the government, Justice A. Lewis-Allagoa ordered that the forfeited sum be deposited in the Treasury Single Account of the Federal Government. Source: Punch

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P&G empowers 250 women in Kaduna with financial literacy and business grants

The training comes as part of P&G’s efforts to encourage financial inclusion for women, to strengthen women’s capacity in entrepreneurship and promote a business management culture among the beneficiaries of the training. Recently, Procter and Gamble (P&G) in conjunction with the United Nations’ Entity for Gender Equality and the Empowerment of Women (UN Women), and the implementing partner, Afrigrants Resources, successfully held a graduation ceremony for 250 small business women entrepreneurs in Kaduna State after a three month period of intensive training on financial literacy. The training comes as part of P&G’s efforts to encourage financial inclusion for women, to strengthen women’s capacity in entrepreneurship and promote a business management culture among the beneficiaries of the training. UN Women Nigeria on its part has been at the forefront of ongoing efforts to enhance women’s economic empowerment in the country. The three-month training covered various technical aspects for growing a business ventures, how to make informed and effective decisions with financial resources, how to manage business and personal finance matters in an efficient manner, as well as how to make appropriate decisions about investing, budgeting and tax planning. Remarkably, as part of the partnership, P&G provided the trainees with a platform to be injected into the P&G sub-distribution network. P&G also awarded one million naira grants to some women with the brightest business ideas. P&G has been a global advocate of women empowerment and gender parity. Through various impact programs including the Always School Program, the Women Entrepreneurship Development Program, Growing Girls and Women in Nigeria (G-Win), Always UNESCO partnership and campaigns such as Always Forward Ever, #WeSeeEqual #StrongisBeautiful and #MyFutureStartsToday, the company has helped empower and shape societal perception of women. Source: Pulse 

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Forensic auditors deny duplication of accounting bodies, responsibilities

The Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN) has denied claims of being established to duplicate accounting body, insisting that their work was within the investigative process from the scene of fraud to court.   They maintained that their mandate covers providing information and evidence for administration of justice and to ensure that the courts are presented with the best evidence and reliable witnesses. The CIFIAN President, Victoria Enape during a press conference at the commencement of a free training program forensic Auditors in Abuja, pointed out that CIFIAN bill was necessary to provide the legal framework for the registration, training, regulation and certification of practitioners in the field of forensic and investigative auditing, in line with global best practices. Enape who expressed worry over the unnecessary delay of the proposed CIFIAN bill by the House of Representative that was already passed by the Nigerian Senate said, “It is important to clarify that CIFIAN is neither an accountancy body nor is it coming as duplicate or triplicate of existing accountancy bodies in Nigeria”.   She pointed out that the core practice areas of CIFIAN are forensic analysis of financial statement to eliminate financial misstatement, whether caused by error or fraud, thereby preventing assets misappropriation scams, cyber crimes, global anti-fraud and corruption compliance and enforcement.   Enape stated that it was wrong for financial accountants to regulate the preparation of corporate financial accounts, audit the account as well as conduct forensic and investigative audit of corruption and fraudulent accounting practice.She maintained that Nigerian laws have been helpless in the area of liquidated banks in Nigeria which were audited by some accounting firms because no acts empowered them   to carry out fraud investigation. She noted that CIFIAN is an anti-fraud organization saddled with the responsibility of providing skills to professionals from science and technology fields in order to join the presidency to fight corruption. The President maintained that the body has the responsibility of   using digital technology to fight corruption in place of analogue, in line with global best practice pointing out that fraudsters have engage in digital technologies to perpetrate fraud.She noted that the Institute is flagging off the free training for all relevant professionals on the use of science and technology for prevention of fraud, corruption and cyber crime in Nigeria. Source: TheGuardian

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We provide accountancy, tax and c a c services

Welcome to  Inner Konsult LTD – Tax and Accountancy Services Whatever your needs, we can help. Inner Konsult LTD-  Tax and Accountancy Services is a firm of Accountants based in Lagos Nigeria  offering taxation, accountancy, business advisory and support services to a wide range of Companies, businesses and individuals. We provide a cost-effective, high value solution to meet all of your financial needs. We work hard to get to know you in order to deliver timely, individual advice on how to improve your business and personal wealth. To find out more about how we can help you and your business view our services. We provide accountancy , Tax , Assurance and CAC services www.sunmoladavid.com AWOLOWO HOUSE/GLASS HOUSE 2ND FLOOR LEFT WING (AYONAK) 29/31 AWOLOWO WAY IKEJA LAGOS NIGERIA. TEL; 2348038460036

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Registered companies now 2.8 million in Nigeria

The Corporate Affairs Commission has said that through the implementation of its Business Incentive Strategy, it registered 39,074 business Names between October and November 2018. The CAC added that it registered 85,635 new companies in 2018. It said the number of newly registered companies dropped by 2.57 per cent in 2018, compared to the 87,891 companies that were registered in 2017. The commission also put the total number of entities it had registered since inception to date at 2,853,692. A breakdown of the figure showed that 1,671,079 businesses were registered as limited liability companies, 1,115,429 entities were registered under business names while the remaining 67,185 were registered as incorporated trustees The acting Registrar-General, CAC, Azuka Azinge, said these on Tuesday during a customers’/stakeholders’ forum. The forum is a periodic interactive session between the management of the commission and its stakeholders to enhance service delivery. The commission had under its Business Incentive Strategy reduced the cost of business name registration from N10,000 to N5,000 for a period of three months covering October 1 to December 31, 2018.   The BIS is aimed at creating a window for Micro, Small and Medium Enterprises to formalise their businesses so that they can own corporate accounts with banks, have access to loans, grants and other government interventions. Azuka said upon the expiration of the initial three months window, the commission received several requests from states and other agencies seeking an extension of the 50 per cent fee reduction promo. She said in view of the benefits of the BIS, coupled with the demand for extension by stakeholders, it became imperative to further extend the period to March 31 this year to enable more MSMEs to formalise their businesses.   She said, “Only recently, the commission extended the BIS to encourage small businesses to formalise their businesses by registering same with the commission. “During the initial three months of the BIS registration, activities increased tremendously. For the months of October and November 2018, a total of 39,074 business names were registered.” “The commission remains resolute in reviewing its processes regularly.” Source: Punch

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Accountancy, Tax Services

Accountancy, Tax Services Whether you are an established company or a start-up business, Sunmola David & CO   can help you make the most from your business Limited Company Accounts Self-Assessment tax return Payroll Services Management Consultancy Accounting Systems Tax Planning Annual Accounts VAT return preparation Management Accounts Workplace Pensions Tax Investigation Services Tax Planning Tax representation services We provide accountancy , Tax , Assurance and CAC services www,sunmoladavid.com AWOLOWO HOUSE/GLASS HOUSE   2ND FLOOR LEFT WING (AYONAK)   29/31 AWOLOWO WAY   IKEJA LAGOS NIGERIA.

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