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MTN Group ‘strongly disputes’ $773m tax bill, penalties in Ghana
By Abubakar Yunus Abuja
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MTN Group, Africa’s largest telecommunications provider, says it “strongly disputes” the $773 million back-tax bill, penalties and interest charges received by its subsidiary in Ghana.
The company, in a statement, disapproved of the bill by the Ghana Revenue Authority (GRA), claiming it does not have a reliable revenue.
According to the company, it received the notice this week that “the bill is for the period between 2014 and 2018 and implies that MTN under-declared its revenue in the country by 30 percent.
“MTN Ghana believes that the taxes due have been paid during the period under assessment and has resolved to vigorously defend MTN Ghana’s position on the assessment,” the telco said.
“MTN Ghana strongly disputes the accuracy and basis of the assessment, including the methodology used in conducting the audit.”
The company added that the GRA used a third-party consultant as well as a new methodology.
In the statement, MTN Group also said the GRA had begun an audit of its Ghanaian business in 2019 to look into the “reliability and completeness” of the revenue it declared during the five-year period.
“The GRA hadn’t issued the unit with any guidelines or standards relating to its new audit methodology,” MTN Group said.
“MTN Group and MTN Ghana will continue to engage with the relevant authorities on this matter and MTN remains resolute that MTN Ghana is a tax compliant corporate citizen.”
Meanwhile, Ghana has been struggling to keep its economy buoyant amid global headwinds.
Last year, the Ghanaian government declared a default on loans and suspended all debt service payments under “certain categories of its external debt”.
This also followed a stafflevel agreement reached by the International Monetary Fund (IMF) with Ghana on a $3 billion bailout package to tackle its economic difficulties.
One of the grounds on which Ghana got the facility from the IMF is a “comprehensive debt restructuring”.
N2.1bn judgment debt: Processes filed to set
aside garnishee order, says Polaris Bank
Abubakar Yunus Abuja
Polaris Bank says it is yet to receive a garnishee order directing the Central Bank of Nigeria (CBN) to take action on its account over a judgment debt of N2.16 billion.
The financial institution made this known in a statement over the weekend.
A garnishee order is one of the options open to a judgment creditor to enforce a judgment that has been made in its favour.
A high court sitting in Akure, the Ondo state capital, had granted the garnishee order.
The order was issued by Adegboyega Adebusoye, the presiding judge, following an application filed by Charles Titiloye, Ondo attorney-general and commissioner for justice.
Titiloye had filed the application over alleged failure and neglect of the bank to meet the condition of the stay of execution of an earlier judgment.
However, Polaris Bank clarified that the effect of the order is not to freeze its account with CBN but to set aside the disputed judgment amount until the case has been heard.
The bank said a motion for stay of execution of the judgment is pending before the court of appeal.
“We are aware of the matter and our Solicitor has filed necessary processes to set aside the Garnishee order,” the statement reads.
“The matter is on appeal and an application for stay of execution is pending at the Court of Appeal.
“Thus, the garnishee order ought not to have been obtained by the reason of the pending appeal and motion for stay.
“The Bank is yet to be served the Garnishee Order as required by law relating to Garnishee proceedings.
President Muhammadu Buhari, Vice President, Service Chiefs and others Government officials during the Wreath Laying ceremony to mark the 2023 Armed Forces Remembrance Day Celebration held at the National Arcade yesterday in Abuja. Photo: State House
NEPC: Non-oil exports revenue hit $4.82bn in 2022
By Abubakar Yunus Abuja
The Nigerian Export Promotion Council (NEPC) says Nigeria recorded non-oil export earnings of $4.82 billion in 2022.
Ezra Yakusak, executive director/chief executive officer (CEO), NEPC, said this while presenting the 2022 nonoil export performance to journalists in Abuja.
Yakusak said the figure represented a 39.91 percent increase compared to 2021 when non-oil exports totalled $3.45 billion.
He said the figure is based on data collated from various pre-shipment inspection agents appointed by the federal government under the Pre-shipment Inspection Act, 2004.
Yakusak said it was the best yearly result since the NEPC was established 47 years ago.
He said the latest results lend credence to the fact that various export intervention programmes initiated and implemented by the council and other sister organisations gradually yielded desirable results throughout the year under consideration.
“About 214 different products ranging from manufactured, semiprocessed, solid minerals to raw agricultural products were exported in 2022,” he said.
“Of these products exported, urea/fertiliser topped the list with 32.87 percent.
“The emergence of urea/ fertiliser as the highest exported product in 2022 can be attributed to the RussiaUkraine war which created an avenue for Nigeria’s urea/ fertiliser to thrive.
Yakusak provided a breakdown of non-oil performance, saying 1,172 exporters participated, with Indorama-Eleme Fertilizer and Chemical Limited leading with 23.25 percent.
“Thirty-one issuing banks participated with Zenith Bank PLC processing the highest NXP values, 19 exit points were used with Apapa Port recording the highest tonnage,” he said.
However, Yakusak noted that no African/Economic Community of West African States (ECOWAS) country was among the top ten importers of Nigerian products.
“We at the NEPC are working assiduously to change that trajectory, particularly in the wake of the Africa Continental Free Trade Area (AfCTA),” he said.
“The establishment of the Export Trade House Lome, the solo exhibition in Gambia, participation at the Lome International Trade Fair are deliberate initiatives aimed at boosting non-oil export within the ECOWAS sub-region.
Yakusak added that non-oil exports of Nigerian products are gradually diversifying from traditional agricultural exports to semi-processed/ manufactured goods.
“This is buttressed by the fact that out of the product group exported, agricultural products topped with 30.12 percent,” he said.
