NCOY: Minister, FirstBank advise youths to go for N75b Youth Development Fund

The Minister of Youths & Sports Development, Sunday Dare and First Bank of Nigeria Limited have advised youths on the need to generate creative business ideas the would attract funding for their entrepreneurship schemes.

Speaking at the National Company of the Year (NCOY) competition, Minister of Youth & Sports, Sunday Dare said that youths with creative ideas have good chances of accessing the N75 billion Youth Development Fund being promoted by the Federal Government to support youth-owned businesses.

He said entrepreneurship has a critical role to play in solving the Nigeria’s unemployment problems as the world is looking beyond qualifications and focusing on creative ideas.

In her goodwill message, Group Head, Marketing and Corporate Communications, First Bank Nigeria Limited, Mrs. Folake Ani-Mumuney, said FirstBank is under the NCOY scheme an extension of the Junior Achievement Nigeria (JAN) Company Programme, empowering students on financial literacy, work readiness and entrepreneurship through experiential, hands-on programmes.

Ani-Mumuney, said the 10th anniversary of NCOY is a significant milestone. She also stated that NCOY brings together outstanding students and business teams across Nigeria to compete to represent Nigeria at African Company of the year, JA programme,

Continuing, Dare said the uptake of technology is very high among youths, adding that the programme was enriching and promising for the students to achieve their life ambitions and solve societal problems. He said the technological skills they participants exhibited showed that Nigeria has a future in younger generations.
He said the idea of what an non-governmental organization is changing, as they are now using technology and knowledge to solve societal problems.

At the end of the competition, the New Phase from Brookstone Secondary School, Port-Harcourt, Rivers state emerged winner. The second runner up – Jikoru from Alvana Secondary School, Owerri, Imo state while

First runner up – Amazing Amazons from Government Girls Secondary School, Abaji, Abuja.

Innovative Vibrant Youth from International School of University of Lagos, Lagos state also won in the the Facebook award category. People’s choice award went to Amazing Amazons from Government Girls Secondary School, Abaji, Abuja while the New Phase from Brookstone Secondary School, Port-Harcourt, Rivers state won the MasterCard award.

In her remarks, the Director of Marketing and Innovation, Oduolayinka Osunloye, said the NCOY is an opportunity for them to showcase the depth of potentials that lies within the students.

She also stated that this is the first time the event would be organised virtually, adding that it would not be an exception “as we should be ready to experience creativity in another dimension.”

Continuing Ani-Mumuney, “First Bank Nigeria have been involved with JAN for several years, and it is also one of the many fronts for engagements with the next generation of Nigerians who will create the innovative future that we all aspire for. Our partnership with JAN in the NCOY has made a decade of impact and illustrations, driven by the very products and services created by young minds to solve real problems facing society. Also, the problems facing the businesses they put in place to successfully produce and market the product in a sustainable manner, and impact their local communities.

“Considering the growing incidents of death and explosion resulting from gas leakages in homes, offices, and industries, well students from Taidob College Abeokuta, Ogun State, through their student company TC achievers chose to address this challenge created an innovation solution to address that is what we are looking to celebrate and continue to promote. TC achiever produced an industrial domestic gas leakage detector, it is a devise that raises an alarm and sends an SMS to the owners mobile phone once there is any gas leakage.

“The innovative device fetched TC achievers first position in the regional competition in Ogun state and the national final in Lagos, they won and earn the right to represent Nigeria in 2019 African Company of the Year competition in Ghana.

Taidop College emerged from Ghana with four awards the most by any participating JAN member countries including Botswana, Swaziland, Gabon, Ghana, Kenya, Mauritius, South Africa, Uganda, Zambia and Zimbabwe. The Nigeria representative won the client focus award, the entrepreneurial spirit award, the facilitator of the year and with second runner-up with the actual company of the year. We are hoping that this year we will clinch everything. For us, the winners of NCOY are to be celebrated.”

CITN: Tax professionals need in-depth knowledge, skills to thrive

The President, Chartered Institute of Taxation of Nigeria (CITN), Dame Gladys Simplice has said that tax professionals need in-depth knowledge and skills acquired through learning and experience before to do their work well.

Speaking at the 43rd Induction ceremony of the institute held in Lagos, she congratulated the inductees who have met the conditions set by council.

According to her, the inductees were joining the taxation profession at a challenging time for all nations of the world.

“The outbreak of the Corona Virus and its aftermath has brought unimaginable consequences on the world scene. Unemployment rates have doubled, economic growth has slowed down, production levels are on the low to mention but a few,” she said.

At the local scene, Simplice said the negative effects of the pandemic are glaring including a severe contraction in government revenues at more than sixty per cent, a widening fiscal deficit, increasing debt stock and rising inflation.

She said there was need for prudent management of taxpayers’ money by public office holders to build trust among the citizens, performance-based budgeting to enhance efficiency and effectiveness in the utilization of government revenues.

“Prioritizing expenditure to intervene in critical sectors that will accelerate national economic growth and performance; use of tax incentives to attract foreign direct investment may not yield positive result rather widening the tax net to include informal sectors will be the best way going forward. Government should come up with policies on tax incentives, and develop a systematic framework that will enhance the visibility of the incentives,” she said.

She said the inductees have become stakeholders, as such, their contributions are key to the realisation of the goals of the Institute by your active participation at our programmes and activities.

“Furthermore, you should exhibit professional expertise in your work as Tax Professionals. The depth of your technical capacity confers greater respect and value on the Institute by all those that deal with you,” she said.

CITN Registrar/ CEO , Adefisayo Awogbade, said membership of the Institute, offers them the opportunity to interact and network with a large number of tax professionals. “The Institute creates an enabling environment for professional career progression as well as continuous improvement of your knowledge and skills through exposure to trending taxation issues,” he said.

He said Section 4 of the Act establishes Council as the governing body of the Institute. It is headed by the President who also serves as the Chairman of Council. Council members are responsible for making and formulating policies for effective administration of the Institute.

Chairman Membership and Professional Conduct, Ben Omonayajo, said: “At CITN, we believe that people will always make the difference in any endeavour, especially in the field of taxation, when every other supporting conditions are right. It is for this reason that we carefully put prospective inductees through a stringent screening process that ensures only the cream of the crop make it through our doors”.

“On behalf of Council and management, I welcome you all into a new relationship that places high premium on core value on professionalism, integrity, teamwork, excellence and leadership. With the rigorous process leading to your qualification, I make bold to say that you are worthy to be members of this great Institute.,” he said.

“Today’s ceremony is not just a celebration. It marks a call to stand tall in integrity, to be impeccable in character, to be professional in service and to uphold the high ethics and values for which CITN members are renowned. That is the big hurdle that you must cross effortlessly in your daily practice of this profession”.