The Next Big Thing: Cryptocurrency or Renewable Energy?
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Business

  • Omaojo Alu
  • Business, Opportunities
  • June 29, 2021

The Next Big Thing: Cryptocurrency or Renewable Energy?

Cryptocurrency is creating a wave across the world. If you had invested a thousand dollars in bitcoin in 2011, it would have appreciated 15.6 million dollars in April 2021. It would be an unbelievable feat in the world of business.

Before the rise of cryptocurrencies, the world has been awaiting a transition from petroleum energy to renewable energy, automotive batteries precisely; and it’s here already.

The World Economic Forum announced recently that China has joined a list of nations that will ban old-style fossil fuel vehicles by 2035. Soon, the world will become a battery sustained society.

The transition is necessary because the emission by diesel cars are no more bearable. Therefore, this is an industry that cannot just be overlooked.

Meanwhile, cryptocurrencies have grown from just a concept to worldwide success in the short space of a decade.

The industry has been growing rapidly over the last five years. In fact, Tesla, the biggest player in the industry grew by 720% in 202. It’s an industry with great potential, but why not invest in cryptocurrencies?

Experts have predicted that cryptocurrencies will be the centre of finance and eCommerce in a matter of a few years.

In fact, a few companies like Tesla already trade their products for cryptocurrencies like bitcoin. It seems like where the world is going. But is crypto really the next big thing or a bubble that would burst anytime soon?

But why cryptocurrencies?

The subject of cryptocurrencies has lighted a very controversial spark in the last few years especially since its astronomical rise in 2017 followed by its unpredictable downfall. Unlike fiat money, no entity holds total control of the value of a cryptocurrency.

In contrast, it is largely influenced by its users via the internet. They are digital currencies that can be used to pay for goods and services but most people view them as investment objects.

Its decentralization and the presence of blockchain, an online ledger that records transactions in code make the disruption of hackers impossible.

Of course, cryptocurrencies are one of the most volatile investments and though it is the future, it does not take the risk out of the equation. Nevertheless, a deep and closer look could mean juicy returns.

An unmined gold reserve.

According to Mordor intelligence.com, the automotive battery industry is valued at 43 billion dollars in 202 and is expected to hit 59 billion dollars by 2026. Nonetheless, there is still a large pile of unmined gold in this industry. Recently, the industry’s growth has been enormous and there is enough room for competition.

No doubt, the world will transition from diesel cars to electric cars and anyone about to take a big leap into this industry has a large goldmine to reap, although the industry giants like Tesla have already conquered a lot.

A large number of cars in the market have still not been made electric. Of course like every other investment, it comes with its own great risk but we cannot deny it in the future.

You can also read : NAFDAC introduces Automated Product Administration and Monitoring System

If the rise of cryptocurrencies and automotive batteries have been astronomical, then one might say that investing now is already late. Of course, it is a bit late, but not too late. There is still a large portion of the world to conquer and shortly, they will significantly transform human existence.

So where should invest in?

The answer is both yes and no and it depends largely on your financial goals. Cryptocurrencies are more volatile while energy companies are more stable. They have both produced successful multimillionaires and billionaires. Of course, they both have great risks, but a closer look and a bold leap could mean a life-changing encounter

 

 

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  • Osho Ademola Joel
  • Business
  • May 15, 2020

NAFDAC introduces Automated Product Administration and Monitoring System

NAFDAC introduces Automated Product Administration and Monitoring System (NAPAMS), an online portal for the registration of  food, drugs, cosmetics, medical devices, chemicals, and packaged water in Nigeria

The National Agency for Food and Drug Administration and Control (NAFDAC) has finally joined the league of government parastatal adopting technology to make services seamless for Nigerians.

NAFDAC in a bid to facilitate easy registration, it has introduced the online registration portal dubbed  Automated Product Administration and Monitoring System; Micro, Small and Medium Enterprises (MSMEs) can now process the registration of their products with NAFDAC from the comfort of their homes, and at an 80% discounted rate over a period of six months.

Also, in recognition of the current economic challenges, NAFDAC commissioned additional palliatives for Micro/Small businesses, which includes zero tariffs for the first 200 micro and small businesses to register on the e-platform and waiver on administrative charges for overdue/late renewal of expired licenses of products for a period 90 days.

Read Also: How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

What is New Registration and Data Capture about?

The New Registration and Data Capture exercise is necessary to achieve the following

  • To ensure that the information captured under the new registration and data capture processes will form the basis for future product renewal for all existing clients/companies registered by NAFDAC.
  • To capture the details of existing NAFDAC approved Products and Companies unto the NAFDAC Automated Product Administration and Monitoring System Database in order to create an authentic and reliable database of all NAFDAC registered products in Nigeria.

Information captured under the process are divided into 2 categories as follows:

  •  Client/company information
  • Products information

How to access the New Registration Portal?

  •  visit www.napams.org
  • On the homepage, click on the Sign In link.
  • Select login as a Client.
  • Create an account if you are first time user or  log-in with your username and password if
    you an existing user
  • Click on Register (if you do not have an existing account)
  • Register as a client by filling the Company Registration Profile page.
  • Click on the Save button to proceed to the dashboard.

How to  Purchase and Fill a New Registration and/or Data Capture Form

  •  Click on the New Registration Form link on the navigation panel to select the Application Type.
  • Select your product category, product source, sub-category (i.e. Drug, Medical Devices, Cosmetics, Food etc.)
  • Click on the Continue button to proceed.
  • Enter the product and manufacturer’s details
  • Enter product-specific details, upload approval documents, and product image
  • Proceed to payment
  • Click on ‘Make Payment’
  • The system displays the Remita payment platform.
  • Select ‘payment method’ e.g. card details, online Internet banking, Pay at Bank Branch option etc.
  •  Enter your card details.
  • You are automatically redirected to the Product Summary page to proceed.
  • Click on Next
  • View, Select Processing Site and Submit the completed form

How to check your product status

  • Click on Dashboard
  • Click on View (View Application Status) corresponding to the product.

How to update your Company’s Profile?

  •  Click on Company Profile
  • Edit/Update the details and click on Update.

How to change your Company’s information?

The company’s information that can be changed includes name, addresses, email, phone number, etc. but cannot be completed without NAFDAC approval. The process below explained the process:

  •  Go to the Dashboard
  •  Click on Other Application Forms.
  • Proceed with the application and submit.

To learn how you can assign a representative, read NAFDAC directives and other salient information about NAPAMS, kindly click here

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  • Osho Ademola Joel
  • Business
  • May 14, 2020

Federal Inland Revenue Service Tax Review In Response To COVID -19

The Federal Inland Revenue Service (FIRS)  has introduced tax relief measures to address the impact of the coronavirus (COVID-19) pandemic on taxpayers:

  • Extension of the due date for filing of value-added tax (VAT) and withholding tax returns from the 21st day of the month to the last business day of the month, following the month of deduction
  • Extension of the due date for filing of the companies income tax return by one month
  • Use of electronic platforms for paying taxes and processing tax clearance certificates
  • Electronic filing of tax returns by taxpayers
  • Filing of tax returns by taxpayers without audited financial statements which must be submitted within two months of the revised due date of filing
  • Proposed creation of a portal where documents required for desk reviews and tax audits will be uploaded by taxpayers for online access by the tax authority.
  • Submission of tax returns online by taxpayers via efiling.firs.gov.ng or by designated e-mail accounts published by the FIRS

Read Also: How To Access CBN 50 Billion Naira COVID-19 Loan

  • Taxpayers facing challenges in sourcing foreign exchange (FOREX) to settle tax liabilities on their FOREX-denominated transactions are permitted to pay the Naira equivalent, based on the prevailing Investors & Exporters FOREX window rate on the day of payment.
  • Extension of personal income tax (PIT) returns filing deadline for personnel of Foreign Affairs, Military and Police, and non-resident persons by three months from 31 March 2010 to 30 June 2020.

In addition, an “Emergency Economic Stimulus Bill, 2020” was passed by the House of Representatives (HoR) to:

  • Grant a tax rebate of 50% of the actual amount due or paid as pay-as-you-earn, to Nigerian companies who retain all their employees from 1 March 2020 to 31 December 2020.
  • Suspend import duties on medical equipment, medicines and personal protective gear required for treatment and management of COVID-19 for three months, effective 1 March 2020.

Read also: Central Bank of Nigeria monetary measures to COVID-19 for MSMEs

  • Introduce a new moratorium on mortgage obligations of Nigerians under the National Housing Fund.

The Bill is yet to be passed by the Senate.

Additional Information

The FIRS recently announced the following additional measures to mitigate the impact of COVID-19 on taxpayers:

  • Waiver of late returns penalty for taxpayers who pay their tax liabilities early but submit their tax returns later. Evidence of tax payment can be forwarded to the relevant FIRS e-mail address or submitted later to the appropriate tax office
  • Extension of the timeline for remittance of VAT from the 21st day to the last day of the month, following the month of deduction
  • Taxpayers facing challenges in sourcing foreign exchange (FOREX) to settle tax liabilities on their FOREX-denominated transactions are permitted to pay the Naira equivalent, based on the prevailing Investors & Exporters FOREX window rate on the day of payment
  • Extension of personal income tax (PIT) returns filing deadline for personnel of Foreign Affairs, Military, and Police, and non-resident persons by three months from 31 March 2010 to 30 June 2020
  • Indefinite suspension of all field tax audit, investigation, and monitoring visits.

Additional Information

Various State Internal Revenue Services announced the extension of the filing deadline for annual returns for employees and self-employed persons;

  • Lagos Internal Revenue Service granted a two (2) months extension – 31 March 2020 to 31 May 2020.
  • Federal Capital Territory Internal Revenue Service granted a three (3) months extension – 31 March 2020 to 30 June 2020.

Donation to COVID-19 Fund to be tax-deductible – Minister of Finance (MoF)

The MoF, in a press statement, promised to issue an Executive Order granting additional tax reliefs to organizations that make donations to the COVID-19 fund in Nigeria.

The Executive Order is yet to be issued.

  • In Nigeria, no specific relief is provided by the VAT law with regard to bad debts. In practice, companies can make adjustments for VAT on bad debts once it is certain that the agreed payment that is subject to VAT has truly become irrecoverable. This is because taxpayers are required to act as agents of the tax authority (FIRS) and collect and report VAT on a cash basis.
  •  Invoices need to be structured so that they clearly state the nature of a transaction so that the FIRS does not subject an exempted or zero-rated good or service to VAT at a rate of 7.5%.

Read also: How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

Source

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  • Osho Ademola Joel
  • Business
  • May 14, 2020

Central Bank of Nigeria palliative support for MSMES during COVID-19 pandemic

CBN provides palliative measures to assist MSMEs cushion the effect of COVID-19. It reduces the CBN loan rate from 9% to 5%

The Central Bank of Nigeria has set out a number of measures to tackle the impact of the coronavirus, including establishing a fund to support the country’s economy (of 50 billion naira; i.e. EUR 121 million), targeted at households and micro and small enterprises. The interest rate has also been cut, a moratorium has been announced on principal repayments for CBN intervention facilities and tax measures are being taken.

The Monetary Policy

  •  1-year extension of a moratorium on principal repayments for CBN intervention facilities;
  • The reduction of the interest rate on intervention loans from 9 percent to 5 percent;
  • Strengthening of the Loan to Deposit ratio policy (i.e. stepped up enforcement of directive to  extend more credit to the private sector);
  • Creation of N50 billion target credit facility for affected households and small and medium enterprises;

Read also: How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

  • Granting regulatory forbearance to banks to restructure terms of facilities  in affected sectors;
  • Improving FX supply to the CBN by directing oil companies and oil servicing companies to sell FX to the CBN rather than the Nigerian National Petroleum Corporation;
  • Additional N100 billion intervention fund in healthcare loans to  pharmaceutical companies and healthcare practitioners intending to expand/ build capacity;
  • Identification of a few key local pharmaceutical companies that will be   granted funding facilities to support the procurement of raw materials and equipment required to boost local drug production;
  • N1 trillion in loans to boost local manufacturing and production across critical sectors.

 

Read also: How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

FIRS tax review in response to COVID -19

 

Source

 

 

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  • Osho Ademola Joel
  • Business
  • April 22, 2020

How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

The  COVID 19 CBN Loan is for households and SMEs who can prove that they are adversely affected by the COVID19. It will help you develop a smooth operations line to meet the huge demand for made in Nigeria products that will soon emerge in the coming weeks . We will be glad to handle this process for you. Click here for further details

The coronavirus (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, the lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined consumer confidence, and a slowdown in production.

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic. The Guidelines outline the operational modalities for the Scheme.

Objectives of the Facility

The broad objectives of the CBN’s N50 billion Targeted Credit Facility include:

i. Cushion the adverse effects of COVID-19 on households and MSMEs;

ii. Support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic.

iii. Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, and research and development.

Eligible Participants

i. Households with verifiable evidence of livelihood adversely impacted by COVID-19; and

ii. Existing enterprises with verifiable evidence of business activities  adversely affected as a result of the COVID-19 pandemic.

iii. Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

 

Activities Covered

Eligible activities under the Scheme include:

i. Agricultural value chain activities

ii. Hospitality (accommodation and food services)

iii. Health (pharmaceuticals and medical supplies)

iv. Airline service providers

v. Manufacturing/value addition

vi. Trading

vii. Any other income – generating activities as may be prescribed by the CBN.

Funding

The Scheme shall be financed from the Micro, Small and Medium Enterprises Development Fund (MSMEDF).

We will be glad to handle the CBN Loan application for you. Click here for further details

Participating Financial Institution

The eligible participating financial institution for the Scheme is NIRSAL Microfinance Bank (NMFB).

 Loan Limit

SMEs: The loan amount shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million for SMEs; and

Households: Can access a maximum of N3 million

Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).

 Interest Rate

Interest rate under the intervention shall be 5% p.a. (all inclusive) up to 28th February 2021 and thereafter, the interest on the facility shall revert to 9% p.a. (all inclusive) as from 1st March 2021.

Loan Tenor

Working capital shall be for a maximum period of one year, with no option for rollover.

Term loan shall have a maximum tenor of not more than 3 years with, at least, one-year moratorium.

 

Collateral Requirement

The collateral to be pledged by beneficiaries under the programme shall be as may be acceptable by NIRSAL MFB, but may include any one or more of the following:

i. Moveable asset(s) duly registered on the National Collateral Registry (NCR).

ii. Simple deposit of title documents, in perfectible state

iii. Deed of Debenture (for stocks), in perfectible state

iv. Irrevocable domiciliation of proceeds

v. Two (2) acceptable Guarantor

vi. Personal Guarantee of the promoter of the business

vii. Life Insurance of the Key-Man, with NMFB noted as the First Loss Payee

viii. Comprehensive Insurance over the asset

Principal Repayment

Repayment shall be made on installment basis by the beneficiaries to the NMFBaccording to the nature of enterprise and the repayment schedule/work plan provided at the application stage.

 Modalities

Households/MSMEs

i. Eligible households or MSMEs shall submit applications directly to NIRSAL Microfinance Bank (NMFB);

ii. The application must, among others, contain BVN number, business registration (where applicable) and business plan with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.

iii. NMFB shall appraise and conduct due diligence applications.

iv. Upon satisfactory appraisal of application, NMFB shall forward the applications to the CBN for final approval

v. CBN reviews applications and gives final approval for disbursement to NMFB.

Corporate Entity

i. A corporate entity shall submit application to NMFB with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.

ii. NMFB shall appraise and conduct due diligence applications.

iii. Upon satisfactory appraisal of application, NMFB shall forward the applications to the CBN for final approval

iv. CBN reviews applications and gives final approval for disbursement to NMFB.

Monitoring and Reporting

Periodic monitoring of projects financed under the Scheme shall be conducted by the NIRSAL MFB.

Responsibilities of Stakeholders

CBN shall:

i. Provide the seed fund for the Scheme

ii. Release funds to NIRSAL MFB for disbursement to successful applicants.

iii. Review the Guidelines of the Facility as may be necessary

iv. Receive and process periodic returns from NIRSAL MFB.

v. Monitor and evaluate implementation of the Scheme by NIRSAL MFB.

NIRSAL MFB shall:

i. Validate the status and BVN of the applicants;

ii. Process and disburse funds to approved beneficiaries;

iii. Maintain records of all beneficiaries and disbursements;

iv. Forward periodic returns on the prescribed format on the Scheme to CBN;

v. Comply with the Guidelines; and

vi. Carry out any other duties as the CBN may prescribe from time to time.

Exit Date

The exit date of this Intervention is 31st December 2024.

We will be glad to handle the CBN Loan application for you. Click here for further details

You may also be interested in any of our business packages, please feel free to check them out here

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  • Osho Ademola Joel
  • Business
  • December 5, 2019

The TIN Matter: Implication of The Financial Bill On Your Bank Account

It is all over the internet that by 2020 existing bank accounts will be on hold while a new account opening process will require a Tax Identification Number (TIN).

The National Assembly amended sections 33, 49 and 58 of the Personal Income Tax. This will affect the deduction of pension and personal relief allowance. In a nutshell, many human resources managers and entrepreneurs have to review their payroll system.

On the TIN matter

Anyone who needs to open an account or operate an existing account will submit TIN as part of the Know Your Customer requirement. This includes employees, self-employed, unemployed(student, corps members – thiers is simply for accreditation) and Nigerians living in the diaspora.

According to the minister, the debit/credit card will cease to work, no deposit or debit will be allowed on an existing account once the bill is passed to law.

However, the unemployed and students will not be subject to tax deduction until there is substantial evidence that they earn salaries.

This will be ascertained when a regular amount drops in the account at a specified date of every month.

Also, banks might set out a limit on the amount that a student bank account can receive at a time.

For entrepreneurs, you are advised to profile all your staff for taxation including yourself and remit to the State Internal revenue tax deducted as at when due.

Click here: This e-book can help you solve your tax issue  even as a NOVICE

Also, paying of Value Added Tax ( this will upscale from 5%- 7.5% and more goods/services are added to exemption lists) is compulsory; you are also advised to demand a receipt for every withholding tax any organisation remits on your behalf.

The implication of this development is that tax might be deducted at source just like stamp duty comes from the source any time soon especially for defaulters.

If you have your BVN, registered phone number or National ID card, there is a possibility you already have a TIN.

Meanwhile, I implore you to collect your national identity card if you have not received it. The collection of international passport and application to some embassies may also require that you supply National Identification Number.

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Recent Posts

  • The Next Big Thing: Cryptocurrency or Renewable Energy?
  • NAFDAC introduces Automated Product Administration and Monitoring System
  • Federal Inland Revenue Service Tax Review In Response To COVID -19
  • Central Bank of Nigeria palliative support for MSMES during COVID-19 pandemic
  • How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

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