MTN contributes N757.7 billion to federation account

MTN Nigeria Communications Plc has stated that it made a total contribution of up to N757.7 billion to the federal government of Nigeria and its relevant agencies through taxes, levies, fees and duties.

This was stated in a disclosure signed by Uto Ukpanah, the company secretary in a statement titled; “MTN Nigeria Publication on Tax Remittance for the 2021 Fiscal Year.”

It also stated that the company is committed to paying all taxes due and on time and has zero tolerance for non-compliance.

It stated, “MTN Nigeria Communications Plc is aware of the media report regarding discrepancies in the figure communicated by the company.

“As at 31st December 2021, the company reported that it made a total contribution of up to N757.7 billion to the federal government of Nigeria and its relevant agencies through taxes, levies, fees and duties.

“Without prejudice but specific to the Federal Inland Revenue Service, direct remittances by the company to FIRS in 2021 was N291.7 billion, made up of the details listed below, while the balance represents VAT, levies, fees and duties paid to the federal government agencies.”

In a breakdown, the company highlights that value added tax on revenue was N98.99 billion, withholding tax was N71.18 billion, companies income tax was N99.29 billion, stamp duties was N8.48 billion, tertiary education tax was N10.64 billion, information Technology Levy was N3.09 billion.

The company said, “MTN Nigeria is a tax compliant organization with all its tax obligations settled. This is backed by the FIRS’s testimonial naming the company one of the most tax-compliant organizations in Nigeria for the year 2021.

The company is committed to paying all taxes due and on time and has zero tolerance for non-compliance. The above is to clarify the information previously released by NTN Nigeria.

in the industry – Mobolaji Adewumi, MD, Abbey Mortgage Bank Plc

Addressing shareholders at the AGM, the Chairman of the company, Mazi Emmanuel Kanu said the management of Abbey Mortgage Bank with the support of the board made some strategic decisions toward addressing legacy delinquent assets.

Kanu said, “I am extremely proud of the progress we made in the last twelve months and the outcome that continues to validate our strategic direction.

“We ramped up recovery efforts which led to a net write-back off N180 million against a net credit loss of N3.8 billion in 2020.

“At the fore of our mid-term objective is a conversation with a regional bank and we will begin that process in the coming months. In addition, we will consolidate the ongoing digital transformation of the bank, with a full deployment of our corporate and mobile banking application, while we continue to develop products that allow for retail acquisition and retention, as well as increased wholesale segment transactional capabilities”.