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Oyo govt. embraces fourth industrial revolution, begins tax collection with mobile app, ATM cards

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As the world  stands on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another, Oyo state government has  disclosed that it has concluded plans to begin the collection of informal sector tax with the use of mobile apps.

Also, the government stated that the annual collection of tax, especially among traders, markets and artisans takes immediate effect.

The government made the disclosure, on Tuesday through the Executive Chairman, Oyo State Internal Revenue Service, Aremo John Adeleke during a sensitisation tour and meeting of market leaders from 14 major markets across Ibadan at the Ogunpa market, Ibadan North West Local Government, Ogunpa, Ibadan.

Some of the markets whose leaders were present at the meeting include, Eleyele, Ifeleyele market, Dugbe market, Agbaje market amongst others.

Speaking on the purpose of the meeting, Adeleke said the meeting is imperative in view of the need to encourage traders, artisans, shop owners, market men and women, among others to continue to be awake to their civic responsibilities as a way of supporting the government.

Represented by the Director of Other Taxes, Mr Idowu Alao, the OYSIRS boss said the government has refused to increase the tax payable by the traders, market men and women, artisans, shop owners and all others operating in the informal sector because of its understanding of the current economic situation in the country.

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He assured the traders that the government is doing a lot to ensure business prosperity and economic development in the state, noting that in no long time, the effects will translate to improved sales which will be felt by the traders.

In her brief remarks while educating the traders on the new modalities being deployed for the new tax collection regime, the state tax manager in charge of informal sector, Mrs Yetunde Awotona said the state government has not collected any tax from the traders since January, but have now perfected a means of well coordinated approach through the use of tax agents with the aid of tax collection application pre-installed on their mobile phones.

She explained that, the traders and people in the informal sector have been cooperative over the years in the payment of the taxes but that the OYSIRS deemed it fit to embark on the approach as a means of strengthening the bond of cooperation between the government and the operators in the informal sector.

Awotona added that the new modality would also entail the use of tax agent offices located inside the various markets across the state to make tax payment easier and more convenient for the traders.

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She assured the traders that the technological innovations was introduced into the collection as an improvement on the initial complains of the people and have a better coordinated and seamless approach to ensure that all tax paid gets to government coffers.

In their separate remarks during the meeting, the traders appealed to Governor Makinde to give them a tax waiver for the remaining months of the current year.

They. however assured the government of their cooperation and support in the payment of taxes and environmental management.

Highpoint of the meeting was the display of the Point of Sales (POS) machines and other equipment that would be deployed for tax collection through the use of ATM cards

The traders also used the opportunity of the meeting to ask various questions to which the officials of the revenue service provided satisfactory responses.

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$1.5m Prize Pool: Top 10 Finalists of “Africa’s Business Heroes” Grand Finale Announced

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The 2020 Africa’s Business Heroes (ABH)  prize, a flagship philanthropic program created by the Jack Ma Foundation’s Africa Netpreneur Prize Initiative (ANPI), has selected the top 10 finalists, who will pitch at the competition’s grand finale in November, for a chance to win a share of a US$1.5 million prize pool.

The ten outstanding entrepreneurs – half of whom are female – have been selected from over 22,000 applications across all 54 African nations, following several rounds of rigorous evaluation. With an average age of 34 years, the top ten represent eight African countries: Cameroon, Côte d’Ivoire, Ghana, Kenya, Nigeria, Senegal, Uganda, and Zimbabwe, and their businesses span key industries such as agriculture, fashion, education, healthcare, renewable energy, and financial services.

“I continue to be amazed by the passion, resilience, and vision of Africa’s entrepreneurs, and I look forward to meeting these ten extraordinary businesswomen and businessmen at the finale. I am excited to learn more about how they are driving positive change and progress across the continent,” said Jack Ma, Founder of the Jack Ma Foundation and Alibaba Group.

The passion, excellence, and diversity of the finalists reflects the DNA of the competition. The ABH program will recognize 100 African entrepreneurs and allocate US$100 million, over a ten-year period, in grant funding, training, mentoring and learning initiatives, access to key networks, and to develop a vibrant entrepreneur community to support Africa’s future business leaders. This is a testament to the Jack Ma Foundation’s long-term commitment to support Africa’s entrepreneurial ecosystem.

“The 2020 Africa’s Business Heroes competition has been incredible. The quality of the entrepreneurs and their ideas has been exceptional and this is a testament to the talent that exists across the continent. I am extremely excited to follow the rest of the competition and see who will come on top as the 2020 African Business Hero!” said Bethlehem Tilahun Alemu, ABH semi-finale judge and Founder of soleRebels, Garden of Coffee and Tefftastic.

“It’s been fascinating to be part of this unique initiative. From the start, I was struck by the diversity of people and projects involved, with the finalists providing almost even split of talented men and women from all over Africa. This competition has shone a light on our continent, and helped to showcase African solutions to African problems. As someone who knows how challenging it is to boot-strap their own business, I was heartened to see that many of the entrants are entirely self-funded, and have shown great determination, ingenuity and spirit to get this far. All the finalists are truly deserving of the opportunity they have been given. Jack Ma represents the very best in global entrepreneurship, so I am delighted to have been involved in such a fantastic project.” commented Nicolas Pompigne-Mognard, ABH semi-finale judge and Founder and Chairman of APO Group.

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On November 13th and 14th, Africa’s Business Heroes will host its Grand Finale, and winners of the 2020 ABH prize will be announced on November 14th, 2020.

During the online Grand Finale pitch, the top ten Heroes will present their business ventures, as well as their vision and leadership profile, to the finale judging panel that includes: Jack Ma, Founder of the Jack Ma Foundation and the Alibaba Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; Strive Masiyiwa, Founder and Executive Chairman of Econet Group; and Joe Tsai, Executive Vice Chairman of the Alibaba Group.

The next few weeks will be crucial for the finalists to finesse their pitches and leverage the in-depth training, learnings and insights that they have gathered along their ABH journey, culminating in the finale. All of this will be part of ABH brand-new business entertainment televised show, due to air in five episodes from November 21st to December 19th across Africa. The show will give the audience exclusive access to the real-world stories of the entrepreneurs of this edition, following them as they go head to head in the finale, and unveiling the key insights and advice shared by the finale judges, alongside the best moments and experience of the competition. By showcasing the huge talent of the contestants, ABH hopes to talk to the entrepreneurial spirit of startups and small businesses in Africa and around the world, inspiring them to pursue their aspiration and turn their ideas and solutions into concrete business ventures.

 

Meet the Top 10 finalists:

Abdulai A Dasana, CEO & COO, Amaati Company Limited (Ghana)

“We nourish the world” – Amaati is a social enterprise whose mission is to build sustainable communities through the use of an extinct and neglected crop called Fonio. The company is led by Abdulai A. Dasana, an agricultural technologist with a decade of experience in finance, banking and SMEs, and with a vision to revolutionize the agriculture sector to benefit the most vulnerable.

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Aboubakar Karim, CEO & Founder, INVESTIV (Côte d’Ivoire) 

“Technology and passion for agriculture” – INVESTIV is an Ivorian company whose mission is to help build the future of African agriculture by leveraging innovative technologies to support smallholder farmers throughout Côte d’Ivoire and West Africa. The company is led by Aboubakar Karim, a 25 years old agro-economist.

Axel Emmanuel Gbaou, CEO & Founder, Le Chocolatier Ivorien (Côte d’Ivoire) 

“Cocoa revolution in progress” – Le Chocolatier Ivorien manufactures and offers Africa-made, handcrafted and quality chocolate, promoting sustainable cultivation techniques and a fairer distribution of income in the cocoa chain through a direct partnership with female growers. The founder Axel, who started his career as a banker and established the company in his mother’s kitchen, holds a degree in International Public Law, and a Master’s in Taxation.

Chebet Lesan, Founder & CEO, Bright Green R. Energy (Kenya) 

“Revolutionizing Africa’s kitchens” – BrightGreen Energy produces life-saving fuel bricks that reduce the cost of cooking for underserved communities across Africa and save forests. The company is led by Chebet Lesan who has a background in Leadership from The University of Cambridge, Product Design from The University of Nairobi, Supply Chain Management from Rutgers School of Business and a Business-Design Fellowship from Massachusetts Institute of Technology D-lab.

Cyrille Nkontchou, Founder & Chairman, Enko Education (Cameroon)

“Your launchpad to the best universities” – Enko Education operates the largest single network of private schools in Africa that teaches the International Baccalaureate curriculum to democratize access to quality international education for African youth. The company was founded by Cyrille Nkontchou, an economist by training with extensive experience as a fund manager, a banker and a consultant.

Ethel Mupambwa, Co-Founder and Executive Director, Moneymart (Zimbabwe)

“Creating wealth; changing lives”- Moneymart is a Zimbawean based microfinance institution that offers tailor-made business loans to MSMEs and individuals who live off the power grid to access quality solar-lighting-kits. The company is co-led by Ethel Mupambwa, who has nine years of experience in finance and is a Level 2 Chartered Financial Analyst Candidate.

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Dr. Emma Naluyima Mugerwa, Founder, MST Junior School (Uganda) 

“Little seeds, big dreams” – MST Junior School is a Primary School with a unique approach and learning model. It aims to equip the pupils with unique skills to solve agriculture issues such as food insecurity, waste mismanagement and malnutrition. The school was established by Dr. Emma Naluyima, a vet, farmer and educator with a desire to train young people and change their lives through Modern and Purposeful Farming.

Joan Rukundo Nalubega, CEO & Founder, Uganics (Uganda) 

“Buy a soap – save lives” – Uganics is a social business that manufactures life-saving organic anti-malaria soap to address malaria, which kills millions of people every year, and sells around the world at a high profit margin to subsidize sales to poor populations at the same price as regular soap. The company is led by Joan Rukundo Nalubega, a Malaria survivor and a social entrepreneur with a vision to fight Malaria.

Mame Diarra Bousso Gueye, CEO & Founder, Diarrablu (Senegal) 

“Artisans & algorithms for a conscious lifestyle” – Diarrablu is a Senegalese fashion tech company merging African artisan traditions with technology to empower African artisans and build an ethical and sustainable fashion future centered around ancestral African craftsmanship. The company is led by Diarra Gueye who has experience in finance, mathematics, and design and recently completed her Master’s at Stanford University with a focus on creative mathematics.

Oluwasoga Oni, CEO & Co-Founder, Mdaas Global (Nigeria) 

“Unlocking diagnostics for Africa’s next billion” – MDaaS Global builds and operates modern, tech-enabled diagnostic centers in clinically-underserved communities starting in Nigeria to provide a world-class patient experience at highly-affordable prices. The company is led by Oluwasoga Oni, an MIT-trained system engineer.

 

 

 

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Naira strengthens against dollar

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Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures

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The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.

 

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