The Nigerian Communications Commission (NCC) and the Federal Inland Revenue Service (FIRS) do not believe that telecom companies in Nigeria are remitting the correct amount of VAT (value added tax). It is a financial optical illusion: the mobile density is increasing, mobile penetration is going higher but VAT has remained largely flat. Government has relied on the telecom operators to self-report these tax elements. Interestingly, the government does not believe those numbers but at the same time cannot challenge them in the courts. So, what is the way out? Install a good “malware” in the servers of the telecoms to help you track, calculate and report accruable VATs for the government in real time.

Yes, Nigeria is trying to get over its 20th century problem: ability to organize its systems to have the ability to collect taxes in full and accurately, at least in this sector. An MOU has been signed between NCC and FIRS to “ensure the tax agency ascertain accuracy and completeness of value added tax (VAT) elements and other taxes payable in the transactions of telecoms operators. With the MoU, the FIRS will be able to integrate an application programming interface (API) technology solution with the systems of telecom Operators for independent verification of the amount of VAT that should be paid by mobile network operators (MNO) rather than relying entirely on the Operators’ books of accounts.”

Now, can you copy me? Affirmative, tune to Channel “more money in vault”. Because with this legal “malware”, the government could essentially generate the balance sheets and profit & loss statements for the telcos before their accountants begin work! But thou shall not judge because in Nigeria everyone is a victim. You pay VAT, yet you must run a local government of your own, providing your power, security, water, etc.  Yet, the government needs resources to have any chance of helping you. The game continues in Naija.

In line with its inter-agency collaboration, the Nigerian Communications Commission (NCC) has signed a Memorandum of Understanding (MoU) with the Federal Inland Revenue Service (FIRS) to ensure the tax agency ascertain accuracy and completeness of value added tax (VAT) elements and other taxes payable in the transactions of telecoms operators.

With the MoU, the FIRS will be able to integrate an application programming interface (API) technology solution with the systems of telecom Operators for independent verification of the amount of VAT that should be paid by mobile network operators (MNO) rather than relying entirely on the Operators’ books of accounts. Speaking during the MoU signing ceremony in Abuja on Tuesday, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, said that diligence and appropriate due processes were undertaken to conclude the MoU, as the Commission took its time to understand the import of the MoU.

I will speak in the World Innovations Forum next week in Switzerland. Of course, the pandemic has made this event virtual. This speech will focus on national development and how innovation drives the acceleration of human well-being.

Ndubuisi Ekekwe

Founder & Chairman of FASMICRO Group

Session Title: Building the Innovation of Nations
Date & Time: Day 1 Tuesday, June 23rd @ 10:55 AM WAT

World Innovations Forum Digital | 2020 – Speakers

Tekedia Institute has entered a partnership with StartUp Arewa, the largest business development ecosystem in northern Nigeria, to train, develop and prepare 10,000 professionals, innovators, founders and entrepreneurs on management and leadership.  The Institute looks to the promise of working with MOHAMMED IBRAHIM JEGA, Founder of Startup Arewa, to accelerate economic development and advance the wellbeing of the citizens through entrepreneurial capitalism.  As a result of this partnership,  the Institute will share a public statement on June 29.

Press release on below.

Startup Arewa and Tekedia Institute today announced a new global partnership to provide quality business management skills to innovators, professionals, business owners and entrepreneurs in the northern part of Nigeria. The goal is to prepare the innovators and equip them for opportunities in changing markets.

This is a sustained partnership to train, empower and develop 10,000 people with cutting edge management skills of the 21^st century over the next two years.

Tekedia Institute offers an innovation management 4-month program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents.

The training comprises videos, flash cases, written materials and webinars delivered online. A certificate is issued to participants by Tekedia Institute USA at the completion of the program.

Startup Arewa is a non-profit organization established to empower and promote Northern Nigerian tech startups and have been at the forefront of driving Northern tech innovation ecosystem since 2016, with a well-structured mentorship plan to mentor the start-ups and also provide financial support through networks of angel investors funding program by giving out grants, non–interest loans and equity investment to start-ups.

The collaboration will help reach young people across the Startup Arewa ecosystem and members will be given support to participate in the Tekedia Mini – MBA.

Prof Ndubuisi Ekekwe, the Lead Faculty of Tekedia Mini-MBA said, “At Tekedia Institute, we are pioneering a new way of developing manpower of the 21^st century. Participants from at least 30 countries are joining us in our next edition. Working with Startup Arewa, we will help young people accelerate their leadership and management capabilities towards building stronger entrepreneurial systems, to advance our nation, and improve the wellbeing of the citizens”.

Responding, the Founder of Startup Arewa, Mohammed Jega, said, “Startup Arewa is building an ecosystem of innovators through structured mentoring and skills development. Our partnership with Tekedia Institute will further deepen our mission to serve the innovators and makers of the future”.

Meanwhile, to register for Tekedia Mini-MBA, click here https://www.tekedia.com/programs/

The biggest victory in life is victory over your time. If you master your time, you will win your future. Greatness has been achieved not because of special talent but rather via total dedication, perseverance and commitment through mastering of time. A man/woman who cannot manage his/her seconds will wander through the boundless of time. Yes, in that limitless time is something evidently scarce. In that ageless time is the most aged factor which when lost cannot be easily recovered. Have Victory over your time, and you will thrive.

Tenacity is critical because without it, any mission could be lost. In business, I have come to understand that one of the most important skills is the capacity to do the best possible job at the shortest time possible on something with the highest impact. Yes, everything must be bounded by time because without that time consciousness you will not make progress. The world will not wait for you – you have to fit into the world as defined by 24 hours in a day.

Have a process and see how that process aligns with your goals in life. Students, look carefully, the bests in your classes are not necessarily the smartest but those smart enough to manage their clocks. Because the world is bounded by time, defined within 24 hours a day, companies and schools look for those “bests” as they have overcome by managing time. The best companies, the best universities, and the best leaders want them because if they continue on those paths, they will add values.

But managing time does not mean spending lesser time on something; it’s simply knowing what to spend time on, to advance that mission. Do not be like the lifeless feather which when tossed into the stream wanders wherever the stream current moves it. Be like the dragonfly which even though enjoying the mild current defines its path.

All paths of careers are defined by the ability to manage time. A man who is overwhelmed by the limitation of the unbounded time quits. Yes, “I have decided to settle for C because I cannot cover all that would help me compete for A”. Do not show any pity: he wasted his time and the rationalization for poor grade cannot change the state of his records, for life! Do that many times, the person will turn a failure in everything.

Sometimes, poor grades could be due to misalignments: you applied for course A, you ended up with Course B because you just wanted to matriculate for college education. But we also have extremely lazy students who made bad choices: sleeping when others were studying. Not fixing those attitudes would result to future life failures.

Boss your time or it will box you!