MTN Nigeria and Airtel Nigeria have emerged as the most capitalised companies in the country with N5.56 trillion and N4.49trn to lead eight other companies on the stock exchange’s 10 most capitalised companies in June. 

In a data released by the exchange yesterday, the two telecom operators’ combined N10.5trn capital base gave the ICT sector an edge over the industrial goods sector which parades Dangote and BUA with a combined capital of N7.98trn, and the consumer goods sector which has Nestle and BUA with N3.43trn. 

Data shows that the financial sector got N2.11trn while oil and gas had N823.7billion and utility sector N750bn. 

In the last three years, the ICT sector has been leading other sectors in their contribution to the country’s Gross Domestic Product (GDP). 

Nigerian Communications Commission (NCC) had said the telecommunication industry has recorded over $70 billion in investment in the past 22 years.

“From $500 million investments in the sector as of 2001, the telecommunications industry has recorded over $70 billion investment till date,”  the NCC said.

 

Daily Trust

Nigeria is leading the pack in terms of cryptocurrency awareness, a recent survey conducted by the private blockchain software company ConsenSys and YouGov has found.

The study, which polled more than 15,158 people in 15 countries, showed that 92% of the world’s population are aware of cryptocurrencies, with some 99% of Nigerian respondents demonstrating awareness of crypto.
Speaking to RT, crypto experts from the West African nation highlighted the misconception that Nigeria lacks technological prowess, saying the country has seen a remarkable increase in the exploration of the digital economy, a trend that is being embraced by both young and old people.

Crypto enthusiast Adiele Great said he lost a freelance job due to difficulties receiving payments from outside Nigeria, but the blockchain technology now lets him “collect payment easily and instantly.”

In May, Nigeria’s federal government approved the implementation of its National Blockchain Policy to assist the country in developing a regulatory framework to govern the technology’s adoption.

Blockchain expert Chukwuemeka Gerald said that, if it’s properly implemented, the policy will benefit the Nigerian economy.

“The government actually has a huge role to play,” Chukwuemeka said, explaining that the West African nation has been studying the cryptocurrency sector successes of the United Arab Emirates government.

“If you understand the likes of the United Arab Emirates, these guys are actually taxing crypto companies and Web3 companies and giving them good regulations and also a level playing ground for them to come in and establish their business,” he stated, adding that it can be a “win-win” situation for both government and operators.

 

Russia Today

Independent National Electoral Commission (INEC), on Tuesday, closed its defence after calling its only witness to testify in opposition to the petition filed by Peter Obi and the Labour Party (LP) at the Presidential Election Petition Court (PEPC).

INEC’s lawyer, Abubakar Mahmoud, announced the closure of the first respondent’s case after its witness, Lawrence Bayode, a Deputy Director in the Information and Communication Technology (ICT) Department of the commission, finished testifying.

The electoral commission similarly closed its case concerning the petition filed by the presidential candidate of the Peoples Democratic Party (PDP), with Bayode also testifying as its sole witness.

Atiku’s legal team took advantage of the INEC witness to tender the European Union ((EU) Observers’ final report, which was critical of the 25 February presidential election, as an exhibit in court on Monday.

Both Atiku and Obi are by their separate petitions challenging the outcome of the 25 February poll, which had President Bola Tinubu as the winner.

Before calling on Bayode to testify in Obi’s case on Tuesday, the INEC lawyer tendered some documents which were admitted and marked as exhibits.

Led in evidence by Mahmood, the witness told the court that he worked for INEC for 24 years.

Cross-examination

Under cross-examination by Patrick Ikwueto, counsel for the petitioners, the witness told the court that the testing of the software application for the election was carried out on 4 February.

He added that there was a report on the testing, but it was not with him in the court.

The petitioners tendered the e-transmission saver web and compliance form through the witness. The court admitted and marked the documents as exhibits.

The witness told the court that the pre-production test was conducted before the election.

He was asked if the hard copy of the results would differ from the ones in the IreV portal (an online portal designed to receive and display photographic photos of polling unit results in real time. He said no.

He, however, added that anything could happen when sending the results from form EC8A (polling unit result sheet) to the IreV.

He admitted that performance, functionality and vulnerability tests were conducted before the election.

The witness agreed with Ikwueto that the report of the e-transmission application identifies remediation to be undertaken to resolve the high vulnerability identified in the report.

The witness said he does not know INEC ‘s web address where its materials are published.

While also cross-examining the witness, Wole Olanipekun, counsel for President Tinubu and Vice President Kashim Shettima, asked if the foundation and authenticity of any election by INEC are rooted in forms EC8A and EC8E, the witness said yes.

The witness added that blurred documents downloaded from INEC IreV would not affect the physical results in form EC8A because the image is irrelevant.

He said the election ends with the recording, snapping and sending of results to INEC‘s IreV.

Answering questions from APC counsel Lateef Fagbemi, the witness said the physical results are used for computing the election’s final results.

He said the glitches that occurred on election day did not affect the collation of the results.

He added that if what was downloaded from the IreV was not clear, the physical results could be obtained.

He told the court further that ECOWAS monitored the election, but he does not have their report.

The witness stated that the cloud trial log account of INEC can be obtained from Amazon Web Services (AWS).

INEC’s defence closed

After the testimony of the sole witness, INEC’s lawyer, Mahmoud, told the court that INEC’s defence in the Obi and Labour Party petition is closed.

Olanipekun later told the court that Tinubu and Shetimma, listed as second and third respondents in the petition, will open their defence Wednesday.

The five-member panel headed by Haruna Tsammani adjourned until Wednesday for them to open their defence.

Obi and his Labour Party (LP) are petitioners in the petition marked CA/PEPC/03/2023 challenging the election which brought Tinubu to office.

Respondents are the Independent National Electoral Commission (INEC), Tinubu, Shettima, and the All Progressives Congress (APC).

 

NAN

President Bola Tinubu on Tuesday presented his academic records before the Presidential Election Petition Court in Abuja.

Tinubu tendered the academic records obtained from the Chicago State University in the United States of America to counter a suit lodged by Atiku Abubakar challenging his victory as Nigeria’s president.

The electoral commission, INEC, had declared President Tinubu of the All Progressives Congress (APC) as winner of the presidential election, which was held on 25 February.

But Atiku of the Peoples Democratic Party (PDP) disputed the election outcome.

Subsequently, he filed a petition before the court on 21 March, urging it to overturn Tinubu’s victory because of alleged fraudulent academic and criminal records, among other issues, including electoral malpractices.

He concluded the presentation of his case on 23 June, paving the way for Tinubu, the APC and INEC to open their defence.

At the resumed proceedings on Tuesday, Tinubu’s lead lawyer, Wole Olanipekun, tendered documents to aid the president’s case.

Olanipekun presented academic records from the Chicago State University, where Tinubu graduated.

U.S. Embassy’s letter clears Tinubu of criminal conviction

He also tendered a letter from the U.S. Embassy in Nigeria, clearing Tinubu of any criminal conviction or arrest in the U.S.

In 2003, the then Inspector-General of Police, Tafa Balogun, now deceased, had written to the U.S. Consular General in Lagos, requesting if Tinubu had any criminal record in the U.S.

Balogun’s enquiry was at the behest of the Alliance for Democracy, a political party on whose platform Tinubu sought re-election as governor of Lagos State in 2003.

“The screening committee of the Alliance for Democracy has written to the Nigeria Police Force Headquarters, requesting confirmation of any criminal record of conviction to date against Governor Bola Ahmed Tinubu in the United States of America,” Balogun’s letter dated 3 February 2003 read in part.

In a reply to the police’s enquiry, the American Consulate in Lagos said the Federal Bureau of Investigations (FBI), National Crimes Information Centre (NCIC) ran a check on Tinubu.

In the reply dated 4 February 2003, a legal attache at the U.S. Consulate, Michael H. Bonner, disclosed, “The results of the checks were negative for any criminal arrest records, wants, or warrants for Bola Ahmed Tinubu.”

The NCIC is a centralised information centre that maintains the records of every criminal arrest and conviction within the U.S. and its territories.

In furtherance of his quest to debunk allegations of fraud against Tinubu, Olanipekun tendered the immigration documents of Tinubu’s trips to the U.S. between 2011 and 2021.

He said the documents were certified by the Nigerian Immigration Service.

The lawyer also presented the final results of the presidential election, which declared Tinubu president-elect on 1 March.

After tendering tons of documentary evidence, Olanipekun told the five-member panel of the court headed by Haruna Tsammani that a “documentary foundation” had been laid for Tinubu’s case.

“We will continue with oral evidence tomorrow by calling witnesses,” Olanipekun said.

But Atiku’s lawyer, Chris Uche, opposed the admissibility of the documents.

Tinubu’s co-respondents – INEC and APC – did not oppose the tendering and admissibility of the papers in evidence.

After admitting the documents in evidence, the court adjourned further hearing until Wednesday.

Background

In the petition challenging Tinubu’s victory, Atiku accused the then president-elect of drugs trafficking and falsification of U.S. academic records and identity.

In the filings, Atiku’s lawyer, Uche, said Mr Tinubu forfeited $460,000 as a ‘compromise agreement’ in the U.S.

Atiku further faulted Tinubu’s victory because he “holds dual citizenship of Nigeria and Guinea, having voluntarily acquired the citizenship of the Republic of Guinea.”

He accused INEC of fraud and substantial non-compliance with the provisions of the Electoral Act and the Constitution during the conduct of the 25 February election.

 

PT

Tajudeen Abbas, speaker of the house of representatives, has announced the principal officers of the majority party – the All Progressives Congress (APC) – in the lower legislative chamber.

At plenary on Tuesday, Abbas announced Julius Ihonvbere, lawmaker representing Owan east/Owan west of Edo as the majority leader; and Abdullahi Ibrahim Halims, legislator representing Ankpa/Omala/Olamaboro of Kogi, as the deputy majority leader.

The speaker also named Bello Usman Kumo, representing Akko federal constituency of Gombe as the chief whip; and Adewunmi Oriyomi Onanuga, representing Ikenne/Sagamu/Remo north federal constituency in Ogun, as the deputy chief whip.

For the minority leadership, Abbas announced Kingsley Chinda, a member of the Peoples Democratic Party (PDP) from Rivers as the minority leader; while Ali Madaki of the New Nigeria Peoples Party (NNPP) was named as the deputy minority leader.

Ali Isa of PDP was named minority whip; while George Ebizimawo of Labour Party was announced as deputy minority whip.

Abbas said all the members of the APC in the house endorsed the selection of the principal officers from the governing party.

He prayed for wisdom for all the principal officers as they take the reins of leadership in the green chamber.

 

The Cable

WESTERN PERSPECTIVE

Ukraine reports 'particularly fruitful' few days in counteroffensive

A Ukrainian counteroffensive against Russian forces has been "particularly fruitful" in the past few days and Ukraine's troops are fulfilling their main tasks, a senior security official said on Tuesday.

The comments by Oleksiy Danilov, secretary of Ukraine's National Security and Defence Council, were Kyiv's latest positive assessment of the month-old counterattack although Moscow has not acknowledged Ukraine's gains.

Ukraine's Deputy Defence Minister, Hanna Maliar, also reported gains around the shattered city of Bakhmut despite fierce Russian resistance. Russian forces had captured it in May after 10 months of battles.

Russia, which began its full-scale invasion in February 2022, still holds swathes of territory in eastern and southern Ukraine but Ukrainian President Volodymyr Zelenskiy said on Monday his troops had made progress after a "difficult" week.

"At this stage of active hostilities, Ukraine's Defense Forces are fulfilling the number one task – the maximum destruction of manpower, equipment, fuel depots, military vehicles, command posts, artillery and air defense forces of the Russian army," Danilov, head of Ukraine's National Security and Defence Council, wrote on Twitter.

"The last few days have been particularly fruitful," he said, without providing any details from the battlefield.

Valeriy Shershen, spokesperson for the Tavria, or southern, military command, said Ukrainian troops had advanced by up to 2 km (1.2 miles) in the Berdiansk direction of southern Ukraine, despite fierce Russian resistance.

GAINS NEAR DESTROYED BAKHMUT

Deputy Defence Minister Maliar said Ukrainian forces were making gains every day in areas outside Bakhmut.

"We are advancing on the southern flank of Bakhmut. To the north, to be honest, there is heavy fighting and so far no advance," Maliar told national television.

"... Our forces are encountering serious resistance. The enemy is pouring in all its forces to stop in the south and in the east."

Russian forces, she said, were also making advances further north, near Lyman and in Svatove, where Russian troops have recently been particularly active.

In Makiivka, a town in the Russian-controlled part of Donetsk region, Ukraine's military it had destroyed a formation of Russian forces. Russia-installed officials said one civilian died and 36 civilians were injured in the attack.

Reuters has been unable to verify the situation on the battlefield. Each side says the other is suffering heavy losses.

Accounts of frontline fighting from the Russian Defence Ministry said its forces had foiled Ukraine's in five areas of eastern Donetsk region.

It also reported repelling attacks near Lyman and disrupting enemy operations in the Zaporizhzhia region, where Ukraine says its forces have captured a cluster of villages.

The General Staff of Ukraine's military reported success in repelling Russian attacks in Kupiansk in the north, Bakhmut and near the contested towns of Avdiivka and Maryinka to the south.

Russia said on Tuesday Ukraine had attacked Moscow with at least five drones that were all shot down or jammed, though one of the capital's airports rerouted flights for several hours.

** Moscow says civilians hit in Makiivka attack that Kyiv says destroyed Russian unit

Ukraine's military said late on Tuesday that it destroyed a formation of Russian forces in the Moscow-controlled Makiivka in the Donetsk region, while Russia-installed officials said that one civilian died and 36 were injured in Kyiv's attacks.

"As a result of precision firing by Defence Forces units, another formation of Russian terrorists in the temporarily occupied Makiivka ceased to exist," the strategic communication office of Ukraine's Armed Forces said.

In an accompanying video on the Telegram messaging app, the communication office showed what looked like explosions in a sparsely built-up area.

Russia-installed representatives in part of Ukraine's Donetsk region now controlled by Moscow and where Makiivka is situated said on the Telegram messaging app that one man died and at least 36 people were injured.

Denis Pushilin, the Russia-installed head of those parts of Donetsk that Moscow controls said that among the injured were a 33-month-old baby and a 7-year-old boy.

"Late in the evening, the enemy launched fierce attacks on residential areas and a hospital complex," Pushilin said on his Telegram channel.

Reuters could not independently verify either of the reports. Both sides deny targeting civilians in the 16-month war that Russia has been waging against its neighbour.

On New Year's Day, at least 89 Russian troops were killed in a Ukrainian attack on Russian military quarters in Makiivka.

 

RUSSIAN PERSPECTIVE

Ukraine shifts its counteroffensive focus

The “maximum destruction” of Russian military personnel and hardware is currently “the number one task” for Ukraine, the country’s national security chief, Aleksey Danilov, has claimed.

“At this stage of active hostilities, Ukraine’s Defense Forces are fulfilling the number one task – the maximum destruction of manpower, equipment, fuel depots, military vehicles, command posts artillery and air defense forces of the Russian army,” Danilov said in a Twitter post on Tuesday, claiming that the “last few days have been particularly fruitful.”

“Now the war of destruction is equal to the war of kilometers. More destroyed means more liberated,” he added.

Danilov’s remark is the latest in an apparent damage-control effort launched by Kiev to explain the lack of any meaningful results in its long-heralded counteroffensive effort, which has been going on for about a month already. Ukrainian President Vladimir Zelensky acknowledged in mid-June that the progress of the counteroffensive was “slower than desired.”

Multiple senior Ukrainian officials have insisted that expectations about the campaign have been blown out of proportion, with Ukrainian Defense Minister Aleksey Reznikov even claiming the intense warfare was merely a “preview” and totally “not the main event,” which had been hyped up for months.

The counteroffensive “preview” has resulted in heavy casualties for the Ukrainian military, which lost thousands of personnel and hundreds of pieces of hardware over the past month, including multiple Western-supplied combat vehicles such as US-made Bradley IFVs and German-made Leopard 2 tanks.

Thus far, Kiev has lost 16 Leopard 2 tanks, which, Russian Defense Minister Sergey Shoigu said on Monday, “practically amounts to 100% of the tanks of this type supplied by Poland and Portugal.” He further alleged that Ukraine’s foreign sponsors were pressuring Kiev to continue assaults on Russian positions despite the loss of some 2,500 pieces of heavy weaponry during the conflict.

** Russian air defenses down two Ukrainian Su-25 ground attack planes over past day

Russian air defense forces shot down two Ukrainian Su-25 ground attack planes, intercepted five rockets of the US-made HIMARS multiple launch rocket system and destroyed 14 enemy drones over the past day in the special military operation in Ukraine, Defense Ministry Spokesman Lieutenant-General Igor Konashenkov reported on Tuesday.

"Air defense capabilities shot down two Ukrainian Air Force Su-25 planes near the settlements of Georgiyevka in the Donetsk People’s Republic and Orekhov in the Zaporozhye Region. Five rockets of the HIMARS multiple launch rocket system were intercepted over the past 24 hours," the spokesman said.

In addition, Russian air defenses destroyed 14 Ukrainian unmanned aerial vehicles in areas near the settlements of Ploshchanka and Topolevka in the Lugansk People’s Republic, Krynki and Sagy in the Kherson Region, Gladkoye, Nesteryanka and Inzhenernoye in the Zaporozhye Region, the general reported.

 

Reuters/RT/Tass

Fighting rages in Sudan's capital as army tries to cut off supply routes

Fierce battles broke out on Tuesday across Omdurman, the western part of Sudan's wider capital, as the army tried cut off supply routes used by its paramilitary rivals to bring reinforcements into the city.

The army launched air strikes and heavy artillery, and there were ground battles in several parts of Omdurman, witnesses said. The RSF said it had shot down a fighter jet, and residents posted footage that appeared to show pilots ejecting from a plane. There was no immediate comment from the army.

Conflict between the army and the paramilitary Rapid Support Forces (RSF) erupted on April 15, bringing daily clashes to the capital, triggering ethnically-motivated killings in the western region of Darfur, and threatening to drag Sudan into a protracted civil war.

The RSF quickly took control of swathes of the capital and has brought in extra fighters from Darfur and Kordofan as the conflict has deepened, transferring them across bridges from Omdurman to Bahri and Khartoum, the other two cities that make up the wider capital across the confluence of the River Nile.

Residents said Tuesday's clashes in Omdurman were the heaviest for weeks, and that as the army tried to gain ground it was also fending off an RSF attack against a police base.

"There's been very heavy bombardment for hours, air strikes, artillery and bullets. It's the first time for us that there have been continuous strikes at this level from every direction," said Manahel Abbas, a 33-year-old resident of Omdurman's Al-Thawra neighbourhood.

The conflict broke out amid disputes over an internationally-backed plan for a transition towards civilian rule, four years after the overthrow of long-ruling autocrat Omar al-Bashir during a popular uprising.

Saudi Arabia and the United States brokered several ceasefire deals at talks in Jeddah that were suspended last month after both sides violated the truces.

In a move that could escalate conflict in western Sudan, tribal leaders from South Darfur on Monday declared their allegiance to the RSF. The RSF originated in the Arab militias that helped crush a rebellion in Darfur after 2003, before developing into a national and officially recognised force.

Nearly 2.8 million people have been displaced since the start of the fighting in mid-April, including almost 650,000 who have crossed into neighbouring countries, according to the latest U.N. figures.

 

Reuters

Jim Waterson

Elon Musk recently challenged Mark Zuckerberg to a physical cage fight – but the real battle between the two billionaires will begin on Thursday when Zuckerberg launches Threads, his company’s Twitter competitor.

Zuckerberg’s Meta believes there is a gap in the market for a Twitter-style social network for short posts that is technically stable and isn’t subject to the whims of Musk, who despite being one of the world’s richest men spends a considerable amount of time engaged in disputes on social media.

Threads was unveiled to Meta staff last week, with the chief product officer, Chris Cox, saying the company had been working on the new product since January, according to an internal briefing reported by the Verge.

Cox said the company had already approached prominent figures such as Oprah Winfrey to see if they will jump ship to the new site: “We’ve been hearing from creators and public figures who are interested in having a platform that is sanely run, that they believe that they can trust and rely upon for distribution.”

The comment appeared to get under Musk’s skin, with the Twitter owner breaking away from preparations for his fight to comment about Threads: “Thank goodness they’re so sanely run.”

Threads is expected to have a similar feel to Twitter but is branded as “Instagram’s text-based conversation app”, with preview screenshots suggesting users will be able to use their existing Instagram login details, easing the sign-up process.

Twitter claims to have enlisted about 250 million global users, substantially fewer than the billions who use Facebook and Instagram, but has long punched above its weight in terms of global influence on the news agenda.

Yet the site is creaking since the Musk takeover. The Tesla chief executive spent much of 2022 trying to back out of his $44bn (£34.5bn) bid to buy the social network, eventually completing his debt-laden purchase of the social network last October.

Since then he has fired the vast majority of Twitter’s staff, unwound policies designed to stop hate speech, and watched as mainstream advertisers flee the platform – a problem for a company that still derives most of its money from advertising. He has also shifted to a business model where users have to pay for verified status, meaning users who refuse to cough up are less likely to find an audience for their tweets – and enabling people intent on self-promotion to essentially buy a prominent position on the site, regardless of the quality of the posts.

Over the weekend the already-unstable Twitter started to fall apart at the seams, with the site becoming inaccessible for many users. Musk said he had chosen to limit the number of posts that non-paying users could view to 600 a day in an attempt to stop unauthorised third-party access of his site. An alternative explanation is that Twitter simply was forced to take emergency steps as its servers struggle to cope with demand. Whatever the real reason, it essentially made the site unusable for most of the heavy users who produce the vast majority of the site’s content.

Attempts to seek an explanation on any of these policy moves are impossible, since Musk has fired all of Twitter’s communications staff. Journalists who ask the company to explain its actions now receive an automatic reply featuring a poo emoji.

Mike Proulx, vice-president at market research firm Forrester, said the weekend’s chaos had been “remarkably bad” for users and advertisers.

“Advertisers depend on reach and engagement yet Twitter is currently decimating both,” he told AFP.

Zuckerberg has long been fascinated by Twitter’s influence and discussed buying the site back in 2008. One challenge for his Threads products will be whether people are willing to blend their Instagram profiles – often featuring personal life updates and family pictures – with more public-facing posts on sites such as Twitter. A bigger issue is whether people who have spent years building up large followings on Twitter – giving them valuable access to an audience – can be persuaded to start again on a new site.

Other Twitter rivals have also experienced rapid growth in recent days. Bluesky, which resembles a stripped-back version of Twitter, grew its user base by 20% on Monday. But the site has struggled to cope with demand and is now operating on an invite-only basis, meaning only 250,000 people have access to the service.

Despite this, the likes of Nigella Lawson and LBC presenter James O’Brien have chosen to start posting on the network – albeit to substantially smaller audiences than they could reach on Twitter.

Still, there does appear to be a demand to try Twitter alternatives. Dmitry Grozoubinski, a former Australian diplomat, posted on Bluesky about the upstart site attracting big names: “It’s just incredible that Musk has managed to damage Twitter so badly that very large accounts are willing to abandon sometimes literally millions of followers and tweet to, like, 300 folks on here. Like, business school case study incredible.”

 

The Guardian, UK

As an entrepreneur and author, I've had the opportunity to work with and learn from some of the best business minds in the industry.

Time and time again, I've seen that the key to success lies in one crucial element: A winning team. Without a group of dedicated, talented individuals working together, even the most innovative ideas can fall flat.

I'll share with you three best practices to building a winning team: Finding "A" players, recruiting and vetting and employee retention. These strategies have helped me build successful businesses in the past and I know they can work for you too.

1. Find "A" Players

"A" players are those exceptional individuals who bring talent, drive and a strong work ethic to your organization.

They are the top performers who go above and beyond to help your company thrive. Once you have a team of A players, you won't ever want B's or C's again. But how do you find them?

• Look for individuals who demonstrate a growth mindset, embracing challenges and continually seeking to learn and improve.
• Pay attention to their track record of success, both in their professional and personal lives.
• Seek out those who are proactive, taking the initiative to solve problems and contribute new ideas.
• Don't forget the importance of cultural fit and core values. "A" players will align with your company's values and contribute positively to your team dynamic.

2. Recruit and Vet Extensively

Once you've identified the qualities you're looking for in "A" players, the next step is to create a recruiting and vetting process that attracts and identifies these top performers.

• Develop a clear and compelling job description that highlights your company's mission and values.
• Leverage your existing network, including employees, to find potential candidates.
• Use social media and professional networking platforms to target candidates who match your desired skillset and values.
• Incorporate behavioral and situational interview questions to assess how candidates handle real-life challenges.
• Consider including a practical component in the interview process to evaluate candidates' skills and problem-solving abilities.

3. Commit to Employee Retention

Attracting "A" players is only half the battle; retaining them is equally important. By creating an environment where employees feel valued, supported and challenged, you can reduce turnover and ensure long-term success.

• Foster a culture of trust, open communication and collaboration. Encourage employees to share their ideas, challenges and successes with the team.
• Invest in employee development, offering opportunities for growth through training, mentorship and stretch assignments.
• Provide regular feedback and recognition, celebrating individual and team accomplishments.
• Offer competitive compensation and benefits packages, but also emphasize non-monetary perks such as flexible work arrangements, team-building activities and a positive work environment.
• Consider offering log term incentives such as options or phantom equity

Building a winning team takes time, effort and commitment, but the rewards are well worth it.

By focusing on finding "A" players, implementing a smart recruiting and vetting process and prioritizing employee retention, you can create a team that drives your business forward and stands out from the competition.

Remember, success starts with the people you surround yourself with, so invest in building a winning team today.

 

Inc

Federal Inland Revenue Service (FIRS) says it has partnered with the Market Traders Association of Nigeria (MATAN) for the easy collection of value-added tax (VAT) from its members — especially those in the informal sector.

In a statement issued via its official Twitter handle on Monday, the agency said the collaboration, also known as the VAT direct initiative (VDI), would be done through the use of a unified systems technology.

MATAN is the umbrella body for all trading associations in Nigeria founded in 1995.

The group is the largest player in Nigeria’s market space with a membership of well over 40 million traders across the country.

FIRS said through the initiative, MATAN is expected to “promote awareness on VAT collection and remittance in the marketplace and informal sector, while also simplifying VAT payment and remittance for the marketplace and informal sector using a purpose-built digital platform”.

“MATAN has a digital platform which enumerates their members giving them a digital ID and tracks their turnover so that VAT accrued is collected and remitted to the FIRS,” the statement reads.

“The VDI is the first of its kind programme that will utilise technology to foster collaboration between FIRS and the marketplace for the collection and remittance of VAT.”

FIRS said the partnership would enable it to tackle multiple taxations in the marketplace through a partnership with security agencies “to curb the activities of touts, miscreants and self-imposed tax collectors involved in illegal tax collection in Nigeria’s market spaces.”

The agency added that the VDI will boost VAT revenue generation for the three tiers of government, “which in turn means more money to fund infrastructure, provide social amenities and cater for the welfare of citizens”.

FIRS said in order to ensure compliance and accountability, MATAN members will each receive an identity card upon enumeration.

“This card contains their tax identification number (TIN) and other personal details for tax purposes,” the body said.

“The VDI will have a monitoring and evaluation team comprising of FIRS 11 officers and MATAN members to ensure transparency, accountability, prompt VAT remittance, sustained commitment, and reporting which are vital to building the public confidence in the initiative.” 

 

The Cable