Business

World Bank appoints Ndiamé Diop as Country Director for Nigeria

The World Bank has appointed Dr Ndiamé Diop as the new Country Director for Nigeria, a statement by the Bank has said.

In a statement obtained on Monday, said Diop assumed his new position in Abuja and succeeded Shubham Chaudhuri, who completed his term in the same capacity.

It said in his new position, Diop will lead the World Bank’s team in Nigeria and deepen policy dialogue and partnership with the government and key stakeholders.

The statement said he would oversee the delivery and implementation of lending and non-lending support to Nigeria.

It said before Diop’s assignment to Abuja, he served as the World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand.

“In this position, he more than tripled the bank’s financing to the Philippines to scale up the bank’s support to key economic reforms (policy-based budget support programmes).

“Also to support the nation’s endeavours to bridge disparities in various sectors, including nutrition, stunting, healthcare, social protection delivery, education, agriculture, and digital connectivity.

“In Malaysia, Diop supervised the delivery of a large Malaysia-funded knowledge programme aimed at helping the country become a high-income economy through cutting edge economic analyses and technical assistance.”

The statement said he engaged the Thai government to resume World Bank investment lending after a pause of two decades.

The statement also quoted Diop as saying “I am most excited to be leading the World Bank’s programme in Nigeria.

“Especially at this critical time when Nigeria has a significant opportunity to make progress towards improving its economy and delivering development outcomes for its citizens.

“I look forward to deepening our partnership with the Government of Nigeria at the Federal and states level ensuring quality technical and financial support which will help accelerate progress for Nigeria’s development priorities.”

Diop said Nigeria is a dynamic and vibrant country which is significant for the entire subregion.

“The Bank is most committed to working with the Government, development partners and citizens to realise a thriving economy where jobs and economic prospects are created, and millions of Nigerians are lifted out of poverty.”

It said Diop joined the World Bank in Washington DC in 2000 as a Young Professional.

The statement said he has held several leadership positions in the bank which include, Head of the Macroeconomics, and Trade and Investment unit for Southeast Asia and the Pacific.

It said Diop was also Lead Economist for Indonesia, Lead economist roles for Jordan and Lebanon, and Country Economist roles in the Middle East and North Africa.

The statement said notably, he served as the bank’s Resident Representative for Tunisia between 2007 and 2010.

Business

Customs exceeds 2024 target, rakes in N71.6bn

The Nigeria Customs Service, NCS, Murtala Muhammed International Airport Command, says it surpassed its revenue target for 2024, raking in a total of N71.6 billion.

The Customs Area Controller, CAC, Effiong Harrison, disclosed this in a statement on Friday, saying that its target for 2024 was N56.861 billion.

Harrison expressed delight over the record-breaking revenue achieved by the command.

The Customs Area Controller described the 2024 revenue as unprecedented, noting that it was the highest-ever generated in the history of the command.

“A detailed breakdown of the revenue underscores the remarkable achievement of the command in revenue generation.

“During a meeting with his management team, the area controller revealed that the command had exceeded its annual revenue target of N56,861,094,269.07 by generating N71,633,687,108.84.

“This represents a 20 per cent increase, amounting to N14,772,592,839.27,” he said.

According to him, July 2024, in particular, was a standout month, with the command recording its highest-ever monthly revenue of N12 billion.

Harrison, while comparing the command’s performance in 2023 and 2024, noted a significant revenue increase of N41.1 billion in 2024 when compared to the N30.5 billion generated in 2023, reflecting a 135 per cent growth.

He expressed profound gratitude to the Comptroller-General of Customs, Bashir Adeniyi, and his management team for their unwavering support to the command.

Harrison extended appreciation to critical stakeholders and other government agencies, acknowledging them as invaluable partners in the command’s success in 2024.

He expressed optimism that the command would achieve even greater milestones in fulfilling its core mandates in 2025.

Business

FCT-IRS announces deadline for tax returns

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has urged private companies, government’s Ministries, Departments and Agencies (MDAs) and other employers of labour in the territory to file their employee annual tax returns for 2024.

The acting Executive Chairman, Mr Michael Ango, who made the call in a statement in Abuja on Sunday, said that the employers have up to Jan. 31 to comply.

In the statement, signed by the service’s Head of Corporate Communications, Mr Mustapha Sumaila, the FCT-IRS boss said that the returns should be filed using the prescribed forms provided by the service.

This, he said, was in compliance with Section 81 of the Personal Income Tax Act (PITA) 2011 (as amended) and the Pay As You Earn (PAYE) Regulations.

He explained that the PITA Act mandates all employers of labour in the FCT to file annual returns of all emoluments paid to their employees and the total taxes of the preceding year, not later than Jan. 31 of every year.

Ango had during the 2025 stakeholder’s engagement, emphasised that filing of employee annual returns by all employees was mandatory as provided by law.

He added that failure to file the returns would attract penalties and other sanctions, which the FCT-IRS would not hesitate to impose on any defaulters.

According to him, the best form of compliance is voluntary, which the FCT-IRS expects from all taxpayers in the FCT.

“I, therefore, enjoined all private organisations, MDAs, government owned enterprises, including sole proprietorships who are employers of labour in the FCT to comply with their tax obligations to avoid sanctions.

“More importantly, the support will contribute to the development of the FCT and the efforts of the Minister of FCT, Mr Nyesom Wike, to transform the territory into a modern city,” he said.