Fidelity bank card banner Emerald Energy Institute Camano banner

Fidelity Bank generates over N300bn in IGR for governments, supports Anambra’s revenue mobilisation push

By News Express on 13/02/2016

Gmail icon

Views: 2,454


Fidelity Bank Plc, one of the country’s most capitalised financial institutions, recorded a cumulative collections of over N300 billion in Internally Generated Revenue (IGR) for all the three tiers of government over a period of 10 years.

Speaking at the inaugural edition of the Anambra State IGR Summit held recently in Awka, Fidelity Bank Managing Director/Chief Executive Officer Nnamdi Okonkwo said that the bank attained this feat by simply driving efficiency in the revenue collection process.

He described this as being significant in view of the steep decline in monthly federal allocations to both state and local governments precipitated by the free fall in global oil prices and the need for states to meet their respective revenue mobilisation target in the 2016 fiscal year.

Okonkwo assured that Fidelity Bank is properly positioned to play dominant roles in Nigeria’s Electronic Payments and Services Market.

“We pioneered Informal Sector IGR Collections with our successful deployment of the Point of Sale (PoS) Terminal Tax Collections in Abia, Imo and Sokoto States,” Okonkwo stated. This model, he explained, has also been requested for and adopted by other state governments. “As a bank, we deployed Automated Electronic Motor Vehicle License to Sokoto, Anambra, Abia and Kano States. We also successfully deployed the first electronic collection solutions for Ondo State (IGR), Anambra and Abia State Land Registry Automation Processes,” he said, adding that the conference could not have come at a better time, given the present economic situation.

Reflecting on the mood of the country, Okonkwo stressed the need for all tiers of government to seek alternative sources of revenue generation to meet financial obligations and live up to the expectations of the citizenry. “We are eagerly looking forward to building a veritable partnership with the Anambra State Government to aid its collection of such revenues and help improve its IGR,” he said.

He assured Governor Willie Obiano and Anambra people of the bank’s unflinching commitment towards helping the state meet its financial obligations, saying: “As a bank, we want the Anambra State government to live up to the expectations of its citizenry.”

The bank chief explained that the lender has made significant strides in the deployment of a robust electronic banking system including internet, mobile banking and payment platforms, Automated Teller Machines (ATMs), Point of Sales (PoS) terminals, card solutions, and money transfer services. He noted that with about 4, 000 PoS machines, 731 ATMs, and an E-banking income increase of 128.4 percent y-o-y to N4.5 billion and 115.4 percent q-o-q, according to the 2015 Q3 reports, the Bank’s efforts at promoting cash-lite economy is yielding desired results.

In his opening remarks, Governor Obiano said that the state has set a monthly revenue target of N2.2bn for the year 2016. Pointedly, he said that the IGR summit was a bold validation of Fidelity Bank’s leadership position in the banking industry and expressed confidence in the lender’s ability to support the state in its quest to improve IGR.

Alluding to plans by his administration to deploy specially modified PoS devices across the state, Governor Obiano vowed to attain the revenue target without increasing taxes and promised to sanitize the revenue collection process by weeding out fraudsters who pose as collection agents to fleece tax payers.

“This year, we intend to move our IGR from N1.4bn where it is currently to about N2.2bn monthly. And I believe it is doable. We will do this without increasing tax. We will not increase tax but we are going to enhance our method of collection and block the leakages. Most of our taxes have been going into private pockets. This time, I will clean up the system,” he said.

Giving vivid insight into the sorry state of international oil market and its adverse impact on the revenue accruable to states from the federal government, the Anambra State Governor said: “If I was receiving N100 from the Federal Government, I now receive N27.” He regretted that only four states currently pay salaries to workers as and when due in the country, thus the need to generate revenue internally to run the government.

•Photo shows Fidelity Bank MD/CEO Nnamdi Okonkwo.

Source News Express

Posted 13/02/2016 05:42:53 AM

 

 

CLASSIFIED ADS

 

You may also like...
Referee suspended as ‘rock, paper, scissors’ replace coin...

Update: Missing EgyptAir plane confirmed crashed; countries of...

Ondo government bans trading in offices by civil...

Expect a partly cloudy day with localised thunderstorms:...

NSCDC personnel commits suicide after killing wife, brother-in-law...

Customs dares Senate, insists on duty payment on...

NYSC Sokoto to post 90 percent of corps...

FBI list: EFCC recovers N486m, arrests 28 suspects...

GE CEO steps down

Lagos hotel caught in energy theft

Dangote Cement to reward customers with N300m in...

How OPC exposed and plotted the downfall of...

 

Latest News UNILAG dismisses reports on MC Oluomo’s alleged presence at campus event Wike’s revenge and Atiku’s next move Dreaded Port Harcourt serial killer opens up in Police custody; recounts exploits in Rivers, Imo 6 Nigerians emerge as Fellows of African School on Internet Governance ‘Killer’ prophet paraded in Imo Presidential Battle: Buhari, Atiku, INEC splash billions at election tribunal Three notorious kidnap suspects nabbed in Abia Nigeria may not celebrate 100th independence anniversary — Bisi Akande Tipper driver absconds after killing two in Anambra Bayelsa Guber: Open Letter to Uncle Timi Alaibe Debt Controversy: Abuja court judgement fraudulent, says P&ID FG begins inspection of filling stations in Bayelsa to verify weights, measures of oil pumps

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (542,139 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (443,684 views) Shameless Genevieve Nnaji exposes breasts in public (390,104 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (327,071 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (295,184 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,920 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (250,144 views) 10 cars more expensive than Jets (238,800 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,843 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,834 views) Lagos plane crash: Journalist releases victims’ names (196,167 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,727 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,453) Business Verdict (80) Columnists (1,112) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (814) Global Business Monitor (445) ICT Monitor (63) International (3,966) Interview (203) Live Commentary (30) Love Matters (171) Maggie's Blog (414) News (51,534) Opinion (1,360) Pidgin (17) Politics (11,457) Religion (1,102) Sports (2,171) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera