Connect with us

Trending News

LIRS Boss, Ayodele Subair, Bags Vanguard’s Public Sector Icon Award




Mr Ayodele Subair, Executive Chairman, Lagos State Internal Revenue Service (LIRS) has been conferred with the 2022 Public Sector Icon of the year at the 11th edition of the Vanguard Personality of the Year Award held at the Eko Hotels and Suites, Victoria Island, Lagos on Friday, January 27, 2023.

The glamorous ceremony chaired by Mrs Ajoritsedere Awosika, Chairman of Access Bank, is an annual event where eminent personalities who have distinguished themselves in professional excellence and service to humanity in the private and public sectors are honoured.

According to the organizer of the event, Vanguard Newspaper Limited, the LIRS boss, Subair, was conferred with the special award in recognition of his magic wand in the Lagos state tax revolution during the last seven years of being in office.

L-R: Mrs Enonuya Angela- Assistant Director, Personal Income Tax, LIRS, Ms Coker Folashade- Director, Informal Sector and Special Duties, LIRS, Ayodele Subair, Executive Chairman, Lagos State Internal Revenue Service, LIRS and Mrs Bolaji Akintola, Director, Tax Audit, LIRS during the 11th edition of the Vanguard Personality of the Year Award held over the weekend at the Eko Hotels and Suites, Victoria Island, Lagos.

Receiving the award, alongside some of the LIRS directors, Subair expressed gratitude to the Vanguard Newspapers’ management for finding him worthy to be selected for the honour.

“I must thank the chairman and management of Vanguard Newspapers. They’ve been there as the vanguard leading the way in developments and new ideas for many years. To be on top is not very easy. They are one of the best newspaper organisations in Nigeria. I say kudos to them.”

Speaking further, Subair noted; “I feel very proud about our achievements at LIRS. It’s not just about me. It is about LIRS, the management, the directors, and staff, including most importantly, His Excellency, Governor Babajide Sanwo-Olu for his immense support and encouragement. Also, the Lagos State House of Assembly, the Judiciary and all stakeholders that have contributed to our success.”

Commenting on the impact of the award, the LIRS chairman said it had thrown the agency up for more good work.

He said the agency is happy to be contributing to the development of Lagos State and humanity. According to him, “Without mobilization of funds, there can’t be any meaningful development.”

Born on May 21, 1960, Subair holds a Bachelor of Arts Degree in Economics from the Metropolitan University of Manchester, United Kingdom. He also holds a Master’s Degree in Business Administration from the University of Lagos. A fellow of the Institute of Chartered Accountants of Nigeria, ICAN, member of both the Chartered Institute of Taxation of Nigeria, CITN, and the Business Recovery and Insolvency Practitioners Association of Nigeria, BRIPAN.

Prior to his appointment in 2016, the internally generated revenue, IGR, by the LIRS, hovered around N240 billion, but with his astute knowledge and experience in accounting and taxation, Subair has increased revenue generation to N427 billion, nearly doubling the initial revenue at the start of his tenure.

Subair has introduced various innovative measures to shove up the tax revolution in Lagos State, which included the introduction of e-Tax, which has resulted in a faster turn-around time for tax processes, improved transparency, and increased taxpayer self-service.

At the prestigious Award night, aside from the LIRS boss, other eminent Nigerians were conferred with different categories of awards, including the President of Dangote Group, Alhaji Aliko Dangote, who won the Personality of the Year Award.

Governors Emmanuel Udom of Akwa Ibom, Babagana Zulum of Borno, Ifeanyi Okowa of Delta, AbdulRahman Abdulrazaq of Kwara and Seyi Makinde of Oyo emerged as Vanguard Newspaper 2022 governors of the year. Also honoured were, Chairman of NDLEA, General Buba Mara (rtd), Founder/CEO Techno Oil, Nkechi Obi, Ray Ekpu and Mohammed Bello Koko, CEO, Nigerian Port Authority among others.

Earlier, speaking at the award ceremony, General Manager/Ediro-in-Chief of Vanguard Newspaper, Mr Gbenga Adefaye, said that for a decade, Vanguard Newspaper has continued to recognize Nigeria’s most distinguished individuals for excellence, national pride and service to humanity.

L-R: Mrs Enonuya Angela- Assistant Director, Personal Income Tax, LIRS, Asiwaju Solomon Kayode Onafowokan, former President Lagos Chamber of Commerce & Industry and Chairman, Coleman Wire and Cables presenting the 2022 Public Sector Icon of the Year Award to Ayodele Subair, (middle) Executive Chairman, Lagos State Internal Revenue Service, LIRS, Ms Coker Folashade- Director, Informal Sector and Special Duties, LIRS and Mrs Bolaji Akintola, Director, Tax Audit, LIRS during the 11th edition of the Vanguard Personality of the Year Award held over the weekend at the Eko Hotels and Suites, Victoria Island, Lagos

Adefaye noted that these individuals in business, politics and other facets of human endeavours have not only achieved great success but have been responsible corporate citizens, impacting society and the environment. “They have been innovative and forward thinking and have taken bold steps to shape the future of their industries and served with integrity and dedication to improve the nation “There are numerous ways to make a positive influence, whether by volunteering our time, closing market gaps, spearheading innovation, being a model citizen or simply lending a helping hand to people in need’’ he said.

Hosted by actress and television presenter, Zainab Balogun and her male colleague, Deyemi Okanlawon, the ceremony had in attendance society’s Crème de la crème including captains of industry, members of the diplomatic corps, businessmen, and women businesswomen, media personalities as well as members of the culture and creative industry.

Trending News





First Bank of Nigeria Limited, Nigeria’s premier financial services institution, has announced a phased corporate name change of its subsidiaries in the United Kingdom and Sub-Saharan Africa. FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia and FBNBank DRC are the first set of subsidiaries effecting the name alignment. They are now known and addressed as FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia and FirstBank DRC. The Ghana, Senegal and Guinea subsidiaries will be next in the phased name change implementation.

The name change is being implemented to align the subsidiaries with the parent brand and to enjoy the strong heritage and brand equity built by FirstBank Nigeria in its 129 years of banking leadership. This will further enhance the quality-of-service delivery resulting in better brand clarity, uniformity and consistency across all the markets where the Bank operates.

A leading financial inclusion services provider, FirstBank Group is committed to its nation-building goal. It has taken giant performance strides on its unique growth trajectory as it continues to build distinctive capabilities through partnerships and the constant drive to reinvent itself. This performance is evidenced in the numerous awards and recognitions bestowed on the institution.  These awards include Best Private Bank for Sustainable Investing in Africa 2023 by Global Finance Awards; Best Corporate Bank in Western Africa 2022 by Global Banking & Finance; Best CSR Bank Africa by International Business Magazine in 2022; and ranked as number one in Nigeria in terms of Overall Performance; Profitability; Efficiency and Return on Risk by the Top 100 African Bank Rankings 2022 released by The Banker Magazine from the stables of Financial Times.

In addition, in Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc., the Bank was crowned: Market Leader in Corporate and Social Responsibility (CSR); Market Leader in Environmental, Social and Governance (ESG); Highly Regarded in Corporate Banking and Digital Solutions and Notable: in SME Banking.

Speaking on the name change, Dr. Adesola Adeduntan, CEO of FirstBank Group, said ‘’ the name change which coincides with FirstBank’s 129th founding anniversary (March 31st, 2023) is indeed a milestone reflective of our resolve to continuously provide the gold standard of excellence and value as we put our customers First.  The new identity of the subsidiaries contributes to an enhanced brand presence. It helps our customers and stakeholders better appreciate the value of the diversified products suites, competitive pricing and extensive business networks the FirstBank Group offers. These include our commitment to boosting cross-border businesses including trade and investment opportunities essential to enhancing trade relations amongst countries, thereby strengthening the economies of host communities and reducing poverty,” he concluded. 

Continue Reading


Oando Boss, Wale Tinubu, Congratulates [email protected]




Wale and Bola Tinubu


The Group Chief Executive, Oando Group, Mr Wale Tinubu, has described the President-Elect, Asiwaju Bola Tinubu, as an exemplary politician who possesses leadership qualities worthy of emulation.

In a message to felicitate the former Lagos State governor on his 71st birthday on Wednesday, the Oando boss also lauded the selfless sacrifices the President-Elect have made for the enthronement and sustenance of democracy in Nigeria.
In his message Mr. Tinubu wrote:‘ ’Happy birthday H.E Asiwaju Bola Ahmed Tinubu, an inspirational leader and President-Elect! Your selfless dedication to improving the lives of others, most especially Nigerians, is exemplary. As we celebrate another year of your remarkable accomplishment, may Allah (SWT) grant you courage and success in the leadership of our great nation.”
Popularly known as ‘Governor Emeritus’, Tinubu’s political career began in 1991 when he became a Senator of the Federal Republic representing Lagos West Senatorial District. The Third Republic was, however, truncated by the late General Sanni Abacha in 1993, following the June 12 debacle. But for fate, he would have been summarily dispatched for his outspokenness then.
The Lagos State-born politician came back in 1998, preparatory to the advent of the Fourth Republic. This time, he came out better, wiser and more determined. He was elected the governor of Lagos State in 1999 under the platform of the Alliance for Democracy, AD.
He survived the Peoples Democratic Party’s ‘Tsunami’ in 2003 when other AD governors in the South West region were swept away from office.
His political profile has been on the rise since, as he was among the top politicians who formed the ruling All Progressives Congress, APC, in 2014.

Continue Reading






Zenith Bank

Zenith Bank Plc has announced its audited results for the year ending December 31, 2022, achieving an impressive double-digit growth of 24% in gross earnings from NGN765.6 billion reported in the previous year to NGN945.5 billion in 2022. This is despite the persistent challenging macroeconomic environment and headwinds.

According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange (NGX), the double-digit growth in gross earnings was driven by a 26% year-on-year (YoY) growth in interest income from NGN427.6 billion to N540.2 billion and a 23% year-on-year (YoY) growth in non-interest income from NGN309 billion to NGN381 billion. Profit before tax also grew by 2% from NGN280.4 billion to NGN284.7 billion in the current year. The increase in profit before tax was due to the significant growth in all the income lines.

Impairments grew by 107% from NGN59.9 billion to NGN124.2 billion, while interest expense grew 63% YoY from N106.8 billion to N173.5 billion, respectively. The impairment growth, which also resulted in an increase in the cost of risk (from 1.9% in 2021 to 3.3% in the current year), was due to the impact of Ghana’s sovereign debt restructuring programme. The growth in interest expense increased the cost of funds from 1.5% in 2021 to 1.9% in 2022 due to hikes in interest rates globally.

Customer deposits increased by 39%, growing from NGN6.47 trillion in the previous year to NGN8.98 trillion in the current year. The growth in customer deposits came from all products and deposit segments (corporate and retail), thus consolidating the bank’s market leadership and indicating customers’ trust.

The continued elevated yield environment positively impacted the bank’s Net-Interest-Margin (NIM), which grew from 6.7% to 7.2% due to an effective repricing of interest-bearing assets. Operating expenses grew by 17% YoY, but growth remains below the inflation rate. Total assets increased by 30%, growing from NGN9.45 trillion in 2021 to NGN12.29 trillion, mainly driven by growth in customer deposits. With the steady and continued recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN3.5 trillion in 2021 to NGN4.1 trillion in 2022, which increased the Non-Performing Loan (NPL) ratio modestly from 4.2% to 4.3% YoY. The capital adequacy ratio decreased from 21% to 19%, while the liquidity ratio improved from 71.2% to 75%. Both prudential ratios are well above regulatory thresholds.

In 2023, the Group intends to expand its frontiers as it also reorganises into a holding company structure, adding new verticals to its businesses and growing in all its chosen markets, both locally and internationally.

As a testament to its commitment to shareholders, the bank has announced a proposed final dividend payoutof N2.90 per share, bringing the total dividend to N3.20 per share.

In recognition of its track record of excellent performances, Zenith Bank was recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDayAwards 2020, Most Innovative Bank of the Year 2019 by Tribune Newspaper, Bank of the Year 2020 by Independent Newspaper, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

Continue Reading

Trending News