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Nigeria: Auditors gets compensation for N58bn recovery into Federation account.

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Auditors who helped to recover N58bn into the Federation Account are to receive N8.7bn for their efforts, investigation has revealed.

The amount represents 15 per cent of the recovery, which the auditors helped the government to make from banks that failed to remit the money into the Federation Account.



The Revenue Mobilisation, Allocation and Fiscal Commission recently announced that the auditors helped it to recover N58bn, which the banks collecting revenues on behalf of the government failed to remit into the Federation Account.

Investigation by our correspondent showed that the RMAFC signed an agreement that allowed the auditors to receive 15 per cent of any amount they helped the government to recover from the defaulting banks.

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The commission also announced that it had issued a demand notice to the banks for another N16.4bn that had yet to be recovered from those of them appointed to collect revenues on behalf of government revenue collecting agencies.

The banks were appointed to collect revenues on behalf of the Federal Inland Revenue Service, Nigeria Customs Service and the Department of Petroleum Resources.

The Acting Chairman, RMAFC, Umar Gana, had said that N48.7bn of the recovered money had been paid into the Federation Account, while N9.07bn relating to withholding tax on dividend only had been released to the benefitting states’ boards of internal revenue.

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Absa became the new competitor on the Ethiopia market.

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Absa Bank Of South Africa’s  has become the Latest Multinational Corporation to show Interest in Organizing the Ethiopia market.

Ethiopia has since Prevented Foreign Ownership in Economic Sectors that Includes Banking but Abiy Ahmed has began to take fast Action on the issue since he came to power in April.



Jason Quinn, the bank’s chief financial officer, told reporters that Absa was investigating on how and where to enter in a number of populating market, including Nigeria and Angola.

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Am Entrance made into the Ethiopia market of 100 million People, would be part of a Scheme made by Absa after it break from Britain’s Barclays in 2017.

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Ethiopia has plans to liberalise state-owned companies including Ethiopian Airlines, Ethio Telecom, Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Power, in order to attract foreign direct investment and stimulate growth.

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Motherland News

Black box of the Ethiopian Airline Crash recovered.

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The United Nations described the Sunday crash of the Ethiopia airline as disastrous saying it has cost them a great loss.



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Michael Moller, director-general of the U.N. European head garters said this was the worst loss suffered in years in Geneva in a statement where 150 people where gathered.

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Investigators in Ethiopia have recovered the black box from the ill-fated Ethiopian airline this Sunday.

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