Awwal Ademola Blog

 On 8th October, 2020, President Muhammadu Buhari presented the budget for 2021 to the Joint Session of the National Assembly. And it was tagged " Budget of Resilience and Economic Recovery" The components of the budget are as follows: 1. The budget has a deficit of 5.20 trillion, which is 3.64% of the GDP. 2. Non Debt Recurrent Expenditure amounted to N3.76 trillion which is the largest proposed government expenditure.  The federal government planned to  fully implement the Integrated Personnel Payroll Information System (IPPIS) to ensure the efficiency of the expenditure, in paying salaries of civil workers. Government owned enterprises are advised to seek approval before embarking on recruitment exercise. 3. The budget is to be financed by new borrowings, privatization proceeds and drawdown of loans secured for specific projects. 4. The capital expenditure is budgeted at N3.85 trillion which is about 43% increase of that of 2020 and 29% of total expenditure. 5. The agg...

The landed properties developed by GText Homes are not limited to Ibeju-lekki alone. There are also lands available for sale in Ikorodu, Ogudu, Ibadan and Ogun State.  The following shows the lists of the properties and their associated benefits: 1. Sapphire Estate, Ikorodu, Lagos. ✓ It's located at Owutu-Isharo Road, Along Agric Bus- Stop. ✓ It's an estate located within Butterfly Estate and it's secured by OPC security team. ✓ It's 4 minutes drive from Mile 12 Ultra Modern Market. ✓ It's 35 minutes drive to the International Airport. ✓ Land Title: No Government Encumbrance ✓ Price: 4,000,000 naira 2. Sardius Estate, Ogudu GRA,  Lagos. ✓ It's located at Ori-Oke, Ogudu GRA, Lagos. ✓ It's 3 minutes drive to the third mainland bridge. ✓ It's 27 minutes drive to the International Airport ✓ It's 7 minutes drive to Mile 12 Ultra Modern Market ✓ Land Title: C of O ✓ Price: 40 million naira. 3. White House Estate, Atan, Ota, Ogun State. ✓ It's 15 minute...

 GText Homes is a subsidiary of GText Global Limited. The company, that is Gtext Global is majorly into Information and Communication Technology services most especially Digital Marketing, E-Commerce etc.  They are also into Real Estate properties sales in Lagos, Abuja, Ibadan and Ogun State. GText Homes as a Real Estate company believes purchase of properties by its clients is the best way to secure the clients' future and Investment. This is because the best asset to invest into is Land.  And these are the following Estates developed by Gtext HomesHomes  lands are made available for sales: 1. JASPER ESTATE, ABUJA  ✓  It's 13 minutes drive to the Airport ✓ It's 4 minutes drive to Dunamis International Worship Centre. ✓ It's 11 minutes drive to the central area.  ✓ It's 2 minutes drive to Jedo Estate. ✓ Price: 9,000,000. ✓ Title: C of O. 2. PRIME ROSE ESTATE, ITAMARUN, IBEJU-LEKKI, LAGOS. ✓ It's located at Itamarun Community in Ibeju-lekki, Lagos. ✓ It...

 Ibeju-lekki is an area in Lagos State, located around the Lekki-Epe Expressway.  It is also the local government area of Lekki. It's 35.4 kilometers from Ajah and 35.6 kilometers to Epe. It's the fastest growing area in Lagos as a result of some fantastic developmental projects that are ongoing there, thus making it the future mega city of Lagos. It's one of the best area for commercial activities and business investment in Lagos. These are the following ongoing projects and tourist attractions in the area: 1. Lekki Free Trade Zone: The foundation of this project started during the administration of Bola Ahmed Tinubu, a former governor of Lagos in  2006 and was completed by the Mr Akinwunmi Ambode, also the immediate past governor of Lagos in 2019. It has attracted a lot of foreign investment into Lagos and a very good example is the $50million Longrich Manufacturing Plant. The project also houses the Dangote Refinery. Companies at the Free Trade Zone will enjoy a tax fr...

The richest black man in the world, Alhaji Aliko Dangote commenced the construction of his oil refinery and fertilizer plant, at Ibeju-Lekki area of Lagos State, in 2015 and it's predicted to be completed by 2020. Operations are likely to be begin by 2021. The refinery is located in the Lekki Free Trade Zone, and linked towards the Atlantic ocean. It is predicted to be the sixth largest refinery in Africa. It's also predicted to have a daily oil production capacity of 650,000 barrels. Alhaji Dangote had also built a jetty to receive heavy equipment in the construction of the refinery. A sum of $18billion is the estimated investment on the refinery.  The Refinery and Petrochemical project is expected to generate 9,500 direct jobs and  over 25,000 indirect jobs. The processing facilities include Crude Distillation Unit (CDU), Mild Hydrocracking Unit, Naptha Hydrotreater etc. It's predicted to boost the domestic refined oil production and reduce the level of oil Importation in...

  Awwal Ademola Shonibare is a blogger, entrepreneur and intermediate in the knowledge of Accounting and Taxation. He's the CEO/ founder of Shonad Ventures Limited, an group entity that focuses on Clothing and Mobile Networks data. The business consists of Shonad data Plug, which focuses on subscription of mobile networks' data. And Shonad Couture focuses on the sales of football club jerseys and production of customized wears. He's also the founder of Awwal Ademola Blog, a website that focuses on business and economy. He also writes about business owners and managing directors on his blog such as Tony Elumelu, Jim Ovia, Ibukun Awosika, Taiwo Oyedele, Godwin Emefiele and the likes, and he has followers both within and outside Nigeria. He's a graduate of Management and Accounting at Obafemi Awolowo University. During his university days, he was a member of the Students' Bureau of Accountancy, and member of the publicity ...

The following are the various facts about Nigeria's oil and gas sector. 1. Nigeria is the top oil producing nation in Africa and the 11th in the world and she has the second largest oil reserves in the continent. 2. She generates 95% of her foreign exchange earnings from the oil wealth and the sector contributes about 65% of government budgetary revenue. 3. Nigeria has a total number of 159 oilfields and 1481 oil wells according to the Department of Petroleum Resources, and the South-South region has 78 of the 159 oilfields. 4. Nigeria has a total number of 21 crude oil terminals and of which there are 6 export terminals 5. The crude oil export terminals include: a. Forcados and Bonny Terminal owned by Shell in Port-Harcourt, which are capable of storing 13 million barrels. b. Escravos Terminal, owned by Chevron, located in Delta State and has storage capacity of 3.6 million barrels. c. Brass Terminal which is operated by Agip and located in Port-Harcourt with ...

Lagos is referred to as the Economic capital, financial and commercial centre of Nigeria. It was once the Federal Capital Territory of the nation before Nigeria moved its FCT to Abuja. Despite the move, it is still mostly recognized in the world than Abuja. Lekki - Ikoyi Bridge.  It is referred to as the economic capital of the country because majority of the  companies such as banks and other financial institutions, indigenous and foreign companies have their head offices in Lagos. Civic Towers and Civic Centre, Victoria Island.  Lagos also has the most busiest and major port in Nigeria, which is divided into three sections; Lagos, Apapa and Tincan Ports. Apapa Seaport.  The seaport is referred to as the busiest port because it handles majority of Nigeria's commodity imports and exports. The state also has the  biggest trade zone in Nigeria which is the Lekki Free Trade Zone. https://app.expertnaire.com/product/7224574926/7267922962 ...

Delta State is located in the Southern region of Nigeria. It's capital is Asaba which is located at the northern region of the state. Delta State is known as an oil producing state contributing 21.56-35% of the nation's oil output. The oil producing local government areas in the state include Warri North and South, Ughelli North and South, Isoko North and South, Burutu, Sapele, Ethiope East and West, Okpe and Ndokwa East and West. It has refinery and a petrochemical plant located in Warri. The most populous and commercial centre of the state is Warri, and it is located at the Southern region of the state. Apart from oil production activities, the state is also engaged into agricultural activities like fishery, forestry, veterinary, planning and research. Agricultural programs in the state include Delta Agricultural Development Program (DADP), Task Force on Communal Planning, Fishermen Farm Settlement Scheme and Tree Crop Unit. The state also involves itself into man...

 Various researches conducted had shown that Nigeria produces about 2.5 million barrels of crude oil daily, and it is majorly derived from the Niger Delta regions in the country. The oil resources are generated from 7.5% of the country's land area. The following states are the major and top contributors to the oil production in Nigeria: 1. Akwa-Ibom: This state is among the Niger Delta regions in the country and it is located in the South-Southern area of the country. It makes up to 31.4% of the total oil produced daily. 2. Delta: It is the second largest oil producing state in the country. Also located in the South-Southern region and also the main location of the Niger Delta as the name implies. It production level is 21.56% of the total crude oil output. It has a refinery and a petrochemical plant in Warri. 3. Rivers: This state was once the largest producer of oil before Akwa Ibom took over. It is also located in the Niger Delta region and contributes 21.43% to ...

Rasaq Okoya is the founder and chairman of Eleganza Group, one of the largest conglomerates in Nigeria. And it is also a company that focuses on production of household items like cutleries, kitchen utensils, ballpoint pens, food warmers, ice chests, electric fans etc. Okoya was born in Lagos on 12th January, 2020 to the family of Tiamiyu Ayinde Okoya, a popular fashion designer. His father's fashion designing business gave him the experience and courage to venture into business activities because he helps his father in tailoring and sales of tailoring materials. He traveled out of the country to acquire manufacturing skills, and came to implement them in Nigeria. The result gave birth to his multi billion naira business which is Eleganza Group. And his factory has locations in Iganmu, Alaba, Isolo and Oregun-Ikeja. He also owns a real estate entity known as RAO Property Investment and he owns the Oluwa Ni Shola Estate around Lekki/Ajah expressway. He began the import...

The following are the business opportunities for small investors in the oil rich nation of Qatar: 1. Information Technology: This is really booming in the oil rich nation just like other nations around the world. It includes digital marketing, mobile wallet technology, content writing and delivery, networking etc. 2. Fashion Designing: This is also a good business especially for women entrepreneurs. You can engage in sowing of hijabs, veils and other forms of Arab clothing. The men can also engage in this kind of business as far as they are talented in sowing men's wears. 3. Halal Business: If you are a muslim, you can engage into selling of Islamic materials like Quran, praying mats, Islamic books etc. and also Islamic dresses for males and females. 4. Computer Repairs and Sales: Most households in Qatar makes use of computers and their accessories. And this is an opportunity for those who are talented in computer solutions and sales. 5. Corporate English Training an...

The Nigeria Social Insurance Trust Fund (NSITF) was established by the Act of Parliament in 1961, purposely to protect and compensate employees in the private  and public sectors against events such as occupational hazards, disability,  injuries in wo rkplaces, mental stress, occupational hazards and death. The scheme is purposely established to cater for the welfare needs and compensations of employees against unforeseen occurrences. Under the Provisions of the NSITF Act 1993, all employers of labor registered under the Companies and Allied Matters Act (CAMA) 1990, either as companies or partnerships, having a minimum number of 5 employees are required to register as members of NSITF and remit their contributions monthly. The monthly contribution is calculated as 1% of the employees'  monthly gross income which will cater for the social, insurance and welfare needs of the employees and also give them the opportunity of enjoying post employment benefits. In o...

The significance of the Finance Bill of 2020 presented to the National Assembly by President Muhammadu Buhari includes : 1. Increase in government revenue through the increase of the Value Added Tax (VAT) from 5% to 7.5%. 2. Introducing tax incentives for investment into infrastructure and capital markets. 3. Promote the ease of engaging in business activities especially by Micro, Small and Medium Enterprises (MSMEs). 4. Improving the domestic tax laws to align with the global best practice. 5. Promoting fiscal equity, especially in avoiding double taxation on Income generated by organizations. The finance bill made changes to different tax laws in Nigeria such as : 1. Increase in VAT from 5% to 7.5 %. 2. 0% Company Income Tax rate for small businesses and 20% for medium businesses. Therefore there is a bonus of 2% for companies that pay their taxes 90 days before the due date. This makes their tax percentage 18%. 3. Taxation of the digital econom...

On 8th October, 2019, President Muhammadu Buhari presented the estimates of the Nigerian budget for the year 2020 which amounted to a total of N10.33 trillion to the National Assembly. The following are the highlights and components of the budget: 1.  Non-Debt recurrent expenditure which was estimated to be N3.6 trillion for personnel and pension costs. The estimate showed an increase of N620. 28 billion over the 2019 buudget, in order to ensure the payment of the new minimum wage. And also the estimate was made to make provisions for increase in remunerations of the Police and Armed Forces. 2. To build and develop more cargo terminals in existing ports outside Lagos. 3. Increase of VAT from 5% to 7.5%. 4. VAT registration threshold amounting to over N25 million annual turnover. 5. Innovative borrowings such as Sukuk, Green Bonds and Diaspora Bonds. 6. Presentation of the two Petroleum Industry Executive Bills to the National Assembly. 7. Re-present the Deep Of...