Nigeria's Investment Agency Troubled As Buhari Appointee Suffers Competence Crisis

would reappoint a chief of the Nigerian Investment Promotion Commission who was once sacked over incompetence and ineptitude. But as the president announced that Saratu Umar would lead the commission again -- after she was sacked by former president Goodluck Jonathan in 2015 -- staff and directors exercised hope there would be a change.

Senior staff and directors of the commission, in separate interviews with PREMIUM TIMES, said the competence deficit in leadership is making NIPC depleted in strength and performance and ridiculing the existence of the federal parastatal. All the staff sources begged this newspaper for anonymity because they were not allowed to speak to the press on the matter.

They cited institutional problems facing the crumbling government agency such as delays in treating correspondences; not honouring the invitations for NIPC's national assignments; not attending or approving participation in sponsored important international events; not implementing the Country-Specific Investment Strategy considered and approved in 2018 and so on.

Tax incentives or pioneer status are exemptions granted by the federal government to qualified and important investment projects from companies deriving profits in Nigeria or brought into the country,. The importance of the pioneer status incentives is to attract foreign direct investments to enhance the growth and development of Nigeria.

A staff of the commission with sufficient knowledge of the ongoings about the pioneer status said Ms Umar's lack of commitment to approve these applications has caused a setback for the tax incentive scheme.

"She also forces staff of specific units to report to them and berates them for not subjecting themselves to tasking by these outsiders," the petition read in parts.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Investment company ordered to pay over R800,000 after client’s email hackedJudge found that PSG Wealth Financial Planning had not complied with its own policy to protect clients against cybercrime.
Source: mybroadband - 🏆 11. / 67 Read more »

Watch out for these investment scams in South AfricaGreedd says if it sounds too good to be true, it probably is.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

Opportunities for investment at Trellidor widenThe company has overcome the constraints of the recent past, and management is forging ahead
Source: FinancialMail - 🏆 20. / 63 Read more »

Eswatini authorities strike down Riscura’s investment consultancy tenderPublic Service Pension Fund’s decision to reinvite those that tendered to compete for the same tender is found to be flawed
Source: BDliveSA - 🏆 12. / 63 Read more »

Rwanda: How New Rwanda-Australia Trade, Investment Body Will Boost TiesRwanda Trade and Investment Council (ARTIC), a new body formed during the Australian leadership retreat in Brisbane from March 24 to 25, aims to strengthen relations between Australia and Rwanda by building mutually beneficial links in business, education, and culture.The council which is composed of business and community leaders, plans to use Rwanda as a conduit to broader opportunities throughout Africa. NewTimesRwanda Rwanda must be careful. The UK, Canada, Australia, France and the USA play good cop versus bad cop game with their victims. Birds of the same feathers!
Source: allafrica - 🏆 1. / 99 Read more »