FG Urged to Heighten Tax Incentives for Businesses, Reiterates Commitments to Enhancing Financial Markets

Nume Ekeghe

The Chief Executive Officer, FMDQ Holdings Plc, Mr. Bola Onadele. Koko has urged the federal government to heighten tax incentives for businesses stressing that doing so will further bolster activity in the financial markets.

Onadele made the call when he and members of his management, made a courtesy call on the Vice President, Prof. Yemi Osinbajo at the Presidential Villa, State House, Abuja.

A statement by FMDQ said, Onadele, during a presentation, expressed his immense appreciation of the Vice President’s active and impactful contributions towards the development of the nation’s financial markets.

It states: “FMDQ’s commitment to performing its strategic roles as a market organiser, catalyst for capital formation, adviser to governments and regulators and financial markets diplomat, to support the development and implementation of innovative solutions towards attracting capital to boost productivity in Nigeria, reduce unemployment, bridge the infrastructure gap, and support Nigeria’s achievement of the United Nations Sustainable Development Goals.

“He also asserted that one of the top priorities for FMDQ was to support the development of commerce in Nigeria, postulating that commerce was the life blood of every nation, and that thriving and liquid money, capital and foreign exchange markets were sine qua non in the development of Nigeria’s trade, industry, and commerce.”

He indicated that FMDQ demonstrated its agenda in this respect through the establishment of the FMDQ Private Markets, “to promote the inclusion of private companies in the capital markets, and provide access to long-term private capital to small, medium, and large enterprises.”

Furthermore, said: “Additionally, Mr. Onadele highlighted tax incentive and tax-related initiatives which would further bolster activity in the financial markets and solicited the Vice President’s continuous support of the financial markets development agenda.”

Onadele applauded the passing of the Companies and Allied Matters Act 2020, citing that it would spur economic and a new wave of innovative developments, “improve the ease of doing business, stimulate increased economic activity.

Speaking, Osinbajo commended FMDQ Group on the laudable achievements and developments made in the Nigerian financial markets and beyond since its establishment and reassured FMDQ that he was willing and excited to support it in championing the realisation of Nigeria’s potential.

He also urged the Management of FMDQ Group to further explore ways to de-risk the Nigerian financial markets and the housing finance sector.