CHIKA IZUORA in this piece writes on Tertiary Education Trust Fund, TetFund unfettered achievent in the education and sustained transparency in tax levy collection
Tertiary Education Trust Fund, abbreviated as TETFUND, is a scheme established by the Federal Government of Nigeria in 2011 to disburse, manage, and monitor education tax to government-owned tertiary institutions in Nigeria.
The TETFUND scheme was formed as a product of the Education Tax Act of 1993
In recognition of its continuous compliance with the Nigerian tax laws and its regular payment of the two per cent Education Trust Fund, Samsung Heavy Industries Nigeria (SHIN) Limited has received ‘Award of Merit’ from the Tertiary Education Trust Fund (TETFund).
The award was given to SHIN at the Third Edition of the TETFund’s Taxpayers’ Forum held in Abuja on August 12th.
SHIN has dutifully paid two per cent of its yearly assessable net profit as Education Tax to TETFund, which is the Nigerian government’s agency charged with the responsibility for imposing, managing and disbursing the tax to public tertiary institutions in Nigeria.
The Taxpayers’ Forum was meant to intimate the contributors to the fund on the activities of the TETFund, ahead of the celebration of its 10-year anniversary and to recognise the organisation’s most important and deserving contributors.
The event was also meant to foster accountability by showcasing the uses of the Education Tax to the contributors as well as the general public.
Commenting on the award, SHIN said in a statement that it was highly excited to align itself with development of tertiary education and Nigeria at large.
“SHIN, being an outstanding corporate citizen, is honoured to receive this recognistion in carrying out its statutory duty as no country has achieved greatness without developing its human capacity. “This serves as a confirmation of SHIN’s contributions to the development of Nigeria and its people,” the statement explained.
The main source of income available to TETFund is the two per cent education tax paid from the assessable profit of companies registered in Nigeria.
The Federal Inland Revenue Services (FIRS) assesses and collects the tax on behalf of the TETFund.
The funds are disbursed for the general improvement of education in federal and state tertiary educations specifically for the provision or maintenance of: Essential physical infrastructure for teaching and learning; institutional material and equipment; research and publications; and academic staff training and development.
The funds can also be used for any other need which, in the opinion of the Board of Trustees (BoT), is critical and essential for the improvement and maintenance of standards in the higher educational institutions
The TETFund award was not the first award received by SHIN in Nigeria as the company had in February 2020 received ‘Award for Technological Breakthrough” at the Nigeria International Petroleum Summit (NIPS) in Abuja
SHIN was honoured with the award for technological breakthrough for the innovations introduced during the construction of the Egina Floating Production Storage Offloading (FPSO) unit, the world’s largest FPSO, which was built for the Egina oil field, the deepest offshore oil and gas field in Nigeria.
Earlier in April, 2019, SHIN was also recognised by the Nigerian Oil and Gas Opportunity Fair (NOGOF) with the first place winner for the most impactful contribution to local content development since 2017 to date.
The award was presented to the company at the NOGOF 2019 awards ceremony held in Yenagoa, Bayelsa State.
Outside the shores of Nigeria, SHIN had in September 2019, won a highly commended award for its contribution to the development of regional maritime Cluster at the prestigious Sea trade Maritime Awards Middle East, Indian Subcontinent & Africa held in Dubai.
Notably, SHIN had also won ‘Breakthrough Deal of the Year 2018’ and ‘African Project of the Year 2019’ in Africa Assembly award, organized by the Oil and Gas Council in Paris for the Egina FPSO unit built for Nigeri’s Egina oil field.
The company had again, in April 2021 written Nigeria’s name in the global business and technology map with its recognition with award of ‘Excellence in Floating Production Storage Offloading (FPSO) Services’ under the utility/energy category of the 2021 Global Business Outlook (GBO) Awards.
The London-based publication recognises innovations, achievements, and strategies within the global business community, covering sectors on banking, finance, insurance, brokerage, technology, and leadership, among others.
The award, which was designed to facilitate the outstanding work of businesses and business leaders across industries, seeks to recognise and reward excellence in businesses around the world.
SHIN was the only institution from Nigeria, which won in the 2021 GBO Awards.
Apart from meeting its legal and contractual obligations to the Nigerian government, SHIN has also maintained a track record of consistently giving back to Nigerians over the years as part of its Corporate Social Responsibility (CSR).
For instance, the company had secured 5,000 COVID-19 test kids from the South Korea Government to help the Nigerian government tackle and mitigate the impact of the COVID-19 pandemic that ravaged the world.
The shipbuilding giant had also made generous donations to four states in the country to boost the fight against the pandemic.
SHIN had made donations of 496 bags of rice and 12,000 reusable facemasks to Lagos, Bayelsa, Kano and Plateau states.
SHIN has also been sponsoring the eye surgeries of Nigerians on a yearly basis.
Since 2015, SHIN has worked with Vision Care, an organisation under WHO, in the yearly Eye Camp to give free cataract surgeries to Nigerians who cannot afford the treatment.
In 2019, it sponsored the eye surgeries of at least 115 Nigerian patients and 224 outward patients as part of its CSR in Nigeria.
In the previous Eye surgeries in 2018, 102 patients, who were at the risk of blindness, recovered their eyesight.
Since it started the programme, SHIN has sponsored the eye surgeries of 572 Nigerian patients, 1,593 outward patients and has also donated glasses to 99 patients.
The company had also donated electrical equipment, clothing and other relief materials to the victims of herdsmen and Boko Haram insurgents’ attacks in Jos, Plateau State.