Some business owners have called on President Bola Ahmed Tinubu to address the issue of multiple taxation challenges facing Small and Medium Scale Enterprises in the country. According to a statement made available to our correspondent on Wednesday, the call was made at the 11th edition of Inspiring Change Conference 2024 with the theme ‘Enormous possibilities: Navigating uncertainty with confidence’ held in Lagos recently. The stakeholders lamented that aside from contending with the challenges arising from the current unfavourable economic conditions, they were also being subjected to heavy taxation capable of grinding their businesses to a halt. They also tasked…
Author: Temitope N.
The President and Chairman of the Council of the Chartered Institute of Taxation of Nigeria, Mr Samuel Agbeluyi, has charged new licensed tax practitioners to uphold ethical standards while discharging their duties. Agbeluyi made the call during the presentation of practising licence certificates on Wednesday in Lagos State. He said, “I urge all of you to consistently demonstrate the highest levels of ethical standards and professionalism expected of licensed tax practitioners. It is important to remember that your actions going forward have a significant impact, not only on your practice but also on the profession and the institute as a…
The Bank Directors Association of Nigeria has called for collaboration between lawmakers, regulatory authorities and the banking sector operators in the formulation and review of banking policies. According to a statement from the association, the call was made when the Chairman of the Board of Directors, Mr Mustafa Chike-Obi, led a delegation to the Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru. BDAN, in the statement signed by its Chief Executive, Adebukola Orenuga, noted that it recognised the pivotal role of regulatory bodies and legislative institutions in shaping the banking landscape. It…
EDIDIONG IKPOTO examines how property developers could take advantage of the capital market to raise construction finance In 2022, the subscribers of the ill-fated skyscraper, which collapsed on Gerrard Road, Ikoyi, Lagos, instituted legal action against the Lagos State Government for attempting to take over the property. The claimants argued that any compulsory acquisition of the property by way of forfeiture in favour of the Lagos State Government would amount to rewarding the government, making it take benefit from the negligence of one of its agencies and in complete disregard of the equitable interest of the applicants, which was worthy…
The Corporate Affairs Commission has pledged to strengthen its relationship with the Nigeria Financial Intelligence Unit to ensure Nigeria exits the Financial Action Task Force’s grey list. The Registrar-General and Chief Executive Officer of the CAC, Ishaq Magaji, stated this on Friday while receiving the Director/CEO of the NFIU, Hafsat Bakari, on a courtesy visit to the commission. In a post on its official handle on X, CAC noted that Magaji approved the immediate set-up of a joint committee with the NFIU and a dedicated desk to handle all its matters. Magaji urged the NFIU to ensure optimal utilisation of…
Economists have urged the government to tackle the challenges posed by high energy costs, and insecurity, which has slowed down food production and foreign exchange volatility, to tame the accelerating inflation in the country. The economists spoke to Saturday PUNCH on the back of the country’s inflation rate climbed higher to 31.70 per cent in February, from 29.90 per cent in January 2024, according to the latest Consumer Price Index and inflation report by the National Bureau of Statistics on Friday. Professor of Economics and Dean, College of Postgraduate Studies, Caleb University, Imota, Lagos, Segun Ajibola, said the inflation rate may not…
A Nigerian food retail firm, FoodCo Nigeria has called for government support in the early detection and treatment of breast and cervical cancer among Nigerian women. This was just as it said that the two diseases are prevalent and with high mortality rates. According to a statement on Saturday, the company’s Head of Innovation, Growth and Business Transformation, Funmi Aiyepeku, made this known during a free health workshop and medical screenings for female staff of the organisation on Friday, in commemoration of the 2024 International Women’s Day. Aiyepeku said, “Considering the numerous and competing roles they juggle as workers, homemakers,…
The number of functional oil drilling rigs across the country increased marginally to 16 in February, data from the latest March 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries has shown. Figures released by OPEC indicated that the country’s oil rigs increased from 15 in January to 16 in February, a development which industry operators described as significant for the production of crude. OPEC data showed that the country operated an average of 13, 16 and 14 oil rigs in the second, third and fourth quarters of 2023, respectively. An oil rig/platform is a large structure with…
As Nigeria aims to enhance its trade competitiveness on the global stage, analysts are emphasizing the critical role that upgrading ports and transport networks can play in achieving this goal. The country’s ports and transportation infrastructure are integral components of its trade ecosystem, and improvements in these areas have the potential to catalyze economic growth, attract investment, and streamline logistics processes. Unlocking Trade Potential Analysts assert that upgrading ports and transportation networks can unlock Nigeria’s trade potential by improving efficiency and reducing bottlenecks in the movement of goods. With enhanced infrastructure, exporters and importers can benefit from faster turnaround times,…
In a recent statement, the CEO of Autogig, a prominent automotive company, cast doubt on Nigeria’s readiness for the adoption of electric vehicles (EVs). The remarks come amidst growing global interest in sustainable transportation alternatives and calls for reducing carbon emissions. However, despite the potential benefits of EVs, concerns about infrastructure, affordability, and regulatory frameworks present significant hurdles to their widespread adoption in Nigeria. Challenges Hindering EV Adoption The CEO highlighted several key challenges that currently impede the widespread adoption of electric vehicles in Nigeria. Foremost among these challenges is the lack of adequate infrastructure to support EVs. The country’s…
In a bid to catalyze growth and enhance efficiency within the maritime sector, members of the Nigerian House of Representatives are deliberating on the establishment of a dedicated Maritime Bank. This proposed financial institution aims to address specific challenges faced by the maritime industry while unlocking its vast potential for economic development and global competitiveness. **Key Objectives:** 1. **Sector-specific Financing:** The envisioned Maritime Bank would specialize in providing tailored financial products and services to players within the maritime industry. This includes shipowners, port operators, logistics companies, and maritime service providers. 2. **Infrastructure Development:** One of the primary goals of the…
A recent delegation from the European Union (EU) and the Economic Community of West African States (ECOWAS) has expressed concerns over the relatively low Value Added Tax (VAT) rates in Nigeria. The delegation, after a comprehensive review, emphasized the need for a reevaluation of the VAT system to address potential challenges in revenue generation and align with international standards. Key Observations: 1. **Comparative Analysis:** The EU/ECOWAS delegation conducted a comparative analysis of VAT rates across regions and identified Nigeria’s rates as significantly lower than those in many comparable economies. This raises concerns about the adequacy of VAT as a revenue…
In a significant turnaround, the stock market witnessed a positive closure as banking stocks surged, attracting renewed interest from investors. The bullish momentum in the banking sector contributed to overall market optimism, signaling potential economic recovery and renewed confidence among market participants. **Key Highlights:** 1. **Banking Sector Rally:** The standout feature of the positive market closure was the robust performance of banking stocks. A surge in demand for shares in financial institutions fueled an upward trajectory in the sector, reflecting renewed confidence in the banking industry. 2. **Investor Interest Rekindled:** The positive sentiment surrounding banking stocks rekindled investor interest, with…
In a strategic move to fortify its financial position and support business expansion initiatives, Ecobank has successfully obtained a $250 million loan. The funding, secured through a combination of financial partners, is expected to enhance Ecobank’s liquidity, providing the necessary capital to fuel growth, meet operational needs, and further strengthen its position in the financial services sector. **Key Highlights:** 1. **Diverse Funding Sources:** The $250 million loan signifies Ecobank’s ability to attract funding from diverse sources, showcasing confidence in the bank’s financial stability and growth potential. The funds are sourced through strategic partnerships and financial instruments that align with Ecobank’s…
In a significant move towards promoting environmentally sustainable financial practices, the Attorney General’s Office (AGF) has joined forces with the National Development Foundation (NDF) to collaborate on initiatives aimed at advancing green finance. This strategic partnership reflects a shared commitment to fostering eco-friendly investments, mitigating climate change impacts, and promoting a more sustainable financial landscape. Key Objectives of the Collaboration: 1. **Green Investment Promotion:** The collaboration between the AGF and NDF is geared towards actively promoting green investments. This involves encouraging financial institutions, businesses, and individuals to channel funds into environmentally sustainable projects that contribute to climate resilience and biodiversity…
In a concerted effort to promote gender equality and inclusivity in the investment landscape, the NGX Group, alongside key stakeholders, is spearheading initiatives aimed at fostering increased investment in women. Recognizing the untapped potential and valuable contributions of women to economic growth and development, these efforts seek to address existing disparities and create opportunities for women to thrive in the financial sector. **Empowering Women Through Investment:** 1. **Financial Inclusion Initiatives:** The NGX Group and its stakeholders are championing financial inclusion initiatives tailored to women, aiming to provide them with access to capital, financial education, and investment opportunities. By bridging the…
In a notable push for gender inclusivity and equal representation, a group of female accountants has embarked on a mission to advocate for improved women participation in politics. Recognizing the importance of diverse perspectives in shaping policies and governance, these professionals are leveraging their expertise and influence to encourage more women to actively engage in political processes. **Key Initiatives and Advocacy Strategies:** 1. **Public Awareness Campaigns:** The group of female accountants is initiating public awareness campaigns to highlight the importance of gender diversity in political leadership. Through seminars, workshops, and online platforms, they aim to inform and inspire women to…
A delegation from the European Union (EU) and the Economic Community of West African States (ECOWAS) has raised concerns about the functionality of Nigeria’s Value Added Tax (VAT) system. The delegation, after a comprehensive review, has expressed reservations about the effectiveness of the current VAT framework, calling for a reevaluation of the system to address potential shortcomings. **Key Observations from the EU-ECOWAS Delegation:** 1. **Operational Challenges:** The delegation has identified operational challenges within Nigeria’s VAT system, pointing to issues that may hinder its efficiency. These challenges could include administrative bottlenecks, cumbersome procedures, and potential loopholes that may undermine the intended…
In a significant move aimed at enhancing the electricity regulatory landscape in Enugu, Mr. Mbah, has appointed key officials to lead the Enugu Electricity Regulatory Agency. The appointments, which include a Chief Executive Officer (CEO) and commissioners, signal a commitment to strengthening regulatory oversight in the energy sector and ensuring the provision of reliable and affordable electricity services to the people of Enugu. **Leadership Appointments** The newly appointed CEO, , brings a wealth of experience and expertise to the role. With a background in , is poised to lead the Enugu Electricity Regulatory Agency with a strategic vision focused on…
In a development that has sent ripples through the Nigerian crypto community, the prospect of Binance, a leading global cryptocurrency exchange, exiting the Nigerian market has triggered panic among investors. The uncertainty surrounding Binance’s potential departure has raised questions about the future of crypto trading in Nigeria and highlights the challenges faced by the cryptocurrency industry in the country. **Background of Binance’s Presence in Nigeria** Binance, a major player in the global cryptocurrency exchange ecosystem, has been a popular platform for Nigerian investors looking to participate in the digital asset market. Its user-friendly interface, diverse range of supported cryptocurrencies, and…