The Federal Government has assured Nigerians and the business community that it will carry out extensive stakeholder consultations before the implementation of the next phase of tax reforms slated for 2026. The government said the move is aimed at ensuring fairness, inclusiveness, and efficiency in the nation’s tax system, while also boosting compliance and economic growth. Speaking during a policy dialogue on Nigeria’s tax reform agenda in Abuja, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, said the committee is prioritising dialogue with critical stakeholders, including state governments, businesses, labour unions, civil society…
Author: Temitope Nlewemchi
MTN Nigeria, one of the country’s largest telecommunications and digital service providers, has revealed that its total tax obligations soared to ₦376 billion in 2024, marking a substantial increase over the previous year. The surge in the tax bill, according to the company’s financial disclosures, reflects the impact of inflation, exchange rate volatility, and expanded operations across the telecom and fintech sectors. The company, which remains Nigeria’s leading corporate taxpayer in the private sector, stated that the ₦376 billion comprises company income tax, value-added tax (VAT), education tax, and regulatory levies paid to multiple government agencies. MTN attributed the rise…
Nigerian Breweries Plc, the country’s largest brewing company and a subsidiary of Heineken N.V., has reiterated its unwavering commitment to achieving net-zero carbon emissions across its operations by the year 2050. The declaration reinforces the company’s alignment with global sustainability standards and Nigeria’s broader environmental goals amid rising concerns over climate change and industrial pollution. Speaking during the company’s sustainability performance review in Lagos, Nigerian Breweries’ Managing Director, Hans Essaadi, emphasised that the company’s journey toward a net-zero future has moved beyond mere pledges into measurable action. According to him, the brewer has made significant progress in reducing its carbon…
First Bank of Nigeria Limited has reaffirmed its strong commitment to environmental sustainability with a renewed drive to complete its ambitious 50,000-tree planting initiative before the end of 2025. The bank, which launched the tree-planting campaign as part of its corporate social responsibility under the FirstGreen Sustainability Initiative, announced that it has already planted over 43,000 trees across the country, with the final phase of the project now underway. According to the bank’s Group Managing Director and Chief Executive Officer, Dr. Adesola Adeduntan, the initiative underscores FirstBank’s determination to combat climate change, promote ecological balance, and contribute to Nigeria’s commitment…
NEM Insurance Plc has reaffirmed its commitment to employee wellness, public health awareness, and corporate social responsibility by organizing its annual Fitness and Awareness Walk, an initiative aimed at promoting healthy living and encouraging Nigerians to adopt active lifestyles. The event, which took place over the weekend in Lagos, attracted hundreds of participants, including staff members, fitness enthusiasts, policyholders, and members of the public who joined the company in advocating for physical and mental well-being. Themed “Walk for Life, Walk for Wellness,” the initiative is part of NEM Insurance’s long-term strategy to integrate health consciousness into corporate culture while fostering…
Nigeria’s electricity generation companies (GenCos) have reportedly lost an estimated ₦2.3 trillion in potential revenue over the past few years due to persistent grid bottlenecks, transmission inefficiencies, and limited power evacuation capacity, which continue to hinder the flow of generated electricity to consumers across the country. Despite generating enough power to meet a substantial portion of national demand, thousands of megawatts remain stranded daily, worsening energy shortages and economic inefficiencies. Industry reports indicate that the nation’s installed generation capacity currently stands at over 13,000 megawatts (MW), while available capacity fluctuates between 4,000 MW and 7,000 MW, depending on grid stability…
Delta Air Lines has announced the launch of a new direct flight route connecting Atlanta, United States, to Marrakech, Morocco, marking a significant milestone in its continued expansion across the African continent. The move is part of Delta’s broader strategy to strengthen its global network and enhance connectivity between North America and Africa, catering to the growing demand for leisure and business travel between the two regions. The Atlanta–Marrakech service is set to commence operations in June 2025, making Delta the first U.S. airline to offer a non-stop connection between the southeastern United States and Morocco. According to the airline,…
The Governor of Ekiti State, Biodun Oyebanji, has commended President Bola Ahmed Tinubu’s Renewed Hope Farm Initiative, describing it as a major step toward reviving Nigeria’s agricultural sector and encouraging youth participation in farming.Speaking at the official launch of the initiative in Ado-Ekiti, Oyebanji noted that the programme reflects President Tinubu’s commitment to achieving food security, reducing unemployment, and strengthening rural economies. He said the Renewed Hope Farm Initiative has rekindled national interest in agriculture by providing opportunities for individuals, especially the youth, to engage in productive and profitable farming activities. The governor praised the federal government for introducing a…
The Nigerian Postal Service (NIPOST) has unveiled a new digital payment solution designed to simplify the process of paying duties, levies, and handling charges for foreign parcels arriving in Nigeria. The innovation aims to enhance efficiency, transparency, and user convenience in the management of international mail and parcel deliveries across the country. Announcing the development in Abuja, the Postmaster General of the Federation and Chief Executive Officer of NIPOST, Tola Odeyemi, said the new payment system was part of ongoing reforms to modernise postal operations and align them with global best practices. She explained that the solution would help customers…
The Lagos State Government has announced plans to host the first-ever Muslim Economic Summit, an event designed to foster collaboration, entrepreneurship, and economic development within the Muslim community and the wider Nigerian society. Scheduled to take place in Lagos later this year, the summit will bring together Islamic scholars, business leaders, policymakers, and financial experts to explore strategies for promoting ethical finance, wealth creation, and inclusive growth in line with Islamic economic principles. According to the organisers, the summit—tagged “Empowering Communities Through Ethical Economic Models”—aims to strengthen the role of Muslim entrepreneurs and investors in driving sustainable development while encouraging…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has urged commercial banks to expand their support beyond large corporations and prioritize innovative ventures, startups, and small-scale entrepreneurs as part of efforts to drive inclusive economic growth. Speaking at an economic policy forum in Lagos, Edun emphasized that the nation’s financial sector must shift focus from its traditional lending patterns, which largely favor established corporations, to include innovative enterprises and digital entrepreneurs that are key to unlocking Nigeria’s growth potential. “The era of concentrating financial resources on a few large corporate entities must give way to…
Leading financial technology company OPay has announced a strategic partnership with the University of Calabar (UniCal) to establish a state-of-the-art Cybersecurity Innovation Laboratory, aimed at bolstering Nigeria’s defense against cyber threats and fostering digital resilience among students and professionals. The collaboration, unveiled during a joint press briefing in Calabar, is designed to strengthen cybersecurity education, research, and practical skill development within Nigeria’s growing digital ecosystem. The lab will serve as a training and research hub where students, lecturers, and cybersecurity experts can collaborate on innovative solutions to tackle the country’s rising cybercrime challenges. Speaking during the event, Mr. Dauda Gotring,…
Mastercard has announced a strategic partnership with ASA Microfinance Bank (ASA) to enhance digital and financial inclusion among smallholder farmers across Nigeria through innovative technology-driven solutions. The collaboration aims to empower farmers with access to digital payment systems, credit facilities, and data-driven tools that will help improve productivity and income. The initiative is part of Mastercard’s broader commitment to accelerating the digital transformation of Africa’s agricultural ecosystem by connecting underserved communities to financial services. Speaking on the partnership, Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, said the collaboration underscores the company’s mission to “build a more inclusive digital…
Nigeria’s Minister of Power, Adebayo Adelabu, has revealed that over 10,000 megawatts (MW) of electricity capacity remains trapped in idle power plants across the country due to transmission bottlenecks, gas supply shortages, and inadequate distribution infrastructure. The minister described the situation as a major setback to Nigeria’s quest for stable and sustainable electricity supply. Speaking during an energy sector stakeholders’ meeting in Abuja, Adelabu explained that while Nigeria’s installed generation capacity stands at over 13,000MW, the national grid currently transmits only between 4,000MW and 5,000MW on average. He said that poor coordination among key players in the power value chain…
The Infrastructure Concession Regulatory Commission (ICRC) has disclosed that Nigeria requires an estimated $100 billion in annual investment over the next two decades to bridge its $2.3 trillion infrastructure deficit, emphasizing the urgent need for stronger public-private partnerships (PPPs) to drive sustainable development across key sectors. The revelation was made by the Director-General of ICRC, Michael Ohiani, during a stakeholders’ forum in Abuja, where he underscored that Nigeria’s current infrastructure funding levels are insufficient to meet the nation’s growing population and economic demands. He stated that closing the infrastructure gap is essential to achieving the country’s development goals and unlocking…
Energy giant Oando Plc has announced a remarkable 164 percent increase in profit, reaching N210 billion for the first nine months of 2024, reflecting a strong recovery and operational efficiency across its oil and gas business segments. The company attributed the impressive performance to higher crude oil prices, improved production output, and strategic cost management initiatives implemented during the period. According to the company’s unaudited financial statement released on the Nigerian Exchange Group (NGX), Oando’s profit surged from N79.5 billion in the same period of 2023, demonstrating renewed investor confidence and the effectiveness of its business restructuring strategies. The energy…
Leading financial technology company, OPay, has awarded scholarships worth N126 million to 420 Nigerian students as part of the first phase of its N1.2 billion OPay Education Scholarship Programme, aimed at empowering young Nigerians through access to quality education and capacity development.The scholarship initiative, which was officially launched in Lagos, forms part of OPay’s long-term corporate social responsibility (CSR) agenda to promote education, digital inclusion, and youth empowerment across the country. The company said the programme is designed to support students from low-income backgrounds by providing financial aid that covers tuition fees and other essential academic expenses. Speaking during the…
The Nigeria Customs Service (NCS) and the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) have reaffirmed their commitment to deepening collaboration in the fight against human trafficking, cross-border crimes, and smuggling of prohibited goods across the country’s frontiers.The renewed partnership was announced following a strategic meeting between the leadership of both agencies in Abuja, aimed at strengthening intelligence sharing, joint operations, and capacity building among their officers. Speaking at the meeting, the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, emphasized the importance of inter-agency cooperation in addressing the complex challenges posed by transnational crimes. He noted that…
The Securities and Exchange Commission (SEC) has revealed that Nigerians have collectively lost about N300.2 billion to fraudulent investment schemes in the past few years, raising concerns about the alarming rise of unregistered financial platforms operating across the country.According to the SEC, these losses stem from the activities of unlicensed fund managers, Ponzi operators, and illegal online trading platforms that promise unrealistic returns to unsuspecting investors. The Commission emphasized that the trend poses a significant threat to investor confidence and national financial stability. Speaking at an investor protection forum in Abuja, SEC Director-General, Dr. Emomotimi Agama, said the Commission’s findings…
First City Monument Bank (FCMB) has announced plans to deploy fresh capital to enhance cost efficiency, operational productivity, and business sustainability across its various segments. The bank said the move is part of its strategic roadmap to strengthen its balance sheet, optimize resource allocation, and support long-term profitability amid Nigeria’s evolving economic environment. In a statement released in Lagos, FCMB explained that the capital deployment will be directed towards key areas including digital transformation, operational restructuring, and expansion of its retail and small and medium enterprise (SME) banking divisions. The initiative, according to the bank, aligns with its vision to…