The Federal Inland Revenue Service (FIRS) has unveiled sweeping changes in Nigeria’s tax framework as part of the newly enacted tax reform laws. In a move aimed at easing the burden on citizens and promoting inclusive growth, FIRS confirmed that food, education, and agricultural sectors will be exempt from value-added tax (VAT). The announcement was made amidst debates about how to stimulate economic activity while preserving government revenues. Under the new regime, essential goods and services—particularly those tied to sustenance, learning, and farming—will no longer attract VAT charges. The shift signals a major policy reorientation: the government appears willing to…
Author: Temitope N.
The Nigerian Civil Aviation Authority (NCAA) has confirmed that Royal Air Maroc, Morocco’s national carrier, has fully paid a sanction fine imposed on it for violating passenger rights regulations in Nigeria. The development comes as the NCAA intensifies efforts to enforce compliance with consumer protection rules among both domestic and international airlines operating within the country’s airspace. According to NCAA officials, the fine stemmed from an incident in which Royal Air Maroc failed to provide adequate care and compensation to Nigerian passengers affected by flight disruptions. Investigations revealed that the airline did not meet mandatory standards set under Nigeria’s Civil…
Lagos State Governor Babajide Sanwo-Olu has commended Ecobank for its efforts in promoting high-quality design, construction and sustainable infrastructure during the Ecobank Build & Design Expo, where officials from government, private sector and built environment professionals gathered to explore how cities should be built to last. At the event, themed “How We Build, How We Live,” held at the Ecobank Pan African Centre in Victoria Island, the governor emphasised that the bank’s commitment to environmental sensitivity and inclusive design is helping Lagos meet its goals for a modern, resilient metropolis. The Expo showcased dozens of exhibitors from across Nigeria and…
The Federal Government of Nigeria has listed new bonds worth ₦200 billion on the Nigerian Exchange (NGX) for the month of September, reinforcing its commitment to raising capital through the domestic debt market while providing investors with secure, long-term instruments. The move is part of the government’s wider debt management strategy aimed at stabilizing public finances, bridging budget deficits, and deepening the capital market. The fresh listings comprise multiple tenors under the Federal Government of Nigeria (FGN) bonds program, with maturities stretching up to 10 and 30 years. According to the Debt Management Office (DMO), the bonds carry coupon rates…
The Nigerian stock market closed positively on Friday, with investors collectively gaining about ₦115 billion, fueled by renewed interest in banking and oil and gas stocks. The upturn marks a reversal from earlier sessions dominated by profit-taking and cautious trading, highlighting resilience in the equities market despite macroeconomic headwinds. At the close of trading, the Nigerian Exchange (NGX) All-Share Index (ASI) rose by 0.21 percent to settle at 100,428.12 points compared to the previous day’s 100,218.52 points. The market capitalization of listed equities also climbed, rising from ₦56.7 trillion to ₦56.815 trillion, translating to the ₦115 billion increase in investors’…
The Nigerian banking landscape is about to undergo one of its most significant transformations in years, as Providus Bank and Unity Bank move to combine into a single, strengthened financial institution. Shareholders of Unity Bank overwhelmingly approved the merger in a court-ordered meeting on September 26, 2025, setting in motion the dismantling of Unity Bank as an independent entity and the creation of a larger, more competitive bank. Under the agreed terms, Unity Bank shareholders were presented with two options: accept a cash payout of ₦3.18 for each share they currently hold, or exchange every 17 Unity Bank shares for…
President Bola Ahmed Tinubu is set to unveil the refurbished National Arts Theatre in Iganmu, Lagos, on Wednesday, October 1, as part of the nation’s 65th Independence Day celebrations. The iconic structure, recently renamed the Wole Soyinka Centre for Culture and the Creative Arts, underwent a comprehensive overhaul funded by the Central Bank of Nigeria (CBN) and the Bankers’ Committee. The renovation project, which has drawn national attention, is viewed by its backers as a bold investment in Nigeria’s cultural heritage and creative sector. Earlier in 2024, Tinubu assigned the theatre its new name in honor of the Nobel Laureate,…
The Federal Airports Authority of Nigeria (FAAN) has officially begun phasing out cash transactions across its airports, unveiling a new digital payment scheme designed to enhance efficiency, transparency, and revenue assurance. The rollout, dubbed “Operation Go Cashless,” went live on September 29, 2025, at key revenue points in major airports, with plans to expand the system nationwide over the coming months. At the launch held at Murtala Muhammed International Airport in Lagos, FAAN’s Director of Public Affairs and Consumer Protection announced that all revenue-collection points—including access gates, car parks, VIP lounges, and protocol sections—will gradually cease accepting physical cash. Under…
United States President Donald Trump has reignited debate in the global entertainment industry after unveiling plans to impose a 100 percent tariff on films produced outside the country. The proposal, announced through one of his social media statements, is being described as one of the boldest trade-related measures targeting the cultural sector, raising questions about legality, practicality, and the future of America’s global film dominance. Trump argued that American cinema has been undermined by what he termed “foreign theft” of the movie-making business, accusing other nations of attracting production through heavy subsidies and tax incentives. According to him, the industry…
Airline passengers and consumer groups across Nigeria have intensified pressure on foreign carriers after revelations that several are refusing to accept naira payments for ticket purchases. The backlash comes amid growing public resentment over what many describe as discriminatory and economically insensitive practices, especially at a time when preserving the value and usage of the naira is a key government objective. Critics say the refusal by these airlines to transact in naira runs counter to Nigeria’s laws, which require that goods and services within the country be priced and paid for in the national currency. They argue that the airlines’…
Nigerian banks are bracing for fresh challenges as the Central Bank of Nigeria (CBN) rolled out new liquidity requirements that are already reshaping the financial landscape. The apex bank, in its latest policy move, raised the Cash Reserve Ratio on certain public sector deposits to an unprecedented 75 percent while lowering the reserve ratio on private sector deposits from 50 to 45 percent. This twin action has stirred mixed reactions across the banking industry, with analysts warning of tighter margins and stiffer competition for deposits in the months ahead. The CBN’s decision marks a strategic shift aimed at reducing the…
Nigeria’s foreign exchange market has witnessed a rare period of calm as the naira maintained its value below the ₦1,500 per dollar threshold for ten consecutive trading days. The development has been received with cautious optimism by businesses, investors, and policymakers, who view it as a sign of renewed stability in the foreign exchange system after months of extreme volatility. Market data shows that the naira traded steadily between ₦1,470 and ₦1,495 across the official and parallel markets, marking the first extended period of relative calm in the currency market since the Central Bank of Nigeria (CBN) intensified its reforms…
Nigeria’s housing sector is facing heightened turbulence as foreign exchange (FX) volatility and rising inflation continue to stifle growth, putting the dream of affordable housing further out of reach for millions of citizens. Despite efforts by the government and private developers to expand access to housing, the sector is buckling under the combined weight of surging construction costs, high interest rates, and weakened consumer purchasing power. In recent months, the naira’s persistent instability in the foreign exchange market has worsened the situation for developers and contractors who rely heavily on imported building materials. Key inputs such as cement, steel, tiles,…
Rex Insurance Plc has added another feather to its cap as its Managing Director, Mr. Adewale Adesina, has been recognised among the Top 25 Chief Executive Officers in Africa, a prestigious honour that underscores his remarkable leadership and the company’s rising profile in Nigeria’s insurance industry. The recognition, conferred by a continental business and leadership rating body, highlights the strides made by Rex Insurance under his stewardship, particularly in advancing innovation, customer trust, and regulatory compliance within a rapidly evolving market. The award comes at a time when the insurance sector in Nigeria is undergoing significant transformation, with heightened competition,…
Ecobank Transnational Incorporated (ETI), one of Africa’s leading pan-African banking groups, has officially concluded its exit from Mozambique, marking a major shift in the bank’s ongoing strategy to streamline operations and strengthen efficiency across its network. The move, which has been in progress over the past months, comes as the institution intensifies efforts to focus on markets that align closely with its long-term strategic objectives and profitability goals. In a statement confirming the development, the group emphasized that the decision was not abrupt but part of a broader restructuring designed to optimize resources and reposition the bank for sustainable growth…
Nigerian billionaire businessman, Femi Otedola, has strongly criticized Umar Sani, a political commentator and former aide to ex-President Goodluck Jonathan, over remarks he made concerning fuel subsidy and Otedola’s role in the oil sector. The disagreement has quickly gained attention in national discourse, particularly against the backdrop of ongoing debates on the true state of Nigeria’s subsidy regime and its impact on the economy. Otedola, who is the Chairman of Geregu Power Plc and a key player in Nigeria’s energy sector, expressed dismay at what he described as Sani’s “ignorant and misleading claims.” In his statement, Otedola stressed that Sani’s…
Petroleum marketers across the country have expressed growing concerns that the ongoing nationwide strike declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) could trigger disruptions in fuel supply chains, ultimately leading to a hike in pump prices. The strike, which began following unresolved disputes between the oil workers’ union and stakeholders in the industry, has already raised tensions within the downstream and midstream sectors. According to PENGASSAN, the industrial action was necessary to press home long-standing demands concerning workers’ welfare, unresolved disputes with certain operators, and concerns over unfair labor practices. The union also cited…
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has reiterated that Nigeria’s port modernisation agenda cannot succeed without strong collaboration and investments from the private sector. Speaking during a stakeholders’ engagement session in Lagos, the minister stressed that modernising the nation’s port infrastructure is critical to enhancing efficiency, boosting trade competitiveness, and positioning Nigeria as a maritime hub for West and Central Africa. Oyetola explained that while government remains committed to creating enabling policies and providing the necessary regulatory framework, the scale of resources required for modernisation demands substantial private sector participation. He highlighted that many of the challenges…
The National Insurance Commission (NAICOM) has officially blacklisted several former directors of African Alliance Insurance Plc, marking a significant move in its ongoing drive to strengthen corporate governance and accountability in Nigeria’s insurance industry. The development comes after an extensive regulatory review into the company’s operations, where lapses in management practices and breaches of regulatory guidelines were uncovered. According to NAICOM, the decision to sanction the former directors follows investigations that pointed to persistent failures in governance, compliance, and risk management structures within African Alliance. The commission stated that the leadership style of the sacked directors contributed to weak financial…
The Association of Advertising Agencies of Nigeria (AAAN) is gearing up to host its highly anticipated 52nd Annual General Meeting and Congress, with this year’s edition expected to focus squarely on driving innovation in Nigeria’s advertising and marketing communications industry. Scheduled to hold from July 17 to 19, 2025, at the JAGZ Hotel in Ibadan, Oyo State, the summit will gather top industry leaders, creative professionals, government officials, and regulators to chart a fresh path for the future of advertising in the country. The summit’s theme, “Charting Bold Paths Forward,” highlights AAAN’s renewed commitment to encourage agencies to embrace…