All states will benefit from the planned tax reform, according to Mr. Bayo Onanuga, Special Adviser to the President on Information & Strategy. The Northern Governors’ Forum (NGF) forum was used to respond to the stance of the governors of Nigeria’s 19 Northern States. The new derivation-based model for value-added tax (VAT) distribution in the…
Nigeria’s non-oil export sector experienced a 28.04% increase in 2023, with 6.685 million metric tonnes of non-oil products valued at $4.518 billion exported. The Nigerian Export Promotion Council (NEPC) reported that 273 distinct non-oil products were exported in 2023, including semi-processed goods and raw agricultural commodities. Key exports included urea, cocoa beans, sesame seeds, soybeans,…
With effect from November 13, FBN Holdings Plc has named Adebowale Oyedeji as its Group Managing Director (GMD). The Central Bank of Nigeria’s (CBN) permission and the firm’s shareholders’ acceptance at the annual general meeting are prerequisites for the appointment. Experienced professional Oyedeji will take over for Nnamdi Okonkwo, who will step down at the…
Customers should review the Central Bank of Nigeria’s (CBN) advice on bank charges to determine how much they should be charged for every given transaction. Head Complaint Management Division, Consumer Protection Department, Mohammed Muazu, recommended clients to analyse their online bank statements supplied by their banks to check differences between the CBN’s recommendations and what…
The National Bureau of Statistics (NBS) released a report that presents a comprehensive picture of Nigeria’s labour market performance for 2023 and offers insights into key labour market indicators. The report also highlights the highest rate of unemployment among persons with post-secondary education at 9.4%, followed by those with secondary school education at 6.7% and…
At the United Nations General Assembly (UNGA) 2024 in New York, Tony Elumelu, an African philanthropist and business leader, will provide special attention to Africa’s revolutionary economic growth, youth employment, and energy transition. Through interactions with the World Food Programme (WFP), the Tony Elumelu Foundation (TEF), and former US President Bill Clinton, he will advocate…
The Central Bank of Nigeria (CBN) has announced a 0.005 percent cybercrime levy on all electronic transactions for the 2024-2025 fiscal year. This follows the levy’s suspension following controversy among Nigerians. The Cybercrime (Prohibition, Prevention, etc.) Act of 2015 aims to strengthen the country’s cyber security framework. The levy’s implementation follows the alleged suspension of…
Banks and other financial institutions are required by the Central Bank of Nigeria (CBN) to move cash and unclaimed balances from inactive accounts to accounts maintained by the central bank. In order to help beneficiaries and account holders recover money that has lain dormant for up to ten years, the CBN has also published regulatory…
Banks and other financial institutions are required by the Central Bank of Nigeria (CBN) to move cash and unclaimed balances from inactive accounts to accounts maintained by the central bank. In order to help beneficiaries and account holders recover money that has lain dormant for up to ten years, the CBN has also published regulatory…
Mrs Ifeoma Ogbonnaya, an Assistant Manager at Zenith Bank Plc, has described how Mr Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), transferred monies to his wife, Mrs Margaret Emefiele. Ogbonnaya told an Ikeja Special Offences Court on Tuesday how Emefiele exploited the bank to transfer millions of naira to his…