Background: Withholding tax was introduced in Nigeria in 1977 to serve as an advance payment of income tax on specified transactions. It aimed to provide the government with a steady revenue flow and curb tax evasion. Challenges: Over the years, the withholding tax regime expanded, leading to several issues, especially […]
In a significant milestone for Nigeria’s economy, the National Gold Purchase Program (NGPP) has achieved remarkable progress. The program, designed to enhance the country’s reserves and strengthen the value of the naira, recently completed its first commercial transaction. Here are the key highlights: Foreign Reserves Boost: Nigeria’s foreign reserves received […]
Leading African fintech company Flutterwave announces a groundbreaking partnership with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a state-of-the-art Cybercrime Research Center. This initiative marks a significant step towards bolstering the fight against internet-based crime, promoting secure online transactions, and fostering a safer digital financial ecosystem for all […]
British banknotes with the image of King Charles III has entered circulation for the first time today after almost two years he became king after the death of his mother, Queen Elizabeth II. The four banknotes with the king’s portrait on the front carry values of £5, £10, £20 and […]
Nigerian superstar Davido’s foray into the crypto world with his $DAVIDO token proved short-lived, as the meme coin suffered a dramatic 93% value drop within a day of launch. Initial Hype and Quick Profit Launched on the Solana blockchain, the $DAVIDO token initially generated excitement, with Davido reportedly making a […]
The Central Bank of Nigeria (CBN) has today raised the interest rate by 150 basis points from 24.75 per cent to 26. 25 per cent. After the 2-day meeting of the bank’s Monetary Policy Committee (MPC), they agreed to increase the Monetary Policy Rate(MPR) for the third consecutive time to […]
American Express (Amex) is making a splash in Nigeria’s business landscape with the launch of its first-ever business credit card in the country. Partnering with local neobank O3 Capital, Amex aims to address the persistent challenge of dollar accessibility for Nigerian businesses. Credit Card Options and Addressing Dollar Scarcity Unveiled […]
The Nigerian Electricity Regulatory Commission (NERC) has made a significant announcement regarding the unbundling of the Transmission Company of Nigeria (TCN) and the establishment of the Nigerian Independent System Operator of Nigeria Limited (NISO). This development comes as a result of the enactment of the Electricity Act 2023, which provides […]
A Federal High Court sitting in Abuja has today, ordered the stoppage of the planned increase of Multichoice Nigeria Limited’s DStv and GOtv subscription prices. The media company, Multichoice Nigeria Limited, had last week announced another price increment across its DStv and GOtv packages effective May 1, 2024 and attributed […]
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected that the ongoing petrol scarcity, which has extended to more states, will persist for at least two weeks before normalizing. This announcement comes despite the Nigerian National Petroleum Company Limited’s (NNPCL) assurance of adequate product stock. Chinedu Ukadike, the Public […]
