Business

Nigerian banks have notified their customers of the N50 Electronic Money Transfer Levy (EMTL) on the New Tax Act (NTA) 2025 that will take effect on January 1, 2026.  Specifically, United Bank for Africa (UBA) in a notice to customers noted that under this Act, the N50 EMTL on money transfers will now be referred to as Stamp Duty across…

The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Sunday, has reaffirmed the Corporation’s strict compliance with fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007, noting that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government. Sunday made this known during a courtesy visit…

In a direct response to the declining access to trained educators across Nigeria, The Alternative Bank (AltBank) has partnered with the Busayo Ademuyiwa Foundation (BAF) to host the 2025 BAF Teachers’ Conference in Lagos.  The concentrated, one-day intervention was designed to strengthen the capacity of frontline educators. The event delivered hands-on training to hundreds of primary and secondary school teachers…

The Central Bank of Nigeria’s (CBN) has projected Nigeria’s foreign reserve to hit $51.04 billion in 2026, supported by stronger oil earnings, foreign exchange (FX) market reforms, and improved external inflows. This represents a notable increase from the estimated $45.01 billion in 2025 and signals expectations of stronger external buffers and easing pressure in the foreign exchange market. CBN in…

The Central Bank of Nigeria (CBN) has disclosed that Nigeria’s Foreign Direct Investment (FDI) rose sharply to $720 million in Q3 2025, up from $90 million recorded in Q2 2025, a rise of 700per cent quarter-on-quarter. The apex bank’s Balance of Payments (BoP) disclosed that Yaar-on-Year(YoY) FDI inflows were also higher than the $570 million posted in Q3 2024, representing…

Nigerian airline Air Peace Limited has strongly refuted claims that it sold tickets to Jamaica and subsequently “dumped” passengers in Barbados, describing such reports as misleading and inaccurate. In a statement released on Monday, the airline stressed that all tickets were sold in strict compliance with international aviation regulations. “At no point did the airline engage in deceptive sales or…

Billionaire investor Femi Otedola has exited Geregu Power Plc in a landmark $750 million transaction that sees him divest his 77per cent controlling stake in the power company. This is according to a filing by Geregu Power Plc on the Nigerian Exchange (NGX) website and sources familiar with the matter. The transaction was executed through the sale of Otedola’s 95per…

The Presidential Fiscal Policy and Tax Reforms Committee has said the newly introduced tax laws will ease, rather than worsen, the long-standing cost pressures facing Nigeria’s aviation industry. In a statement released on Monday by it’s chairman, Taiwo Oyedele, the committee acknowledged the challenges confronting airlines, particularly the burden of multiple taxes, levies and regulatory charges, and noted that engagements…

The Nigerian Civil Aviation Authority (NCAA) has dismissed claims that high domestic airfares are caused by multiple government taxes, insisting that airlines do not pay the levies often cited and that recent price increases are the result of demand-and-supply dynamics. The Director of Public Affairs and Consumer Protection at the NCAA, Michael Achimugu, said allegations that domestic airlines pay as…

The Ford Foundation on Friday celebrated its 65th anniversary in West Africa in Lagos. The organisation, which has impacted communities across the sub-region, welcomed many civil society actors in Nigeria, former Vice President Yemi Osinbajo, the wife of former Ekiti State Governor Bisi Fayemi, and other dignitaries in attendance. Mrs. Fayemi wrote about the celebration: “For 65 years, the Ford…