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Category: e-Business

  • Jimmy Ofuoyan builds Khalilimages into top brand

    Jimmy Ofuoyan builds Khalilimages into top brand

    Khalilimages is one of the online identities of Jimmy Ofuoyan, also known as 360Kuts. The brand is primarily known for its presence on social media platforms such as Instagram, where Jimmy showcases lifestyle in luxury hairstyling services for high-profile clients and celebrity lifestyles.

    The name Khalilimages  was born out of Jimmy Ofuoyan’s desire to create a brand that represents both his multitalented skills to easily learn and adapt to new skills and his artistic vision and personal style. Initially using social media as a platform to promote his work and others who’s lifestyle might reconnects us to a story from our past , 

    Thanks to the attention Ofuoyan received after conquering the city of Pescara with his amazing talent and skills when he set his mind to archiving or doing something just as his Instagram account @360kuts became a key tool for attracting new clients and showcasing his work to a global audience.

    Jimmy’s vision for Khalilimages in couple years is to make it a widely recognized social media presence, followed by influencers, models, and fashion houses. 

    Read Also: Criticism won’t stop me from spreading love, inspiring others – 360Kuts’ Jimmy Ofuoyan

    Ofuoyan’s precision cuts and bold, trendsetting styles have become a hallmark of his first brand 360Kuts and he intends to do same with Khalilimages, with posts regularly featuring collaborations with top fashion labels such as Louis Vuitton, Moschino, Dior etc . 

    In an online interview he stated he might one day transform the name into a clothing brand but depends on his success with the growth and success of his visions.

  • QNET, Transblue join forces to promote direct selling, empower entrepreneurs

    QNET, Transblue join forces to promote direct selling, empower entrepreneurs

    In a move to revolutionise Nigeria’s entrepreneurship landscape, QNET, a global e-commerce company, has partnered Transblue Nigeria Limited to promote direct selling and empower entrepreneurs in the country.

    Speaking at its product expo at the Anchor Events Place in Ikeja, Lagos, Regional General Manager for QNET Sub-Saharan Africa, Biram Fall, said the collaboration aims to educate Nigerians about QNET’s diverse product line and the benefits of direct selling.

    Fall reiterated the company’s commitment to empowering Nigerian youths through capacity building and economic growth in Nigeria and across Africa. 

    Managing Director, Transblue Nigeria Ltd, Akeem Ajisafe, noted that the partnership would address misconceptions about Qnet and demonstrate the positive impact of its products and business on the Nigerian community. 

    He said: “The partnership between QNET and Transblue has given birth to these multiple workshops and expo that we’re holding today. We’re trying to tackle the misconception about QNET in Nigeria especially, and that’s why we decided to showcase most of our products in this exhibition and workshop. 

    Read Also: QNET provides 8,000 youths with direct selling skills

    “This is the second or third time that we are holding this expo in Nigeria to educate people about what we do and how we do it. Now we have come here today to show you some of the products that we offer in Nigeria and, how it can be sold, which is the direct selling approach so that there won’t be any misconception about what QNET is for”.

    Ajisafe highlighted the opportunities for entrepreneurs to develop skills and earn commissions. “Direct selling enables individuals to start businesses without initial capital. You don’t need an office; you can grow and create a network. We’re providing a platform for Nigerians to succeed,” he said. 

    He said QNET’s commitment to Nigeria’s economic growth was underscored by its significant tax contributions. Ajisafe revealed that the Federal Inland Revenue Service (FIRS) praised QNET’s tax payments, exceeding expectations over two years. “QNET has contributed significantly to Nigeria’s tax revenue, demonstrating our dedication to the country’s economic development.

    “Monthly, we know how much we remit to the tax authorities and of course, everyone else that has been commissioned through these processes would be happy. They will never say anything negative about QNet.

    So in terms of economical viability, there’s no limit to what we can achieve. 

    “If everybody understands the value that QNet brings to Africa, to Nigeria, we will all support it and ensure that it succeeds,” he said. 

    Ajisafe stressed that partnership between both firms  had opened doors for Nigerians to access entrepreneurship opportunities, adding that the direct selling model by Qnet enables individuals to earn commissions by understanding products and connecting them with potential buyers. 

    The Commander, National Drug Law Enforcement Agency (NDLEA), Tincan Island Port Strategic Command, Mitchel Ofoyeju, lauded QNET for ‘its potential to empower Nigerian youth and reduce crime.

    The NDLEA commander acknowledged the company’s model’s potential to address youth unemployment and by extension reduce crimes, just as he emphasized its capacity to generate wealth and create jobs.

    “The product line is quite amazing, with health, cosmetics, luxury washes, and jewelry. The base is strong, and it’s people-centric. It has the capacity to generate wealth, and the products are good. “This is something stakeholders should jump at. It will help young Nigerians expand their income, increase productivity, and stay away from illicit drugs and crime.

    “We’re happy to partner with QNET because anything that can engage youth meaningfully is something that can help them stay away from crime,” he said.

  • Wema Bank to award N75m to innovators at Hackaholics 5.0

    Wema Bank to award N75m to innovators at Hackaholics 5.0

    Wema Bank has hinted of plans to award the best innovators in Africa the sum of N75 million through its startup-focused tech competition, Hackaholics 5.0.

    The event, tagged, “Meta Idea: Catalysing Africa’s growth through innovation,” scheduled for November 27 will bring together Nigeria’s brightest innovators from universities and tech communities to pitch their digital solutions designed to drive Africa’s economic and social progress.

    These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. 

    The event, a culmination of months of intensive competition, collaboration, and mentorship, will provide a platform for youth-led tech ideas to reach new heights.

    According to the statement by the bank,  the theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

    This year’s competition has engaged over 10,000 aspiring tech innovators and entrepreneurs nationwide, with 34 innovators selected to pitch their ideas at the pre-pitch stage.

    According to Moruf Oseni, MD/CEO of Wema Bank, “Hackaholics is a movement to equip Nigeria’s youth with skills, networks, and resources for Africa’s digital transformation. We’re excited to see how participants envision and build the Africa of tomorrow.”

    Read Also: Wema Bank wins best SME, digital innovation award

    He added that the winning team will receive ₦30 million, the first runner-up ₦20 million, and the second runner-up ₦15 million, while a special grant of ₦10 million will be awarded to the female-led team to promote gender diversity in tech innovation. 

    “Wema Bank’s Hackaholics underscores its commitment to shaping Africa’s future through innovation and entrepreneurship. The competition offers winners cash prizes, grants, mentorship, industry networks, and resources to scale their innovations globally.

    Launched in 2019, Wema Hackaholics has empowered thousands of young minds, providing a platform for tech-driven ideas to become reality. 

    “Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. 

    “With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

    “Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, the initiative has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds. 

    “The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.”

  • The Delborough Lagos: We’ve redefined hospitality, made Nigeria ‘a-go-to destination’ – Ozekhome

    The Delborough Lagos: We’ve redefined hospitality, made Nigeria ‘a-go-to destination’ – Ozekhome

    A foremost legal practitioner Prof. Mike Ozekhome SAN has said that The Delborough brand has made Nigeria “a-go-to destination” and redefined hospitality industry on the continent of Africa.

    The legal icon stated this in an interview with newsmen in Lagos at the weekend after second governing board meeting of The Delborough Lagos.

    He reiterated that The Delborough brand is not just a hotel but a therapeutic centre where people can go and suddenly feel well by the ambience and special care that the well trained staff offer.

    He said: “We have successfully redefined the hospitality industry. We have made Nigeria to be “a go to” destination; a one-stop place to be in, by being hosted by The Delborough which is not just a hotel but a therapeutic center; a place you go to and if you were unwell before, you suddenly feel well by the ambience, special care that the staff give to you by the share comfort that is accorded you by the share hospitality giving to you as a home away from a home. 

    Read Also: The Delborough Lagos hosts 16 Presidents in one year – Obi of Onitsha

    “It has made Nigeria look good before international circles. That is why we believe that we can even export the hospitality industry to the world which we are now poised to do. 

    “We have shown that a blackman can do it; we have shown that a Nigerian can do it; we have shown that youths being led by Dr Stanley Uzochukwu can do it. We have been able to demonstrate that hospitality can be home grown indigenously like we have done here. 

    “We tell the world to come to The Delborough and that is why you see presidents from the world, Prime Ministers, Kings and Queens like Prince Harry and Princess Meghan, the Duke and Duchess of Sussex, diplomats, many governors, international figures, global icons have all been here and they all have one good story or the other to tell. So we believe that The Delborough Lagos is the place to come.”

  • Wema Bank wins best SME, digital innovation award

    Wema Bank wins best SME, digital innovation award

    Wema Bank earned recognition as the Best SME Bank in Nigeria and Excellence in Digital Innovation at the just concluded 2024 Global Retail Banking Innovation Awards. 

    These awards, according to the organisers,  underscore the bank’s commitment to empowering businesses and delivering transformative digital solutions that cater to evolving customer needs.

    The Global Retail Banking Innovation Awards celebrate institutions that are reshaping the financial services landscape through impactful innovations and customer-centric approaches. 

    Wema Bank’s Best SME Bank in Nigeria award highlights its exceptional support for small and medium-sized enterprises (SMEs), while the Excellence in Digital Innovation award recognises the bank’s success in pioneering digital experiences that redefine convenience and accessibility.

    Commenting on the awards, Moruf Oseni, MD/CEO Wema Bank, expressed pride in the recognition. 

    According to him: “Receiving these awards is a testament to Wema Bank’s dedication to innovation and our unwavering support for Nigerian SMEs. 

    Read Also: Niger Delta safer with NDDC, group assures

    “We are committed to delivering world-class banking solutions that empower our customers. These recognitions inspire us to keep leading the way in digital transformation, helping Nigerian businesses thrive in a competitive world.”

    Through initiatives like accessible SME loans and tailored training programs, Wema Bank strengthens the backbone of Nigeria’s economy by providing SMEs with essential resources to grow and compete effectively. These efforts affirm Wema Bank’s role as a leader in SME support, enabling businesses to contribute meaningfully to national development.

    On the digital innovation front, Wema Bank has transformed the banking experience through ALAT, Africa’s first fully digital bank, bringing seamless banking solutions to the fingertips of Nigerians. Coop Hub – First digital solutions for Cooperative Societies in Nigeria to manage their operations and recently, the launch of ALAT Xplore—Nigeria’s first licensed mobile banking app designed for teenagers—introduced financial literacy and secure banking to young Nigerians, equipping the next generation with essential skills for a financially responsible future.

  • Sanwo-Olu, Abiodun, Sanusi, others honour Adeduntan

    Sanwo-Olu, Abiodun, Sanusi, others honour Adeduntan

    Prominent leaders, including Lago Governor Babajide Sanwo-Olu, Ogun Governor Dapo Abiodun and Emir of Kano, Sanusi Lamido Sanusi, have honoured Dr Adesola Adeduntan, a former Group Managing Director of First Bank Nigeria Limited for his remarkable contributions to Nigeria’s financial sector.

    The event which celebrated Adeduntan’s outstanding leadership and transformative impact was organised by the staff and management of First Bank at Harbour Point, Victoria Island, Lagos.

    Abiodun described Adeduntan distinguished banking career as a testament to his unwavering dedication to integrity and his commitment to excellence in the financial sector.

    He said: “Under Adeduntan’s leadership, First Bank thrived, setting new benchmarks in banking innovation, customer service and corporate responsibility.

    “Through his forward-thinking approach, he has helped shape the future of Nigeria’s banking sector. For emerging leaders, he has set a powerful example that true leadership is not only about achieving success but also about creating pathways for others to follow.

    “I thank you for the consistent support you gave Ogun State under my watch that resulted in some people oriented landmark projects.”

    A number of eminent personalities across all sectors of the economy were on hand to honour Adeduntan.

     Sanwo-Olu described Adeduntan as the best in a class of what a proper Nigerian should be. 

    He thanked Adeduntan for providing tremendous support to Lagos State while he was at the helm of affairs at First Bank.

     Sanwo-Olu said: “There were several times you spoke to me personally to ask what the state’s requirements are and how well I felt the bank was meeting my expectations. You also took up personally, whatever issues we have as a state and dealt with them. I cherish those times and indeed, you were one of the finest, the best that came out of First Bank,” he added.

    The Emir of Kano, Sanusi Lamido Sanusi, a former MD/CEO of First Bank and the first northern Nigerian to head the bank, in his eulogy, regaled guests about how Adeduntan transformed the bank to regain its first-tier status.

    Read Also: Sanwo-Olu, Oyebanji mourn Gen. Lagbaja

    He said: “Having been out of the industry for a while, I took the liberty of asking for some numbers from the bank just to give you an idea of the work Shola did through most of his reign between 2015 and 2023. Group deposits increased from N2.9 trillion to N13.1 trillion. Total assets from N4 trillion to N20.7 trillion. Profit before tax from N10.2 billion to N317 billion. Return on equity from 0.6 per cent to 45.5 per cent in Q1 2024. Number of customers’ accounts from 10.9 million to 42 million. Issued cards from 7 million to 12.7million. Online users from 100,000 to 7.8 million. USSD users from 500,000 to 15.4 million. And so on and so forth.”

    In his eulogy to Adeduntan, Alhaji Ahmad Abdullahi, a former Director of Banking Supervision, CBN as well as a former chairman of First Bank Holdings PLC revealed that First Bank of Nigeria was at a tipping point between 2015/2016 when Adeduntan was appointed the Group CEO.

    Abdullahi said: “He had a clear-cut assignment from CBN which was to move the institution back from the brink to a position of stability, improve its financial performance and improve its credit rating. I remember sitting down with Shola and the CBN governor at that time to map out a workout plan for First Bank. The question is, did he succeed? The fact that today, we are celebrating under the banner of First Bank is a testimony to the excellent work that Shola has done, moving the institution from the brink, from precipice to a position of relative stability.”

  • The Delborough Lagos hosts 16 Presidents in one year – Obi of Onitsha

    The Delborough Lagos hosts 16 Presidents in one year – Obi of Onitsha

    Marking its first one year after inauguration, the Governing board members of the prestigious ‘The Delborough Lagos‘ have attributed the landmark successes recorded by the brand since inception to the quality of the selected governing board members.

    The highly profiled members who disclosed this in separate interviews with newsmen during its second board meeting in Lagos at the weekend noted that ‘The Delborough Lagos’ was not a one man business hence the assurance on sustaining the high standard they gave during the commissioning ceremony on Saturday 2nd December 2023 and stressed that the hotel will continue to answer to its slogan, ‘Ultimate Sophistication’ in service delivery and redefining hospitality in Africa.

    The highly placed and revered monarchs, legal authority, professionals and business leaders that constitute the Governing Board are headed by a first class Royal Majesty, the Obi of Onitsha (Agbogidi), Nnaemeka Alfred Uzochukwu Achebe CFIR, mni.

    Others are : His Royal Majesty Oba Abdulwasiu Omogbolahan Lawal (Abisogun II, Oniru of Iruland); Prof. Chief Mike A.A. Ozekhome SAN, OFR, FCIArb, PhD; Usman Alkali Baba CFR; Arc. Dns. Yemisi Suswam PhD, FNIA; Mrs Olajumoke Benson; H.E Dr. Valentine Ozigbo; Matt Aikhionbare, OON and Dr. Linus Idahosa.

    During the meeting, the Chairman of the board, His Royal Majesty Achebe proudly announced that within the first year of operation, ‘The Delborough Lagos’ offering luxury services and redefining hospitality had historically hosted over 16 serving and former presidents from across Africa continent, the Duke and Duchess of Sussex, Prince Harry and Princess Meghan and other diplomats from across the world.

    Addressing reporters, the Board chairman said:”The meeting was aimed at reviewing the business operations of the hotel and also to set targets for future operations. Our plan is to be the first choice of hospitality in Nigeria, Africa and the whole world at large.

    “The security is top notch, the attention to details and the sophisticated state of the art facilities make the difference in The Delborough Lagos. We are out to do something different and try to beat global hospitality standards.

    “We are proud to disclose that in less than a year, The Delborough had attracted 16 presidents, Prime Ministers, State governors, lawmakers from across the Africa continent, international characters, global icons, business leaders, diplomats, UN and AU executives.”

    Dr Stanley Uzochukwu, the Managing Director of The Delborough Lagos speaking on plan to duplicate the brand elsewhere, informed the management had received many requests from different African presidents asking for the replication of the luxury brand in their respective countries and said that the board is considering the requests.

    He further revealed that the only one focus they have was to export hospitality to the world while confirming that the goal would be vigorously pursued to the latter.

    Prof. Chief Mike A.A. Ozekhome SAN, OFR, FCIArb also speaking on The Delborough Lagos brand said: “We have successfully redefined the hospitality industry. We have made Nigeria to be “a go to” destination; a one-stop place to be in, by being hosted by The Delborough which is not just a hotel but a therapeutic center; a place you go to and if you were unwell before, you suddenly feel well by the ambience, special care that the staff give to you by the share comfort that is accorded you by the share hospitality giving to you as a home away from a home.

    “It has made Nigeria look good before international circles. That is why we believe that we can even export the hospitality industry to the world which we are now poised to do.

    “Because we have shown that a blackman can do it; we have shown that a Nigerian can do it; we have shown that youths being led by Dr Stanley Uzochukwu can do it. We have been able to demonstrate that hospitality can be home grown indigenously like we have done here.

    Read Also: Hospitality at ‘The Delborough Lagos’ second to none – Prince Harry

    “We tell the world to come to The Delborough and that is why you see presidents from the world, Prime Ministers, Kings and Queens like Prince Harry and Princess Meghan, the Duke and Duchess of Sussex, diplomats, many governors, international figures, global icons have all been here and they all have one good story or the other to tell. So we believe that The Delborough Lagos is the place to come.”

    Dr Linus Idahosa said: “The Delborough is a brand that is heavily focused on the demonstration of excellence in everything that it represents at a time when most times we compromise on quality of service and a number of things that should help us compete with brands internationally.

    “You will not find a board in this country that is as remarkable as the thought that has gone into the constitution of The Delborough board; the thought that has gone into the investment in the human capital of quality of staff that you see here; the ability to demonstrate excellence in the service; the use of technologies to provide personalized services and experiences for all the quests that are coming into this hotel. These are what have set this brand apart. And to note that all these are happening within one year, it’s a fit that is really worth celebrating.

    “Being able to do that and at the same time attract the type of people – presidents, world leaders, global entrepreneurs and business moguls have made this place a first choice of leaving whenever they are in the country. It goes to tell you that all the things you see happening here are the products of a set heart towards redefining what hospitality should be not just on the continent of Africa but across the world.”

  • Arewa group drums support for Tinubu’s Tax Bill

    Arewa group drums support for Tinubu’s Tax Bill

    The Coalition of Arewa Groups, comprising 300 organisations across 19 northern States, has thrown its weight behind President Bola Tinubu’s tax bills. 

    The group said the endorsement comes after a thorough examination and exhaustive consideration of the proposed legislation during a meeting in Kaduna on Friday.

    In a statement co-signed by Alhaji Usman Abubakar

    and Obadiah Amos, the group commended President Tinubu’s vision to reshape Nigeria’s fiscal framework, promoting economic growth and sustainability. 

    The Coalition also applauded the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, for clarifying the bill’s details through media engagements. 

    The group urged the National Assembly to expedite the passage of the Nigeria Tax Bill 2024, ensuring timely implementation.

    “We, the Coalition of Arewa Groups, comprising 300 organizations across the 19 northern states, gathered in Kaduna on Friday to deliberate on President Bola Ahmed Tinubu’s tax bill,” the statement said. 

    “After thorough examination and exhaustive consideration, we unequivocally endorse the proposed legislation. 

    “Our endorsement is premised on the understanding that the tax bills are designed to consolidate taxation frameworks, promote economic growth, and ensure sustainability.

    “The Presidential Committee on Fiscal and Tax reforms, headed by Taiwo Oyedele, has presented a comprehensive bill to the Federal Executive Council. 

    “This bill aims to harmonize multiple taxes and levies, unify revenue collection functions, and modernize the tax system. We commend President Tinubu’s vision to reshape Nigeria’s fiscal framework.

    “Key provisions of the bill include a gradual increase in Value Added Tax (VAT) from 7.5% to 15% by 2030. Company Income Tax will be set at 27.5% for large companies, reducing to 25% from 2026. 

    “A 4% development levy will be imposed on companies to fund the Student Education Loan Fund. Additionally, a 5% excise duty will be applied to lottery, gaming and telecommunications services.

    “We applaud the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, for clarifying the bill’s details through media engagements. His efforts have significantly contributed to public understanding. We pass a vote of confidence in the FIRS Chairman and express our full support for President Tinubu’s tax bills.

    Read Also: Tinubu reappoints Prof. Mustapha as NBRDA D-G

    “The Nigeria Tax Bill 2024 demonstrates President Tinubu’s commitment to the nation’s prosperity. We believe these measures will foster economic development, enhance revenue generation, and promote Nigeria’s growth. 

    “Our support for the tax bills is grounded in our conviction that they will ultimately benefit the Nigerian people.

    “Furthermore, we acknowledge the importance of transparency in the tax system. The bill’s provisions for price transparency and monitoring of publication costs and fees are particularly noteworthy. This level of transparency will contribute to establishing fair and reasonable prices for publishing services.

    “In conclusion, we reaffirm our endorsement of President Tinubu’s tax bills. We urge the National Assembly to expedite the passage of the Nigeria Tax Bill 2024, ensuring its timely implementation.“

  • Wema Bank berths open in Gwarinpa

    Wema Bank berths open in Gwarinpa

    Wema Bank has launched an ultramodern state-of-the-art branch in Gwarinpa, the federal capital territory, Abuja. 

    The new Wema Bank branch office in Gwarinpa branch located at Chembian Plaza, 4th Avenue Gwarinpa, Abuja, was officially unveiled last month.

    According to a statement by the management, the Gwarinpa branch is fully equipped with state-of-the-art banking facilities and solutions including Wema Phygital, a self-service tablet that allows customers sort their banking needs without having to see a customer service agent or representative; bringing the digital touch to the physical banking experience.

    Read Also: Wema Bank adjudged as suitable workplace

    “This new branch is open to new and existing Wema Bank customers who can access a vast range of basic and advanced financial services tailored to their personal and business needs including account opening and reactivation, debit/credit card request, control and hotlist, FX/dollar transactions, over-the-counter payments and utilities, self-service via Wema Phygital, Form M processing and more.

    “As a commercial bank with national authorisation, Wema Bank continues to expand its physical reach, complementing its innovative exploits as a leader in digital banking and innovation with a physical presence, as an option for those who may want the physical banking experience.”

  • 1,000 civil society groups to brainstorm over Nigeria Tax Bill 2024

    1,000 civil society groups to brainstorm over Nigeria Tax Bill 2024

    The Situation Room, a coalition of 1,000 civil society groups, has announced a town hall meeting on December 1, 2024 to discuss the proposed Nigeria Tax Bill 2024.

    The meeting with the theme: “Taxation in Nigeria: Issues, challenges, and the future,” aims to examine the bill’s provisions and implications.

    President Bola Ahmed Tinubu recently transmitted the bill to the National Assembly, seeking to reshape Nigeria’s fiscal framework.

    However, northern Governors and traditional rulers have rejected the bill, citing alleged inconsistencies with regional interests.

    Key provisions include VAT increases, company income tax, development levies and excise taxes.

    In a statement by Dr. Vincent Ntui, the Executive Director of The Situation Room, the meeting will bring together scholars, civil society representatives, policymakers, and stakeholders to facilitate dialogue and ensure the bill serves Nigeria’s best interests.

    Ntui added that The town hall meeting will adopt a civil society working document outlining concerns and recommendations for the National Assembly. 

    He emphasised the meeting’s importance in promoting transparency, accountability, and inclusivity in policymaking.

    “We are proud to announce that the Situation Room, a coalition of 1,000 civil society groups across Nigeria, is set to convene a strategic town hall meeting on December 1, 2024, to discuss the proposed Nigeria Tax Bill 2024,”Ntiu sad. 

    “This meeting, themed ‘Taxation in Nigeria: Issues, Challenges, and the Future,’ aims to provide a platform for stakeholders to critically examine the bill’s provisions and their implications for the country.

    “The proposed bill, recently transmitted to the National Assembly by President Bola Ahmed Tinubu, seeks to reshape Nigeria’s fiscal framework and establish a comprehensive legal framework governing taxation of incomes, transactions, and instruments.

    “However, it has generated concerns from various quarters, including governors and traditional rulers of Northern Nigerian states, who have rejected the bill, citing its inconsistency with the interests of the North and other sub-national entities.

    “Key provisions of the bill include an increase in Value Added Tax (VAT) from 7.5% to 10% by 2025, with further increases to 12.5% from 2026 to 2029, and 15% from 2030 onwards.

    “The bill also proposes a 27.5% company income tax for companies with aggregate turnover exceeding N20 billion, a 4% development levy on assessable profits of companies, and a 5% excise tax on lottery and gaming income, as well as telecommunications services.

    “The town hall meeting will bring together renowned scholars and experts in taxation and economic policy, representatives of civil society groups and organizations, and policymakers and stakeholders from the National Assembly and relevant government agencies.

    “The meeting aims to facilitate dialogue among stakeholders and provide a platform for civil society groups to contribute to the policymaking process.

    “The importance of this meeting is crucial for civil society groups to engage with policymakers and stakeholders to ensure that the tax bill serves the best interests of the Nigerian people.”

    “The meeting will also feature the adoption of a civil society working document to be presented to the National Assembly. This document will outline the key concerns and recommendations of civil society groups regarding the tax bill.

    “These groups have been actively engaged in advocating for policies that promote social justice, human rights, and economic development in Nigeria.

    “The town hall meeting is expected to provide a unique opportunity for stakeholders to engage in constructive dialogue and find common ground on the tax bill.

    “By bringing together diverse stakeholders, The Situation Room aims to promote transparency, accountability, and inclusivity in the policymaking process.

    “The outcome of the meeting will inform the National Assembly’s deliberations on the tax bill and ensure that the final legislation reflects the needs and aspirations of the Nigerian people.

    “As the country navigates the complexities of tax reform, the contributions of civil society groups will be crucial in shaping a more equitable and sustainable fiscal framework for Nigeria.”