Category: Business

  • Nigeria, UAE to partner on $400b commodities sector

    Nigeria, UAE to partner on $400b commodities sector

    Nigeria and United Arab Emirates are exploring ways to collaborate to enhance the development of Nigeria’s vast commodity ecosystem, with potential to unlock more than $400 billion.

    The partnership, involving the Lagos Commodities and Futures Exchange (LCFE ), seeks to galvanise private-sector investors to position Nigeria as a gateway to Africa’s $1 trillion commodities market.

    Nigeria alone represents about $400 billion in opportunities across agriculture, energy, gold, and lithium.

    LCFE’s collaborations with the UAE are expected to advance lithium processing, livestock development, food security, and commodities trading.

    Ambassador of the United Arab Emirates, Salem Saleh Omar Al Jaberi, paid a courtesy visit to the LCFE to further talks on areas of collaboration.

    Managing Director, Lagos Commodities and Futures Exchange (LCFE ), Akin Akeredolu-Ale, highlighted the role of private-sector-led initiatives in driving efficiency, capital formation, and infrastructure delivery.

    He cited projects such as the Second Niger Bridge and Sukuk-backed road networks as evidence that structured private investment ensures continuity and measurable outcomes.

    According to him, the Exchange is also expanding its ecosystem of dealing member firms and commodity brokers, while promoting gold trading through LBMA-standard bars stored in Free Trade Zones, enabling tariff-free access for institutional investors, including pension funds.

    Read Also: UAE, Nigeria record growth in diplomatic, trade, other ties

    Akeredolu-Ale noted that LCFE is increasing its involvement in large-scale rice production, livestock and fodder development, and the production of export-ready organic produce.

    He disclosed that memoranda of understanding have been signed with some state governments, while the UAE has been granted first right of refusal on commodity exports.

    He added that recent reforms decentralising electricity generation have created new private investment opportunities in metering, revenue collection, and infrastructure optimisation.

    He said: “These initiatives underscore LCFE’s commitment to leveraging private-sector partnerships to drive inclusive growth, deepen Nigeria’s commodities markets, and strengthen the country’s position as a hub for Africa’s rapidly expanding commodity economy”.

    Director General, AIM Congress, Walid Farghal, called for broader participation in the commodities market, particularly among entrepreneurs and youth.

    He highlighted the role of digitisation, tokenisation, and strategic promotion in attracting global investors, drawing parallels with Dubai’s National Bonds model.

    According to him, investor confidence is driven by liquidity, ease of exit, and secure market structures.

  • LCCI: 2026 budget opportunity to scale up economic recovery

    LCCI: 2026 budget opportunity to scale up economic recovery

    • Chamber calls for enhanced budget implementation

    The Lagos Chamber of Commerce & Industry (LCCI) has stated that the 2026 Budget presents a credible opportunity to move Nigeria from recovery to expansion.

    In an address on the state of the economy, President, Lagos Chamber of Commerce & Industry (LCCI), Leye Kupoluyi said the success of the budget would depend less on size of allocations but more on execution discipline, capital efficiency, and sustained support for productive sectors.

    He said LCCI remains committed to working with the government to ensure the budget delivers stronger growth, more jobs, and a more competitive Nigerian economy.

    He expressed concerns about what he called Nigeria’s historically weak budget implementation capacity that is likely to be further strained by the operation of multiple budget cycles within a single year. 

    According to him, efficient budget implementation has important implications for fiscal coordination, transparency, and effective project execution.

    He identified agriculture, agro-processing, manufacturing, infrastructure, energy, and human capital development as key growth drivers in 2026 but added that  unlocking these sectors will require decisive execution, scaling irrigation and agro-value chains, reducing power and logistics costs for manufacturers, accelerating infrastructure delivery through PPPs, sustaining oil and gas sector reforms, and aligning education and skills development with private-sector needs.

    Read Also: LCCI warns over influx of livestock products

    Also, he cautioned the government on the continued rise in the nation’s debt to N152.40 trillion, reflecting a year-on-year increase of N18.10 trillion or 13.5 percent, compared to N134.30 trillion recorded in the same period in 2024.

    He said: “This also represents a quarter-on-quarter rise of N3.01 trillion or 2.0 percent, up from N149.39 trillion in March 2025. This consistent upward trajectory in Nigeria’s debt stock reflects both fresh borrowings and the impact of a depreciating exchange rate on external debt obligations. External debt rose to N71.85 trillion ($46.98 billion), a year-on-year increase of N8.77 trillion or 13.9 percent, while domestic debt reached N80.55 trillion ($52.67 billion), marking a 13.1 percent increase from the N71.22 trillion recorded in Q2 2024. Available reports suggest that once the National Assembly approves the outstanding loan requests currently under review, the nation’s total debt stock could surpass $190 billion”.

    Furthermore, he said the World Bank has attributed the rise in public debt stock to the weak fiscal position of the Federal Government, with the deficit widening to 3.8percent as independent revenues fell and spending pressures from wages and interest costs mounted. He however, noted that Nigeria’s public debt remains sustainable, but subject to budgetary vulnerabilities.

    In view of the widening debt profile he urged the government to intensify efforts to expand non-oil revenue, improve tax efficiency and compliance, and curb recurrent expenditure.

    Strengthening fiscal discipline, closing leakages, and enhancing public financial management will be crucial to sustainably funding national development priorities without excessive dependence on borrowing. A more strategic balance between revenue generation and prudent debt accumulation is essential to safeguarding economic stability and long-term growth, he stated.

    On the proposed sale of National Assets, he stressed that though the Federal Government projected N189 billion in revenue from asset sales and privatisation as part of a N25.27 trillion financing plan to bridge the fiscal gap, specific assets were not listed. He said from their sources the proposed transactions span oil and gas, power, transport, industry, real estate, and other strategic sectors, aimed at monetising public holdings and reducing direct state involvement in commercial activities.

    “LCCI acknowledges the approach as a means of easing fiscal pressure and improving efficiency, provided the process is transparent, competitively executed, and supported by strong governance frameworks. We urge the publication of a clear asset list, timelines, and use of proceeds, and recommend that the funds be reinvested in infrastructure, human capital, and productivity-enhancing projects”.

    Above all, the Chamber stresses that privatisation should form part of a broader structural reform agenda, not merely a short-term financing measure, to ensure sustainable growth and long-term national value, he added.

    On delayed payment to contractors, he noted the provision of Federal N1.7 trillion in the 2026 budget reflects a formal acknowledgment of persistent payment delays to contractors. This provision he said aims to settle verified 2024 capital project liabilities and ease the financial distress faced by indigenous contractors.

    However, he maintained that recurring backlogs highlight structural issues such as weak revenue performance and delayed capital releases. He called for sustained fiscal discipline and timely cash backing to restore contractor confidence and enable infrastructure delivery.

    While commending the government on local production of LPG, he said local refineries and gas processing plants supplied 87 percent of Nigeria’s cooking gas (LPG) demand in 2025 representing one of the most consequential structural shifts in Nigeria’s downstream energy landscape in decades.

    According to him this is not merely an incremental improvement; it is a decisive break from chronic import dependence and a clear signal that domestic energy industrialization is finally gaining scale, credibility, and momentum.

    The sharp decline in LPG imports delivers meaningful foreign exchange relief, easing pressure on the naira and improving the balance of payments. Local production allows scarce FX to be redirected toward manufacturing, infrastructure, and economic growth he stated.

    Producing 87 percent of cooking gas locally is a practical demonstration that import substitution works when driven by infrastructure and market discipline, offering a replicable model for Nigeria’s broader economic transformation, he noted.

    On the new tax regime, Kupoloyi said after due consideration of the implications of the new tax laws for businesses, we call on companies to continue their operations and remain formal with the tax authorities as implementation commences.

    “We see the process as an essential reform to update the fiscal framework, enhance competitiveness, and increase revenue. However, successful implementation requires clarity, transparency, collaboration, and business-focused execution to achieve economic benefits without stifling growth”.

  • NCC blames absence of roadmap for gaps in spectrum planning

    NCC blames absence of roadmap for gaps in spectrum planning

    Telecom sector regulator, the Nigerian Communications Commission (NCC) has identified the absence of a cohesive national spectrum roadmap for existing gaps in spectrum holdings and effective long-term planning which has stunted the industry’s growth.  

    According to a Draft Spectrum Roadmap for the Communications Sector (2025 – 2030), the regulator noted that since liberalization, Nigeria has allocated approximately 12.5 gigahertz (GHz) of spectrum (across terrestrial and satellite bands), enabling over $75 billion in telecom infrastructure investment.

    “These investments have spurred growth far beyond the sector—supporting financial inclusion, e-commerce, telemedicine, e-government services, and broader digital transformation.

    “Despite these achievements, the absence of a cohesive national Spectrum Roadmap has left gaps in spectrum holdings and effective long-term planning. With digital technologies now central to every sector—agriculture, health, education, manufacturing, logistics, and trade—a forward-looking spectrum management plan is imperative,” the Commission said.

    The Roadmap, it said, is developed to build on the current foundation while charting a course to meet future data and broadband demands in line with Nigeria’s 2030 ambition for universal connectivity, inclusive digital innovation, and a globally competitive digital economy.

    The document envisions that by 2030, spectrum in Nigeria would have enabled universal, high-speed broadband access across urban and rural areas; powered inclusive digital innovation across health, education, agriculture, and commerce; strengthened national security, public safety, and emergency communications; and positioned Nigeria as a top-tier digital economy in Africa and a model for spectrum governance globally.

    Read Also: NCC: impact of spectrum opening coming

    Linking spectrum to broader economic transformation, the document noted that the transformative impact of spectrum extends far beyond telecommunications.

    These past investments—though made without a formal roadmap—have yielded substantial socio-economic returns across multiple sectors.

    With digital infrastructure now deeply embedded in how governments deliver services, how businesses operate and how citizens interact with the economy, the role of spectrum has become foundational to national development.

    The Commission noted that recent estimates put the telecom sector’s total contribution to GDP at over ₦33 trillion, underpinned by rising broadband penetration, expanded network coverage, and increased digital inclusion.

    “But the true impact of spectrum lies in its multiplier effect across the broader economy—enhancing productivity, access, and efficiency in sectors ranging from agriculture and manufacturing to trade, healthcare, and governance,” the Commission said, adding that Nigeria has already seen improved efficiencies in financial inclusion, use of digital technology for voter registrations and others.

    It put infrastructure investment to be over $75billion; internet usage +1,000,000 TB; broadband coverage +80per cent Mobile subscribers +170million; and internet subscribers +200k

    “Furthermore, studies have shown that digitization of other sectors through the use of wireless services will have a similar positive impact on efficiency, effectiveness and reach of public services,” the Commission noted.

  • Promasidor restates commitment to societal

    Promasidor restates commitment to societal

    Food and beverage company Promasidor Nigeria has reinstated its commitment to promoting education and child nutrition in the country through various initiatives.

    The company’s Chief Executive Officer, Francois Gillet, reinstated this commitment in commemoration of this year’s International Day of Education.

    He emphasised the strong link between nutrition and education, stating that proper nutrition is critical to helping children reach their full potential by providing the nourishment they need to learn, grow, and thrive.

    The Promasidor boss affirmed that the company’s dairy products are fortified with key nutrients, including calcium, vitamins, and essential minerals, which are vital for bone development, cognitive function, and overall well-being.

    He stated that the company’s belief that improved nutrition directly contributes to better educational outcomes and long-term societal growth defines the quality of its products.

    Promasidor has been enhancing educational quality in schools across the country through its high-quality nutritional products and initiatives.

    Read Also: Eno appointed Promasidor Nigeria’s Director

    For instance, through the ‘Ikun Milk Day’ programme, Promasidor has also provided its dairy products that contain essential nutrients to students.

    For nearly a decade, Promasidor has empowered secondary school students nationwide through its flagship career guidance programme, “Harness Your Dream.”

    The initiative targets Junior Secondary School 3 (JSS 3) students at a critical stage when career-defining academic decisions are made, equipping young Nigerians with the knowledge needed to pursue sustainable, fulfilling career paths.

    This stems from the company’s over two decades of mathematics subject development through its programme ‘Cowbellpedia TV Quiz Show.’

    Cowbellpedia, themed ‘Mega Minds’ in 2025 has recently been made more comprehensive to cover subjects, such as Science, Technology, Engineering, Mathematics (STEM); to reflect the broader areas of interest for students, with a bigger prize offering of up to N100 million, including cash rewards, laptops, other learning equipment, and products.

    The top winners were also offered an all-expense paid educational excursion to South Africa. This underscores the company’s mission to contribute meaningfully to the country’s educational development, a practical demonstration of how the private sector can help strengthen educational standards through collaboration.

    Promasidor Nigeria, with a portfolio of unique brands that include Cowbell, Loya Milk, Miksi, Top Tea, Onga Seasoning, Twisco, and Kremela, is committed to connecting with consumers through worthy initiatives.

  • Oil rises further as IEA predicts surplus in Q1

    Oil rises further as IEA predicts surplus in Q1

    WTI crude oil futures rose more than two per cent to about $60.8 per barrel on Friday, extending gains for a fifth straight week supported by geopolitical and supply risks. The move followed renewed warnings from US President Donald Trump toward Iran, raising concerns over potential military action that could disrupt oil flows.

    Trump said the US has an armada heading toward Iran, while US officials confirmed warships including an aircraft carrier and guided missile destroyers will arrive in the Middle East in coming days.

    Supply worries were reinforced by ongoing outages in Kazakhstan, where output at the giant Tengiz oilfield has yet to resume after a shutdown earlier this week.

    Also, the dollar slid toward its worst week in seven months, making crude cheaper for non-US buyers amid strained US-Europe relations and unresolved Ukraine peace talks.

    However, gains remain capped by expectations of oversupply, with the IEA projecting global stockpiles to rise by 3.7 million bpd this year.

    Meanwhile, the global oil market will be in deep surplus in the first quarter of 2026, the International Energy Agency (IEA) has said. It based its predictions on the excess supplies which has offset the geopolitical risk of disruption.

    The IEA, which advises industrialised countries, in its monthly oil report projected global oil supply would exceed demand by 4.25 million barrels per day in the first quarter. A surplus of that size would be about four per cent of world demand and is larger than other predictions.

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    Oil prices have risen about six per cent since the start of the year, as concerns about geopolitics and possible oil market disruption drove buying. Global benchmark Brent was trading at $65.02 last week.

    The U.S. captured Venezuelan President Nicolas Maduro at the start of the month and called on oil companies to invest in Venezuela to boost production, but in the short-term supplies from the country have been disrupted. Threats of possible U.S. strikes on Iran have also raised the prospect of reduced supplies and drone attacks and technical issues have reduced output in Kazakhstan.

    “Barring any significant disruptions to supplies in Iran, Venezuela, or further cuts from other producers, a significant surplus is likely to re-emerge in the first quarter of 2026,” the IEA said. “For now, bloated balances provide some comfort to market participants and have kept prices in check.”

    Supply has risen faster than demand mostly because OPEC+, or the Organisation of the Petroleum Exporting Countries plus Russia and other allies, began boosting output in April 2025 after years of cuts. Other producers, such as the U.S., Guyana, and Brazil, have also increased production.

    OPEC+ has, however paused its output hikes for the first quarter of 2026. For the whole year, the market faces an implied surplus of 3.69 million bpd, the IEA’s latest figures indicated a downward revision from 3.84 million bpd in last month’s report.

    In response, Ecuador’s energy minister said Colombian crude being transported on the OCP pipeline – Ecuador’s second-largest – would face ‘reciprocity’,

    Helping to erode the surplus forecast, the IEA revised up its prediction for world oil demand growth by 70,000 bpd to 930,000 bpd, citing what it called a normalisation of economic conditions after last year’s tariff turmoil, and lower oil prices than a year ago.

    The IEA said it is too early to assess the full implications of all the latest geopolitical developments on the oil market, but said the U.S. blockade on Venezuelan oil shipments had lowered exports by 580,000 bpd from December to early January.

    The surplus will build up in the first quarter in particular as that is when global oil refiners carry out planned shutdowns and demand is lower.

    “With seasonal refinery maintenance about to commence, reducing demand for crude, further reductions in crude production will be needed,” the Paris-based IEA said.

    Rival forecaster OPEC expects faster demand growth than the IEA, predicting oil use will rise by 1.38 million bpd this year. OPEC’s data indicate a near balance between supply and demand in 2026, according to a Reuters calculation, rather than a surplus.

    On supply, the IEA revised its global growth forecast for this year higher, to 2.5 million bpd from around 2.4 million bpd in December, saying around 52 per cent of the growth will come from outside OPEC+.

  • Nigeria records steepest cattle price rise

    Nigeria records steepest cattle price rise

    Cattle prices across West Africa climbed sharply between 2024 and 2025, with Nigeria recording the steepest increases as inflation, rising feed and transport costs, and strong festive demand collided with tightening supply, according to market data and industry reports.

    A  RaboResearch report had warned that global cattle prices were set to rise, a forecast that has since played out across much of the region.

    In response to growing demand and the need to modernise livestock trade, a 24-hour International Livestock Market was launched in December at Volivo in Ghana’s Shai-Osudoku District of the Greater Accra Region.

    The market, provided by the Lower Volta Association of Small-scale Miners and Farmers, includes production and processing zones, logistics infrastructure and a trade centre. Designed as a comprehensive agribusiness hub, the facility aims to strengthen Ghana’s livestock value chain, expand regional trade and create sustainable employment, particularly for youth and women.

    When fully operational, it is projected to generate more than 1,600 direct and indirect jobs for farmers, traders, transporters, processors and allied service providers.

    Across Nigeria, however, price pressures have been especially acute. From northern pastoral hubs to major urban livestock markets in Abuja, Lagos and the South East, buyers faced year-on-year price increases ranging from 50 per cent to well over 100 per cent, according to market observations and media reports.

    In 2024, small cows weighing under 200 kilogrammes typically sold for between ₦150,000 and ₦250,000 in markets such as Maiduguri, Kano and Kara near Lagos. Medium-sized cows, weighing between 200 and 350 kilogrammes, traded in the ₦250,000 to ₦400,000 range, while large cows exceeded ₦400,000 depending on breed and condition. These prices reflected relatively stable supply conditions and proximity to Sahelian cattle corridors.

    By 2025, prices had escalated sharply across all size categories. In Abuja’s Durumi livestock market and other major urban centres, small cows were commonly priced between ₦500,000 and ₦600,000, while medium-sized animals sold for between ₦800,000 and ₦1 million. Large cows, particularly premium breeds such as Sokoto Gudali, were reported to be selling for as much as ₦1.5 million to ₦2 million.

    Read Also: Kwara South council chairmen shut cattle markets over insecurity

    Regional disparities that once favoured northern buyers also narrowed significantly. In 2024, medium-sized cows in Maiduguri and other northern markets traded for as low as ₦150,000 to ₦350,000, while prices in southern markets such as Kara and Ibadan ranged from ₦200,000 to ₦450,000. By 2025, even northern markets experienced steep increases, with average cows approaching ₦500,000 during peak festive periods.

    Ghana’s cattle market followed a different. In 2024, adult cows weighing roughly 400 to 600 kilogrammes sold for between GHS2,500 and GHS5,000 in northern rural markets, with higher prices in Accra and Kumasi reflecting transport and processing costs. At prevailing exchange rates, this placed Ghanaian cattle broadly in the $400 to $800 range.

    Last year, however, Ghana experienced a rare seasonal softening of prices ahead of Eid-ul-Adha. Reports from the Kumasi abattoir indicated that cattle arrivals surged to more than 4,000 animals in June, compared with about 1,000 during the same period the previous year. The influx, supported by a stronger cedi and increased cross-border inflows, pushed prices lower.

    Cows that sold for around GHS20,000 during the 2024 festive season were trading closer to GHS15,000 in 2025, while others fell from GHS15,000 to approximately GHS10,000, according to the Ghana News Agency via Modern Ghana. The contrast with Nigeria underscored how currency strength and improved supply flows can moderate seasonal demand pressures.

    In Senegal, cattle prices remained elevated throughout the period, with medium to large cows often valued between XOF800,000 and XOF1.5 million, equivalent to roughly $1,300 to $2,500. Senegal’s market structure, which places increasing emphasis on genetic improvement and controlled imports rather than large-scale live cattle inflows, has helped keep prices firm between 2024 and 2025.

    A comparison of medium-sized cow prices across selected West African countries highlights the divergence. In Nigeria, prices rose from ₦250,000–₦400,000 in 2024 to ₦800,000–₦1 million in 2025. In Ghana, medium cows averaged GHS2,500–GHS5,000 in 2024 and remained similar or slightly lower in 2025 ahead of Eid due to improved supply. In Senegal, prices remained broadly stable at XOF800,000–XOF1.5 million across both years.

    Seasonal demand linked to Eid-ul-Adha, Eid-ul-Fitri and Christmas continues to drive sharp price spikes across the region. At the same time, insecurity has emerged as a growing structural factor. A report by the Global Initiative Against Transnational Organized Crime (GI-TOC) found that cattle rustling has become “a primary economic tool” for violent extremist organisations and some state-affiliated militias operating across the Sahel.

    As these groups expand southwards, the tri-border area encompassing Burkina Faso’s Sud-Ouest, Côte d’Ivoire’s Bounkani and Ghana’s Upper West has become a critical hub for illicit livestock trade. The report identified Ghana’s Upper West region as the primary “laundering hub” for stolen cattle, noting that animals rustled in conflict zones are driven across porous borders into Ghana or Côte d’Ivoire to obscure their origins. By April 2025, the report said, Ghana had emerged as “the most significant laundering zone by volume”.

    “The impact on local communities is devastating,” the report noted, adding that a single raid can wipe out a herder’s entire life savings. Without stronger cross-border coordination and comprehensive data to track livestock movements, GI-TOC warned that cattle rustling would continue to fuel regional instability and undermine peace-building efforts across West Africa.

    Separately, researchers at the Roslin Institute, working with the University of Makerere in Uganda, have demonstrated how detailed cattle movement data can support disease surveillance and policy planning. By analysing official trade and movement records, the team identified key hubs and seasonal patterns that could guide targeted interventions against highly contagious Transboundary Animal Diseases.

    “Understanding and managing these diseases is crucial,” the researchers said, particularly in countries where livestock plays a central role in livelihoods and economic stability. They added that improved data could help authorities allocate resources more effectively, prevent outbreaks and reduce the wider economic risks associated with livestock trade across sub-Saharan Africa.

  • New financing facility to boost access to renewable energy

    New financing facility to boost access to renewable energy

    Lotus Bank and Rural Electrification Agency (REA) have reached agreement to collaborate on deepening financing for energy access across Nigeria.

    The agreement followed a high-level meeting between the bank and REA where the institutions decided to scale up financing from project-based support to a large-scale, dedicated financial framework.

    The engagement focused on the Distributed Access through Renewable Energy Scale-up (DARES) programme.

    While Lotus Bank has already been active in supporting individual projects under this initiative, the new phase of the partnership will see the bank establish its own dedicated DARES financing facility.

    Managing Director, Rural Electrification Agency (REA), Dr Abba Aliyu challenged the bank’s leadership to adopt a bold approach by setting a clear global funding target for the facility.

    Read Also: Shell Global CEO hails Tinubu, says leadership driving planned $20bn investment

    He emphasised the need for strong internal standards and a design that prioritizes the ability of developers to scale their operations quickly.

    He said: “That level of intentionality is exactly what the sector needs if we’re serious about moving from pilots to impact at scale”.

    He said REA remains optimistic that this collaboration will serve as a model for other commercial banks, building the necessary momentum to bridge Nigeria’s energy deficit through sustainable, private-sector-led investment.

    The shift reflected a growing trend among forward-thinking Nigerian financial institutions that are increasingly viewing renewable energy as a bankable and commercially viable sector rather than strictly a social good.

    Both organizations are now working toward the signing of a formal Memorandum of Understanding (MoU) to institutionalize the partnership.

    This agreement is expected to provide the structured capital necessary to accelerate the deployment of clean energy solutions to underserved and unserved communities nationwide.

  • Tax committee moves to ensure inclusive, coordinated implementation

    Tax committee moves to ensure inclusive, coordinated implementation

    The National Tax Policy Implementation Committee (NTPIC) has commenced structured stakeholder engagements to ensure a humane, inclusive, and well-coordinated implementation of the new Tax Acts, as the country undertakes significant fiscal reforms.

    The Committee, chaired by Mr. Joseph Tegbe, aims to bridge the gap between policy intent and execution by promoting clarity, managing expectations, and ensuring that implementation reflects the realities of businesses, citizens, and all levels of government.

    The Committee does this by working closely with the Nigeria Revenue Service (NRS) and the Presidential Fiscal Policy Reform Committee (PFPRC).

    As part of its initial consultations, the Committee leadership team met with the PFPRC, led by Mr. Taiwo Oyedele, to ensure alignment between reform objectives and practical implementation realities.

    Oyedele highlighted challenges arising from misinformation about certain provisions of the law, noting that some provisions had been misinterpreted in public discussions.

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    He added that targeted and accessible communication initiatives are being developed to address these gaps, with stakeholder feedback playing a key role in shaping the reform process.

    In a separate engagement with the Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, NTPIC focused on harmonising implementation priorities and strengthening institutional coordination. The NTPIC outlined its ongoing activities and implementation roadmap.

    Dr. Adedeji commended NTPIC’s proactive approach, describing the new tax laws as a significant development in Nigeria’s fiscal framework.

    He noted that while new policies may take time to gain full public acceptance, a transparent, well-sequenced, and education-driven implementation process will gradually build confidence and trust.

    The NTPIC emphasised that effective tax reform depends not only on legal and technical design but also on effective communication and stakeholder engagement.

    Tegbe stressed that structured stakeholder engagement and consistent communication are central to the success of the reforms.

    He assured that consultations will continue with the National Economic Council, the Nigerian Governors’ Forum, local government leaders, as well as traditional, religious, and community leaders.

    He reiterated that the new tax Acts are designed to create a simpler, fairer, and more predictable tax system that fosters voluntary compliance, strengthens investor confidence, and supports sustainable economic growth.

    The NTPIC team also included the Chairmen of the Stakeholders Engagement Subcommittee and the Technical Subcommittee, Barrister Ismael Ahmed and Mr. Ajibola Olomola, respectively.

  • Sterling HoldCo recognised for responsible workplace

    Sterling HoldCo recognised for responsible workplace

    Sterling Financial Holdings Company PLC (Sterling HoldCo) has been recognised by the Institute for Work and Family Integration (IWFI) in collaboration with Lagos Business School (LBS), as one of the standout organisations demonstrating leadership in responsible workplace practices at the Corporate Family Responsibility Index Awards.

    This recognition places Sterling among a select group of companies demonstrating strong institutional commitment to workplace policies that enable employees to effectively balance professional responsibilities with family and personal obligations.

    Sterling’s approach to family responsibility is anchored on their strategic mandate of enriching lives, through the provision of structured, life-stage-responsive support systems, with a particular focus on parenthood and caregiving. This support has led to interventions such as paid maternity and paternity leave, a purpose-built maternity hub, an onsite crèche, flexible work arrangements, comprehensive health insurance coverage, and routine integrated wellness programmes that focus on providing extensive and continuous mental, and emotional wellbeing support for employees.

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    Group Executive, Human Capital and Corporate Services, Sterling Financial Holdings Company, Temi Dalley, said the award reflected the organisation’s long-standing belief that sustainable performance is driven by supportive work environments.

    “People thrive when work is designed around real human needs, and at Sterling Financial Holdings Company, this strong sense of family responsibility is embedded in how we structure work, support our people, and build a culture anchored on empathy, flexibility, and wellbeing.

    “One of the Group’s differentiating initiatives is ‘Bloom After Birth’, its postnatal and postpartum support community. Through the initiative, Sterling Financial Holdings Company provides employees with access to expert medical and emotional guidance, while also providing compassionate support to families who have experienced pregnancy loss,” Dalley said.

    The Corporate Family Responsibility Index serves as a national benchmarking framework for assessing how organisations embed family-responsible practices into workplace design, culture, and leadership priorities. The awards promote practices that strengthen workforce sustainability, inclusion, and long-term organizational effectiveness.

    This recognition followed several Great Place To Work awards that Sterling Financial Holdings Company and its subsidiaries have received in recent years, further reinforcing the Group’s position as a forward-looking employer committed to providing an environment where employees can thrive both professionally and personally.

  • Unified identity data to end predatory lending, says eTranzact

    Unified identity data to end predatory lending, says eTranzact

    Chief Executive Officer, eTranzact Plc, Niyi Toluwalope, has called for a unified and tokenized national identity system to expand access to affordable credit and eliminate the exploitation of Nigerians by loan sharks.

    He made the call during a stakeholders’ engagement themed “Shaping the Future of Payments: Balancing Regulation and Innovation,” where he highlighted the structural gaps in Nigeria’s credit and identity ecosystem.

    According to him, predatory lending continues to flourish because many Nigerians urgently need funds during emergencies and are forced to accept loans at exorbitant and unsustainable interest rates.

    “The people making money are lending to those who desperately need it now. They take loans at impossible rates because they are desperate, and then they can’t meet up,” he said.

    Toluwalope stressed that Nigeria must deliberately build a system that allows people with regular and identifiable income, such as security guards, drivers, and other salary earners to access legitimate credit.

    “Let’s create a system where anybody with regular, identifiable income can access credit, so that the emergency loan shark model naturally disintegrates,” Toluwalope said.

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    The eTranzact CEO described the Bank Verification Number (BVN) as Nigeria’s most reliable financial database, noting that it has matured over time and remains secure because it is closely tied to financial transactions.

    “The BVN is a fantastic database. It’s matured, it’s secured, and because it’s tied to money, people pay attention to it,” he said.

    However, he argued that Nigeria must go beyond BVN by strengthening and expanding the National Identification Number (NIN) framework to create a unified national identity system that links individuals to income and location.

    Drawing a comparison with developed economies such as the United States, Toluwalope noted that credit systems thrive where financial footprints are fully traceable.

    “In the US, your social security number, credit score, title, and everything you do are tracked across the 50 states. You can’t run anywhere; it will come up,” he explained.

    Toluwalope also advocated for the tokenization of identity to eliminate repetitive Know Your Customer (KYC) processes across banks and financial institutions.

    “Why do I have to submit the same KYC every time I open an account? Let’s tokenize identity and secure it with OTP,” he said.

    He added that a system where identity data is updated automatically whenever changes occur would support credit cards, utilities, and other financial services, while strengthening trust, accountability, and financial inclusion in Nigeria.