Business
Excitements As Wema Bank Clocks 80 In 8 Days
As Wema Bank counts down to its 80th anniversary on May 2nd, 2025, the world eagerly anticipates the future of possibilities that lies ahead for this phenomenal bank.
All roads lead to Lagos on May 2nd 2025, when Wema Bank, Nigeria’s oldest indigenous bank, leading innovative bank and pioneer of Africa’s first fully digital bank, ALAT, will be marking its 80th anniversary in grand style, in Lagos, the city where it all started.
Founded on May 2nd 1945 as Agbonmagbe Bank Limited, Wema Bank was established by the Late Chief Matthew Adekoya Okupe and two others—his wife, Regina Adekoya Okupe and a family friend, Reverend Alade.
In an era where the banking industry was designed to cater only to the colonial government and expatriates, Wema Bank came to life as a vanguard of indigenous banking, bridging the gap in access to financial services by providing quality financial services tailored to the needs of indigenous Nigerians and businesses.
The story of Wema Bank is one that symbolises remarkable resilience, capturing the journey of an indigenous Nigerian bank that dared to rise at the heights of the colonial era, weathering the storms of the difficult terrain, navigating challenges and constantly reinventing to continue serving Nigerians against all odds, for 8 solid decades and counting.
Founded on May 2nd, 1945, as Agbonmagbe Bank Limited, Wema Bank was established by the Late Chief Matthew Adekoya Okupe and two others—his wife, Regina Adekoya Okupe, and a family friend, Reverend Alade.
This great bank, which began as the mere vision of an illustrious philanthropist in a hollow room at Agbonmagbe Lodge, Yaba, Lagos, has now grown to not only become Nigeria’s longest standing indigenous and most resilient bank but also, Nigeria’s most innovative bank.
In truth, Wema Bank’s formidable legacy is proof that Nigerian businesses have the capacity to last, transcend time, adapt and innovate to remain valuable to customers, stakeholders, shareholders, industries, and the nation at large.
From empowering Nigerians with the finest quality of financial services to providing tailored opportunities for underserved categories of the population, spearheading the future of banking and being a backbone for Nigeria’s FinTech industry by not only pioneering the continent’s first fully digital bank, ALAT, but also allowing FinTechs to operate using the Bank’s secure and advanced network; Wema Bank has built a legacy of impact since 1945.
As Wema Bank counts down to its 80th anniversary on May 2nd, 2025, the world eagerly anticipates the future of possibilities that lies ahead for this phenomenal bank.
While details of the grand Wema at 80 event are yet to be disclosed, the event is reported to be the most star-studded and exclusive corporate celebration of the year.
It is convening generations of Nigerians in Lagos in a night of momentous reflection, merriment, and grandeur with the dress code and timeless elegance.
Business
NRS Chair: New tax laws won’t be implemented until January
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandates…
•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.
The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.
Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.
Adedeji said that the modalities will be put in place ahead of the implementation.
Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
Business
President Tinubu List Economic Expectations from New Tax Laws
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.
President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.
He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.
He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.
“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”
Business
Tinubu signs four Tax Reform Bills to law today
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
President Bola Ahmed Tinubu will today (Thursday) sign into law four tax reform bills set to overhaul Nigeria’s fiscal landscape, streamline tax administration, and boost investor confidence.
The ceremonial signing is scheduled to take place at the State House, Abuja.
In a statement , Bayo Onanuga, Special Adviser to the President on Information and Strategy, said that the four bills are : the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
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