Business

Access Bank Unfolds Paris subsidiary’s Operations Focus

Published

3 years ago

May 19, 2023

258 Views

Access Bank Plc has expressed confidence that the new subsidiary in Paris, will play a key role in driving trade and investment flows between Africa and France.

Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc., the parent company of Access Bank, confidently stated this during the launch of the Paris subsidiary.

Wigwe stressed that the subsidiary’s location in Paris is strategic, as it is the commercial and financial centre of France with a vibrant ecosystem of businesses and institutions.

“With a population of over 67 million people and a GDP of €2.4 trillion, France is a key player in the global economy,” he said.

” Access Bank’s new subsidiary will enable the bank to tap into the country’s vast business opportunities, particularly in the area of cross-border trade finance,” said Wigwe.

He said that Access Bank has a great presence in the Francophone world that relies significantly in terms of trade on France, so Access Bank in Paris will work to support trade possibilities and trade finance solutions to businesses in those regions, ranging from large conglomerates to SMEs and more.

“Our range of banking products and services will be a valuable asset for businesses looking to trade internationally, while our corporate and investment banking services will help businesses access capital, manage their cash flow, and mitigate risk.

Managing Director, Access Bank Plc, Roosevelt Ogbonna, said “Access Bank’s presence in France represents an important step towards achieving its goal of bridging worlds and connecting opportunities for African businesses.

“Today, we are proud to have a presence in 18 countries across four continents, serving millions of customers and businesses.

” Indeed, our expansion drive has been guided by our vision to become the world’s most respected African bank, and by building on our strong track record of innovation, customer service, and social responsibility, we have come one step closer to achieving this goal,” said Ogbonna.

Business

NTA didn’t introduce VAT on charges collected by banks — NRS

The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.

Published

4 days ago

January 16, 2026

OCHEFA

40 Views

Photo: NRS chairman, Zacch Adedeji

The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.

In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.

According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.

The statement reads:

“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.

This claim is categorically incorrect.

“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”

Business

LIRS gives employers Jan 31 deadline for filing 2025 tax returns

The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.

Published

4 days ago

January 16, 2026

OCHEFA

32 Views

The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.

Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.

He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.

Business

Nigeria To Review Inflation Reporting First Time In 15 years

The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.

Published

5 days ago

January 15, 2026

OCHEFA

42 Views

Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.

This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.

Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.

Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.