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
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.
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.
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.
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.
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.
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.
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.
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.
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