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FIRS Largest Employer of Chartered Accountants

I like to tell you that all your members have always upheld the core values of ICAN. They have set standards others are working to catch up with. 

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▪︎FIRS chairman, Zacch Adedeji

The Chartered Accountants of Nigeria (ICAN) has commended the Federal Inland Revenue Service (FIRS) for being the largest employer of chartered accountants in the country.

“Out of the 66,000 chartered accountants in the country today, more than 2,800 are in FIRS, the largest by any government agency,” said Davidson Alaribe, the President of ICAN.

Alaribe made the disclosure during the inauguration ceremony of the ICAN chapter in the FIRS Office in Abuja.

Alaribe commended the FIRS chairman, Zacch Adedeji, for leading the transformation of the agency that is now vital to the country’s economic development by making revenue available to the three tiers of government to finance major projects. A

ssuring the FIRS chapter of constant support, he tasked the pioneer officers to actively engage members to establish a strong foundation for the chapter and also ensure the elevation of its profile. 

The FIRS chairman, who was represented at the event by the Coordinating Director of Medium Taxpayers Group, Dr Dick Irri, charged the leaders of the ICAN chapter to continue to display high ethical standards in the discharge of their duties. 

Adedeji, who is a Fellow of ICAN himself, said he gave the approval for the establishment of the unit as a result of the critical roles chartered accountants play for Nigeria, particularly at FIRS.

 “ICAN is dear to me in many ways. Apart from being a fellow of ICAN, we have close to 3,000 ICAN members working in FIRS. 

” I like to tell you that all your members have always upheld the core values of ICAN. They have set standards others are working to catch up with. 

“This event is a great avenue to advocate the cause of accounting at FIRS.

The quality of the people in the executives says it all. There is no denying the fact that ICAN members in FIRS are blazing the trail as we have the highest number of chartered accountants in Nigeria,” he said. 

In her acceptance speech, the pioneer chairperson of the FIRS branch, Dr Josephine Onyia, thanked Adedeji and the management of FIRS for the support and endorsement of the new leaders. 

“As members of a noble profession like ours, we are crucial in upholding financial integrity, fostering economic advancement, and promoting trust within the business community. 

“I am honoured to be the pioneer chairman of the ICAN-FIRS chapter which comprises many chartered accountants, who stand for these core values and contribute actively to the advancement of the accounting profession and revenue collection for national development,” she said. 

Other officers of the unit include Mrs. Adenike Adegoke, who is the Vice-Chairperson; Abdurauf Aderemi, General Secretary; Mrs. Patricia Ofili, Treasurer; and Mr. Aduka Borr, Publicity Secretary.

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PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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