Business
KPMG, NRS settle rifts over new tax laws
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.
KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives
However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.
The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.
In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.
” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.
“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”
The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
Business
Brent crude slid to around $106 per barrel
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.
They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.
Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.
Business
Elumelu shares inspiring story of his beginning as a “young, hungry sales rep”
Elumelu urged people, particularly those building their careers and businesses, to remain consistent and committed to learning. “Keep showing up. Keep learning. Keep executing,” he said.
Businessman and philanthropist Tony Elumelu has shared a picture of his old business card from his early days as a photocopier salesman, recalling the lessons that shaped his approach to business and made him resilient.
Elumelu shared the photograph on his X handle on Thursday, saying he stumbled upon the card and was reminded of his days as a “young, hungry sales rep.”
The old card identifies Elumelu as a Sales Executive with Precissa Sales Limited, with the company’s address listed as Bode Thomas Street, Surulere, Lagos.

Reflecting on the period, Elumelu said the experience taught him “the fundamentals of resilience, negotiation, and grit,” lessons he said have continued to influence how he approaches business and engages with customers.
He wrote: “It’s also a reminder that who you become tomorrow is often shaped by the foundation you lay today; the discipline, hard work, and consistency you put in when no one is watching.”
Elumelu urged people, particularly those building their careers and businesses, to remain consistent and committed to learning. “Keep showing up. Keep learning. Keep executing,” he said.
He ended the post with a light-hearted reference to the details on the old card, saying: “As for the phone number and address on the card? Long gone 😂”
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