Business
OPSN Applauds President Tinubu for FRC tax halt
The OPSN urges continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.
The OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment, and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.
The Organised Private Sector Nigeria (OPSN) comprising NACCIMA, MAN, NECA, NASSI and NASME commends President Bola Ahmed Tinubu for having suspended the implementation of certain provisions of the Financial Reporting Council (FRC) Act 2023, which imposed financial caps and additional compliance dues on private companies.
Engr Jani Ibrahim, the National President of NACCIMA/Chairman OPSN, expressed gratitude on behalf of the private sector business, in a statement on Thursday.
The statement reads:” This action comes as a timely relief to the organised private sector members, including the Micro, Small and Medium Enterprises (MSMEs), many of whom had expressed deep concerns about the financial and administrative burden posed by the mandatory levies and reporting obligations under the current FRC framework.
The OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment, and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.
We therefore commend the efforts of the Government for this timely decision, which is a proactive and responsive measure that supports the Federal Government’s commitment to improving the ease of doing business and sustaining investor confidence.
The suspension provides a critical window for stakeholders to revisit the framework and ensure that future implementations of financial reporting obligations are transparent, equitable, and sensitive to the realities and legitimate concerns of Nigerian businesses.
The OPSN urges continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.
We remain committed to constructive dialogue and collaboration that will advance Nigeria’s economic transformation agenda.”
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
Business
NCS Replacing 4% import charges with 1% CISS import levy
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.
The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.
The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.
He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
Canal+ acquires MultiChoice Group for $3bn
Joint Security Forces Nab 12 Kidnap Suspects, Rescue Victims in Kogi/Kwara Operation (Photos)
Illicit Financial Flows Draining National Resources – Adedeji
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News3 days agoBREAKING: Group of retired police officers protest against poor welfare
-
Sports3 days agoAfrican junior champs: Nigeria Wins Gold Medals across Sprints
-
News2 days agoBREAKING: Natasha arrives at the National Assembly to resume duty
-
Business3 days agoZenith named Nigeria’s best bank at Euromoney awards for excellence 2025
-
News2 days agoAgain, Court Refuses Yahaya Bello’s Travel Request for Medical Treatment
-
Health3 days agoBREAKING: Medical practitioners vow to begin nationwide strike on Thursday
-
News2 days agoUPDATE: Drama as security prevents Natasha from entering N’Assembly
-
Business2 days agoGenCos Oppose Enugu’s Band A tariff cut to N160/kWh