Business
President Tinubu Receives Nigeria’s Tax Ombudsman, Urges Fairness and Transparency in Tax Administration
President Bola Ahmed Tinubu on Thursday received Dr. John Nwabueze, the Chief Executive Officer of the Nigerian Tax Complaints Commission—widely known as the Tax Ombudsman—at the State House in Abuja.
The meeting, attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, comes as part of ongoing efforts to strengthen Nigeria’s tax reform agenda and build public confidence in the revenue system.
Dr. Nwabueze was appointed by President Tinubu on November 4, 2025, as the pioneer Tax Ombudsman under the Joint Revenue Board of Nigeria (Establishment) Act, 2025.
The legislation establishes the Office of the Tax Ombud (also referred to as the Tax Complaints Commission) to serve as an independent body for investigating and resolving disputes between taxpayers and tax authorities, including complaints related to taxes, levies, customs duties, excise matters, and regulatory charges.
During the audience, President Tinubu charged Dr. Nwabueze to diligently execute his mandate with integrity, impartiality, and professionalism. The President reaffirmed the administration’s commitment to fairness, transparency, and accountability in tax administration, emphasizing that the new office is a critical tool for protecting taxpayers’ rights, reducing arbitrary actions by officials, and fostering voluntary compliance.
The establishment of the Tax Ombudsman is seen as a key pillar of President Tinubu’s broader fiscal reforms aimed at harmonizing revenue administration across federal, state, and local levels, curbing multiple taxation, and creating a more predictable and equitable business environment.
Dr. Nwabueze, a seasoned tax professional from Oshimili South Local Government Area of Delta State, brings extensive experience in tax policy, fiscal advisory, and public service. His background includes roles as Managing Partner of a tax advisory firm, Technical Adviser to National Assembly committees, and adviser to former economic teams.
The new laws empowering the Tax Complaints Commission are expected to enhance taxpayer protection, promote efficient dispute resolution through mediation rather than litigation, and ultimately boost trust in Nigeria’s revenue framework amid the country’s push for sustainable economic growth and improved revenue generation.
Business
Cybercriminals cloning DStv, other brands to steal bank accounts across Africa
According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.
Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.
More than 100 fake websites linked to the malware campaign have been identified since August 2025.
Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.
According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.
The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.
NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.
The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.
Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.
The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.
Business
Cement price hits N16,000 per bag
The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.
• Chairman of BUA cement, Abdul Samad Rabiu (ASR)
Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.
The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.
By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.
Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.
Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.
Reinforcing steel now costs N1.15 million per tonne, up from N850,000.
Business
Naira Exchange Rates Friday, August 21
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,405 Sell ₦1,410
Great British Pound(GBP) Buy ₦1,890 Sell: ₦1,915
EURO (EUR) Buy ₦1,590 Sell ₦1,610
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90Ghana CEDI (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,374.63
Great British Pound (GBP) ₦1,838.70
EURO (EUR) ₦1,574.97
Swiss Franc (CHF) ₦1,687.70
Chinese Yuan (CNY) ₦200.42
Japanese Yen (Yen) ₦8.49
West African CFA (XOF) ₦2.37
West African Unit Account (WAUA) ₦1,848.41
Saudi Riyal (SAR) ₦358.91
South African Rand (ZAR) ₦83.35
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