Business

President Tinubu’s reform initiative will grow economy- CIBN

Published

2 years ago

September 6, 2023

74 Views

The Chartered Institute of Bankers of Nigeria (CIBN)has commended the reform initiatives of President Bola Tinubu’s renewed hope agenda, saying it will help grow the economy.
The President of CIBN, Ken Opara, said this during the16th Annual Banking and Finance Conference of the institute on Tuesday in Abuja.

Opara expressed hope that the reforms if followed through would not only unlock the full potentials of our economy but place the nation on a recovery trajectory to drive the prosperity of the continent.

The theme of the Conference is “Nigeria’s Economic Growth and Empowerment: The Role of the Financial Services Industry”.
According to Opara, the event is the largest gathering of banking and finance professionals in Africa.

`’It is a platform for stakeholders in the banking and finance ecosystem to come together to drive conversation on topical issues critical to the growth and stability of the country.

With a view to providing insightful solutions that will impact the entire system and the economy at large. According to the President, theme is very apt as it resonates with the context of our current realities in the country.

It amplifies the fact that agenda setting for the country must be a continuous exercise, especially now that we have a new government in place.

The topic also resonates with the current administration’s reforms agenda. He said the CIBN would continue to be a vanguard for capacity and skills development in the financial services industry. He also urged for more collaboration of critical stakeholders to drive the sector. The Chairman, Senate Committee on Capital Market, Sen. Osita Izunaso, pledged the continued support of the National Assembly to the CIBN and the country's financial sector. Izunaso, called for collaboration of critical stakeholders in the sector to help resolve the challenges before us which according to him is enormous. He also urged companies enjoying Nigeria patronage to ensure to be listed in the country's capital market. The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu decried the low contribution of the sector to the GDP and challenged the financial sector to make wfforts to move from 3.6 to about nine per cent growth contribution to the GDP. Bagudu said to achieving this was possible as the financial sector was indeed well placed to contribute to economic growth. The minister then reiterated the present administration's commitment to ensure its renewed hope agenda for Nigerians was achieved.

The reforms are intended among others to give the private sector all the necessary confidence to mobilise and invest more resources in the economy.

We appreciate the contribution of the financial sector but expect more.

We appreciate that the challenges we are experiencing are those that other countries have experienced and surpassed.

We are in no doubt that the vision and boldness of our leaders, the renewed Hope Agenda will be pursued with vigor and Nigeria will have positive remarkable growth in the years ahead,"he said. The Acting Governor of the Central Bank of Nigeria(CBN), Folashodun Shonubi, said when we look at our economic contribution, we are fighting below our weight.

Can we promise them that instead of 3.6 per cent, we will be contributing a lot more than that. And we will sit down and find what the drivers are that we can influence and do.

I dont want to put a number infront of us but it is what I will like to see at the end of the conference.

I don’t think we contribute a lot of ourselves , we as bankers need to be more conscious, a bit more active on advocacies that are actionable,”Shonubi said.

Also, the Chairman, Body of Banks CEO, Mr Ebenezer Onyeagwu, also urged for a deliberate effort by stakeholders towards growing the country’s economy.

On balance of payment, he said we are importing more than we are exporting and to change the narrative we need to grow what we consumes and export what we consume.

We have enormous potential, the biggest potential we have is in our market. Our market is depleted by the number of people we have.

The time has come for our growth to focus on effectively realising the huge potential of our endowment.

“It is imperative therefore for us to encourage growth in our endeavours. Banks also have to be deliberate, determined to execute the mandate of growth in our economy,”Onyeagwu said.

Business

FG Enforcing Compulsory “No Tax ID, No Bank Account Policy”

Section 8 (2) makes Tax ID mandatory for any person to operate a bank account or get involved in insurance, stocks or allied services in the country, once the Act comes into force from January 1, 2026.

Published

3 hours ago

September 5, 2025

OCHEFA

25 Views

The Federal Government is making it compulsory for all taxable Nigerians to obtain a compulsory Taxpayer Identification (Tax ID) when the new tax Acts come into force in January 2026.

The policy will be enforced by the Nigeria Revenue Service (formerly Federal Inland Revenue Services).

Ohibaba.com gathered that the Tax ID is contained in the provisions of the Nigeria Tax Administration Act, 2025, Part II Section 4 of the legislation which was recently signed by President Bola Tinubu.

It says: “Every Taxable person shall register with the relevant Tax Authority and obtain a Taxpayer Identification Card (Tax ID) for the purpose of compliance with tax obligations.

“Every ministry, department or agency of the federal, State or Local government shall register and obtain a Tax ID.”

It said that Section 6 (1) of the Act also requires Non-resident persons who supply taxable goods and services to any person in Nigeria to obtain Tax ID, as they shall be obligated to pay tax in Nigeria.

Section 7 (3) empowers the relevant tax authority to issue Tax ID to a person who should have applied for an ID but failed to do so.

The relevant tax authority is also empowered to refuse to issue a Tax ID to an applicant based on information available to it.

In such a case, the authority shall inform the applicant of its decision within five working days.

Section 8 (1) (c) makes Tax ID a condition for entering into any contract with the Federal and State governments.

The Act, however, provides an allowance to suspend or deregister the Tax ID, if the holder ceases to undertake trade or business, either temporarily or permanently.

Section 10 (1) provides, “Where a taxable person temporarily ceases to carry on a trade or business in Nigeria, the taxable person shall notify the relevant tax authority of its intention to suspend its registration for tax purposes within 30 days of such temporary cessation of trade or business.(2)

“The Tax authority shall classify the Tax ID as ‘dormant’ and place it on suspension.

(3) “Where a taxable person permanently ceases to carry on trade or business in Nigeria, the taxable person shall notify the relevant tax authority of its intention to deregister for tax purposes within 30 days of such cessation of trade or business.

Business

Nigeria to host Intra-African Trade Fair (IATF) 2027

With Lagos preparing to welcome the world in 2027, the IATF mission continues its quest to deepen trade, unlock investment, and connect Africa to itself and the world at large.

Published

7 hours ago

September 5, 2025

OCHEFA

26 Views

• IATF 2025 opening ceremony , 4 September, Algiers.

Nigeria has been officially picked to host the 2027 edition of the Intra-African Trade Fair (IATF).

This was announced during the opening ceremony on Thursday in Algiers, with calls for African countries to accelerate growth in Intra-African trade and boost economic integration.

At the event, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, received the IATF flag on behalf of the country as Lagos was confirmed host city for the continental fair in 2027.

The Chairman of the IATF Advisory Council and former President Chief Olusegun Obasanjo, said, “Since its inception, the IATF has rotated across our continent, leaving its unique legacy and improving with each host nation.

“Today we continue the proud tradition by announcing the country that will host IATF2027.

“With Lagos preparing to welcome the world in 2027, the IATF mission continues its quest to deepen trade, unlock investment, and connect Africa to itself and the world at large.

Organised by the African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission (AUC) and the AfCFTA Secretariat, the IATF brings together continental and global stakeholders to showcase goods and services, facilitates direct engagement and exchange between businesses and between businesses and government entities.

The fair was established to accelerate the implementation of the African Continental Free Trade Area (AfCFTA) agreement which aims to create a single market for goods and services across Africa.

Business

OPSN Faults Repeated Summons of Private Companies by National Assembly

OPSN members comprise the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industrialists(NASS), and Nigeria Association of Small and Medium Enterprises(NASME).

Published

14 hours ago

September 5, 2025

OCHEFA

37 Views

The Organised Private Sector of Nigeria (OPSN) has expressed deep concerns over incessant invitations, summons by the committee of the National Assembly on the activities of private companies.

The Association of Food, Beverages and Tobacco Employees(AFBTE) and other 25 sectoral employers ’ associations also decried this situation.

The concern was conveyed through an open letter sent to the President of the Federal Republic of Nigeria, Bola Tinubu, which was published on Thursday, September 4, 2025.

The group said that the practice has continued unhindered despite judicial pronouncements, including a pending appeal before the Supreme Court, which affirms that the powers conferred on the National Assembly in line with sections 88 and 89 of the 1999 Constitution do not extend oversight powers to private companies.

They cite judicial precedents in the case of DHL International Nigeria Limited vs Senate of the Federal Republic of Nigeria and ORS (FHC/ABJ/CS/261/2018).

The court unequivocally held that private companies do not fall within the category of persons contemplated by sections 88 and 89 of the 1999 Constitution.