Business
SEC to Licence Crypto Exchanges as FIRS Seeks Regulation
The Abuja-based Securities and Exchange Commission is looking to issue its first licenses for digital service and tokenized assets this month, Director-General Emomotimi Agama said.
“Being a crypto enthusiast and fintech enthusiast, I can tell you without doubt that this is going to happen sooner than you think,” Agama said in an interview on Bloomberg Television.
“We must support the youths of this country to be able to achieve the benefit that is accruable in fintech.
The market size is huge and it is growing. The figure is just “the tip of the iceberg’ considering many transactions are not reported, Agama said.
He said that the SEC wants “to provide a platform where people can formerly do these things and we can get all of the information that we need.
“What we will not encourage is the use of cryptocurrency to manipulate our currency,” Agama said.
Earlier, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, said that an Executive Bill which seeks to overhaul revenue administration in Nigeria, including regulation of the cryptocurrency industry, is being put together for transmission to the National Assembly.
Adedeji, during a stakeholders’ engagement with a joint committee of the National Assembly on Finance, said: “We cannot run away from the cryptocurrency ecosystem because it is the in-thing.
But as it stands in Nigeria today, no law regulates cryptocurrency operations. We need a law that regulates that area of our economy.
This is why we are having this engagement with the legislators. We will regulate it in a way that is not injurious to the economic development of Nigeria.
“Bloomberg commented that the start of regulation will align Nigeria with other jurisdictions, including the European Union, South Africa and Botswana, which have taken steps to govern the asset class.
Regulators across the globe are seeking better ways to rein in crypto following a 2022 crash in prices that led to a slew of bankruptcies, scandals and billions in investor losses.
Nigerian authorities banned banks from supporting crypto transactions due to concerns that traders on digital-currency platforms are manipulating the exchange rate for the naira, which has depreciated about 70% against the dollar since June last year.
The government in February blocked access to the world’s biggest crypto exchange operated by Binance Holdings Ltd. and later prosecuted its executives over allegations of illicit flows and speculation on the naira, which it said deprived the nation of tax revenue and weakened the local currency.
The crackdown on Binance hasn’t deterred young, tech-savvy Nigerians, who have moved to the Bitkoin Africa Inc. and Quidax platforms for their Bitcoin transactions, Agama said in June.
The volume of crypto transactions in the country climbed 9% to $56.7 billion in June 2023 from a year earlier, Chainalysis said in a report.
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
IMF to release January 2026 World Economic Outlook update on Monday
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
The International Monetary Fund (IMF) will release its January 2026 World Economic Outlook (WEO) Update on Monday, January 19, 2026.
The report will be presented during a press conference hosted at the National Bank of Belgium in Brussels.
The press conference is scheduled for 10:30 a.m. The Brussels time and will be streamed live via the IMF website and Press Centre, allowing journalists to participate both in person and virtually.
The IMF’s economic assessment will be presented by Pierre-Olivier Gourinchas, Economic Counselor and director of the Research Department; Petya Koeva Brooks, deputy director of the Research Department; and Deniz Igan, Division Chief, Research Department.
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
Business
Heineken boss resigns after ‘turbulent’ six-year stint
“I believe this is the right moment,” said Van den Brink, 52, after almost six years at the helm “during which he has guided the company through turbulent economic and political times”.
• Dolf Van den Brink
Dolf van den Brink said on Monday he would step down on May 31 as the chief executive of Dutch brewer Heineken.
Van den Brink unexpectedly announced his resignation, as the company grapples with lower beer sales and job cuts in a difficult economic environment.
“I believe this is the right moment,” said Van den Brink, 52, after almost six years at the helm “during which he has guided the company through turbulent economic and political times”.
The change of leader comes at a tricky moment for Heineken, the world’s second-largest brewer after AB InBev.
Its most recent quarterly results, published in October, showed a steep decline in the amount of beer sold, with Europe and the United States driving the drop.
Van den Brink acknowledged at the time that the firm was dealing with a “challenging environment, resulting in a mixed performance”.
Heineken posted total net sales of 7.3 billion euros ($8.5 billion) for the third quarter, down from 7.6 billion in the second quarter.
KPMG, NRS settle rifts over new tax laws
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