Business
Tuface Becomes Tinubu’s Brand Ambassador on MSMEs, Jobs Creation
Job Creation and Micro, Small, and Medium Enterprises (MSMEs) Secretariat (Office of the Vice-President) has entered into a partnership with Mr. Innocent Idibia (Tuface)to galvanise public support for the MSMEs sector.
The partnership agreement was signed by Tuface and Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, on Friday in Abuja.
Adekunle-Johnson said the coming on board of Tuface as a job creation and MSMEs Brand Ambassador would promote ideas and initiatives under the National MSMEs Awards.He added that the partnership would promote the Expanded National MSMEs Clinics, Shared Hubs for MSMEs Initiative as well as other related activities around job creation.
The presidential aide also expressed hope that Tuface’s craft and goodwill would help promote the participation of citizens in all programmes aimed at creating jobs and supporting businesses.
We thought of how best we can sustain the momentum of creating jobs and promoting all the activities of the MSMES, awards, hubs, and the single-digit loan.
“And in trying to consistently promote this, we looked at areas that are of interest to some of our target audience, and you will agree with me it is the entertainment or creative industry.
“Today we are unveiling who I regard as an icon, a legend in the game, he has been consistent with his craft and a very creative man in the person of Mr. Innocent Idibia (Tuface).
This partnership with Tuface will help galvanise private sector support for public sector initiatives aimed at creating jobs and supporting businesses,” he said.
In response, Tuface, appreciated President Tinubu’s administration for its support to the youth and small businesses.
He promised to create more awareness in the country on MSMEs, especially among the youth.He also expressed gratitude to the government for the confidence reposed on him.
He also expressed gratitude to the government for the confidence reposed on him.“I appreciate the vote of confidence, I appreciate the kind words, for me I’m excited about this. It is a very good move in a good direction.
“Most of our youths today, there are so many things going that they can easily be deviated from following the right positive trajectory of life.
“But with this, people might even under estimates the power and value that this will bring to both the individuals, their communities and the country as a whole. So, for me I really commend this initiative, I commend the show of concern and show of support from the government towards young people, small businesses,” he said.
Also, Mrs Sarah Ajayi, Deputy Director, Office of Trade and International Relations, National Agency for Food and Drug Administration and Control (NAFDAC), said: “entertainment is what attracts the youth. Most of them are given to entertainment, so having Tuface as our brand ambassador is a good one.”
On his part, Mr Chukwuemeka Nwakile, Acting Group, Regional Manager, Access Bank Plc., restated the commitment of the bank to empower the youth in the area of job creation.
“For us in Access Bank it is a very familiar and top terrain for us, and rest assured that we will never apply the break at this point. We will go all out to ensure that the job creation mantra of the government is not just by word of mouth but by action,” he said.
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.
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