Business

Why Tax Reforms Benefits Will Be More Than The Shocks – Kupoluyi, LCCI President

…The harmonisation of taxes will be a relief to companies that have been paying over 16 taxes.

Published

6 months ago

January 9, 2026

OCHEFA

375 Views

The newly elected President of Lagos Chamber of Commerce and Industry (LCCI), Mr Leye Kupoluyi, spoke with ThisdDay Newspaper about the chamber’s advocacy focus during his tenure for the next two years. Excerpt:

What will be the direction of LCCI’s advocacy under your leadership?

Thank you so much for this question. As you know advocacy is one of our major mandates as a chamber because of the different interests that we are representing.

Under my leadership we will carry on advocacy as usual as evidence based engagement on how to strengthen Nigeria’s productive capacity and enhancing business generally.

Our advocacy will be for competitiveness of Nigerian businesses beyond the borders of Nigeria.

The chamber will focus on advocacy that will enable Nigerian companies to be very well competitive within Nigeria and in Africa because it is now a borderless economy.

Do Nigerian companies have the muscle to push their competitiveness beyond the country?

If we do not have the muscle then we have to develop it. But truly we have the muscle to push it. Nigeria is the hope of Africa.

Arguably Nigeria is the largest economy in Africa. I do not want to go into the statistics of people saying which country has the largest economy because there is no country in Africa that is bigger than Nigeria.

Therefore, if we cannot take the lead in Africa then there is no one to do it. There is no doubt that Nigeria is the arrow head of Africa.

What’s your reaction to the shrinking West African market for Nigerian products due to the exit of Burkina Faso, Mali and Niger Republic from ECOWAS?

There are challenges in terms of organised legal exports to these countries even though most of the manufactured goods they require still come from Nigeria.

But definitely there are challenges in terms of doing business the way we know it at this chamber, which is formal, legal and legitimate trade and not through smuggling.

Informally, Nigerian goods are reaching these countries but there are challenges when it comes to formal trade. And we know that ECOWAS leaders are doing everything possible to bring these countries back into the fold.

What do you think will be the immediate impact of the implementation of the new tax laws from January 1, 2026?

Thank you very much. For every reform like Nigeria’s tax reform there must be some shocks and benefits.

But with the tax reforms we know that the benefits will be more than the shocks. It is a very good relief that the low income earners have been removed from the tax net.

The multiple taxations that have been an epidemic in Nigeria’s business environment for many years will be taken care of.

The tax reform must not be a burden to the people. It will unlock lots of revenues for the government because the tax net has been widened and strengthened. Also the harmonisation of taxes will be a relief to companies that have been paying over 16 taxes.

The reform will make the environment predictable because we will know where we are going. Its implementation will be transparent as we move along and be beneficial to both the government and the tax payers.

But we should wait to see how it goes in January. In our own case we keep enlightening our members and sending the feedback to the government.

Under my leadership we will carry on advocacy as usual as evidence based engagement on how to strengthen Nigeria’s productive capacity and enhancing business generally.

What’s your take on public apprehensions regarding the implementation of the tax reform?

Those of us in the orgnised private sector are looking at it as a relief because those multiple taxation will go, low income earners exempted, the tax net expanded and that the tax system made more transparent and harmonised. If these are achieved it will bring big relief to the organised private sector.

What does 2026 hold for Nigerian the economy?

The past two years tried our resilience but from all indications 2026 will be a year of growth.

Related Topics:Featured Leye Kupoluyi LCCI President

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Business

CBN revokes 46 MFBs’ licences

According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.

Published

12 hours ago

July 1, 2026

OCHEFA

15 Views

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).

CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.

She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.

Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.

Business

Naira Exchange Rates Wednesday July 1, 2026

Published

21 hours ago

July 1, 2026

OCHEFA

23 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370. 68

GREAT BRITISH POUND (GBP) ₦1,825.05

EURO (EUR) ₦1,572.98

SWISS FRANC (CHF) ₦1,705.00

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦203. 32

WEST AFRICAN CFA (XOF) ₦2.41

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,875. 81

SAUDI RIYAL (SAR) ₦367.19

SOUTH AFRICAN RAND (ZAR) ₦84.12

Business

FG Moves to Sheild Pig Industry from Deadly Swine Fever

Published

22 hours ago

July 1, 2026

Charles Flames

36 Views

The Federal Government has intensified efforts to protect Nigeria’s pig industry from the growing threat of African Swine Fever, a highly contagious livestock disease.

The Minister of Livestock Development, Idi Mukhtar Maiha, says the government is strengthening biosecurity measures, disease surveillance, and stakeholder collaboration to prevent the spread of the disease and safeguard livestock production nationwide.

Speaking during a technical presentation on the status of African Swine Fever in Nigeria, the Minister commended the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, for sharing lessons from a recent study visit to Denmark.

He said that the experiences gained from the visit would help Nigeria develop practical solutions to livestock health challenges and improve preparedness against disease outbreaks.

Maiha highlighted Denmark’s pig traceability and compensation system, where every pig is tracked from birth and farmers contribute to a dedicated fund that provides compensation during disease outbreaks.

According to him, such a model encourages early disease reporting, strengthens transparency, and could be adapted to support Nigeria’s livestock sector.

The Minister also pointed to Denmark’s strict biosecurity measures, including mandatory disinfection of vehicles transporting pigs and controls to prevent contact with wild animals.

He stressed that biosecurity should be viewed as an investment rather than a burden, noting that strict movement controls and farm access restrictions have proven effective in containing disease outbreaks.

To strengthen disease prevention, the Minister directed relevant departments to map livestock movement routes, identify major pig markets and commercial farms, improve animal traceability systems, and deepen collaboration with pig farmers, state governments, and development partners.

He also called for stronger surveillance systems, improved laboratory capacity, and greater investment in veterinary research.

In his remarks, the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, described African Swine Fever as a devastating viral disease with mortality rates of up to one hundred percent and revealed that outbreaks have been recorded in about twelve states.

He revealed that the Federal Government’s response focuses on improved surveillance, farmer education, and stronger biosecurity, while urging greater cooperation among all tiers of government, increased funding, and alignment with international disease control strategies to achieve long-term eradication of the disease.