Kaduna seals FirstBank, GTB, Access, Sterling branches over N300.5m unpaid taxes
The Kaduna State Internal Revenue Service (KADIRS) has sealed the branch offices of four banks in Kaduna over N300.5 million unpaid taxes. Executive Chairman of KADIRS, Dr. Zaid Abubakar, identified the affected banks as First Bank, Access Bank, Guaranty Trust Bank (GTB), and Sterling Bank. Abubakar told journalists after the exercise in Kaduna that the money was arrears of taxes payable...
CBN: Banks refunded N89.2bn to customers in June
Commercial banks in Nigeria refunded N89.2 billion to customers as at the end of June 2021 over several complaints. Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, disclosed this during a CBN Fair held simultaneously in Cross River and Akwa Ibom with the theme “Promoting financial stability and economic development”. Represented by Mr. Osita Nwanisobi, Director, Corporate Communication Department...
CBN picks Bitt Inc. as tech partner for eNaira
The Central Bank of Nigeria (CBN) has announced the formal engagement of the global Fintech Company, Bitt Inc., as the Technical Partner for its digital currency, eNaira. This development was disclosed in Abuja by the Central Bank Governor, Mr Godwin Emefiele on Monday. Emefiele said the apex bank’s selection of Bitt Inc. from among highly-competitive bidders is hinged on the company’s...
LOTUS Bank opens 3 new branches in Lagos
The newest and third Non-Interest Bank (NIB) in the country, LOTUS Bank Ltd., has commenced operations in three new locations in Lagos State. Managing Director of LOTUS Bank Ltd., Mrs Kafilat Araoye, in a statement on Friday said that with the simultaneous opening of three new locations in Lagos, the bank now had physical presence in four locations. According to her,...
Sterling Bank unveils free banking services for NGOs
Sterling Bank Plc. has unveiled Sterling CARES, a free banking service for non-governmental organisations (NGOs), to empower non-profit organisations across the country. This was disclosed in a statement issued by the Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, in Lagos on Friday. Ibekwe said the unveiling was in partnership between Sterling One Foundation and the Nigeria Network of...
MTN to offer 14% shares to Nigerian investors
Telecommunications giant, MTN Nigeria, will soon offer 14 per cent of its shares to over two million Nigerian retail investors. The communications giant will also invest more than N600 billion in network infrastructure over the next three years to improve telecommunications services across the country. The Chairman of MTN Nigeria Communications, Dr. Ernest Ndukwe, and Chief Executive Officer of the company,...
NCC frets over telcos’ finances, mulls new capital structure
The Nigerian Communications Commission (NCC) has expressed worry over the financial state of telecommunications companies in the country. According to the Commission, an audit of the financial status of the telcos revealed that some of them are not in good health financially. The audit, which was propelled by the lingering interconnect debt, which the regulator said had risen to N70 billion...
Pantami: Nigeria earned N1.05trn from ICT in 2 years
The Minister of Communications and Digital Economy, Dr. Isa Pantami has said that the Information and Communication Technology sector contributed over N1.05 trillion to the Federal Government’s purse in the last two years. The Minister, who disclosed this while commissioning the 12th batch of the Digital Economy Projects for a Digital Nigeria, said the revenue was generated by the parastatals...
Ericsson: 5G subscriptions near 580m
Subscriptions for the fifth generation (5G) technology have been forecast to exceed 580 million globally by the end of this year. This is according to the latest Ericsson Mobility Report, which revealed that one million 5G subscriptions are being added daily. However, Nigeria, which is considered one of the fastest-growing telecoms markets in the world, may not have a share in...
Nigeria’s indigenous telcos seek 5-year tax holiday
Indigenous telecommunications companies in Nigeria have appealed to the Federal Government to give them tax holidays of up to five years. This, they said, would allow them to compete favourably with bigger players who had enjoyed the same benefits in the past. The operators, who made the appeal at a virtual forum on the National Policy for Promotion of Indigenous Content...
