Money market

Abuja, Jan. 19, 2025 – The Democratic Front (TDF) has commended the Nigeria Governors Forum (NGF) for reaching a consensus with the Presidential Committee on Fiscal Policy and Tax Reforms over the tax reform bills. In a statement signed by its Chairman, Mallam Danjuma Muhammad and Secretary, Chief Wale Adedayo, the group said on Saturday in Abuja that the deal was bound to lay all divisive rhetoric on the tax reform to rest. It said: “Like many Nigerians, we at the Democratic Front can now heave a sigh of relief …

Abuja, Jan. 18, 2025 – The Federal Accounts Allocation Committee (FAAC) has shared N1.424 trillion among the federal government, states and local governments from the December 2024 federation account revenue. Bawa Mokwa, the Spokesman for the Office of the Accountant General of the Federation, disclosed this in a statement on Friday. He said the money was shared during the January meeting of FAAC in Abuja. A communiqué issued at the end of meeting indicated that the total gross revenue for December 2024 was N2.310 trillion. It said the total deductions …

Lagos, Jan. 17, 2025 – In a strategic move to sustain its impressive performance, leading financial institution Fidelity Bank Plc has announced significant changes to its Board of Directors effective Jan. 14, 2025. According to a regulatory filing on the corporate disclosure portal of NGX Regulation Limited, the Bank has received the Central Bank of Nigeria’s (CBN) approval to appoint Alhaji Abdullahi Sarki Mohammed as an Independent Non-Executive Director, Ms. Obiaku Augusta Okam as a Non-Executive Director, and Mr. Sufiyanu Ibrahim Garba as an Executive Director, all effective Jan. 14, …

Abuja, Jan. 16, 2026 – The Nigeria Governors Forum has endorsed the Tax Reform Bills before the National Assembly. The governors endorsed the bills after their one-day consultations and engagements with the Presidential Tax Reform Committee and the Federal Inland Revenue Service. According to a communique issued at the end of the meeting, the governors expressed agreement to maintain the current Value Added Tax (VAT) rate and Corporate Income Tax (CIT) to ensure economic stability.  The governors also endorsed a revised VAT sharing formula which allocates resources as follows: 50% …

Abuja, Jan. 16, 2026 – The Nigeria Governors Forum has endorsed the Tax Reform Bills before the National Assembly. The governors endorsed the bills after their one-day consultations and engagements with the Presidential Tax Reform Committee and the Federal Inland Revenue Service. According to a communique issued at the end of the meeting, the governors expressed agreement to maintain the current Value Added Tax (VAT) rate and Corporate Income Tax (CIT) to ensure economic stability.  The governors also endorsed a revised VAT sharing formula which allocates resources as follows: 50% …

Abuja, Jan 16, 2025 – The Central Bank of Nigeria (CBN) has launched two initiatives to improve turnaround time and cut costs.  They are the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.  The apex bank disclosed this in a statement on Thursday. According to the statement, the initiatives were launched on Wednesday in continuation of the bank’s digital revolution project tagged ‘Digital First,’ which the governor flagged off in December 2023 as one of his transformation initiatives. Olayemi Cardoso described the DocFlow system …

Abuja, Jan. 15, 2025 – The Central Bank of Nigeria (CBN) has imposed N150 million each on 9 banks for their failure to make naira notes available through Automated Teller Machines (ATMs) during the yuletide and New Year holidays. The affected banks are Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. It said the affected banks failed to comply with its cash distribution guidelines during the period. The …