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Phillips Consulting unveils Intellect Digital Solution in banking sector

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A leading management consulting firm, Phillips Consulting Limited (PCL), has launched a transformational solution called Intellect Digital Core Banking Solution.

The firm collaborated with another globally recognise company, Intellect Design Arena Limited, that offers services in Financial Technology for Banking, Insurance and other Financial Services.

Intellect Digital Core banking solution is a comprehensive, integrated, yet modular and agile business solution, addressing all core banking needs.

It is designed to help banks accelerate their digital banking and channel transformation journey.

Intellect Digital Core comes with a Digital 360 proposition with an inbuilt design for both Digital Outside and Digital Inside.

Digital Outside ensures true Omni-channel and consistency of customer experience at all touch points while Digital Inside drives operational excellence.

In addition, it provides all the building blocks of business functionality, enabling users to flexibly configure products and processes in order to adapt to a dynamic environment.

Through this partnership with Intellect Design Arena, Phillips Consulting builds local capacity by playing an integral role in the joint implementation and on-going support of Intellect Digital Core in Nigeria.

Commenting on the Core Banking Solution, the Managing Director of Phillips Consulting, Mr. Robert Taiwo, explained the benefits of Intellect Digital Core.

“In banking, the digital discourse has shifted from ‘nice to have’, to critical business imperative. Market share will increasingly swing to those banks that can quickly and effectively respond to technology advancements. The ability to grapple with 4.0 technologies such as AI, Big Data, Robotics and Blockchain, will differentiate the leaders from followers. Superior interconnectivity and system integration will enhance customer-centricity and this by default will accelerate first mover advantage.”  He added “But technology must not become the end in itself. “Me too” strategies will not be effective. CEOs must, therefore, drive business aligned digital strategies which speak directly to the operating models and value propositions of their respective organisations.”

Although the Intellect Digital Core Banking Platform is new to Nigeria, a new age bank recently implemented it.

Further discussing the core banking solution, the Senior Partner at Phillips Consulting, Mr. Seun Ngonnase, explained, “In today’s world, banks require a single, seamlessly integrated global payments system for domestic and cross-border transactions. This system must eliminate manual tasks and enhance interoperability. Implementing Intellect’s Core Banking platform will save time and money for the bank while providing value-added services to their customers. The whole idea is based on the concept of Contextual Banking; customers should bank in the way they want to and how they want to.”

Intellect Design Arena – a global leader in Financial Technology for Banking, Insurance and other Financial Services. A uniquely focused Products business, Intellect addresses the needs of financial institutions in varying stages of technology adoption.

Intellect’s robust iDigital platform enables products across four distinct lines of businesses: Global Consumer Banking (iGCB), Risk, Treasury & Markets (iRTM), Global Transaction Banking (iGTB), Central Banking and Insurance (Intellect SEEC).

Deep banking domain expertise coupled with investments of Rs 800 Crores over the last ten years in developing the world’s first full spectrum of banking products has made Intellect the company with the most advanced technologies for financial institutions with global businesses.

As leaders in strategy, execution and transformation are at the core of what Phillips Consulting does. The company’s digital and technology transformation practice supports clients in driving strategic business change across its operating model. Fundamentally reshaping the way products and services are delivered.

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Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness

By ORJI ISRAEL

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Bola Ahmed Tinubu
President Bola Tinubu

President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.

The tool is expected to make compliance easier and improve transparency in the system.

In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.

“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.

Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.

The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.

Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.

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FIRS e-Invoicing Hits 20% Adoption in Two Weeks

Reporter: SANDRA ANI

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VAT controversy | FIRS e-Invoicing

The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing  (e-invoicing) system less than two weeks after it went live.

The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.

According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.

Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.

FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.

The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.

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NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025

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NGX Boss, Umaru Kwairanga
NGX Boss, Umaru Kwairanga

Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.

The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.

In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.

“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”

Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.

He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.

The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.  

He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.

Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.

He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.

Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.

He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).

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