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Diamond Bank: Why Igbos are not able to handle business empire beyond 3 decades

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By Chijioke Ngobili

Reading the story of Ụzọma Dozie — former MD of Diamond Bank, Pascal Dozie’s son — and how he ruined Diamond Bank, my mind began to race in thoughts for my Igbo people.

How are we, ndị Igbo, not able to sustain, rule and even enlarge an economic empire handed over by deceased progenitors beyond 2 – 3 decades despite our trait of being good at commerce? But the white man whose capitalist model we mimic is able to sustain a business up to a century. Why?

From Ekene Dili Chukwu Transport (Augustine Ilodibe) to Izu Chukwu Transport to Ifesinachi Transport (Mamah) to J. O Nwankwụ (Joseph Ọzọemena Nwankwụ) to the Ojukwus to the Umeanọs to Micmerah (Emerahs) to the Dozies of today whose children never qualified to sustain and enlarge the coast of their fathers? Why?

“I don’t want my children to suffer what I suffered, biko. They will have the best of life, study abroad, travel and meet people and not suffer in this hellhole Nigeria”.

Those bland and shallow words up there are some of the major answers to the ‘why’. And so, economc empires built by the Igbo only last for 3 decades at most and everything crumbles.

Then, life starts afresh. And we wonder why each rising generation of ndị Igbo have no ‘financial base’ to draw from other than starting anew in the spirit of Ikeotuonye. And we wonder how the Yorùbá seem to have a pool of shared monies and are always struggling to dominate the manipulation of the nitty-gritties in Nigeria’s and West Africa’s finance scape.

It begins with an individual business growing into the second and third generation and enlarging beyond one family and dynasties, spreading wings into competent families of same ethnicity and beyond with ripples getting across to young, upcoming, serious people.

Our rich people and capitalists have not learned how to grill and gell their children to be like them and even beyond them as to manage their successes.

In the quest to give children “the best”, they grow apathetic, loose and soft children through the provision of mindless comfort. We can’t raise an economic empire by this culture.

I know a classmate of mine in primary and secondary school days whose father was very rich but denied this guy comforts — even basic comfort. We booed the guy and felt the father was innately wicked not knowing he’s preparing a careful manager for future.

Today, the young man is sitting on a multimillion naira (if not billion naira) business empire while his father is happily retired and resting. The economic empire has successfully lasted into a second generation and doesn’t look like crumbling in the next decade.

How many Igbo rich capitalists/economic emperors do you know have the stuff and fibre to raise morally and mentally strong, locally conscious and grassrooted children who’d be allowed to pass through the fire of life to be able take over the empires they built? How many?

Is any of Innoson’s children at home in Enugwu or Nnewi, going under fire now and learning on the hard ropes? Is any of Peace Mass Transit’s children learning under fire on the ropes right now? Or, are they in Houston, London, New York, Dubai, Dominican Island with their ‘mommies’ enjoying vacation upon vacations, licking cold stone ice cream, downloading fat-enabling burger and shawarma into their tracks while their mommies post them on Instagram and Facebook to get likes and comments?

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

Finance

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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Finance

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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Finance

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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