Finance

President Buhari seeks Ecobank’ collaboration on Government’s intervention in agriculture

Published

6 years ago

May 29, 2019

grassroots

BY: Oliseama Okwuchukwu

President Muhammadu Buhari has sought the collaboration of Ecobank Transnational Incorporated to “institute a special fund to develop agriculture, which will cement its legacy as a bank that helped to transform this region’s economic fortunes.

Buhari spoke when he had audience with the board of Ecobank Transnational Incorporated, led by the Group Chairman, Emmanuel Ikazoboh.

President Buhari stressed that his administration remains committed to the goals of securing the country, inclusive economic growth, and fighting corruption.

According to him, Nigeria was in a unique position as the most populous and resource-rich nation on the African continent, adding that the resources would be harnessed and properly managed, to engender a prosperous and peaceful country.

He said: “If assets and resources available to Nigeria were properly managed, she would be prosperous and peaceful. But the poverty and insecurity we are experiencing today are results of decades of neglect and resource mismanagement”.

Buhari said his government was not only determined to reverse the trend of squander-mania and mismanagement, “we have made progress in some areas such as agriculture”.

The President commended Ecobank for being active in promoting financial inclusion, noting that it is key to the government’s diversification agenda.

On requests by the bank for the decongestion of Apapa ports, and rebuilding of the transnational Lagos-Badagry-Seme road, he responded: “We are aware and are working in all those areas, and by the grace of God, you will start seeing results during my second term in office.”

Ikazoboh who had in his delegation, the Group CEO Ecobank, Ade Ayeyemi and Managing Director, Ecobank Nigeria, Patrick Akinwuntan, called on President Buhari to urgently address Apapa gridlock, describing the port as the center of trade in the country.

Speaking to State House Correspondents on the challenges they want the President to intervene in , the bank chief said: “Well in our speech, we have told him some of the challenges Nigeria and Africa are facing. Like I said earlier on, if Nigeria is sorted out, Africa is sorted out, and some of these challenges are infrastructure, of which they are working on assiduously. Also we are talking about the Seme road because of West African trade route which we think should be given some priority. And to thank him also for the steps he is taking to clear the Apapa Port because that is where trade is coming into Nigeria.”

The bank chief added: “The major problem confronting the bank’s today are the debtors. We have a number of debtors both corporate and individuals, and we need to put in place a framework to ensure that people do not just take loan and not pay pack. Banks are under pressure because if you have a lot of unpaid loans, it means you don’t have enough money to also support other borrowings or other small and medium enterprises.”

On what the bank was doing to support SMEs in the country, Ikazoboh said, “we’ve improved the capital of Ecobank in Nigeria. In the last six months, we have brought in about $150 million all to drive borrowings and supporting the small and medium enterprises.”

The Ecobank Group Chairman said the purpose of their visit was to “congratulate the President on his re-election and to wish him God’s guidance and spiritual protection to continue to lead this nation because we believe that he has the interest of the country at heart and if Nigeria succeeds, Africa has succeeded and being the leader of Nigeria, he is the leader of Africa. Since we are the Pan-African bank, we needed to come and see the leader of Africa.”

Ikazoboh disclosed that the Ecobank Group “with a larger African footprint than any other bank in the world operating in West, Central, East and Southern Africa is the only bank that spans 36 African countries, but operates a truly integrated African network. That is One unified integrated Ecobank Mobile Banking App, that works seamlessly across all 33 operating countries in Africa; One Ecobank Omni and Omnilite serving all Multinationals and SMEs in Africa; One Rapidtransfer app that breaks down country borders and allows the diaspora community send money directly to their loved ones, instantly and affordably across Africa; One Ecobank Online Banking platform that you can access easily whether you are in Abuja or Kinshasha; Ecobank’s unique and largest pan-African platform is designed to help unlock the opportunities of the continent, for the continent, through standardization, fuelling regional integration, and trade and investment across borders”

Further he said due to Ecobank’s sterling performance, it has been severally reconized as Best Digital Bank in Africa – 2017 by Euromoney Awards; Best Retail Bank and Innovation in Banking both in 2018 by the African Banker Awards.

Photo Caption:-

President Muhammadu Buhari flanked by the Chairman, Ecobank Transnational Incorporated (ETI), Mr. Emmanuel Ikazoboh and Chief of Staff to the President, Mallam Abba Kyari (6r) while the Group Chief Executive Officer, ETI, Mr. Ade Ayeyemi (3l); Non-Executive Director, ETI, Mr. Tei Mante (5l); CBN Governor, Mr. Godwin Emefiele (4r); None Executive Director, ETI, Mr. Bashir Maman Iffo (2l); Minister of Information, Alhaji Lai Mohammed (5r); Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan and others looked on during an audience the President granted delegation of the Pan African Bank at the State House, Abuja on Tuesday.

Finance

Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness

By ORJI ISRAEL

Published

1 week ago

August 22, 2025

grassroots

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.

Finance

FIRS e-Invoicing Hits 20% Adoption in Two Weeks

Reporter: SANDRA ANI

Published

3 weeks ago

August 11, 2025

grassroots

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.

Finance

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

By Our Correspondent

Published

4 weeks ago

July 31, 2025

grassroots

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).