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Finance

CBN sets target to deepen its digital transformation culture

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… Taps Relance InfoSystem as partners

BY: Sandra Ani

The Central Bank of Nigeria (CBN) in its strategic role as a regulator and key stakeholder within the Nigerian economy, seeks to deepen its Digital Transformation (D.T.) culture in response to the ever changing market conditions.

The financial services industry has witnessed several evolutions within the last two decades and will be subject to many more changes in the next few years. The CBN has recognize the need to adapt an internal culture and operations to meet present-day reality.

This and more were the focus of the just concluded Digital Transformation Session that took place on 28th August 2019 at the NAF Conference Center, Abuja.

The Apex bank is consulting with Reliance InfoSystems Ltd., Microsoft’s Tier1 Partner in West Africa to drive technology adoption internally and intensify its internal DT culture.

The goal of this culture change is hinged on the four pillars of Digital Transformation which is to empower employees of the CBN to reimagine work and productivity, which in turn will identify transformation opportunities that would support CBN’s corporate objectives, engage customers leveraging digital tools and services, optimize operations which include minimizing running costs, improve service delivery and facilitate collaboration within teams, and transform its products.

From Left; Olawale Olajide; (Team Lead; Cloud of Infrastructure, Reliance InfoSystems Ltd.),Dr. Paul Ojeikere (Director, Enterprise Division, CBN), Ms. Mervis Elebe (Success Outcome Manager, Team Lead; Reliance InfoSystems Ltd.), Mr. Olayemi Popoola (Managing Director, Reliance InfoSystems Ltd.), Mrs. Mary Eledan (Public Sector Manager, Reliance InfoSystems Ltd.), Mr. E.B. Inyang (Head, Innovation CBN), Mr. Kenneth Akan (Digital Strategist, Reliance InfoSystems Ltd.)

The Director of CBN Enterprise Division, Dr. Paul Ojeikere while speaking at the DT session, highlighted the need for enhancing productivity and collaboration; to improve how employees communicate, collaborate on projects, and develop ideas. Other CBN participants spoke on the much-needed culture change that would encourage ease of technological adoption.

The Managing Director of Reliance InfoSystems, Mr. Olayemi Popoola while thanking the CBN for the unique opportunity to collaborate on this initiative,  said “even with the best practices templates, no external consultant can perfectly pinpoint and successfully drive DT opportunities within an organization”.  

He reiterated that “It will take employees of the Apex Bank across all cadres of the organization to deliberately turn the transformation wheels as they spot opportunities in the course of their daily routines and interactions”.

Reliance InfoSystems has an unmatched antecedence of leveraging technology, to empower organizations transform their business model and operations across several industries in West Africa to achieve more. 

Cover photo caption:

Group photograph of participants at the just concluded Digital Transformation Session organized by Reliance InfoSystems with officials of the Central Bank of Nigeria in Abuja recently.

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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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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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