Business

FCMB and Others Sealed Over N100 Billion Tax Liabilities

Published

1 year ago

November 27, 2024

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Activities came to an unusual end this morning, at the First City Monument Bank located along Yakubu Gowon Way, Kaduna as the bank was sealed off over non payment of tax.

According to report, the Kaduna revenue agency sealed off the Bank and other business concerns in the vicinity over N100bn tax liabilities

The Kaduna State Internal Revenue Service (KADIRS) enforcement team was led by the Board Secretary and Executive Director Legal Services, Barrister Aisha Ahmad, who insists the agency embarked on the enforcement of non-payment of the Land Use Tax after exhausting all legal avenues of settlement.

Meanwhile, a new report by the Tax Justice Network has revealed the global community, including Nigeria, loses $492 billion annually in tax to multinational corporations and wealthy individuals using tax havens to underpay tax,

The report featured no fewer than 20 countries (jurisdictions) under the Corporate Tax Haven Index (CTHI), a ranking of countries most complicit in helping multinational corporations underpay corporate income tax.

British Virgin Islands sits on top of the list with a score of 3,061, followed by Cayman Islands (2,891), Bermuda (2,478), Switzerland (2,279), Singapore (2,059), Hong Hong (1,948), Netherlands (1,945), British Crown Dependency, Jersey (1,756), Ireland (1 622), and Luxembourg (1,480).

The Bahamas is ranked 11th with a score of 1,313, followed by the Isle of Man (1,144), Guernsey (1 122), Cyprus (1,046), while Mauritius (the only African country listed among the tax havens) is ranked 1,005.

China is ranked 974; United Arab Emirates (UAE), 964; United Kingdom (UK) is 894, France 883 and Malta 747.

The report further explained that the UK and its second empire is responsible for over a quarter of all countries’ tax losses (26 per cent), costing countries $129 billion a year.

Specifically, Nigeria incurs an annual loss of $383.9 million, arising from profit and tax losses to global corporate tax abuse, the report noted.

The just-released 2024 State of Tax Justice report, disclosed that of the $492 billion in global annual tax losses, $347.6 billion arise from cross-border corporate tax abuse by multinational corporations.

The total global loss comprises the combined costs of cross-border tax abuse by multinational companies and by individuals with undeclared assets offshore.

Nearly half the losses (43 percent) are enabled by eight countries that are opposed to the United Nations (UN) tax convention to check tax loopholes.

They include Australia, Canada, Israel, Japan, New Zealand, South Korea, United Kingdom and the United States of America.

Ironically, these eight which, by their action, are the biggest enablers of global tax abuse are also some of the biggest losers.

The eight, constituting a small group of higher-income countries, account for just about 8 per cent of the global population and are known to have blocked the whole world from agreeing tax rules at the United Nations which were designed to curb global tax abuse.

According to the report, the largest component of global tax losses continues to be cross-border corporate tax abuse, adding that multinational companies are responsible for around a third of global economic output, half of world exports and nearly a quarter of global employment.

It explained that their tax abuse is a first-order global economic issue, depriving governments of tax revenues, increasing inequalities between and within countries, and undermining smaller and domestic businesses that generate the majority of employment.

Global tax abuse, the report argued, harms everybody, stressing that higher-income countries lose bigger sums, but lower-income countries’ losses make up a bigger share of their budgets.

“Lower income countries lose five times as much as a share of their public health budgets, compared to higher income countries,” it added.

The Tax Justice Network’s annual State of Tax Justice report measures how much tax every country loses to global tax abuse a year.

It stated that the most recent data (October 2024) indicated that multinational corporations are shifting $1.42 trillion worth of profit into tax havens a year, causing governments around the world to lose $348 billion annually in direct tax revenue.

The report disclosed that the eight countries which recently voted against UN tax convention terms lost $177 billion; $189 billion lost by 44 abstainers, and $123 billion lost by 110 countries voting for.

According to the report, multinational corporations are shifting more profit into tax havens and underpaying more on tax, evidencing failure of the Organisation for Economic Cooperation and Development (OECD’s) tax reform attempts.

Offshore tax evasion by wealthy individuals dropped, but by far less than claimed, the report explained, adding that the majority of wealth offshore is still hidden from tax authorities.

With countries set to vote shortly at the UN on whether to finally enter formal negotiations on the meat of a UN tax convention, the Tax Justice Network urged all countries to vote in favour of the negotiations.

“Governments now have a chance to choose differently at the UN, to choose to use tax to protect people, economies and planet,” the report said.

The negotiation of a UN tax convention is widely seen as the biggest shakeup in history to the global tax system, and previously reported as the world’s best chance to avert losing nearly $5 trillion to tax havens over the next decade in last year’s edition of the State of Tax Justice.

The report disclosed that of the $492 billion lost to global tax abuse a year, two-thirds ($347.6 billion) is lost to multinational corporations shifting profit offshore to underpay tax.

The remaining third ($144.8 billion) is lost to wealthy individuals hiding their wealth offshore.

Business

Wema Bank To Host 2026 International Women’s Day Event on March 4th

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1 month ago

February 19, 2026

thecolumnng

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As International Women’s Day [IWD] draws near, Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced its 2026 IWD Grand Event, scheduled to hold on March 4th, 2026.

Inspired by the global IWD 2026 theme “Give To Gain”, Wema Bank’s 2026 IWD event is centred on the topic “When Women Gain, We Grow”, spotlighting not only the importance of giving to women but also the impact of each effort towards this cause, with the ultimate goal of promoting a culture of supporting and celebrating women.

Announcing the event, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to continue pulling its weight in the promotion of women inclusion. According to him, “Wema Bank has never been one to pay lip service and when it comes to gender inclusion; we walk the talk with pride. A society where women are left out is one that is crippled, and as a Bank, we have made it a priority to never relent in providing tailored opportunities for women, celebrating their growth and supporting their journey, towards building a society where every woman can thrive. This was the idea behind the launch of our women-focused proposition, SARA by Wema, in 2019 and this is the inspiration behind all we do as a Bank towards promoting the 5th Sustainable Development Goal [SDG], gender equality”.

“This year’s IWD theme is quite personal to us because as a Bank that continues to give to women, we have seen firsthand the unique potential that lies within women both personally and professionally. As such, we have decided to dedicate this year’s celebration towards reminding the world of the countless ways we can give to women, and why it is not merely an option but a necessity. This year for us, is about impact—spotlighting, celebrating and encouraging it. Our goal is for every person that joins us for this grand event to be positively transformed in mindset and in action, in the hope that more priority will be given to supporting and giving to women both in the little things we do on a daily basis and in the large-scale efforts; as we collectively bridge the gap in gender equality”, Oseni concluded.

Wema Bank’s 2026 IWD event will convene top women across diverse industries and sectors, as well as “everyday” women still trying to navigate life in the face of prevailing realities, providing a platform for women from all walks of life to network, share valuable insights, access viable opportunities and assess shared versus contrasting realities, all towards showcasing how much impact is generated when individuals, institutions and societies give to women.

Among the highlights of Wema Bank’s upcoming IWD event are the SARA Gives to Empower Her Award which promises grants in support of women who have given and made impact on other women; the employee-focused He For She Award which recognises male employees of the Bank who have given to women beyond financial support; the Wema Knight Gives initiative through which the Bank’s staff will give back to women across Nigeria; and the launch of the Wema Bank Girl Child Journal, a reflective journal that collates real-life insights and words of advice for the girl-child from the perspectives of 80 key contributors across different spheres of life.

Anyone interested in attending the event physically or virtually is encouraged to register at wemabank.com/iwd.

Business

Wema Bank Celebrates Valentine’s Day with “Evolution of Love” Campaign for Couples, Singles, and Friends

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2 months ago

February 4, 2026

thecolumnng

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Following the launch of “ALAT: The Evolution”, Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has launched its 2026 Valentine’s campaign tagged “Evolution of Love, powered by Wema Bank”.

Inspired by the “evolution” theme of its upgraded ALAT app, Wema Bank launched the “Evolution of Love” campaign with the goal of celebrating different forms of love experienced by customers, and how they have evolved over time. From self-love to friendship, romantic love to family, this campaign introduces a fresh twist to Valentine’s, decentralising romantic love and creating a space for every Wema Bank customer this season of love.

“Evolution of Love, powered by Wema Bank” calls on new and existing Wema Bank customers across 4 categories: Singles [self-love], friends [friendship], married couples and those getting married this February [romantic love]. While the gifts vary across each category, the requirement is the same—create a Love Goal on the ALAT App and submit a 1-minute video on any social media platform sharing how your love journey has evolved over the years, for access to gifts ranging from cash to spa vouchers, vacations and expense-paid getaways, and for one couple getting married in February, a special performance at the wedding from a celebrity artiste, courtesy of Wema Bank.

Announcing the campaign, Wema Bank’s MD/CEO, Moruf Oseni, gave further insights into the Bank’s approach to celebrating Valentine’s this year. According to him, “Love is central to the delivery of true customer-centric service, and as a Bank that prides itself on being customer-centric, this is reflected in the thought, intentionality and commitment we put into all we do at Wema Bank. It has always been clear how much we care about our customers and this year, we decided to celebrate the journey of love across different categories that reflect the different experiences and realities of our customers, from friends and couples who have grown together over the years to lovers taking the bold step of marriage and even singles because self-love is crucial”.

“This Valentine’s, we chose to acknowledge the beauty of every love journey, and we are inviting all new and existing customers who have a story to share. For the friends and singles, our goal is to promote true friendship and self-love. For families and married couples, our goal is to strengthen bonds by reminding them of how far they have come. For those intending to get married, we are adding one more memorable touch to their wedding with a special artiste performance. Our ultimate goal is for every Wema Bank customer to feel loved this season and beyond,” Oseni concluded.

Anyone interested in submitting their entry is encouraged to make a 1-minute video sharing their love journey and where applicable, feature the person with whom their love has evolved. All submissions are to be posted on any social media platforms using #ALATEvolutionofLove and tagging @alat_ng and @wemabank.

To be eligible, customers are expected to activate SAW, the Voice Banking virtual assistant on the upgraded ALAT App, create a personal or group goal on the app with the name “Love Goal”, fund the goal and transact with their ALAT/Wema card between February 1st – February 10th.

More details on qualification criteria are available at wemabank.com/love

Business

Wema Bank Launches the Upgraded Version of ALAT Banking App

Published

2 months ago

January 12, 2026

thecolumnng

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Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has launched the upgraded version of its flagship digital banking platform, ALAT by Wema. Designed as the next phase in digital banking, the upgraded version of ALAT delivers a smarter, faster, and more intuitive experience, reinforcing Wema Bank’s leadership in technology-driven financial services.

Tagged ALAT: The Evolution, the upgraded version represents a significant advancement in how customers interact with their bank. It enables seamless banking through intelligent features such as voice banking (called SAW), which allows customers to carry out banking activities using natural voice commands, reducing friction and improving accessibility. It also introduces Tap and Pay for quick, secure, and convenient contactless transactions, alongside uptime prediction that enhances transparency, reliability, and confidence around service availability. Together, these innovations are designed to simplify everyday banking while anticipating customer needs in real time, reinforcing Wema Bank’s commitment to trust, efficiency, and customer-centric digital experiences.

Announcing the upgraded version, the Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said, “ALAT: The Evolution is more than an upgrade. It is a clear demonstration of our commitment to redefining digital banking in Africa. By understanding the future of banking and listening closely to our customers, we have upgraded ALAT by Wema to a digital banking platform that is smart, intelligent and dependable. This evolution reinforces our promise to deliver innovation that genuinely enhances how people live, work, and transact everyday.”

He added that migrating to the upgraded app is seamless. “Existing customers can simply visit the Google Play Store or Apple App Store to update their existing ALAT app and sign-in with their existing login details (All their account information and transaction history remain intact on their profile and they will also gain access to new features that make banking faster, more intuitive, and more reliable). For new customers, all they have to do is visit the Google Play Store or Apple App Store to download ALAT by Wema app and click the Get Started icon to onboard seamlessly.

Speaking on the technology in the upgraded ALAT by Wema, Mr. Olusegun Adeniyi, Chief Digital Officer at Wema Bank, explained, “With ALAT: The Evolution, we set out to enhance not just functionality but the overall banking experience. By integrating voice banking, contactless payments, and predictive reliability, we are delivering a platform that is built on powerful technology and responds intelligently to customer needs. This upgrade reflects our long-term digital vision to create a digital bank that is adaptive, intuitive, and consistently available.”

Built on speed, intelligence, and user-centric design, ALAT: The Evolution redefines everyday banking through intuitive features such as voice-enabled transactions, contactless payments, and predictive service reliability. Designed to anticipate customer needs in real time, the platform delivers a smarter, more seamless, and dependable digital banking experience that reflects Wema Bank’s vision for the future of finance.

With the upgraded version of ALAT, Wema Bank continues to strengthen its position as a digital-first institution, delivering innovative solutions that empower individuals and businesses to bank with confidence in an increasingly digital economy.