Business

FCMB and Others Sealed Over N100 Billion Tax Liabilities

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2 years 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

BINATONE Announces Special One Month Black Friday Deals!

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2 days ago

November 5, 2026

thecolumnng

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Global Appliances Nigeria Limited, manufacturers of Binatone products has, announced an exciting Black Friday deals.

The company’s Managing Director, Mr Prasun Banerjee, said the offer cut across Its Full Range of Smart Home Appliances.

“Binatone, one of Africa’s most trusted appliance brands for over 52 years, is delighted to announce its Black Friday Mega Sales offering amazing discounts across all key supermarkets and leading electronic stores nationwide” Mr Banerjee said in a statement.

The promotion will be from November 6th to december 6th, 2026.

During this period, Mr Banerjee said customers will have a full month to enjoy unbeatable prices on a wide range of Binatone products.

“From energy solutions to kitchen essentials, Binatone will bring exceptional value and innovation to every Nigerian home this festive season,” he added.

According to him, this year’s Black Friday promotions will feature exciting offers across multiple categories stressing that Shoppers can enjoy great discounts on stand fans equipped with mosquito-repellent and air-freshness features, including the newly introduced AD 1601 AC/DC Fan, which can be linked to a solar panel for clean, free air.

“The rechargeable fan range, available in three models with replaceable lithium-ion batteries, recharges in just four hours and provides up to ten hours of cooling—enough to last the whole night,” Mr Banerjee added.

For kitchen lovers, he said the KC6000 Yam Pounder/Fufu Maker promises quick, hygienic, and effortless meal preparation while the air-fryer series, available in three models, requires just a teaspoon of oil to make crispy, tasty, and healthy fries.

“Binatone’s cool-touch kettles, models CEJ 1799 and CEJ 1700T, come with elegant digital displays and are designed for safety and convenience, he added.

To protect valuable home appliances, he disclosed that Binatone’s power range offers stabilizers in 2 KVA and 5 KVA capacities and surge-voltage protectors in 13 A30 A ratings—ideal for air conditioners.

“The company’s newly launched Power Stations, available in 1.8 KVA and 2.4 KVA variants, provide portable, plug-and-play power with solar-charging capability, ensuring reliable backup power for homes, small offices, and outdoor use”

He disclosed that customers will also find irresistible discounts on Binatone’s dry and steam irons, garment steamers, and microwave ovens thar are perfect for everyday household needs.

“The breakfast-essentials range features pop-up toasters, sandwich makers, and juicers designed to make mornings easier,” he stated. He announced that the high-powered blender collection includes durable, unbreakable jugs capable of smoothly blending hard nuts and beans.

“Additionally, Binatone has introduced the Tefal Cookware Range, offering premium non-stick pots and pans for healthy cooking, along with Freeplay solar-powered lanterns and torches, ensuring every home remains bright and energy-efficient

“Binatone’s Black Friday celebration is our way of thanking loyal customers for their trust over the years,” Mr Banerjee added.

“We are bringing quality, affordability, and innovation together, thus making this season the perfect time to upgrade your home.

”All Binatone products comes with a two-year warranty, giving customers additional peace of mind and assurance of lasting quality.

“Don’t miss these amazing Black Friday offers, available for a limited time at all major supermarkets, electronic stores, and online platforms across,” he stated.

Business

Wema Bank’s Top 21 Hackaholics 7.0 Grand Finale Finalists Emerge

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2 days ago

November 5, 2026

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Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, has unveiled the Top 21 finalists for Hackaholics 7.0, who will compete at the grand finale scheduled for Friday, November 6, 2026, in Lagos. Themed Festival of the Future, the grand finale will bring together innovators, technology leaders, startup founders, investors and key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.

The Top 21 finalists are: Dynalimb, Harthiq, Acceede, Vhorde, URI, Trarrk, SocialSign, RaverPay, All-Arbitrates, CitizensGage, Craft-Planet, FOID, PayByPalm, Niteonn, Nexa-AI, Neural-Forge, MamaAlert, JolliFlow, Becca, CropiQ and Middleman.

Hackaholics is Wema Bank’s youth and start-up-focused initiative, designed to provide young innovators with a platform to transform creative, technology-driven ideas into practical solutions to real-world challenges and gain a competitive edge in the global technology and digital space. Since its launch in 2019, the initiative has recorded over 21,000 applicants, engaged more than 50,000 participants, supported over 10,000 startups across three countries and developed more than 100 solutions from scratch.

The 7th edition, which commenced on July 1, 2026, attracted 5,329 participants and generated 1,632 innovative ideas and solutions across seven pitch-centre locations: Uyo, Kano, YabaTech, Benin, Ibadan, Enugu and Lagos. Following the nationwide tour, 59 participants emerged from the various centres, with the Top 21 selected through a rigorous, multi-stage evaluation process.

The Hackaholics 7.0 grand finale week will feature a three-day programme of strategic engagement and innovation-focused activities. On Wednesday, November 4, the finalists will participate in the Pre-Pitch, where they will present refined versions of their solutions. This will be followed by the Ecosystem Tour on Thursday, November 5, powered by Wema Bank, offering participants the opportunity to visit leading institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the final competition. The programme will culminate in the grand finale on Friday, November 6, where outstanding innovators will be recognised and celebrated.

Through Hackaholics, Wema Bank continues to demonstrate its commitment to advancing Nigeria’s innovation ecosystem by identifying emerging talent, creating opportunities for young innovators and supporting the development of solutions to real-world challenges. The initiative reinforces the Bank’s role in empowering the next generation of innovators and building an ecosystem where ideas can thrive and possibilities become reality.

Business

Sanusi Warns FG Against Spending Without Restraint

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3 days ago

November 4, 2026

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Emir of Kano, Alhaji Muhammadu Sanusi II, has implied that the Federal government may not be able to achieve it’s economic reform dream if it maintains it’s present expenditure rate, declaring that Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.

Speaking virtually to the audience at the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tank, on Tuesday, the monarch said reform must go beyond removing fuel subsidies and liberalising the exchange rate, describing it as a comprehensive package that needed to address many other areas.

He said government needed to make clear spending priorities, choosing between roads, electricity, agriculture, and technology based on available resources.

The Emir also raised concerns about the size of government expenditure, saying Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.

He said the World Bank had pointed out that in the first half of this year Nigeria’s debt service consumed 124 per cent of federal government revenue.

Sanusi warned that the country needed to urgently address the sustainability of its debt and pursue structural reforms that had not yet been made.

The former CBN boss said every $10 billion spent on roads was $10 billion taken away from electricity and agriculture, stressing the need for deliberate choices.

Sanusi acknowledged that Tinubu’s economic reforms had produced measurable progress, citing improvements in GDP growth, inflation, and foreign reserves.

He said GDP growth has risen from an average of 0.9 per cent under the previous administration to 4.5 per cent, describing the change as progress that deserved recognition.

“I think moving from an average growth rate of 0.9 per cent to 4.5 per cent is progress. Moving from inflation of over 30 per cent to 14.5 per cent is progress.”

“Moving from the point where in 2023 the central bank’s reserves were maybe negative to where we are now having reserves of $55 billion is progress.”

He, however, stressed that issues such as poverty, hunger, maternal mortality, malnutrition, education and healthcare remained serious concerns that the reforms has not yet addressed.

Sanusi said the government should have designed social safety net policies to soften the impact of reforms on vulnerable Nigerians from the beginning.

The former CBN boss also advised the government to tolerate constructive criticism,warning the Federal Government against treating every comment about it’s workings as an attack on President Bola Tinubu.

“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.