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FCMB and Others Sealed Over N100 Billion Tax Liabilities

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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

Chris Kolade Leadership Award Loading As KMEN Sets for MegaSummit 2026

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3 hours ago

May 5, 2026

thecolumnng

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Kingdom Men Global Network aka KMEN has formally announced the programmes of the 13th edition of its flagship annual gathering for men, Mega Summit.

This year’s event will open on Thursday May 14 and end on Sunday May 17 with an all-men musical concert.

The 2026 edition of Mega Summit which will hold at the Presken Hotels on Alade Avenue opposite Airport Hotel, Ikeja Lagos has as theme: Legacy…Faith. Family. Community. And for the first time Mega Summit will host an award on the opening day in memory of foremost Nigerian diplomat and integrity personified and pioneer Chairman of the Board of Trustee of KMEN, late Dr Christopher Kolade who died last year at the age of 92.

The KMEN-Christopher Kolade – Men in Leadership Award for Courageous Manhood will be heralded by the Men in Leadership Summit (MiLEADS) with the sub-theme – Building a Culture of Leadership with Integrity. And will have as speakers Archbishop John Osa-Oni of Vineyard Christian Ministries., Pastor Tunde Bakare of The Citadel Global Community Church, and renowned Pharmacist, entrepreneur and politician Mazi Sam Ohuabunwa, OFR.

Pastor Tunde Bakare

Day two will feature another special session for Men in Church Leadership (MiCLEADS) with the sub-theme: Leaving a Legacy of Faith/Discipling for the Next Generation, and will have as speakers Bishop Sunday Onadipe, Bishop, Methodist Church of Nigeria, Diocese of Badagry, Apostle Eyinnaya Okwuonu, former Chairman of Pentecostal Fellowship of Nigeria (PFN), Lagos Chapter., Pastor Dominion Roberts from Liberia, and Rev Fr Matthew Ogunyase of the Catholic Mission, Lagos.

While day three will open with a Special Town Hall discussion on Family with the sub-theme – The Father’s Role in Shaping Legacy and is the only mixed gender panel for Mega Summit 2026 featuring foremost life change coach, Mrs. Yemisi Lagunju and Rev David Abraham, who is the managing director of Managing Business for Christ (MBFC).

On Saturday is a Special Town Hall on Resisting an Emerging Legacy of Addictions. This segment will feature a presentation by Dr Dokun Adedeji on the ravage of Drug Addictions, alongside Abiose Akolade Ladipo, Co-Founder of GamblePause, a Lagos-based NGO in the fight against Gambling Addictions.

Later in the afternoon on Saturday is a second Town Hall session on Business and Economy with the sub-theme: Building Sustainable/Generational Businesses, and will feature notable panelists like Rev Professor Biodun Adedipe Founder of BA and Associates, and Rev Dr Abba Peter, Managing Director of Best Practices Limited, among others.Other Town Hall segments at Mega Summit 2026 include that on Politics/Governance with the sub-theme: Swimming Against the Tide – National Transformation through Service, and another Town Hall on Media featuring Mr. Mustapha Isah Osikhekha, former President of the Nigerian Guild of Editors (NGE), Omoba Deji Irawo and others as they navigate best way to Reclaim the Narrative: Legacy in Digital Spaces.

An extra-ordinary edition, the 13th edition of Mega Summit will also have segments designed to equip leaders in men’s ministry through the instrument of KMEN’s School of Men’s Ministry/ISI Training. Each day of Mega Summit 2026 is divided into three segments – morning starting at 9 am, afternoon session and evening climaxing with an impartation service.KMEN is an uncompromisingly Bible-based, independent ministry to men. Established nearly two decades ago, the ministry’s objective is to assist men, irrespective of their church affiliations, in their Christian Walk, that they may become better sons, brothers, husbands, fathers and leaders.

Business

Ikeja Electric Explains Epileptic Power Supply

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2 days ago

May 3, 2026

thecolumnng

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The Ikeja Electric Plc has given reasons for the ongoing power outages experienced by cudtomers, attributing the situation to reduced electricity allocation from the national grid.

‎In a statement posted on its X handle at , the company apologized for the disruption, noting that some parts of its network were experiencing supply constraints due to reduced power allocation from the grid.

‎‎It added that, to manage the shortfall and maintain grid stability, it had introduced temporary load shedding across affected feeders.

The Ikeja Electricity company said as part of efforts to maintain grid stability and ensure equitable distribution of available power, temporary load shedding is being implemented across affected feeders and locations. The company said it was working with relevant stakeholders to improve supply and minimise the impact on customers.

‎The latest notice follows months of unstable electricity supply in Lagos and other parts of Nigeria, driven largely by a drop in generation linked to gas shortages.

Business

ALAT at 9: Wema Bank Celebrates Nine Years of Redefining Digital Banking in Nigeria

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3 days ago

May 2, 2026

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Wema Bank Plc is celebrating the 9th anniversary of ALAT by Wema, Africa’s first fully digital bank, marking nine years of transforming how Nigerians experience banking.

Launched in 2017, ALAT by Wema was introduced as a bold response to the limitations of traditional banking, long queues, physical barriers, and slow processes. By eliminating these constraints, Wema Bank redefined banking as a fully digital, instant, and accessible experience, enabling customers to open accounts, transact, and manage their finances seamlessly from anywhere.

Over the past nine years, ALAT has evolved beyond convenience into a comprehensive digital ecosystem designed to meet the changing needs of individuals, businesses, and a new generation of financially aware users. From enabling structured savings through features like ALAT Goals to simplifying payments and expanding access to financial services, the platform has consistently delivered solutions that empower users and drive financial inclusion at scale.

This journey of continuous innovation has positioned ALAT not just as a digital banking product, but as a platform that adapts, grows, and evolves alongside its users.

To commemorate this milestone, Wema Bank has launched the ALAT at 9 campaign, a series of customer-focused activities, rewards, and interactive experiences designed to celebrate users while deepening engagement.

As part of the anniversary celebration, customers can access their personalized ALAT Wrapped, offering a simple, visual summary of their journey on the platform, which can be downloaded and shared across social media.

Customers can also participate in the 9 Features in 9 Days experience by engaging with a designated feature each day. Completing all nine activities unlocks rewards, encouraging consistent and active use of the platform.

In addition, customers who complete their 9th transaction at exactly 9:00am or 9:00pm will receive instant rewards.

The celebration also features the ALAT Evolution Jingle Challenge, inviting customers to create and submit the second verse of the ALAT jingle for a chance to win rewards.

Speaking on the milestone celebration, Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said;

“ALAT at 9 is not just a celebration of time. It is a reflection of how far we have come and a clear indication of where we are going. Over the years, we have continued to evolve with our customers, building a platform that is not only functional but also engaging and rewarding. This campaign is designed to give back to our users while reinforcing our commitment to innovation and customer experience.”

Also commenting, Chief Digital Officer of Wema Bank, Olusegun Adeniyi, noted that the anniversary campaign was designed to merge everyday banking with meaningful engagement.

“With ALAT at 9, we are transforming routine banking into an interactive experience. By combining personalized insights, gamified missions, and real rewards, we are creating a platform that responds to users in a more dynamic and rewarding way. This reflects our vision to build a digital bank that is intuitive, adaptive, and centered around the customer,” he said.

The anniversary activities will run from May 2 to May 31stwith customers encouraged to log into the ALAT app to participate, complete tasks, and unlock rewards.

Existing customers can access the experience by updating the ALAT app via the Google Play Store or Apple App Store and signing in with their existing details. New customers can download the app and get started in minutes to enjoy the full range of features and anniversary benefits.

With ALAT at 9, Wema Bank continues to reinforce its leadership in digital banking, delivering not just financial services, but a platform that continue to evolve with its users and rewards them at every stage of their journey.