Business

Virtual-asset tax defaulters face a N10 million penalty in the first month and N1 million for every subsequent month, according to PwC’s analysis of the NRS guidelines. Failure to deduct tax at source attracts a 40 percent penalty,...

CBN removes restrictions limiting banks’ access to its Standing Lending Facility because of their participation in FX and government securities markets. Apex Bank restores collateralised funding for tenors of four to 90 days and expands OMO participation to...

OPay delivered a $72.47 million net profit in 2025 following a $50.98 million loss the previous year. Annual revenue surged 161 percent to $536.25 million while processed transactions hit $358 billion. Rapid expansion into digital lending drove the...

Over half of audited oil companies in Nigeria quietly withheld statutory development funds meant for host communities. An EFCC probe recovered over $160 million in unpaid levies following systemic non-compliance across the sector. The Senate Public Accounts Committee...

A continent-wide INTERPOL study shows only 8 percent of law enforcement cyber analysts in Africa have advanced skills required to track AI-driven attacks. Cybercriminals deployed artificial intelligence in 55 percent of all documented cybercrime cases across 36 African...

Market capitalisation declined by N613 billion, from N157.493 trillion at the opening to N156.880 trillion at the close. The NGX All-Share Index fell by 949.71 points, from 243,967.09 to 243,017.38. Market breadth weakened significantly, with 16 gainers against...

Federal Government launches a ₦1.1 trillion FGN bond offer through the Debt Management Office (DMO) to raise long-term domestic financing. Three bond re-openings with coupon rates of 22.60%, 16.2499% and 15.45% will be auctioned on August 17, with...

The Federal Government approved tax waivers for nearly 4,000 electric vehicles imported into Nigeria in the first half of 2026. Nigeria is pushing electric mobility towards its 2050 target despite unreliable electricity and only about 48 public charging...

Former Airtel Africa chief Segun Ogunsanya joins Vodacom Group as an independent non-executive director. Group Chairman Saki Macozoma will retire in July 2027 after a decade of leading the board. Lead Independent Director Khumo Shuenyane steps up as...

African online retailer Jumia has secured 50 million dollars in fresh cash to keep its business growing. The World Bank's private sector unit, IFC, put up half the funds while telecom group Axian backed the rest. The financial...