NEWS
FG Unveils Fresh Fiscal Incentives to Enhance Nigeria’s Oil and Gas Industry.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced two significant fiscal incentives designed to rejuvenate Nigeria’s oil and gas industry:
- Value Added Tax (VAT) Modification Order 2024
- Notice of Tax Incentives for Deep Offshore Oil & Gas Production, in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.
The VAT Modification Order 2024 introduces exemptions for several essential energy products and infrastructure, such as Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment. These initiatives aim to reduce living costs, enhance energy security, and expedite Nigeria’s shift towards cleaner energy alternatives.Furthermore, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production introduces fresh tax relief options for projects in deep offshore exploration. This initiative is designed to establish Nigeria’s deep offshore basin as a top-tier choice for international oil and gas investments.These reforms are components of a larger set of policy initiatives focused on investment, advocated by President Bola Ahmed Tinubu, as outlined in Policy Directives 40-42. They demonstrate the administration’s unwavering dedication to promoting sustainable development within the energy sector and boosting Nigeria’s competitive standing in global oil and gas production.
NEWS
“Our Technology Infrastructure Now Best in Class, Thanks for Your Understanding”, Zenith Assures Customers
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO. In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system. “We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.”While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.”Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
NEWS
Ecobank Nigeria Has Best ‘Web Portal’ in Nigeria – Digital Jurist Awards
Lagos, November 6, 2024 – Ecobank Nigeria has been awarded the “Best Web Portal” in Nigeria at the Phillips Consulting Digital Jurist Awards, ahead of 22 other commercial banks. This prestigious recognition highlights Ecobank’s leadership in digital banking and its commitment to delivering innovative, customer-focused solutions. The Digital Jurist Awards, created by digital experts at Phillips Consulting, assess the performance and effectiveness of digital platforms across various industries, including banking, telecommunications, and government. The evaluation covers websites, web portals, mobile apps, and social media, with a focus on organizations that have excelled in digital transformation. Kola Adeleke, Executive Director of Commercial Banking at Ecobank Nigeria, said the award is a reflection of the bank’s commitment to using digital technology to enhance customer experience. He emphasized that digital banking is the future of the industry, and Ecobank has long embraced this shift. He also commended the organizers and reiterated the bank’s dedication to providing seamless, reliable, and secure digital banking solutions. The recognition reinforces Ecobank’s position as a leader in digital innovation and highlights the growing role of technology in shaping the future of banking. Ecobank Nigeria is an affiliate of the Ecobank Group, the leading private pan-African banking group. Ecobank Nigeria offer a comprehensive suite of financial services and solutions to Consumer, Commercial, Corporate and Investment Banking clients at over 250 branches and 60,000 Xpress Point agencies. The Ecobank Group was established in 1985 to drive the financial integration and socio-economic development in Africa. With a presence in 35 sub-Saharan African countries as well as in France, the UK, UAE and China, Ecobank has unrivalled expertise and experience across Africa. Its pan-African platform provides a single gateway for payments, cash management, trade and investment across Africa and beyond.
NEWS
We’re Satisfied With Progress At FIRS — Reps Committee On Finance
The House of Representatives Committee on Finance has commended the level of progress and achievements being made by the Federal Inland Revenue Service (FIRS), promising that it will not withhold any support needed by the agency.
The Committee members, who were on an oversight visit, held a meeting with FIRS management at the Revenue House in Abuja, on Tuesday, and also toured the agency’s permanent headquarters in the Central Business District currently under construction.
The lawmakers, according to a statement by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, were conducted round the 17-floor building by the Special Adviser on Infrastructure, Mr Kunle Ogidi.
Chairman of the Committee, Honourable James Faleke expressed satisfaction at the transformation in FIRS under the chairman, Zacch Adedeji, and the increased tax revenue, pledging continued support of the Committee for the initiatives of the agency.
“For us, we can only commend the staff and Management of FIRS and of course the contractors for a job well done. We have seen the quality work being done. They have designed it very well and where we asked them questions, they answered. We are satisfied. We say kudos to FIRS.
“We first went to the temporary building where the FIRS is using now and of course we met the Directors and everybody. Why we have taken time to come on oversight is to allow him to fully settle and we have seen the evidence that he has fully settled.
“His work is very smooth and we could see on the faces of staff. We decided to come to the proposed permanent site. We have seen the progress so far. Like the architect said, the project began 2011 and it will be completed next year.
“We expect that when that is done and the Nigerian Revenue Service bill is passed, it will be launched in this building. And we expect more revenue to come to Nigeria.
On if the Committee is encouraged to continue to support FIRS, Faleke said: “We have also supported FIRS. Our committee is the main committee. If we withdraw our support, there will be a collapse of the system. It isn’t about being encouraged, it is about us doing our job, to do what is right.”
The Executive Chairman of the FIRS, Zacch Adedeji thanked the Committee for their visit and support, stating that FIRS will continue to collaborate with the National Assembly to move Nigeria forward.
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