There is something to cheer in the news that the total lending to the private sector in Africa’s largest economy increased by just under 10 per cent in the year ending July to N33 trillion or about $8 billion. This impressive increase follows an aggressive push by the Central Bank of Nigeria (CBN) to compel…

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Electronic verification of ship registry certificates begin



The Nigerian Maritime Administration and Safety Agency has announced the electronic verification of the new Ship Registry Certificates introduced on July 1. According to a statement by the agency, the new Ship Registry Certificates come with quick response codes embedded in them to enable shipowners, stakeholders and regulatory officers verify the validity of the certificates...

Nigeria: FIRS Explains Why It’s Against States’ Collecting VAT

The Federal Inland Revenue Service (FIRS) on Wednesday explained its opposition to the administration of Value Added Tax (VAT) by states in the country, saying it might stifle businesses and investments. The federal agency insisted that the decision of the Federal High Court to grant powers to states to administer VAT would make it difficult for businesses to thrive...

CBN tasks banks, others on bulk payment disaggregation

The Central Bank of Nigeria (CBN) has directed commercial banks and Payment Service Providers (PSPs) in the country to improve on all bulk payments and transfers systems to ensure transparency. Mr Jimoh Musa, CBN’s Director, Payment System Management Department, gave the directive on Monday, in a memo addressed to banks and PSPs…