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Ecobank Nigeria appealing Tribunal Judgment on disputed FIRS Tax Liability

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Ecobank Nigeria wishes to provide its position on a statement released by the Federal Inland Revenue Service (FIRS) on the judgement of the Tax Appeal Tribunal (TAT), sitting in Lagos in respect of a disputed tax liability between the Bank and the FIRS for the 2015 financial year.

For purposes of clarity, the decision of the TAT was for the Bank to pay excess dividend tax on the dividend sum of N5,545,000,000 declared by the Bank from its 2015 financial accounts. Based on the decision  of the TAT, the excess dividend tax liability is N1,311,673,367 and not N1.6 billion.

The Bank will be appealing to the Federal High Court against the decision of the TAT as it believes, based on advise from its professional consultants, that the dividend declared relates to income from sources which are statutorily exempt from tax by virtue of the Companies Income Tax ( Exemption of Bonds and Short Term Government Securities) Order, 2011. Whilst the bank is always open to engagement, its position is based on the principle that income established to be exempt from companies income tax should not contrary to the intendment of the law, be subjected to the same tax it was intended to be exempt from. 

Ecobank Nigeria is a member of the Ecobank Group, the Pan-African Bank which is proudly and fully committed to transparency in all the countries where it operates. 

We abide by laws and regulations and believe that this matter should be conclusively determined in line with the applicable judicial process. 

 
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Ecobank Nigeria Management
 

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Nigeria’s Daily Bloodshed Unmatched – Rev’d. Kukah

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The Bishop of the Catholic Diocese of Sokoto, Most Reverend Matthew Kukah, has expressed concern over the daily bloodshed in Nigeria, describing the situation as unparalleled globally.

Speaking in Yola, Adamawa State, at the launch of a book on Governor Ahmadu Fintiri titled ‘The Man They Could Not Stop’, authored by his former Director General of Media and Communication, Solomon Kumangar, Kukah said the country is divided along religious lines, a situation he said is exacerbated by Western media narratives.

“What is happening in Nigeria cannot happen in Sudan, Cameroon, Niger, Ghana, or any other country in the world,” Kukah said. “There is no other country in the world that 10 people are killed on Monday, 50 on Tuesday, 100 on Wednesday, and the killings go on every week. How can such a country move forward?”

He added, “Only in Nigeria do people die as Christians and Muslims. The Western media is fuelling the killings along religious lines — 20 Christians killed, 30 Muslims killed.”

Kukah called on political and religious leaders to build institutions that unite Nigerians for peace and the country’s development.

He also commended former Chairman of the Independent National Electoral Commission, Prof. Attahiru Jega, for intervening in the 2023 governorship crisis in Adamawa State.

At the event, former Senate President and ex-Kwara State governor, Bukola Saraki, urged Nigerians to prioritise leaders with strong leadership qualities over political affiliations.

“The country can only move forward when the right people are given the chance to pilot its affairs,” he said, adding that Fintiri’s infrastructural footprint shows he is prepared for leadership.

Nassarawa State Governor, Abdullahi Sule, who chaired the ceremony, encouraged Fintiri to join the All Progressives Congress, saying the party’s expansion had reached Adamawa State.

“If I come with the APC cap and flag, I would hand it to you today as our new member,” he said.

Governor Fintiri described himself as a “man of destiny,” reflecting on the 2023 elections.

“There were numerous futile shots at stopping me. The 2023 election was just the height of them, and an embarrassing one, not only to the state but to the nation and to democracy globally. In 2023, we saw treachery; we saw assault; we saw the moral compromise of a bankrupt elite masked as patriots. But most importantly, we saw support and resilience of the true Adamawa people and friendships that go beyond the state.”

He continued, “If 2023 had not happened, I wouldn’t have known some people for who they are: pretentious, greedy, opportunistic, and desperate, yet crying the victim and still claiming democratic credentials they are distant from. The sad news is that this clique of pretenders and political puppeteers are still around, shuttling between Yola and Abuja, shamelessly and dangerously hovering around our democracy. We must, as we did in 2023, resist them with our votes and unmask them to the world.”

The book launch was attended by governors of Bauchi, Bala Mohammed; Nassarawa, Abdullahi Sule,, the deputy governor of Oyo, and representatives from Gombe, Borno, Yobe, Taraba, and Plateau states.

Deputy National Vice Chairman (North-East) of APC, Mustapha Salihu, unveiled the book and urged Adamawa residents to continue supporting Fintiri’s developmental projects.

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Winning AFRIMA ‘Life-Changing’ Say Juma Jux, Folex as Stakeholders Meet In Tanzania

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Fresh from their victories at the 9th All Africa Music Awards (AFRIMA) in Lagos, Nigeria, Tanzanian stars Juma Jux and Folex have described the platform as a major driver of global visibility for African creatives, as industry stakeholders met in Dar es Salaam to review the impact of the awards on the region’s music industry.

The award-winning artistes shared their views during a Media and Stakeholders’ Parley hosted by AFRIMA’s International Committee, which brought together artistes, regulators, music executives and the media to examine opportunities created by the awards and how East Africa can better harness them.

Speaking at the event held at Urban by City Blue Hotel, Dar es Salaam, Tanzania, Juma Jux, winner of East African Artiste of the Year (Male) at the 9th AFRIMA, described the experience as career-defining.

“Winning AFRIMA changed a lot for me,” Jux said. “People who never spoke to me before now reach out. Being on a stage watched in over 84 countries gives you a new level of visibility and responsibility.”

He also called for stronger partnerships between platforms like AFRIMA and government agencies in Tanzania. “When institutions work hand in hand with platforms like AFRIMA, artistes benefit more through exposure, training and knowledge sharing,” he added.

Also speaking, Tanzanian music director Folex, who won Best Music Video of the Year for his work on Juma Jux’s Ololufemi video, said the recognition had changed his life. He explained that the Lagos experience opened doors to new networks and learning opportunities.

“Being nominated alongside international names like Pink and TG Omori and then winning the award was life-changing for me. It showed that East Africans can compete and win at the highest level. This award validates the work of music video directors in Tanzania and brings more confidence to our creative industry,” he said.

Associate Producer of AFRIMA, Victoria Nkong, said the awards had grown beyond a celebration of talent to become a strong development platform for African creatives.

“AFRIMA is designed to build an ecosystem for African music,” Nkong said. “Beyond the trophies, we focus on talent promotion, industry development and creating pathways that help African artistes move from local recognition to global visibility.”

She added that the engagement in Tanzania was important for deepening collaboration with government institutions and industry stakeholders.

“Tanzania and East Africa have rich musical identities. AFRIMA is committed to working closely with institutions and creatives here to ensure that their music and talent are well represented on the global stage,” she said.

Also speaking, Selemani Mabisso, Acting Assistant Director of the Music Department at the National Arts Council of Tanzania, BASATA, reaffirmed the council’s willingness to partner with AFRIMA and other international bodies.

“BASATA is open to collaborations that will help grow and strengthen Tanzania’s music industry,” Mabisso said. “We are ready to support initiatives that will position our creatives competitively on the global stage.”

The 9th AFRIMA was held from January 7 to 11, 2026, in Lagos, Nigeria, and was organised by the African Union Commission and the International Executive Committee of AFRIMA, in partnership with the Lagos State Government as the Official Host City.

The five-day celebration of African music featured seven major events, including a Welcome Soiree, the Africa Music Business Summit, the AFRIMA Music Village at Ikeja City Mall, where over 25 top artistes thrilled more than 30,000 fans, and a grand finale at the Eko Convention Centre, Lagos, Nigeria, which was broadcast to audiences in 84 countries worldwide.

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Polaris Bank Strengthens MSMEs Export Ecosystem At NAHCO/NACCIMA Export Group Programme

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Polaris Bank has reaffirmed its strategic commitment to strengthening Nigeria’s non-oil export ecosystem and empowering micro, small and medium-sized enterprises (MSMEs) at the NAHCO and NACCIMA Export Group Programme themed *Breaking Barriers: Helping SMEs Navigate Export Procedures for Agro Products and Other Commodities.”

 

The one-day engagement brought together regulators, industry stakeholders, exporters and trade bodies to advance practical solutions for easing trade barriers, improving access to finance and building a more resilient and diversified Nigerian economy.

 

The programme also marked the formal introduction and launch of the NACCIMA Export Group and the NAHCO Export Support Centre for MSMEs in Nigeria, creating a structured platform for exporters to access trade facilitation services, logistics support, regulatory guidance and financial solutions across the export value chain.

 

Speaking at the programme, Polaris Bank’s Executive Director, Chris Ofikulu, underscored the national importance of export diversification and the central role of SMEs in building a resilient economy. He noted that reducing Nigeria’s dependence on oil revenues requires coordinated action across the public and private sectors to strengthen non-oil exports, particularly within agro-exports and commodity trade.

 

“Expanding non-oil exports is not optional; it is a strategic imperative for building a resilient, inclusive and competitive Nigerian economy. SMEs, particularly in agro-exports and commodity trade, hold the key to unlocking our true comparative advantage. Polaris Bank remains committed to providing the finance, advisory support and partnerships required to help them scale confidently and compete globally,” Ofikulu said.

 

The engagement also focused on addressing structural challenges confronting exporters, including infrastructure gaps, port inefficiencies, logistics constraints, standards and certification requirements, and policy consistency.

 

Participants emphasized the need for stronger public-private collaboration among government agencies, trade bodies, financial institutions and logistics partners to simplify export procedures and improve market access for Nigerian SMEs.

 

Also addressing stakeholders, Olaleye Arinola, Team Lead, Trade Services, Polaris Bank, highlighted the importance of removing trade and payment bottlenecks that limit exporter competitiveness and cash flow. He emphasized the Bank’s focus on building confidence and certainty into the export process through practical financial and advisory support.

 

“Exports cannot grow if finance and payments remain obstacles. At Polaris Bank, our focus is on removing friction from international trade by ensuring SMEs get paid faster, safer and with greater certainty through efficient trade finance, secure cross-border payments and hands-on guidance across documentation, FX and compliance,” Arinola said.

 

As part of its partnership with the business and trade community, Polaris Bank unveiled a Dedicated Help Desk for NACCIMA members, designed to provide direct access to trade finance and payment support, fast-track resolution of export-related enquiries, and personalized advisory services on FX documentation and regulatory compliance.

 

Polaris Bank reaffirmed its commitment to working closely with NAHCO, NACCIMA and other stakeholders to strengthen exporter capacity, promote value addition across agro-exports and commodities, and unlock sustainable growth opportunities for Nigerian businesses in regional and global markets.

 

As Nigeria advances its economic diversification agenda, Polaris Bank remains positioned as a trusted partner for SME exporters, providing the finance, knowledge and institutional support required to compete globally and contribute meaningfully to national development and long-term economic resilience.

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