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Nigeria Needs Law To Overhaul Revenue Collection,Regulate Cryptocurrency Landscape – FIRS Chairman

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The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, announced that the Federal Government is set to introduce new tax laws by September, which will include regulations for the cryptocurrency industry.

Speaking on Saturday at the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance in Lagos, Dr. Adedeji highlighted the absence of current legal frameworks governing cryptocurrency in Nigeria, calling for the urgent need for regulation.

 

Nigeria’s cryptocurrency industry is estimated to be worth up to $400 million and one of the largest in Africa around 33% of the country’s population holds one form of cryptocurrency.

According to a report by Chainalysis, Nigeria’s cryptocurrency transaction volume experienced a 9% year-over-year growth, reaching $56.7 billion between July 2022 and June 2023.

He also noted that the forthcoming tax laws aim to overhaul the nation’s revenue administration, harmonize and simplify existing tax laws, and enhance services to support President Bola Tinubu’s economic plan.

He said, “For example, the stamp duty tax law of 1939 when there was no internet or connectivity, nor Local Government. Part of the reason President Bola Tinubu set up the Tax and Fiscal Reform Committee is to check these lapses and take care of the concerns by September.”

“While we cannot avoid cryptocurrency as there is no law in Nigeria presently regulating it, there is a need for a law that regulates this line of transaction. This is what is applicable in other countries of the world. When there are innovations of system, you must plan to regulate it in such a way that it is not injurious to economy development of Nigeria,”

Dr. Adedeji expressed gratitude to the National Assembly for its unwavering support to the Federal Inland Revenue Service (FIRS) over the years, which has enabled the agency to meet its targets and facilitate wealth distribution.

Dr. Adedeji further highlighted that the FIRS is on track to achieve the N19.4 trillion target set by the National Assembly at the beginning of the year.

Need for regulating the crypto industry in Nigeria Sen. Muhammed Musa, Chairman of the Senate Committee on Finance, stated that regulating the cryptocurrency industry was crucial for providing the country with appropriate legislation for tax collection and revenue generation.

He mentioned that the process would allow for the modification of tax laws that have been in place since before Nigeria’s independence.

The lawmaker expressed confidence that the Executive would submit the necessary bill after the Senate resumes recess, enabling amendments, repeals, and the re-enactment of laws that align with current trends.

He noted that considering technological advancements, cryptocurrencies have become a significant means of generating income, yet Nigeria lacks the necessary legal framework to govern this area.

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Kano: APC Deputy Gov Candidate, Murtala Garo Welcomes Governor Yusuf To Party

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The All Progressives Congress (APC) deputy governorship candidate in the 2023 election, Murtala Garo, has welcomed Kano State Governor Abba Kabir Yusuf to the party.

Garo described the governor’s defection as a positive development for political stability and sustainable growth in the state.

Garo, who is also a former Commissioner for Local Government and Chieftaincy Affairs, said in a statement on Tuesday that Yusuf’s decision demonstrated political maturity and foresight at a time when Kano and Nigeria require unity and inclusive governance.

“I formally welcome His Excellency, the Executive Governor of Kano State, Alhaji Abba Kabir Yusuf, into the All Progressives Congress. This is a significant and commendable step in our collective quest for political stability, inclusive governance and sustainable development in Kano State,” Garo said.

He praised Yusuf’s leadership, noting that his calm disposition and commitment to public welfare distinguish him as a leader willing to place peace and progress above partisan considerations.

“By this decisive action, His Excellency has shown the ability to rise above partisan divides in the interest of peace, progress and unity,” Garo added.

Garo said the governor’s move also reflected an understanding of the political and economic challenges facing Kano State and the country.

He expressed confidence that Yusuf’s entry into the APC would strengthen the party’s reform agenda and enhance cooperation between the state and federal governments.

He also reaffirmed his loyalty to the APC and pledged to work with the governor and other stakeholders to promote good governance, political harmony and policies that benefit the people of Kano.

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Boardroom Guru, Otunba Adekunle Ojora, Dies At 93

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Otunba Adekunle Ojora, a legendary figure in Nigeria’s corporate world and a prominent Lagos traditional leader, has passed away at the age of 93.

According to an official family statement signed by his daughter, Toyin Ojora-Saraki, he died peacefully at his home in Ikoyi, Lagos.

Widely celebrated as one of Nigeria’s most influential corporate leaders of the post-independence era, Otunba Adekunle Ojora carved an exceptional legacy that spanned journalism, public service, politics, and big-ticket corporate governance. He was Chairman of the Board of AGIP Nigeria Limited from 1971 until its acquisition by Unipetrol in 2002.

Ojora’s professional journey began in the early 1950s at the British Broadcasting Corporation (BBC) after studying journalism at Regent Street Polytechnic, London. Rising to the position of assistant editor, he later returned to Nigeria in 1955 to join the Nigerian Broadcasting Corporation (NBC) as a reporter. He later moved to Ibadan, where he served as an information officer in the office of the then regional premier.

In 1961, he transitioned into the corporate world, joining the United African Company (UAC) as Public Relations Manager and becoming an Executive Director in 1962. His interest in commerce and enterprise deepened in the years that followed, marking the start of a lifelong influence in Nigerian boardrooms.

Following the military coup that ended the First Republic, Otunba Ojora was nominated to the Lagos City Council in 1966. In 1967, he held two key appointments: Managing Director of WEMABOD, a regional property and investment company, and Chairman of the Nigerian National Shipping Line, succeeding Chief Kola Balogun.

After leaving WEMABOD, he expanded his footprint as a major investor and entrepreneur. He held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act, he acquired equity stakes in numerous foreign companies operating in Nigeria, including Bowring Group, Inchcape, Schlumberger, Phoenix Assurance, UTC Nigeria, Evans Brothers, and Seven-Up.

Beyond the boardroom, Otunba Ojora was deeply rooted in tradition. He was the Otunba of Lagos, Lisa of Ife and Olori Omo Oba of Lagos.

He is survived by his wife, Erelu Ojuolape, and children, including, Mrs. Toyin Saraki, wife of former Senate President Bukola Saraki.

 

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Bello Turji’s Men Execute Rival Kingpin Abdu Lankai In Katsina

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The group led by notorious bandit kingpin Bello Turji has executed a rival leader, Abdu Lankai, in the Jibia Local Government Area of Katsina State.

The incident was disclosed on Wednesday in a post on X by Bakatsine, a journalist who reports on conflict and insecurity in Nigeria’s northwest.

Bakatsine disclosed that Abdu Lankai was reportedly captured on Tuesday afternoon during a reconciliation meeting with rival commanders, Dogo Rabe and Black, both linked to Bello Turji.

He wrote: “Sources confirm the killing of Abdu Lankai, an armed group leader central to enforcing a local peace arrangement in Jibia LGA, Katsina State.

“He was reportedly captured yesterday afternoon during a reconciliation meeting with rival commanders Dogo Rabe and Black, both linked to Bello Turji, and later executed.

“With Lankai gone, can Jibia’s fragile calm hold or does this mark the collapse of the peace deal?”

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