E-Business
FG Rakes in 8Bn from Banks’ IT Levies
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2018/07/NITDA-logo2.jpg)
Eleven Nigerian banks paid about N8.08bn Information Technology-related levies to the government in 2019, the audited financial reports of the banks have shown.
Punch reported that the analyses of the financial reports indicated that this is a reduction of N381.12m over the N8.46bn IT levy the 11 banks paid to the government in the corresponding period in 2018.
The National Information and Technology Development Agency (NITDA) had established a Fund to which companies and enterprises with an annual turnover of N100m or more are mandated to contribute one per cent of their profits before tax to.
Companies liable to pay the levy as stated in the NITDA Act are GSM service providers and all telecommunications companies; cyber companies and Internet providers; pension managers and pension-related companies; banks and other financial institutions; and insurance companies.
Some of the banks, whose annual reports were assessed are Zenith Bank Plc, First City Monument Bank, Access Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, Sterling Bank Plc and First Bank of Nigeria Limited.
Others are Jaiz Bank Plc, Union Bank Plc, Wema Bank Plc and Fidelity Bank Plc.
Zenith Bank paid the highest IT levy out of all the banks in 2019, reporting N2.41bn, a 17 per cent increase from N2.06bn remitted in 2018.
GTB ranked second, reporting N2bn IT levy remittance to the government in 2019, a five per cent increase compared with N1.90bn paid within the same period of 2018.
Having paid N1.02bn to the coffers of the government, UBA reported a 52 per cent reduction in its IT levy remittance in 2019 as against N2.31bn paid in 2018.
IT tax expenses reported by First Bank rose by three per cent from N774m in the 2018 to N795m in 2019.
As contained in its annual report, Access Bank’s IT levy remittance to the Nigerian government in 2019 was N831.69m, an increase of 10 per cent over N752.43m made in 2018.
Fidelity Bank’s IT levy remittance for 2019 improved by 21 per cent to N304m as against N251m in 2018.
FCMB’s IT tax levy paid to the Nigerian government increased by 66 per cent from N120.46m reported in 2018 to N200.18m in 2019.
For Jaiz Bank, the IT levy paid increased by 286 per cent from N5.44m in 2018 to N21.01m in 2019.
With N102m reported in 2019, Sterling Bank’s IT levy paid to the government increased by four per cent from the N98m reported in 2018.
Wema Bank remitted N67.71m from its income to the government in 2019, compared to N56.05m it paid in 2018, recording 21 per cent growth in IT levy remittance.
Details of Union Bank’s annual report indicated that the bank paid N245m as IT levy to the government in 2019, recording 81 per cent increase as against N135m in 2018.
According to NITDA Act 2007, companies eligible to pay the one per cent levy are assessed and issued a demand notice by the Federal Inland Revenue Service.
E-Business
Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Eric-Schmidt.jpg)
Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.
![Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Eric-Schmidt.jpg?resize=573%2C254&ssl=1)
Eric Schmidt, former Google CEO
He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.
Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”
“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.
With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.
His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.
The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.
Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.
He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.
E-Business
OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Open-AI.jpg)
Sam Altman, chief executive of ChatGPT-owner OpenAI, has firmly declared the company “not for sale” following a $97.4bn (£78.4bn) takeover bid from a consortium led by Elon Musk.
![OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2022/04/Elon-Musk.jpg?resize=563%2C229&ssl=1)
Elon Musk
Speaking at the AI Action Summit in Paris, Altman emphasised OpenAI’s mission to develop AGI (artificial general intelligence) for the benefit of humanity.
Marc Toberoff, attorney for Elon Musk, confirmed the bid submission on Monday.
In response, Altman humorously offered to buy Twitter for $9.74 billion on Musk’s platform.
Unlike many tech giants, OpenAI is not publicly traded but operates through a complex partnership between non-profit and for-profit entities.
Musk aims to return OpenAI to its non-profit roots, despite owning a rival firm, xAI.
Christie Pitts, a tech investor, expressed scepticism about Musk’s intentions, noting his competitive interests.
Altman echoed this sentiment, suggesting Musk’s move disregards OpenAI’s mission.
Altman, who holds no stock in OpenAI, advocates transforming the organisation into a fully for-profit company to raise more funds for AI research.
Although the board has the final say, the $97.4bn offer falls short of OpenAI’s previous $157bn valuation and rumoured $300bn in future funding talks.
Toberoff stated the consortium might increase their bid. Meanwhile, OpenAI is collaborating with Oracle, a Japanese investment firm, and an Emirati sovereign wealth fund on “The Stargate Project,” a $500 billion AI infrastructure initiative announced by President Donald Trump.
E-Business
Adobe Launches AI Video Tool to Compete with OpenAI
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Adobe yesterday released the first public version of an artificial intelligence tool that can generate video clips and revealed how much it will charge, but said it will not set pricing for major users such as studios until later this year.
The Firefly Video Model, as Adobe is calling the service, will compete against Sora, a model developed by ChatGPT creator OpenAI, and startup Runway, both of which currently offer video-generation services. Facebook owner Meta Platforms has also developed a video-generation AI model but has not given a timeline for when it will be released.
Adobe’s model differs from its rivals because it is geared toward generating clips that will fit into how film and television studios use Premiere Pro, its flagship video editing software.
To that end, many of the features that Adobe is emphasizing revolve around feeding existing shots into the video model and asking it to generate clips that fix or expand on shots that were taken on a real production set but that did not come out quite right.
Adobe said the service will generate five-second clips at 1080p resolution. While that is shorter than the clips of up to 20 seconds generated by OpenAI’s service, Adobe executives said the majority of individual clips in most productions are only three seconds.
Adobe said a user can generate 20 clips per month for $9.99 and 70 clips for $29.99. That compares with 50 videos for $20 per month with OpenAI’s plan at lower resolution and a $200 OpenAI plan that can handle longer, higher resolution videos.
Adobe is also working on a “Premium” pricing plan for studios and other high-volume video users and will release those pricing details later this year. Alexandru Costin, Adobe’s vice president of generative AI, said the company is working to generate 4K video and will remain focused on quality rather than longer clips.
“We actually think that great motion, great structure, great definition scheme, making the actual clip look like it was film, is more important than making a longer clip that’s unusable,” Costin told Reuters.
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