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E-Financial

ICSAN Backs States on VAT Collection

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Taiwo Owokalade, president of ICSAN
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Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), has enjoined states to take a cue from Lagos and River states on value added tax (VAT) and start looking at how to re-project themselves towards readdressing the reality and reaching self-sustenance.

ICSAN Backs States on VAT Collection

Taiwo Owokalade, president of ICSAN, who stated this at a briefing at its secretariat in Lagos to address some of the issues going on in the country, said states should start looking at how to re-project themselves towards readdressing the reality on ground.

“If you go through the exclusive list, you will not find VAT there. So, VAT is basically a sales consumption tax that should sit with the state and for whatever reason in the past, the federal government took it up and it became a federal thing and is now being shared among states government.

“That to an extent has become one of the strongest bases of our gross domestic product (GDP) in Nigeria and is contributes about 16 to 17 per cent to the GDP and that is huge because several states depend on what comes from that area.

“However, Lagos and River states have challenged the federal government through its agency, Federal Inland Revenue Service (FIRS) in court which the two states won.

“The import of that judgement on Nigeria is for every state to face reality and start addressing those reality going forward. If they don’t have the VAT money, they have other resources that they could use to develop their states.

“We travel out of the country and we see the Dubai of this world, they were pure desert many years ago and with the capacity of the people to redefine their lives, and they made a meaning out of that life and they made more money from tourism than they make from oil that we here keep disturbing as if our lives start and end with oil.

“There is going to be some impact instantly, when you say you want VAT to reside in the state where it has been generated and that does not mean other states will die because the bulk of people who make life meaningful in Lagos are not Lagosians, they also came from other states.

“So, maybe it will help us even distribute the population on the right places because many migrated to Lagos because they think Lagos is much more prosperous. We need to put in place those methodology that will ensure that other states are much more viable,” he said.

Owokalade said there is no states in the country that is not endowed but what we have created for ourselves as a nation is that we have allowed the easy way out to run our lives and that is the place we have found ourselves.

“ For instance, there are several states in America that never had natural resources but they depend on human resources to make a meaning out of their lives and this is the same thing that we should start looking at.

“And for us as an institute, we would not shy away from addressing all these fundamental issues. We want to be part of the solutions to the problems of Nigeria and reconfigure the nation on the right path without looking at sentiment, emotions and tribal factors but focusing on the best thing to do for this nation.” Owokalade said.


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E-Financial

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

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Securities and Exchange Commission  (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.

“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.

“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”

SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.

“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.

“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.

Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.

Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.

“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”

Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.

 

 

 


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E-Financial

Africa Cross-border Payments Set to Hit $1 trillion by 2035

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Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate  of 12%.

It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.

Despite the impressive growth, the report highlights systemic inefficiencies.

“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.

However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.

In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.

Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.

The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.

According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.

“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.

Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.

The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.

“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.


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E-Financial

SANEF, CIBN Partner to Expand Agency Banking Certification

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L-r: Prof. Pius Deji Olanrewaju, President/Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN) and Uche Uzoebo- MD/CEO, Shared Agency Network Expansion Facilities (SANEF) at the signing of Memorandum of Understanding (MoU) between the two organizations for the expansion of Agency Banking Certification Programme held in Lagos recently,
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Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.

This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.

“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.

He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.

The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.

Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.

“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.

“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.

She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.

“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.

 


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