News
FCMB, Skye Bank CEOs, Others Face Arrest over N83Bn Tax Remittance
House of Representatives has threatened to arrest 10 bank chief executive officers over their failure to attend its investigative hearing on tax remittance on Monday.
The bank chiefs are: First City Monument Bank Plc, Skye Bank Plc, Sterling Bank Plc, Keystone Bank Limited, Heritage Bank Limited and Zenith Bank Plc. Others are: Ecobank Plc, City Bank; Stanbic IBTC Plc and Enterprise Bank Limited.
The House said that the bank chief have till Wednesday (tomorrow) to appear before it or risk being arrested.
Mr. Kabir Mashi, acting chairman of the agency who appeared before the committee, said N83 billion was the total sum expected from the banks, but only N77 billion was remitted.
Mashi, who also said that FIRS audited 23 banks within the period, told the committee that the N83 billion targets was not met because some banks delayed in remitting funds they collected on behalf of the agency.
Following the development, the committee invited the CEOs of 21 banks that collected tax revenue on behalf of FIRS to ascertain whether they remitted what they collected to government coffers or not.
Mr. Abdulmumini Jibrin, chairman of the committee investigating tax remittances by banks in the country, said that “the CEOs of these 10 banks, out of the 21 we invited, did not appear. This is a serious national assignment because we are looking at how to plug the leakages in our revenue collection system.”
“The CEOs should appear unfailingly on Wednesday or we shall not hesitate to issue a bench warrant for their arrest.”
He added that the investigation was restricted to tax collection and remittances by the banks and not their entire operation.
Jibrin added, “All over the world, banks are under tight scrutiny by the parliament because of their strategic role in the economy, and of course, tax matters are treated with utmost importance.
“As we beam our searchlight on tax remittances by banks, the heavens will not fall.”
Forms were distributed to the representatives of 11 other banks that appeared at the hearing.
They were required to fill in the taxes their financial institutions paid as business concerns and those they collected as agents of the FIRS so as to assist the committee with the investigation.
Besides paying taxes to government as business concerns, some of the banks also collect taxes on behalf of the Federal Inland Revenue Service.
Last Monday, the FIRS had informed the committee that banks remitted N77 billion in taxes between 2006 and 2012.
News
UK-Nigeria Trade Mission Builds on State Visit Momentum to Drive Commercial Outcomes

Underscoring the strength of the UK-Nigeria strategic partnership, the UK has completed its first trade and investment mission to Nigeria since the recent State Visit, focused on turning high‑level agreements into practical commercial opportunities for businesses in both countries.

Supported by the UK Department for Business and Trade and delivered by DMA Invest in partnership with the Nigeria Investment Promotion Council (NIPC), the 2-day trade mission brought together 43 delegates from 30 British companies to build partnerships, deepen commercial engagement and pursue new opportunities across priority sectors with their Nigerian counterparts.
With trade between both countries now at a record £8.1 billion, and Nigeria established as the UK’s largest export market in Africa, the mission highlighted where UK expertise can add the more value to Nigeria’s reform‑driven economy.
Opportunities discussed spanned key sectors such as infrastructure; energy and power; water, environment and climate solutions; agriculture; finance and professional services; testing and certification standards; logistics and supply chains; and technology, including education, aviation and communications.
These sectors align closely with the priorities set out under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) and reflect areas where UK capability, high standards and long‑term partnership approaches are well matched to Nigeria’s evolving market needs.
The mission also focused on challenging outdated perceptions of Nigeria, highlighting its shift towards a high‑potential, reforming economy, and energising businesses around new commercial opportunities supported by an improving macroeconomic outlook.
It encouraged UK and Nigerian firms to recognise complementary strengths and pursue new partnerships, reinforcing the message that both countries are open for business and natural partners for growth.
Dr Richard Montgomery, British High Commissioner to Nigeria, said: “This trade mission is a clear signal of intent. As the first UK business delegation to Nigeria since the State Visit, it shows how we are turning strong political alignment into real commercial action and long‑term partnerships for businesses in both countries.
“By bringing together UK companies and Nigerian partners across priority sectors and working closely with DMA Invest and the Nigeria Investment Promotion Council, we are backing ambition with delivery and making clear that the UK is committed, engaged and ready to do business with Nigeria for the long term.”
Aisha Rimi, Chief Executive Officer, Nigeria Investment Promotion Commission, said: “This trade mission represents a timely and strategic step in translating the renewed momentum from the UK–Nigeria State Visit into tangible investment outcomes for Nigeria. At the Nigeria Investment Promotion Commission, we are focused on facilitating partnerships that align with our national priorities and unlock value across key sectors of the economy.
The strong interest from UK companies reflects growing confidence in Nigeria’s reforms and its position as a leading investment destination in Africa. We remain committed to working closely with our partners to ensure that these engagements result in sustainable investments, job creation, and inclusive economic growth for both countries.”
Ronald Chagoury Jr. Vice-Chairman of Hitech and ITB, said: “As long-standing investors and operators in Nigeria’s infrastructure sector, Hitech and ITB are proud to support this UK–Nigeria Trade Mission and its focus on delivering tangible commercial outcomes.
“The successful close of a $1 billion ports transaction, backed by UK Export Finance, reflects both our execution capability and the strength of international partnerships when aligned with national priorities. We see this as a pivotal step in advancing Nigeria’s port infrastructure and a strong signal of confidence in the country’s reform agenda under the Renewed Hope framework.”
Atam Sandhu, Chief Executive, DMA Invest, said: “This UK–Nigeria Trade Mission demonstrates the value of bringing government, investors and delivery partners together in a structured, deal-focused environment. Our role is to convene the right stakeholders and translate strategic alignment into practical commercial outcomes.
The quality of engagement across infrastructure, energy, finance and related sectors reflects the depth of opportunity in Nigeria and the UK’s commitment to long-term partnership. We are proud to have supported this mission alongside the UK Department for Business and Trade and NIPC, and to help accelerate conversations that move projects closer to investment and delivery.”
All 43 delegates from 30 British companies participated in the UK-Nigeria Business Forum alongside senior representatives from the UK and Nigerian Governments, Nigerian businesses and the wider private sector.
The forum provided a platform for direct engagement with Nigerian companies, practical discussions, relationship‑building and the exploration of new partnerships aligned with Nigeria’s reform‑driven priorities.
This mission marks an important step in deepening the UK-Nigeria economic partnership. By strengthening relationships, building confidence and supporting deal‑making, it ensures that the momentum from the State Visit continues to translate into sustained commercial outcomes, long‑term investment and shared growth.
News
Cabinet Shake-Up: President Bola Ahmed Tinubu Replaces Wale Edun, Ahmed Dangiwa

President Bola Ahmed Tinubu has approved a minor reshuffle of the Federal Executive Council, removing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Housing and Urban Development, Ahmed Dangiwa, from their positions.

: President Bola Ahmed Tinubu
This is contained in a statement issued on Tuesday by Mr Yomi Odunuga, Special Adviser, Media and Publicity to the Secretary to the Government of the Federation (SGF).
Odunuga said the directive was conveyed through a memo signed by the SGF, George Akume.
According to the memo, Mr Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.
It also named Dr Muttaqha Darma as Minister-designate for Housing and Urban Development.
The statement directed the outgoing ministers to commence immediate handover processes to their successors or designated supervising officials.
It added that all handover and takeover activities must be concluded on or before the close of business on Thursday, April 23, 2026.
The reshuffle is part of ongoing efforts by the administration to strengthen governance and improve service delivery across key sectors of the economy.
News
FCMB Empowers Media Practitioners with Social Media Monetization Masterclass

First City Monument Bank (FCMB), has trained media practitioners on how to leverage social media platforms to generate sustainable income.

Mr Diran Olojo, Divisional Head, Corporate Affairs at FCMB
The training, a one-day masterclass titled “The Monetised Content: A Media Masterclass,” with the theme “Elevate & Earn: The Media Entrepreneurship Masterclass,” was held on Monday at FCMB’s office in Victoria Island, Lagos.
Speaking at the event, Mr Diran Olojo, Divisional Head, Corporate Affairs at FCMB, urged journalists and content creators to rethink the traditional practice of media as solely a public service, encouraging them to see it also as a viable business.
Olojo noted that the media landscape is rapidly evolving due to digital technology, creating new opportunities for professionals to build platforms that are both impactful and financially rewarding.
He explained that beyond informing the public, content creators can now monetise their skills through various digital channels, including advertising, sponsorships, and audience subscriptions.
According to him, strategic communication has become a powerful tool globally, citing how countries deploy digital media to shape narratives and influence public opinion.
Also speaking, Chris Ihidero, a filmmaker and former journalist, encouraged participants to embrace the shift from traditional media models to digital-first platforms.
He described the transition as moving from “media that is paid” — where journalists depend on salaries — to “media that pays,” where creators earn directly from their content.
Ihidero highlighted platforms such as YouTube and TikTok as key avenues where creators can build audiences and generate income through views, engagement, and partnerships.
He stressed the importance of building a strong personal brand, noting that credibility and trust are valuable assets in the digital age.
“Focus on a niche, create quality content consistently, and diversify your presence across platforms,” he advised.
He also emphasised that despite the shift to digital platforms, core journalistic principles such as research, accuracy, and fact-checking remain essential.

In his remarks, Fisayo Soyombo, Editor-in-Chief of the Foundation for Investigative Journalism (FIJ), highlighted the need for strong institutional values in media organisations.
Soyombo said that credibility, ethical practices, and staff welfare are critical to building sustainable media outfits and retaining talent.
He added that media organisations must prioritise transparency and accountability to maintain public trust and contribute meaningfully to society.
The initiative, organisers said, is part of ongoing efforts to equip media professionals with the skills needed to adapt to the changing media environment and tap into emerging economic opportunities.
Nigeria CommunicationsWeek reports that the growing influence of social media has transformed how information is produced, distributed, and consumed, creating new pathways for journalists and content creators to earn income while reaching wider audiences.
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