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FEC Approves Bill to Amendment Company Income Tax

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Federal executive committee (FEC) has approved the economic stabilisation bill seeking amendment of tax policies, according to Wale Edun, minister of finance and coordinating minister of the economy.

FEC Approves Bill to Amendment Company Income Tax

Edun, who spoke on Monday while briefing state house correspondents after the council’s meeting, which was presided over by President Bola Tinubu, said the council passed the economic stabilisation bill which is largely based on the recommendations of the fiscal policy and tax reform committee.

The minister said the bill is aimed at implementing the committee’s recommendations which include amendments to the company income tax (CIT).

Edun was however silent on the expected amendments, on June 4, Taiwo Oyedele, chairman of the fiscal policy and tax reform committee, said the committee proposed the reduction of the company income tax by 5 percent.

Oyedele said the tax rate should drop from 30 percent to 25 percent, as it would go a long way to encourage businesses and investors.

“We are proposing that the company’s income tax rate be reduced by about 5% over the next two years. Nigeria’s CIT is one of the highest in the world. We are in the top 10,” the chairman said.

He said the committee also seeks to reduce the number of taxes in the country to a single-digit tax system through its proposed reforms.

Oyedele said the taxes would be shrunk to just seven, namely: income tax, value-added tax (VAT), property tax, customs duties, excise duty, stamp duties, and special levy.

 


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Ecobank Sends Important Message to Customers Over Service Disruptions

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Ecobank Nigeria has issued a notice to customers regarding fluctuations in its interbank funds transfer service, which may result in delayed transactions.

The bank reassured its customers that efforts are underway to resolve the issue and that all affected transactions will be processed as soon as the service is restored.

In a statement, Ecobank acknowledged the inconvenience caused and emphasized its commitment to minimising disruptions.

“We are working diligently to resolve this issue and ensure normal service delivery,” the statement read.

The bank also noted that other electronic banking services remain fully accessible, allowing customers to continue enjoying a seamless banking experience.

To assist customers during this period, Ecobank encouraged the use of its live chat feature on ecobank.com and provided an email address, [email protected].

The bank reiterated its dedication to providing reliable financial services across its platform, thanking customers for their understanding and patience.

As Africa’s leading Pan-African bank, Ecobank assured customers of its commitment to addressing their concerns promptly while delivering innovative and customer-centric solutions. The bank concluded with an appeal for continued trust as it works to resolve the current challenges.


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Galaxy Backbone Hosts Governor Mutfwang in a Move to Advance Plateau State’s Digital Future

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Galaxy Backbone Limited, Nigeria’s premier Information and Communication Technology (ICT) service provider, had the distinct honor of hosting the Executive Governor of Plateau State, His Excellency, Barrister Caleb Manasseh Mutfwang, at its corporate headquarters in Abuja. The visit highlighted Plateau State’s growing commitment to harnessing digital infrastructure to enhance governance and accelerate economic development.

Governor Mutfwang, accompanied by a distinguished delegation, toured Galaxy Backbone’s state-of-the-art facilities, including its Tier III data center, its Security Operations Centre and Network Operations Centre. The visit provided a platform for robust discussions on leveraging ICT for improved transparency, accountability, and efficiency in governance.

Welcoming the Governor, the Managing Director and CEO of Galaxy Backbone, Professor Ibrahim Adeyanju, commended his visionary leadership and dedication to digital transformation.

“Your visit is a testament to Plateau State’s commitment to embracing innovation as a catalyst for development,” Professor Adeyanju stated. He further emphasized Galaxy Backbone’s unwavering dedication to providing the digital infrastructure and expertise required to turn this vision into reality.

During the meeting, the Galaxy Backbone team outlined the immense opportunities that Plateau State could unlock through its partnership with the ICT giant.

These included access to Uptime-certified data centers for secure and uninterrupted operations, robust digital security measures through the Security Operations and Network Operations Centers, and cost-effective solutions designed to localize data sovereignty while optimizing payment structures. Additionally, the discussion explored how managed cloud services, tailored to Plateau State’s unique needs, could scale e-governance initiatives and drive efficiencies.

The visit also focused on empowering the state’s workforce through capacity-building initiatives. Galaxy Backbone is committed to designing training programs that would not only enhance digital literacy but also foster an ecosystem of innovation to create job opportunities for the youth.

The potential of the 1Government Cloud platform was also discussed, highlighting its ability to streamline and automate government services while promoting transparency and accountability. Furthermore, Geographic Information Systems (GIS) were positioned as tools for informed decision-making, offering solutions in areas such as land registration and resource management.

Governor Mutfwang expressed his administration’s dedication to transforming Plateau State into a leading digital hub, noting the state’s unique positioning as a vibrant ICT community outside Lagos. He underscored the importance of empowering the youth to participate in the global digital economy while residing in Plateau. “This is the future, and Galaxy Backbone is pivotal to making this vision a reality,” he remarked.

He also referenced complementary projects, such as the ongoing upgrade of the Yakubu Gowon Airport into a cargo hub and the African Development Bank’s selection of Plateau State as a Special Agro-Industrial Processing Zone, as initiatives poised to boost the state’s economic potential.

Barr. Mutfwang also described GBB as a national asset with immense potential to foster good governance and stimulate economic growth. He commended the company for its role in promoting digital inclusivity and emphasized his administration’s determination to spearhead a digital revolution in Plateau State.

The visit earlier commenced with an extensive tour of Galaxy Backbone’s cutting-edge facilities, reinforcing the company’s readiness to support Plateau State’s aspirations. Professor Adeyanju reiterated the company’s commitment to translating the interactive deliberations into actionable solutions, stating, “This engagement marks a significant milestone in our journey to redefine governance and foster innovation.

“We are honored to host Your Excellency and look forward to working closely with your administration to achieve a digitally inclusive and economically prosperous Plateau State.”

The collaboration between Galaxy Backbone and Plateau State signals a bold step toward a groundbreaking digital transformation, setting a precedent for ICT-driven development not only in the state but across Nigeria.


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IFC Invests in IHS Holding Bond to Support Digital Connectivity in Emerging Markets

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IFC has anchored a $1.2 billion dual tranche bond issuance—its biggest ever mobilization for a single bond deal—for IHS Holding Limited  (“IHS Towers”) to support digital connectivity for millions of people in emerging markets in Africa, Latin America, and the Middle East.

The funds will enable the company to refinance existing debt and support organic growth across its markets.

The financing package, which was supported by an initial commitment from IFC of up to $100 million, will help the company refinance some of its near-term debt and lengthen its debt maturity profile.

IHS Towers, one of the world’s largest independent communications infrastructure providers, builds towers, supports the deployment of mobile network operator equipment, and provides fiber connectivity for its customers.

Estimates indicate that 95 percent of people without internet access reside in low- and middle-income countries, presenting a significant opportunity to expand digital connectivity.

Access to affordable, good-quality internet services is central to economic and social development, driving business growth, local economies, and access to education, healthcare, and financial services.

Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa, said, “This investment represents a transformative step toward closing the digital divide and driving sustainable, inclusive growth in emerging markets.

“We are proud to support IHS Towers through this partnership to help foster digital inclusion and empower businesses and individuals with greater access to digital tools that drive innovation, create jobs, and strengthen communities, especially in the most remote areas of the countries covered by this important project.”

IHS Towers will continue in its efforts to integrate solar power and energy-efficient systems to reduce the carbon emissions intensity of its tower operations, ensuring it plays a central role in driving innovation and growth within the telecoms sector.

“We are proud to support innovative solutions that advance digital inclusion while prioritizing sustainability,” said Sarvesh Suri, IFC Regional Industry Director, Infrastructure and Natural Resources in Africa.

“Our collaboration with IHS Towers underscores our shared commitment to driving sustainable development globally, particularly in Sub-Saharan Africa, empowering communities to engage more fully in the digital economy.”

IFC has been a long-standing partner of IHS Towers which operates over 40,000 towers facilitating mobile coverage and connectivity for approximately 750 million people across 10 countries: Cameroon, Côte d’Ivoire, Egypt, Nigeria, Rwanda, South Africa, Zambia, Brazil, Colombia, and Kuwait. Approximately three quarters of IHS’s towers are located in Africa.

By financing mobile network operators, independent tower operators, data centers, and broadband providers, IFC is strengthening the infrastructure needed to expand digital connectivity. This effort actively bolsters Africa’s digital economy while providing reliable and affordable access to millions.


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