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FG Rakes in 8Bn from Banks’ IT Levies

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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.

FG Rakes in 8Bn from Banks’ IT Levies

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.


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FG Unveils ePharmacy Platform to Regulate Digital Pharmaceutical Services

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Federal government has inaugurated the Electronic Pharmacy Regulation Platform (E-Pharmacy) to enhance the safety of online healthcare services.

FG Unveils ePharmacy Platform to Regulate Digital Pharmaceutical Services

Pic credit….healthreporters.info

The platform, championed by the Pharmacy Council of Nigeria (PCN), is designed to regulate digital pharmaceutical services and improve public health outcomes.

Inaugurating the platform, Prof. Ali Pate, coordinating minister of Health and Social Welfare, said the initiative signified Nigeria’s commitment to building a world-class regulatory environment.

Pate noted that pharmacy regulation had faced significant challenges for over three decades but expressed optimism that the new platform would strengthen oversight and accountability.

He said the initiative would enable evidence-based monitoring of pharmaceutical practices while supporting innovation and investment in the health sector.

“This launch is a testament to our collective commitment to advancing technology in the service of health, safety and human dignity.

“It is a decisive step to ensure that pharmaceutical practice in Nigeria aligns with national and global health priorities, reflecting the realities of the 21st century.

“It enables the country to adopt evidence-based approaches to monitoring and protecting public health while supporting innovation and investment,” he said.

The minister added that the platform would help establish a safe, accessible and well-regulated national e-pharmacy ecosystem driven by digital technology.

Earlier, Alhaji Ibrahim Ahmed, registrar/chief executive officer of PCN, said the need to regulate online pharmacy operations became more urgent during the COVID-19 pandemic.

Ahmed said the pandemic accelerated the adoption of digital tools and e-commerce in healthcare, exposing longstanding inefficiencies in pharmaceutical supply chains, particularly in Africa and Nigeria.

“This has led to the increasing adoption of digitised distribution of essential medicines through cost-effective and technology-enabled models.

“For decades, PCN has regulated pharmacy education, training, practice and business in Nigeria. However, as the world shifts towards digital solutions, access to medicines has evolved.

“The Electronic Pharmacy Regulations 2026 provide a comprehensive legal and technical framework for the registration, licensing, operation and oversight of digital pharmaceutical services,” he said.

He added that the framework would ensure that ethical standards and patient safety are not compromised in the delivery of online pharmaceutical services.


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Flutterwave Targets Anambra as South-East Tech Hub

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Olugbenga Agboola, CEO, Flutterwave, has announced plans to establish Anambra State as the company’s hub for Nigeria’s South East, leveraging a fresh banking license from the Central Bank of Nigeria (CBN) to boost local fintech and businesses.

Flutterwave Targets Anambra as South-East Tech Hub

Flutterwave

Agboola made the disclosure yesterday in Awka during a meeting with Anambra tech community leaders, hosted alongside Dr. Stanley Uzochukwu, CEO, Stanel Group and proprietor, Delborough Hotel.

He highlighted Flutterwave’s status as Africa’s leading payment system, born in Nigeria, with infrastructure powering companies nationwide.

“We want Anambra to be our hub for the entire South East,” Agboola said. “We’ll deploy our systems, fees, infrastructure, and POS terminals to every small business and large firm here, making our services the top consumer choice.”

Agboola pledged a massive impact program for Anambra entrepreneurs to foster global platforms from the state, enabled by the new license for faster growth.

For a decade, Flutterwave has facilitated payments, but now aims to empower South East businesses through partnerships, POS access, loans, and value for SMEs.

“We’re partnering on a huge impact program launching soon—impacting the tech community with technology, financing, and lending to create more millionaires from this city,” he added.


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NESREA, ACMTI, Others Launch Carbon Utilisation Initiative in Nigeria

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The National Environmental Standards and Regulations Enforcement Agency (NESREA), in collaboration with the Africa Carbon Management Technology & Innovation (ACMTI) and the Clean Energy Ministerial Carbon Capture, Utilisation and Storage Initiative (CEM-CCUS), has launched a Carbon Capture, Utilisation and Storage (CCUS) Initiative Platform in Nigeria.

Speaking at the launch in Port Harcourt, Rivers State, Prof. Innocent Barikor, the Director-General of NESREA, described the project as a major milestone in Nigeria’s journey toward environmental sustainability, climate resilience, and industrial transformation.

Barikor explained that the CCUS solution provides an economically viable pathway for industrial decarbonisation by enabling the capture, storage, and utilisation of carbon in sectors such as beverage production, cement manufacturing, chemicals and fuels, enhanced oil recovery, and agriculture.

“We need to reduce carbon in the atmosphere to acceptable levels. Its utilisation offers opportunities to capture and store carbon and deploy it for industrial purposes. We are building a circular economy—turning environmental challenges into economic opportunities in line with regulatory provisions,” he said.

He noted that the CCUS Platform is a collaborative ecosystem designed to bring together key stakeholders, including government institutions, industry leaders, academia, technology developers, development partners, and investors.

Also speaking, the Vice-Chancellor of the University of Port Harcourt, Prof. Owunari Georgewill, commended NESREA for the initiative, describing it as a practical mechanism for coordination, innovation, and action toward Nigeria’s 2035 climate targets and broader energy transition goals.

He added that the university is well-positioned to host the CCUS initiative, noting that its Energy Technology Institute has developed credible expertise in energy transition-related fields critical to the success of CCUS in Nigeria.

On his part, the Coordinator of ACMTI and Facilitator of the Carbon Technology Innovation Platform (CTIP), Dr. Richard Victor Osu, said the vision is to position Nigeria as a regional leader in carbon management technologies while contributing meaningfully to Africa’s climate commitments and global decarbonisation efforts.

Osu explained that Port Harcourt was selected due to its potential as a CCUS hub, adding that the platform will focus on advancing research and innovation, building technical capacity, promoting public-private partnerships, attracting investment, and fostering collaboration with international research and technology partners.

Juho Lipponen of the CEM-CCUS Initiative assured that the organisation would support Nigeria in prioritising CCUS in clean energy discussions, strengthening carbon management deployment programmes, boosting partnerships, facilitating financing solutions, and promoting positive narratives around carbon utilisation.

The event attracted participants from the United States, France, Brazil, Canada, the United Arab Emirates, and the United Kingdom, who shared insights on the initiative.

Also in attendance were representatives of the National Oil Spill Detection and Response Agency (NOSDRA), the National Council on Climate Change (NCCC), the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), the Rivers State Ministry of Environment, as well as private sector stakeholders and development partners.


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