E-Business
Nigeria introduces 7.5% VAT on crypto transactions

KuCoin, a leading cryptocurrency exchange, has announced it will begin collecting a 7.5 percent value-added tax (VAT) on transaction fees for its users in Nigeria.
The decision follows a recent regulatory update in the country, prompting KuCoin to introduce the VAT.
In a statement released on July 3, KuCoin confirmed that the VAT deduction will take effect from July 8. The company clarified that the 7.5 percent VAT will be applied specifically to the transaction fee, not the total amount. For example, if a user purchases $1,000 worth of Bitcoin with a 0.1 percent fee, the transaction fee would be $1. Consequently, the VAT on this fee would be $0.075, making the net amount for the transaction $998.925.
The statement read; “We are writing to inform you of an important regulatory update that impacts our users from Nigeria.
“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5% on transaction fees in each trade for users whose KYC information is registered in Nigeria.
“Nb: The 7.5% is only charged on the 0.1%/0.05% transaction fee and not your total amount which will be remitted.
“Please note that the VAT will be applied to the transaction fees in each trade, not the transaction amount, and covers all transaction types on KuCoin platform.”
E-Business
UK Orders Apple to Create Backdoor for Encrypted iCloud Data

United Kingdom has issued a “technical capability notice” to Apple, mandating that the company create a backdoor to access users’ encrypted iCloud data.
This directive, issued under the Investigatory Powers Act of 2016, requires Apple to provide British security officials with the means to retrieve all content uploaded to iCloud by any user worldwide.
Apple’s Advanced Data Protection (ADP) feature, introduced in 2022, offers end-to-end encryption for iCloud data, ensuring that only users can access their information.
The UK’s demand challenges this security measure, potentially compelling Apple to either comply by creating the backdoor or withdraw the ADP feature from the UK market.
Compliance could set a precedent, leading other governments to request similar access, thereby raising global privacy concerns.
The UK Home Office has declined to confirm or deny the existence of such notices, stating, “We do not comment on operational matters, including, for example, confirming or denying the existence of any such notices.”
This development underscores the ongoing tension between governmental surveillance efforts and technology companies’ commitments to user privacy.
E-Business
Oracle Adds AI Pricing Features to Financial Software

Oracle on Thursday added another set of artificial intelligence (AI) tools to NetSuite, one of its corporate finance software offerings, including some that might make it faster for consumers to get a price quote on purchases like custom bicycles.
Oracle has taken a different tack with AI than rivals such as Microsoft. Rather than racing toward general purpose virtual assistants, Oracle has decided to add targeted features that speed common-but-tedious tasks like entering a brief write-up of how a sales meeting went into a corporate records system.
Another such task that is common in the business world is giving a customer a price quote on a complicated purchase that might have a lot of options, when a sales professional would need to sift through materials to come up with a price.
NetSuite on Thursday announced a feature to compile such a quote via conversation with a chatbot asking what the customer wants, which can either be used by sales professionals behind the scenes to speed up their work, or directly by consumers in the case of e-commerce businesses.
“When you buy something like a bicycle, you have to configure it – figure out what parts you want and which parts work together. We all do it when we buy our cars on the web these days,” Evan Goldberg, executive vice president of Oracle NetSuite, said.
“If you can configure (products) for customers more easily, you can do more deals in a day, or each deal costs less.”
To power those features, Oracle has decided to skip the costly race to develop huge AI models and instead works with partners such as Canadian startup Cohere.
Goldberg said that Oracle’s recent agreement to build massive data centers with ChatGPT creator OpenAI could lead to working with it as well, though the two firms have made no formal announcements.
“I think you could safely say that there’s a possibility that OpenAI will be part of this,” Goldberg told Reuters. “We are eager to work with OpenAI.”
E-Business
IBM Exits Nigeria and Ghana, Transfers Operations to MIBB

IBM, the American multinational technology giant, has reportedly announced plans to exit Nigeria, Ghana, and other key African markets, transferring its regional operations to MIBB, a subsidiary of the Midis Group.
The move, which according to TechCabal was revealed in a statement by the company, effective April 1 2025, is part of a new operating model IBM is adopting across select African countries.
Under this arrangement, MIBB will take over IBM’s local operations, customer support, and relationships while marketing and selling IBM products and services across 36 African nations.
“MIBB will market and sell IBM products and services in 36 African countries, thereby giving MIBB’s sales network direct access to IBM products, services, and support, further boosting innovation and growth in the region,” IBM stated.
IBM has been a key player in Africa’s tech industry for decades, providing critical infrastructure for banking, telecom, oil and gas, and government services.
However, its planned exit follows a trend of multinational corporations leaving Nigeria.
In December 2024, Swiss cement giant Holcim announced its departure from Nigeria, selling its 83% stake in Lafarge to a Chinese firm.
Similarly, South African grocery retailer Pick n Pay disclosed plans in October 2024 to exit Nigeria by selling its 51% stake in a joint venture.
IBM has yet to respond to media inquiries regarding the specifics of its transition strategy and reasons for the exit.
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