News
Nigeria Loses N2Trn to Tax Evasion, Cyber Crimes

Nigeria has lost some N2 trillion as a result of tax evasion by capable companies and cybercrimes perpetrated by some Nigerians, according to Aloysius Etok, chairman, Senate Committee on Establishment and Public Service Matters.
Etok made this disclosure during his address at the valedictory session of the National Assembly Anti-money Laundering and Cyber Security Coalition.
According to him, he got the figure from the various briefings of the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and other Related Offences Commission (ICPC), and insisted that given the ugly development, fighting tax evasion had become a necessity and not just a choice.
He also appealed to the EFCC and ICPC to use their civil authority to strip corrupt officials of the proceeds of their conducts and “deprive them of the very profit that drives the corrupt conduct in the first place.”
He maintained that it was time for action through prosecution, investigation and recovery, saying that “investigations should not be delayed in courts, especially when it involves tax evasion and corruption.”
He disclosed that fighting corruption and tax evasion was always the core priority of the coalition, saying that the committee more than ever was fighting the challenges on multiple fronts but noted that the problems seemed daunting.
“The corrosive effect of these economic crimes affects not just Nigeria but the international community. Although we may not experience it acutely or personally, some of the consequences of these economic crimes indirectly generate negative impacts on the economy which leads to so poverty, unemployment and threats to our national security,” Etok said.
“When tax evasion for instance, takes hold of the economy, it leads to unfair competition.Some capable companies are being denied the ability to compete in a fair and transparent environment.”
“Some even suffer at the hands of government officials and lose out to corrupt competitors. When public officials aremore interested in their own personal wealth than the property of the citizen they are to serve, people lose faith in political institutions.”
The senator also said operation of the free trade zone in perpetuity without payment of tax has resulted in the loss of revenue and poor infrastructure “which in most cases makes the government to become a tenant instead of a landlord
News
NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.
Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.
“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.
Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.
“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.
He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.
“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.
During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.
Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.
“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.
The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.
In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.
Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.
The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.
News
NRS Takes Over Mineral Royalties Collection Under New Tax Laws

Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS
The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.
Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.
NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.
Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.
The move aims to streamline revenue collection while fostering mining growth.
News
Microsoft Revamps Copilot in Workplace AI Push

Microsoft has rolled out a new set of features for its Microsoft 365 Copilot platform, including tools for complex, multi-step work and deeper research tasks, as competition in workplace artificial intelligence (AI) intensifies.

The update introduces Copilot Cowork, a capability aimed at handling long-running tasks across Microsoft 365 applications.
The feature is being made available through the company’s Frontier programme, which typically gives early access to experimental tools.
Microsoft is also integrating technology linked to Claude – an AI model developed by Anthropic –into Copilot, signalling a broader shift toward using multiple AI systems within a single product rather than relying on a single model.
Jared Spataro, chief marketing officer for AI at Work at Microsoft, says the company is positioning Copilot as a system embedded directly into workplace software, rather than a standalone tool.
“Microsoft 365 Copilot is your AI for work,” he says, adding that it draws on multiple AI models and is integrated into existing workflows.
Alongside this, Microsoft has upgraded its Researcher feature, which is designed to analyse information from multiple sources and generate structured reports.
A new “Critique” function separates the drafting and review process between different AI models – one generates an initial response, while another evaluates and refines it.
The company says this approach improves output quality, with Researcher showing gains on its internal benchmark for accuracy, completeness and objectivity.
Another addition, called Model Council, allows users to compare outputs from different AI models side-by-side, highlighting differences in responses and reasoning.
The updates form part of what Microsoft calls “Wave 3” of Copilot, as it pushes to embed generative AI deeper into enterprise software. The move reflects a wider industry trend towards combining models from multiple providers, including OpenAI and Anthropic, to improve performance and reliability.
E-Financial2 days agoUBA Beefs Up Mobile App Security to Stop Fraudulent Debits, Withdrawals
Telecom2 days agoBharti Airtel Crosses 650m Users
General News2 days agoFG Orders Installation of 5000 CCTV Cameras for Surveillance in Plateau
E-Financial2 days agoGhana Makes History as First African Country to Integrate Payment National Identity Card
E-Financial2 days agoCBN Plans New Payment Systems Vision
E-Financial2 days agoFlutterwave Secures Nigerian Banking License, Boosts Financial Autonomy
E-Business2 days agoNigeria Mulls National Cybersecurity Council
Broadcasting2 days agoAppeal Court Upholds Ban on NBC’s Power to Fine Broadcast Stations


















