Dr Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has stated that cross-border tax crimes had undermined effort of countries to raise revenue for development.

He added that cross-border tax crimes distorted fair competition because compliant companies pay a higher cost for business and appear less profitable.

He also challenged global leaders to tackle the rising cross-border crimes that have disrupted revenue mobilisation and economic growth. Adedeji threw the challenge while delivering a keynote address at the 42nd Cambridge International Symposium on Economic Crimes (CIDOEC) held at the University of Cambridge, United Kingdom.

The symposium has, for over four decades, been a crucible of ideas, a forge for strategies, and a platform where countries chart a collective course against the impact and threat economic crimes pose to countries and institutions.

The global meeting was attended by about 1,000 participants from more than 100 countries, including legislators, policy makers, law enforcement agencies, security and intelligence personnel, regulators, governance and compliance officers, and academics.

Special Adviser on Media to the FIRS boss, Dare Adekanmbi, in a statement, said Adedeji was represented by the Coordinating Director of Proceeds of Crime Management and Illicit Financial Flows and immediate past chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Professor Bolaji Owasanoye.

“This year’s theme ‘Cross-Border Crimes’ speaks directly to one of the most complex and corrosive challenges of our interconnected world. “In a global economy where capital can move faster than law enforcement, and where digital and legal arbitrage often outpace regulation, the fight against crossborder economic crime is, by necessity, both local and global, both urgent and pressing.

“Modern day cross border crimes remind us that borders and boundaries have become virtual and distance irrelevant to the perpetration of crime and the negative impact on victims,” said Adedeji, who is also the Special Adviser on Revenue to President Bola Ahmed Tinubu.

On corporate or natural citizens who evade, avoid, fraudulently manipulate tax obligations by exploiting the intricacies of international trade or international finance, the FIRS boss said they have become implicated in cross border crimes.

He said: “When corporate or natural persons earn income in one country but hide same in another country, when they deceive, conceal or falsify records, they undermine the integrity and fiscal aspirations of the two countries they are manipulating. “When they hide income and assets in secrecy in some jurisdictions to avoid home-country taxes, they are hurting the fiscal target of home country.”

Securities and Exchange Commission (SEC) Nigeria has officially launched its newly redesigned website, marking a significant step toward enhancing digital engagement, regulatory transparency, and investor protection.

The regulator, in a statement on Monday, said the upgrade introduces a modern design, enhanced functionality, and a streamlined user experience aimed at investors, market operators, and the general public.

According to the SEC, the new platform features improved navigation, consolidated resources such as regulatory guidelines and publications, and a mobile-friendly design.

“This comprehensive upgrade introduces a modern design, enhanced functionality, and a streamlined user experience,” SEC said.

“The restructured platform ensures critical information is better organized and more accessible for all stakeholders, including investors, market participants, and the general public.

“Key enhancements include an intuitive menu and site structure for finding information quickly.

“Consolidated Resources: Key documents, regulatory guidelines, and publications are now easier to locate. A responsive design optimized for desktop and mobile devices.

“The initiative underscores the Commission’s ongoing commitment to transparency, operational efficiency, and improved stakeholder engagement.”

According to Emomotimi Agama, director-general (DG) of SEC, the website redesign reflects “our dedication to continuous improvement in service delivery and communication”.

“This digital advancement is a significant step in building a more transparent and accessible Commission, enhancing our engagement with the capital market and the investing public,” Agama said.

Also speaking, Samiya Usman, executive commissioner for corporate services at SEC, said the focus went beyond aesthetics.

“By simplifying access and logically organizing content, we have created a powerful platform that supports our mission to develop and regulate a fair, efficient, and transparent capital market,” the commissioner said.

The SEC urged stakeholders to explore the website and use its features to access regulatory updates, news, and services.

Fidelity Bank, one of Nigeria’s leading financial institutions, has announced its intention to establish a lasting presence in the Democratic Republic of Congo (DRC).

Nneka Onyeali-Ikpe, group managing director, Fidelity Bank Plc, met with the Augustin Kibassa Maliba, Congolese Minister of Digital Economy, in Kinshasa on last week to discuss the plan.

Onyeali-Ikpe stated that the Congolese subsidiary would focus on funding digital projects and financial inclusion.

If the expansion proceeds, Fidelity Bank would become the 16th active bank in the DRC and the fourth Nigerian-owned institution, joining Access Bank, FirstBank and United Bank for Africa (UBA).

The Congolese government views the move as a way to broaden financing options for small and medium-sized enterprises (SMEs), tech startups, and public digital transformation initiatives.

Fidelity Bank is already involved in a project to launch a Congolese satellite aimed at improving internet connectivity and bolstering the digital economy.

The DRC’s banking sector remains significantly underdeveloped.

In 2024, with a population exceeding 100 million,  the country had approximately 15 commercial banks, most of which were subsidiaries of foreign banking groups.

The banking penetration rate was only about 6% in 2022, well below the African average of 15%.

Additionally, bank loans to the private sector accounted for just 9% of GDP in 2023, compared to a continental average of 25% to 28%.

Also, according to the Central Bank of Congo, total bank deposits reached $12.87 billion by the end of May 2024, with households contributing 33.5% of the total.