Business Archives - Page 16 of 19

Tinubu Administration Engages KPMG Over Issues Raised on New Tax Laws

13Jan

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Business, NEWS

Tinubu Administration Engages KPMG Over Issues Raised on New Tax Laws

The Federal Government on Monday held talks with senior officials of global consulting firm KPMG to address concerns and differing views surrounding the implementation of Nigeria’s newly introduced tax laws. The meeting, which took place in Abuja, followed growing debate within business and professional circles about the potential impact of the new tax regime on companies and taxpayers. The engagement was prompted by a report issued by KPMG Nigeria titled “Nigeria’s New Tax Laws: Inherent Errors, Inconsistencies, Gaps and Omissions,” in which the firm highlighted perceived shortcomings in several aspects of the legislation. In the report, KPMG raised concerns over issues such as the taxation of shares, dividend treatment, obligations of non-resident companies, and foreign exchange...

Tax Laws: Nigerians Protest Alleged Double Stamp Duty Charges by Banks

13Jan

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Business

Tax Laws: Nigerians Protest Alleged Double Stamp Duty Charges by Banks

Barely days after the implementation of the new tax laws, Nigerians have raised concerns over what they describe as double stamp duty deductions by banks since January 1, 2026. DAILY POST reports that Nigerian banks began enforcing the ₦50 stamp duty charge on electronic transfers of ₦10,000 and above at the start of the year. Customers across various financial institutions received notifications informing them of the uniform ₦50 deduction in line with the new tax regime. However, less than two weeks into the policy’s rollout, many bank customers allege that their accounts are being excessively debited. Several Nigerians who spoke to DAILY POST anonymously claimed they were charged ₦100 per ₦10,000 transfer, rather than the officially stated ₦50. “It is unfair that instead of ₦50 ...

Funke Akindele Makes History as ‘Behind The Scenes’ Crosses ₦2 Billion at Box Office

12Jan

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Business

Funke Akindele Makes History as ‘Behind The Scenes’ Crosses ₦2 Billion at Box Office

Nollywood filmmaker and actor Funke Akindele has etched her name in African cinema history as her latest film, Behind The Scenes, surpassed the ₦2 billion mark at the box office—the first Nollywood movie to achieve this milestone. Film distributor FilmOne Entertainment confirmed on X that the film has now grossed ₦2,103,039,706 in ticket sales. They hailed the achievement as a record-breaking feat, making Behind The Scenes the highest-grossing Nollywood film in Africa, and the top Nollywood release in the UK and Ireland. The milestone also reinforces Akindele’s status as Africa’s most commercially successful filmmaker. She is now the first filmmaker to top the African box office for three consecutive years, an unprecedented feat in the region. FilmOne credited the film’s success t...

UK regulator launches investigation into X over sexualised AI-generated images

12Jan

By SNOW TVNo Comments

Business

UK regulator launches investigation into X over sexualised AI-generated images

UK media regulator Ofcom has opened a formal investigation into Elon Musk’s platform X over its AI chatbot Grok, following reports that the tool has been used to generate s3xualised deepfake images, including of m!nors. The regulator described the reports as “deeply concerning”, noting that undressed or manipulated images of adults may constitute intimate image abuse or p0rn0graphy, while s3xualised images of ch!ldren may constitute child s3xual abuse material under UK law. Ofcom said it first contacted X on January 5 demanding information on what measures the platform has introduced to protect UK users. The regulator confirmed that X responded within the required timeframe but did not disclose the contents of the exchange. The investigation will assess whether X has failed to...

Apple Taps Google’s Gemini AI to Power Siri

12Jan

By SNOW TVNo Comments

Business

Apple Taps Google’s Gemini AI to Power Siri

Apple has announced a multi-year partnership with Google that will see its next-generation artificial intelligence features, including the Siri voice assistant, powered by Google’s Gemini AI technology. The collaboration, unveiled on Monday, signals a notable shift for Apple, a company long known for building its core technologies internally. According to a joint statement, Apple chose Google’s AI after a thorough assessment concluded it offered “the most capable foundation” to support the company’s AI ambitions. The agreement represents an uncommon partnership between two longtime rivals whose operating systems—Apple’s iOS and Google’s Android—dominate the global smartphone market. Despite their competition, the companies have maintained a profitable relationship for years, with ...

Heineken CEO Dolf van den Brink steps down amid challenges boosting beer consumption

12Jan

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Business

Heineken CEO Dolf van den Brink steps down amid challenges boosting beer consumption

Heineken chief executive Dolf van den Brink resigned unexpectedly on Monday, January 12, ending a six-year tenure that began during the COVID-19 pandemic and unfolded through a turbulent period for the global beer industry. The brewer confirmed that van den Brink, who became CEO in June 2020, will step down on May 31 and remain on as an adviser for eight months thereafter. The supervisory board said it has begun searching for a successor to lead the company, which owns brands including Heineken, Amstel and Tiger. Both van den Brink and supervisory board chairman Peter Wennink said the transition comes only months after the group set out its new strategy through 2030, arguing the company had “reached a stage where a transition in leadership will best serve the company in further execu...

No ₦500,000 Limit on Card Payments in Nigeria – Tinubu’s Aide

12Jan

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Business

No ₦500,000 Limit on Card Payments in Nigeria – Tinubu’s Aide

The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, has clarified that the Nigerian government has not imposed a ₦500,000 limit on card payments. Olusegun explained that the Central Bank of Nigeria (CBN) only sets limits on ATM cash withdrawals and certain POS/card transactions. These measures are intended for risk management, fraud prevention, and system integrity, and are not meant to restrict legitimate spending. “The CBN policy on ATM withdrawal limits was announced on December 2, 2025. To be clear, there is no ₦500,000 cap on card payments in Nigeria. The limits exist only for ATM withdrawals and certain POS/card transactions for safety and system integrity,” he wrote on his 𝕏 account, attaching the official communique. This clarification follows a ...

Defunct Heritage Bank: NDIC Announces ₦24.3bn Second Liquidation Dividend for Depositors

12Jan

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Business

Defunct Heritage Bank: NDIC Announces ₦24.3bn Second Liquidation Dividend for Depositors

The Nigeria Deposit Insurance Corporation, NDIC, has declared a first liquidation dividend of N46.6 billion in April 2025, at a rate of 9.2 kobo per N1.00, following the disposal of physical assets, recovery of debts, and realisation of investments of the defunct Heritage Bank Limited. The Central Bank of Nigeria, CBN, had on June 3, 2024, revoked the operational banking license of the defunct bank, triggering section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023. Following the revocation, the Corporation initiated procedures for claims and payments of insured deposits up to the statutory limit of N5 million from its Deposit Insurance Fund. A statement signed by the Head, Communication & Public Affairs of t...

Indonesia Becomes First Nation to Ban Elon Musk’s X Over Concerns About AI-Generated Pornographic Content

11Jan

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Business

Indonesia Becomes First Nation to Ban Elon Musk’s X Over Concerns About AI-Generated Pornographic Content

Indonesia has become the first country to block Elon Musk’s Grok chatbot over concerns that the artificial intelligence tool is generating non-consensual s@xual deepfake imagery, including r!sky and p0rn0graphic depictions of women and children. Authorities said the decision was taken to protect citizens from what they described as a rapidly escalating digital harm. In a statement, Indonesia’s communication and digital affairs minister Meutya Hafid said the government was responding to “the practice of non-consensual s@xual deepfakes,” calling it “a serious violation of human rights, dignity, and the security of citizens in the digital space.” Hafid added: “In order to protect women, children, and the public from the risks of fake p0rnographic content generated using the artif...

Controversial Video of Igbo Girl and Family Member Circulates Online

11Jan

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Business

Controversial Video of Igbo Girl and Family Member Circulates Online

A popular “Big Mama” has captured attention online after joining a trend usually dominated by younger people, impressing many viewers with her effort. The challenge, which has gone viral across Ghana, Nigeria, Kenya, South Africa, and now Uganda, has seen participation from students, lecturers, co-workers, and musicians—all eager not to miss out. Big mamas are also stepping in, surprising audiences while gradually improving their performances. One woman, in particular, has emerged as the latest sensation after appearing in a video alongside an energetic young man as they tackled a physically demanding activity together. Judging by her appearance, some speculate she may be from Uganda, Kenya, or South Africa. Despite looking slightly fatigued at times, she gave the challenge her fu...