FG TO REVIEW NEW FRCN CHARGES
The federal government has paused the implementation of new annual levies imposed on private enterprises by the Financial Reporting Council of Nigeria (FRCN).
Speaking to journalists on March 26 after a ministerial consultative meeting on annual dues for public interest entities (PIE) under the FRCN Amendment Act of 2023, Jumoke Oduwole, minister of industry, trade, and investment, said implementation will be paused for review, noting that it is not a suspension. The Manufacturers Association of Nigeria (MAN) had reportedly opposed the implementation of the new financial charges, saying they are “exorbitant” and pose significant challenges to the manufacturing companies.
CRYPTO FIRM TACKLES PAYSTACK OVER BRAND NAME
A legal dispute may be brewing between Paystack, a Nigerian financial technology (fintech) company, and Zap Africa, a cryptocurrency exchange platform, over the use of the name “Zap“. On March 24, Paystack launched Zap, a mobile app designed to speed up bank transfers. Shola Akinlade, the chief executive officer (CEO) of Paystack, clarified that the app is not a new banking service but a tool focused on making money transfers faster and more reliable. However, Zap Africa, founded in 2023 to facilitate cryptocurrency and fiat transactions across Africa, swiftly reacted, tackling Paystack’s choice of name for its payment app.
“There is only one ZAP in Nigeria and Africa,” the cryptocurrency exchange wrote on X, formerly Twitter.On March 25, Tobi Asu Johnson, Zap Africa’s CEO, took to X to announce the company’s legal team will contact Paystack for using the “trademarked” name.
CUSTOMS FINALLY IMPLEMENTS ZERO TARIFF ON IMPORTED PHARMACEUTICAL INPUTS
The Nigeria Customs Service (NCS) has commenced the implementation of zero tax on imported pharmaceutical inputs for two years. In a statement on March 26, customs said the implementation commenced after President Bola Tinubu approved comprehensive guidelines for the exemption of import duty and value-added tax (VAT) on critical raw materials used in the manufacturing of pharmaceutical products. The NCS said the exemption will cover APIs, excipients, and other raw materials used in the production of essential medicines. Others include long-lasting insecticidal nets (LLINs), rapid diagnostic kits, reagents, and packaging materials.
SEC DIRECTS CMOs TO PAY 2024 CCCOCIN ANNUAL DUES BY March 31
The Securities and Exchange Commission (SEC) has requested that all capital market operators (CMOs) pay their 2024 Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN) annual dues by the end of March. In a statement on March 28, the SEC also encouraged the operators to make early payments for the 2025 dues to the CCCOCIN.
TINUBU SIGNS INVESTMENTS, SECURITIES BILL INTO LAW
President Bola Tinubu has signed the investment and securities bill (ISB) 2025 into law to strengthen the legal framework of the Nigerian capital market and enhance investor protection. The SEC, in a statement on March 29, said the Act introduces transformative provisions to further align Nigeria’s market operations with international best practices.
ELON MUSK’S XAI ACQUIRES X IN $33BN ALL-STOCK DEAL
xAI, Elon Musk’s artificial intelligence (AI) startup, has acquired X, the social media platform formerly known as Twitter, in an all-stock transaction valued at $33 billion. Musk announced the acquisition on X on March 28, adding that the deal would merge X’s vast data resources with xAI’s advanced AI models.
NDIC TO COMMENCE DIVIDEND PAYMENTS TO HERITAGE BANK SHAREHOLDERS IN APRIL
The Nigeria Deposit Insurance Corporation (NDIC) said it will commence liquidation dividend payments to Heritage Bank shareholders in April. According to NAN on March 30, Hawwau Gambo, acting head of communication and public affairs at the NDIC, said after the corporation declares the first tranche of liquidation dividends from Heritage Bank’s asset realisation in April, payments to uninsured depositors will begin.
