Economy
Awoyemi Seeks Financial Reporting Reforms, Collaboration with Banks
By Adedapo Adesanya
The chief executive and founder of Proshare Nigeria, Mr Olufemi Awoyemi, has called on owners of media platforms across the country, especially those operating in the digital ecosystem, to reform their business model to ensure sustainability.
He made this call in Lagos at the weekend, urging Corporate and Marketing Communication Professionals working in Deposit Money Banks (DMBs) in Nigeria to reform their focus on core regulatory governance guidelines and aggregate their leverage to deliver on their reputational risk management mandate.
Mr Awoyemi in a presentation at a media parley organized by the Association of Corporate Affairs Managers of Banks (ACAMB) held at the Chartered Institute of Bankers of Nigeria (CIBN) auditorium, noted that journalists play a pivotal role in sensitising and shaping public opinion on banking policies and economic developments.
Speaking on the theme Reporting the Nigerian Financial Sector in a Dynamic World: What Role for the Journalist? Mr Awoyemi stated that media practitioners must realize that it is a new world and therefore should retool, reskill, and retrain to broaden their understanding, impact and value.
ACAMB is the umbrella body of all corporate and marketing communications professionals working in financial institutions.
According to him, a journalist’s mind may naturally be sceptical, but that does not mean it should be biased toward bad outcomes.
“If the balance of facts suggests that the result of a policy or event is positive, so be it; the journalist is not a hangman but an observer and writer. He or she provides society with a dynamic ‘journal’ of unfolding events,” he said.
The Proshare founder emphasized that the role of a financial journalist in a rapidly changing world is to; gather information and gain understanding; develop context and perspective; apply analytical /numerical tools as interpretative aides; engage constructively with stakeholders; and provide unbiased fact-based narratives.
“It is an avenue for thorough discussions, establishment of guidelines, and the need for a thorough review of policies and processes,” Mr Awoyemi stated.
He further stated that out of all the sectors in the economy, the Nigerian financial service sector is the best example of progress in Nigeria. A leader in innovation, one that has invested most in research, strategic planning, and testing new ideas.
“The Nigerian banking sector is a recognised global leader for its innovation, high-level performance, apex infrastructure system, and the best in terms of settlement system”, he said.
He enjoined journalists that every one of their reports should help move the banking system forward and not bring it down. “This is not about telling you what to do or not, but that a balance must be achieved”, he said.
On his part, ACAMB President, Mr Rasheed Bolarinwa, stated that one of the greatest challenges faced as brand custodians working with DMBs in Nigeria was the threat posed by adversarial Bloggers and few media outlets who deliberately go after brands with adverse news that portrays brands in a negative light.
The rise of online and social media continues to escalate the spread of negative stories and magnifies customer complaints, further driving negative sentiments about brands. This disturbing trend has been further affirmed by KPMG Customer Satisfaction Survey of 2021, he said.
He stated that ACAMB has considered it necessary to facilitate continuous interactive sessions with journalists to facilitate understanding, give feedback, and outline expectations from both parties while expanding the knowledge of media practitioners and pointing out the implications of negative reporting, and fake news for all parties, including the media industry itself.
He opined that the banking industry deserves a better media understanding hinging his call on the fact that, “a sector that has and continues to be the biggest spender on Nigeria media across all spectrum deserve fair reporting”.
ACAMB tasked the media landscape to ensure healthy working relationships, healthy reporting, and promoting a mutually beneficial working relationship with ACAMB and all banks.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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