CITN, ACCA Agree to Promote Accounting & Taxation in Nigeria

Image

By Dipo Olowookere

A memorandum of understanding (MoU) has been signed between the Chartered Institute Taxation (CITN) and Association of Chartered Certified Accountants (ACCA).

The deal is to promote accountancy and tax profession in Nigeria and will be five years from the date of execution, but could be terminated at any time before the expiry of the initial five year term.

President of CITN, Mr Cyril Ikemefuna Ede, told newsmen at the signing ceremony that the agreement between the two professional bodies will give them the opportunity to work together for the development of accounting and taxation in the country.

According to him, ACCA will share with CITN on the areas of research findings on accountancy, tax, business, corporate governance and ethics, while also inviting CITN leadership team to ACCA Continuing Professional Development (CPDs) events at no cost and offer discounts for ACCA paid CPDs where available.

“The MOU will commence and be effective when it is signed by the last party on the agreement. It may be amended upon the mutual written agreement of the parties.

“The term of this MOU will be five years from the date of execution, save that it may be terminated at any time before the expiry of the five year term,” Mr Ede said.

On his part, Director Sub-Saharan of ACCA, Mr Jameel Ampomah, “The ultimate aim of our partnership is to develop the profession and build on strong foundations created by both bodies. ACCA is excited by the potential of working with the CITN, and we look forward to a long, happy and productive partnership.”

Share
Related Stories
Image
27-February-2024

PHOTOS: Nigerians Join NLC for End Hunger Protest

By Modupe Gbadeyanka Some Nigerians across the country have joined the Nigeria Labour Congress (NLC) to protest against economic hardship under the administration of President Bola Tinubu. The NLC had called for a two-day nationwide protest over the widespread hunger in the country as a result of the removal of fuel subsidies and the unification of the exchange rates. In Lagos, business activities are slow because of the demonstrations across the city, while it is not different in Abuja, Kaduna, Enugu, Anambra, Oyo State and others. The demonstration has been tagged #EndHungerProtest for social media followers to track and here

Image
27-February-2024

CBN Resumes FX Sales to BDCs, Pegs Rate at N1,301/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) will begin selling Dollars to eligible Bureau De Change operators (BDCs) at a pegged rate of N1,301/$1 in its latest effort to improve liquidity in the Nigerian foreign exchange market. The apex bank will begin those sales after proposing more stringent rules for BDC operators last week, according to a circular published on Tuesday. According to the notice signed by Mr Hassan Mahmud, the CBN Director of Trade and Exchange Department and seen by Business Post, the CBN said it carrying out the move due to “the continued price distortions at

Image
27-February-2024

EXPLAINER: How CBN’s 22.75% Interest Rate Hike May Affect You

By Dipo Olowookere Today, the Central Bank of Nigeria (CBN), through its Monetary Policy Committee (MPC) raised the benchmark interest rate, the Monetary Policy Rate (MPR), by 4.00 per cent or 400 basis points to 22.75 per cent from 18.75 per cent. This rate hike was inevitable, though the margin of increase was not expected. I know you are asking how this affects you. Hey, listen carefully, you should be bothered and I will explain why. Now, the MPR is called the benchmark interest rate because it is what commercial banks use to determine the interest rate they give loans

Image
27-February-2024

FG Sets March 2024 for OB3 Gas Pipeline Completion

By Adedapo Adesanya The federal government has set March 2024 for the completion of the Obiafu-Obrikom-Oben (OB3) gas pipeline. This was disclosed by the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, in his industry address during the opening ceremony of the 7th edition of the Nigeria International Energy Summit (NIES 2024) at the Presidential Villa, Abuja on Tuesday. According to him, the projected completion timeline was in alignment with the estimates provided by Oilserv Limited. The pipeline is expected to deliver 2 billion cubic feet of natural gas per day from the Obiafu, Obrikom, and Oben fields

More Stories
Image
18-November-2020

Buhari, Others on Movers, Shakers Watch List for 2021

By Adedapo Adesanya President Muhammadu Buhari and four other Nigerians have made it to the top 25 list of the African Energy Chamber’s Top 25 Movers & Shakers Watch List for 2021. Published every year, the list identifies the leading African and international figures whose work and decisions have a direct impact on the African energy industry and the way Africans access and consume energy. President Buhari is the first listed for his direct involvement in the possible passing and signing of the Petroleum Industry Bill (PIB) in 2021. It was noted that if the President manages to carry through

Image
14-November-2016

Protest In Ambrose Alli University Over Fee Hike

By Dipo Olowookere Students of the Ambrose Alli University, Ekpoma, Edo State, have taken to the streets and roads to kick against an increase in their school fees. It was learnt that authorities of the institution announced a hike in the school fees from N45,000 to about N160,000, which the students are not happy about. This new increment, it was learnt, affects fresh and 200 level students. On Monday morning, some of the aggrieved students staged a protest against the development. They reportedly blocked some roads around the school environment. However, things took a bad turn when security operatives deployed

Image
18-August-2022

Nigerian Market Edges Lower by 0.04%

By Dipo Olowookere The domestic market depreciated by 0.04 per cent on Wednesday after it moved upwards a day earlier on the back of renewed selling pressure. The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited decreased by 18.29 points to 49,691.17 points from 49709.46 points, while the market capitalisation depreciated by N10 billion to settle at N26.802 trillion in contrast to the previous day’s N26.812 trillion. Courteville recorded a loss of 9.80 per cent to sell at 46 Kobo, SCOA Nigeria declined by 9.79 per cent to N1.75, Skyway Aviation fell by 9.73 per cent to N5.10, Regency

Image
31-July-2018

Tech Stocks May Lift Wall Street

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to regain some ground after moving mostly lower over the course of the previous session. The markets may benefit from bargain hunting following the weakness seen in the technology sector over the past few days. Positive sentiment may also be generated by a report from the Commerce Department showing personal income and spending both increased in line with economist estimates in the month of June. Overall trading activity may be somewhat subdued, however, as traders look ahead to the Federal Reserve?s

Image
21-August-2023

What Are the Gameplay Differences Between Female and Male Tennis?

When it comes to the gameplay differences between female and male tennis, several factors contribute to variations in these branches of the sport. Visit now the live casino login 1xBet before your favorite tennis match begins. The main differences between these two variations of sport can be seen in: style; pace; and strategies employed by players. Let’s begin by talking about power and speed. On average, male players tend to generate more power and hit the ball at higher speeds compared to female players. This is partly due to physiological differences, such as greater muscle mass and higher levels of

Image
28-December-2016

2017 Budget Will Revive Economy—APC

By Modupe Gbadeyanka Nigerians have been assured that the 2017 budget presented to the National Assembly by President Muhammadu Buhari few days ago would bring about the expected change in the economy. This assurance was given by National Publicity Secretary of the All Progressives Congress (APC), Mr Bolaji Abdullahi, while addressing newsmen in Ilorin, Kwara State. The ruling party’s spokesman noted that the appropriation bill would address the current hardship in the country, but pleaded with Nigerians to persevere saying that the hardship would be reduced next year. According to him, President Muhammadu Buhari is doing his best economically to

Image
27-December-2018

Nigeria’s Fiscal Terrain Challenging—FG

By Dipo Olowookere Federal government has disclosed that though the nation’s fiscal terrain remains challenging, there has been an improved revenue generation by 40 percent in third quarter of 2018. Speaking recently at the quarterly world press conference in Abuja, Minister of Finance, Mrs Zainab Ahmed, said this performance was unsatisfactory to government’s revenue targets of 53 percent set for 2018. “I have directed that action on all our revenue initiatives be expedited,” the Minister told newsmen at the event. During the press conference, Mrs Ahmed addressed the challenges posed by the global market trends, Nigeria’s macro-economic landscape. She said

Ad
Ad
Recent Stories
Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
29-February-2024

Adesina to Receive Prestigious Obafemi Awolowo Prize for Leadership

By Ichie Enyi Ejike Umunnabuike Jr Come March 6, 2024, the Lagos Continental Hotel will host an unforgettable occasion when the President of the African Development Bank (AfDB), Mr Akinwumi Ayodeji Adesina, will be formally honoured and presented with the distinguished Obafemi Awolowo Prize for Leadership 2023. The Obafemi Awolowo Prize for Leadership was first announced in December 2012, with the official award ceremony held on March 6, 2013. Before Mr Adesina was announced as its fourth recipient, three other distinguished personalities had been conferred with the prestigious award – Noble Laureate, Prof. Wole Soyinka; former South African President, Thabo

Image
29-February-2024

Exploring Diverse and Evolving Sounds of Africa

Africa’s music scene is a sonic melting pot, where rhythms collide and cultures connect. It’s a universal language, a force that breaks boundaries and fuels the soul. This sonic tapestry isn’t just diverse – it’s explosive. Afrobeats and Amapiano own the spotlight right now. Those irresistible Afrobeats hooks? They’ve got the whole world dancing. And Amapiano’s hypnotic blend of South African house and street sounds? It’s straight-up addictive. Mainstream African artists are pushing the boundaries like no one else, taking Amapiano and running with it. They’re injecting their fire, creating a whole new flavour. This is proof that African music

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

Silence Laboratories Raises $4.1m for Privacy-Preserving Computing

By Adedapo Adesanya Silence Laboratories has announced securing $4.1 million in funding to enable privacy-preserving collaborative computing led by Pi Ventures and Anurag Arjun, along with several prominent angel investors. In a statement shared with Business Post, the company said with the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6 per cent, there is growing demand. In recognition of this, Silence Laboratories is offering to provide mathematical guarantees for techno-legal expectations as part of a mission to create infrastructure to enable complex data collaborations between enterprises and entities, without any sensitive information being

Image
29-February-2024

MainOne Stretches Submarine Cable to Akwa Ibom

By Modupe Gbadeyanka A submarine cable spanning 45,000km in length known as 2Africa has been landed in Akwa Ibom State by MainOne, an Equinix company. It is one of the world’s largest subsea cable projects and will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps. The cable is the first and only submarine cable system in Nigeria outside of Lagos, and it marks a significant milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria. The significance of 2Africa lies in its capacity to address critical internet

Image
29-February-2024

Russia, Mali Review Military Partnership

By Kestér Kenn Klomegâh  Russian Foreign Minister Sergey Lavrov has offered an increased military partnership during the latest bilateral talks held on February 28, 2024, with his Malian counterpart Abdoulaye Diop in Moscow. The significance of Russian support is directed at fighting terrorism and enhancing the combat effectiveness of the Malian army and law enforcement agencies, including the training of soldiers and police officers The interim military government has maintained a well-developed multifaceted nature of bilateral relations with Russia since the military ascended into political power. Russian leader Vladimir Putin and Mali’s Interim President Assimi Goita on the sidelines of

Image
29-February-2024

Anthropics Unveils Zyler Virtual Try-On for Menswear

By Modupe Gbadeyanka One of the global leaders in virtual fashion try-on technology, Anthropics, has moved to transform the future of online shopping with the introduction of the Zyler Virtual Try-On for menswear. The new initiative will improve the way consumers shop for clothes, providing a realistic virtual try-on experience. With it, customers can upload a headshot, enter some measurements, and then see themselves on the screen wearing the outfit. Powered by the latest research in Artificial Intelligence, Zyler creates a lifelike virtual representation of the user, allowing them to see how different garments fit and look on their unique

Image
29-February-2024

Aradel Holdings, CSCS, FrieslandCampina Sink NASD Exchange by 0.79%

By Adedapo Adesanya Profit taking in the trio of Aradel Holdings Plc, Central Securities Clearing System (CSCS) Plc, and FrieslandCampina Wamco Nigeria Plc made the NASD Over-the-Counter (OTC) Securities Exchange close the midweek session further in the red territory on February 28 by 0.79 per cent. Aradel Holdings Plc lost N20.50 to close at N2,500.00 per share compared with the previous day’s N2,520.50 per share, CSCS Plc depreciated by N1.35 to end the day at N18.65 per unit versus the N20.00 per unit it was traded on Tuesday, and FrieslandCampina Wamco Plc declined by 63 Kobo to N70.25 per share

Image
29-February-2024

Naira Gains as Binance, Others Halt USDT, USDC Exchanges Amid Crackdown

By Adedapo Adesanya The Naira appreciated against the US Dollar in the foreign exchange (FX) market on Wednesday, February 28 as crypto exchanges like Binance, will no longer allow users to buy the US Dollar Tether (USDT) and US Dollar Coin (USDC) stablecoins with Naira after renewed scrutiny from the Nigerian government. The regulatory crackdown continued in the Nigerian FX market as the country moved to aggressively suppress the activities of spectators and traders across digital platforms. On Wednesday, the Nigerian government tricked two executives of Binance – an American and a British Pakistani into the country for a meeting