Economy
Stakeholders Call for Efficient Tax Systems in Africa
By Dipo Olowookere
African governments have been advised to broaden and protect their tax bases so as to hasten rapid development across the continent.
This suggestion was made at a four-day workshop on protecting the tax base of developing countries, which took place in Addis Ababa, Ethiopia last Friday.
The programme was sponsored by the Italian government and participants were urged to use the new skills and knowledge gained at the event in implementing more effective and efficient tax systems that will ensure more resources are harvested for Africa’s development.
Speaking at the end of the technical workshop attended by revenue and tax experts from 23 African countries, Aida Opoku-Mensah, ECA’s Special Adviser on the Post-2015 Development Agenda, thanked Italy saying it was one of the very few developmental partners willing to support programmes that can give capacity to African governments to broaden and protect their tax bases.
She said it was crucial for Africa to have the necessary support so countries can continue to strengthen their potential and by extension improve their domestic resource mobilization which in turn aids the continent to fund their development, in particular the African Union’s Agenda 2063 and the United Nations 2030 Sustainable Development Agenda.
“SDGs and taxation, when you look at them you think they are poles apart but if we can support African countries to better manage their tax administration and to be able to increase their domestic resource mobilization, with the right governance strategy, it can lead to the implementation of the SDGs and lead to the reduction of dependency on aid and also put African countries in the driving seat in terms of their development priorities,” said Ms Opoku-Mensah.
She told participants, who received certificates at the end of the workshop, of a Memorandum of Understanding that will be signed by the UN Secretary General and the African Union Chairperson in January next year on the implementation of the SDGs and Agenda 2063.
“It is an important step because we are going to embed into this framework the work that has already started with you in these workshops to protect the continent’s tax base, going forward,” said Ms Opoku-Mensah.
Participants also discussed illicit financial flows (IFFs) through which Africa is losing an estimated $50 annually.
Curbing illicit financial flows, they agreed, would strongly bolster the continent’s efforts to fund her own development.
Giuseppe Sean Coppola, the Deputy Head of Mission at the Italian Embassy in Ethiopia, said his government will continue to support efforts to strengthen capacity in Africa for governments to broaden and protect their tax bases.
He said the availability of more resources to African governments can also improve their quest for regional integration, adding he hoped the training had been useful for participants so they can help protect their respective countries tax bases.
“Italy looks forward to continuing to engage with countries in the region and providing support to further strengthen their potential for domestic resource mobilization,” said Mr Coppola.
“This is one step towards achieving Agenda 2030 and it’s also instrumental to achieving the AU’s Agenda 2063 and we are very pleased to be contributing to that.”
Elene Belleti of the United Nations Department of Economic and Social Affairs (UNDESA), which ran the workshop, said the training was part of efforts to implement the Addis Ababa Action Agenda (AAAA).
“We need to tackle illicit financial flows because we cannot allow the leaking of resources from these countries to continue,” said Ms Belleti.
“We want to tackle tax evasion but on the other hand we cannot only focus on the illicit component. We also have to focus on how to tackle tax avoidance and how to create more transparent tax systems; how to protect the tax base from erosion; how to prevent profit shifting and this I hope is part of the knowledge you gained during the past few days.”
Participants during the four days discussed cross-cutting subjects looking at specific issues related to tax base erosion, how to draft legislation to prevent that, international practices, environmental and extraction industry taxation.
By Aduragbemi Omiyale
The 2025 Made of Africa Awards, hosted by Nigerian Exchange (NGX) Group Plc, paraded an array of winners, including brokers, issuing houses, trustees, fund managers, listed companies, and other market participants.
The event was to reward excellence in value delivery, compliance, and market impact, with Transcorp, the Debt Management Office, CardinalStone, Chapel Hill Denham, and MTN Nigeria Communications as recipients.
Business Post reports that the other recipients were First Trustees Limited as the Best Trustees in Terms of Deal Value, Legend Internet as the Market Debut Excellence award winner.
Further, CardinalStone Securities emerged as Equity Trader of the Year and Broker of the Year, Capital Express Securities won ETPs Trader of the Year, and Stanbic IBTC Stockbrokers was named Fixed Income Trader of the Year. Chapel Hill Denham received awards for Fund Manager with the Largest Listed Fund Size and Market Operator with the Highest Value of Foreign Portfolio Investment Transactions.
Mainstreet Capital and APT Securities and Funds jointly won Issuing House with the Highest Number of Primary Market Equity Transactions, while Anchoria Advisory Services led in corporate bond issuances. Dangote Cement was named Best Issuer in Terms of Fixed Income Listings, BUA Cement received the award for Most Compliant Listed Company, and Transnational Corporation Plc was honoured for Capital Market Excellence in Equity. Network Capital was named the Most Compliant Trading License Holder, United Capital Securities won the Best Sponsoring Trading License Holder and Banwo and Ighodalo received recognition for legal advisory value in capital market transactions.
Special recognition went to the Debt Management Office for fixed income market development and to the Capital Markets Correspondence Association of Nigeria for capital market reporting, and Lambeth Capital/Bamboo Systems Technology were recognised for onboarding the highest number of new retail investor accounts.
The chairman of NGX Group, Mr Umaru Kwairanga, said the awards underscore the role of market stakeholders in strengthening investor confidence and improving market standards.
“Their achievements set a benchmark for performance, integrity and innovation across the capital market,” he said, adding that sustaining this level of discipline and transparency is essential to maintaining the trust of both domestic and international investors in Nigeria’s financial markets.
The chief executive of NGX Group, Mr Temi Popoola, said, “Operational efficiency and cooperation across the ecosystem are increasingly important as trading activity diversifies and investor expectations continue to rise.”
On his part, the Executive Commissioner for Operations at the Securities and Exchange Commission (SEC), Mr Bola Ajomale, said the awards underscore the value of compliance and transparency in market development.
“Recognition through the Made of Africa Awards reinforces the importance of adherence to market rules and standards. When operators demonstrate accountability and professionalism, it strengthens investor confidence, ensures market integrity, and supports sustainable growth across Nigeria’s financial markets,” he said.
The chief executive of NGX Limited, Mr Jude Chiemeka, said recognising strong performance across the ecosystem supports deeper market participation and long-term capital mobilisation.
By Aduragbemi Omiyale
The Nigeria Police Force (NPF) has promised to work with the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Group Plc for the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.
The Inspector General of Police, Mr Kayode Egbetokun, gave this assurance on Wednesday at the closing gong ceremony in his honour at the NGX in Lagos.
The police chief said, “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”
Earlier in his welcome address, the chairman of NGX Group, Mr Umaru Kwairanga, commended the leadership of the police in supporting market integrity.
“Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system.
“Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth,” he stated.
The Director-General of SEC, Mr Emomotimi Agama, while speaking, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”
As for the chairman of NGX Limited, Mr Ahonsi Unuigbe, “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”
Similarly, the chief executive of NGX Group, Mr Temi Popoola, stressed the importance of aligning innovation with oversight, pointing out that, “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 0.09 per cent on Wednesday, February 4, amid renewed appetite for unlisted stocks.
This lifted the NASD Unlisted Security Index (NSI) by 3.18 points to 3,641.30 points from the previous session’s 3,641.30 points and raised the market capitalisation by N1.9 billion to N2.180 trillion from the N2.178 trillion quoted on Tuesday.
The bourse recorded three price gainers and four price losers at the midweek session.
The advancers were led by Air Liquide Plc, which went up by N2.04 rise to end at N22.53 per share versus the previous session’s N20.49 per share, Central Securities Clearing System (CSCS) added 97 Kobo to sell at N44.97 per unit versus N44.00 per unit, and Acorn Petroleum Plc appreciated by 2 Kobo to N1.37 per share from N1.35 per share.
On the flip side, Geo-Fluids Plc lost 55 Kobo to sell at N6.26 per unit versus N6.81 per unit, Nipco Plc depreciated by 48 Kobo to trade at N259.00 per share versus N259.48 per share, FrieslandCampina Wamco Nigeria Plc declined by 40 Kobo to N63.10 per unit from N63.50 per unit, and Industrial and General Insurance (IGI) depleted by 1 Kobo to 65 Kobo per share from 66 Kobo per share.
Yesterday, the volume of trades slid by 64.5 per cent to 2.5 million units from 7.0 million units, the value of transaction decreased by 53.2 per cent to N17.7 million from N37.9 million, and the number of deals went down by 47.1 per cent to 18 deals from 34 deals.
CSCS Plc remained the most traded stock by value on a year-to-date basis with 16.0 million units valued at N652.6 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units exchanged for N111.2 million, and Geo-Fluids Plc with 11.7 million units traded for N76.1 million.
CSCS Plc was also the most active stock by volume on a year-to-date basis with 16.0 million units sold for N652.6 million, trailed by Mass Telecom Innovation Plc with 13.3 million units worth N5.3 million, and Geo-Fluids Plc with 11.7 million units valued at N76.1 million.
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