Introduction On January 31, 2024, the Central Bank of Nigeria (CBN) issued a Revised Guideline on the Operation of International Money Transfer Services in Nigeria. This new guideline, which replaces the 2014 version, is designed to provide clarity for International Money Transfer Operators (IMTOs) on financial remittances and outline the licensing requirements and approval processes. […]

Introduction In recent years, the Electronic Money Transfer Levy (EMTL) has become a significant aspect of Nigeria’s tax and financial landscape. Introduced primarily to generate revenue for the government, EMTL has broader implications, including the regulation of electronic payment systems. This article explores the workings of EMTL since its inception in 2020, its contributions to

Introduction The interconnected nature of global economies necessitates the implementation of exchange rate systems by governments to achieve economic objectives. Exchange rates are vital indicators that reflect currency valuation and influence various economic factors such as trade relationships, investments, and inflation. Over time, Nigeria’s Central Bank (CBN) has employed different exchange rate systems, including controlled,

The Central Bank of Nigeria (CBN) recently issued a significant guideline titled “Guidance on the Collection and Remittance of the National Cybersecurity Levy,” aiming to bolster cybersecurity measures across the country. This directive, in line with Section 44(2) of the Cybercrime (Prohibition, Prevention, etc.) Act 2015, reflects Nigeria’s commitment to combatting cyber threats and ensuring

The Federal Inland Revenue Service (FIRS) recently issued two information circulars aimed at providing guidance to taxpayers regarding the implementation framework for the Presidential Fiscal Incentives on Gas. This initiative comes in response to Executive Order No. 40 issued by the President on 28 February 2024, which focuses on unlocking investment opportunities within the gas

The recent ruling by the Lagos zone of the Tax Appeal Tribunal (TAT) regarding the case involving FBN Insurance Limited (FBN) and the Federal Inland Revenue Service (FIRS) has significant implications for the taxation of insurance companies in Nigeria. The TAT’s decision clarifies several key points related to tax liabilities, non obstante clauses, the importance

Introduction Cybersecurity risk assessments play a crucial role in developing proactive risk management strategies and enhancing customer trust, whether operating in the private sector or as a government contractor. Failing to address potential threats can lead to costly issues. However, navigating cybersecurity risks requires expertise and strategic planning. To help organizations in this endeavor, we’ve

As your business continues to evolve, streamlining operations, safeguarding assets, and fostering innovation become crucial for sustained growth. To achieve these objectives effectively and mitigate potential risks, engaging an internal audit consultant can prove highly beneficial. What is an Internal Audit? Internal audits entail a comprehensive review and evaluation of a company’s internal controls and

Enhancing finance and accounting processes can significantly contribute to creating additional value for your organization. Here are some key projects to consider taking on:    Take a critical look at your budgeting and forecasting methods to determine if they need refinement. Check the accuracy of your historical data and fixed costs. Consider improving coordination with

Introduction In the realm of corporate governance and financial transparency, audits play a pivotal role in ensuring compliance, risk mitigation, and stakeholder confidence. However, within the audit landscape, two distinct yet interconnected processes stand out: internal audits and external audits. Understanding the differences between these audits is crucial for organizations seeking to enhance their governance