Connect with us

Business

Women Are Most Affected By Taxation, Says SWIT

Published

on

Women Mrs Justina Okoror, Chairperson of the Society of Women in Taxation (SWIT), the female body of the Chartered Institute of Taxation in Nigeria (CITN), has said that women are mostly affected by tax policies.

Okoror said this at a press briefing on Monday in Abuja to announce the forthcoming inauguration of SWIT and the investiture ceremony of its chairperson and other members.

“In the Nigerian society, those affected mostly by tax policies are women who are mostly at the lowest point of the economic ladder,’’ Okoror said.

“Indeed tax governance in Nigeria must be made to be friendlier towards the female gender. It is therefore important that they must have voice and be heard on issues that affect them in this sector.’’

She said some of the taxes affecting rural women included multiple taxation and extortion, among others.

Okoror said, however, that the organisation would encourage rural women to pay taxes in order to hold the government accountable to providing basic amenities for them.

“The focus now is to get various governments and hold them to account on behalf of these women. These women are basically farmers, if they cannot transport their goods to the markets or bring back seedlings to farms, they are being cheated,’’ she explained.

“They pay their taxes yet cannot enjoy the dividends of democracy. SWIT recognises the increasing role and special place of women in economic development particularly in the formation and implementation of tax policies.’’

She added that the organisation sought to address various issues of taxation, especially multiple taxation as it affects Nigerian women at the grassroots, among others.

Mr Rasaq Quadri, President of the CITN, said taxation was now the highest revenue earner only after oil and gas.

“People think everything is tax; People should be able to differentiate between fines, levies, extortion and tax. We are partnering the Federal Inland Revenue Service in terms of enlightenment,’’ he said.

He added that  VAT increment was not wrong as other taxes such as Personal Income Tax were being reduced from 25 to 17 per cent among other taxes.

He said reduction would further improve the standard of living in the country.

Mrs Ezinne Okoroafor, the Secretary of SWIT, explained: “When people understand that it is their duty to pay taxes, then they will understand that they can hold their elected officers accountable and demand what is rightfully theirs.’’

She commended CITN for creating the female arm and providing all the necessary support to ease the suffering of women a little.

Reports say that SWIT has 2,000 members, drawn from various fields and executives based in the six geo-political zones of the country.

Continue Reading

Business

Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free

Published

on

The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.
The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.
According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.
Following the changes made by  CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.
The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.
However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.
Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.
The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.
The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).
Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.
The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.
The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.
Continue Reading

Business

Binani Air Commences Flight Operations May 10 in Nigeria

Published

on

Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,
In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.
She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.
Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.
“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.
“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.
“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.
“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.
Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.
She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”
Continue Reading

Business

DANGOTE Debunks Claims Of Rift With Tony

Published

on

The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.
In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.
The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.
The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.
It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.
Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.
The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.
The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.
The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Trending