Senate Sets To Consider Tax Reform Bills

Senate sets to consider tax reform bills. The Senate leader assured Nigerians that the upper chamber will consider the bills immediately after Eid-El-Fitir and Easter holidays.

The leader of the Senate, Opeyemi Bamidele, has said the Red Chamber will look into all issues of public concern relating to the Tax Reform Bills, 2024.

The Senate leader assured Nigerians that the upper chamber will consider the bills immediately after Eid-El-Fitir and Easter holidays.

Mr Bamidele said this on Thursday in a statement.
He also mentioned that the review of the Constitution was on course.

According to him, the process would lead to a more efficient and responsive governance system when it was concluded.

Persuaded by the urgent need to strengthen the country’s economy, Bamidele said the Senate had focused mainly on developing legal frameworks.

“To stabilise the fiscal and monetary spaces; prioritise security; address consumer price inflation and create more functional governance structures,” he said.

The Senate leader pointed out prominent roles he had played in the formulation and prioritisation of several significant legislative initiatives, including the introduction of the Tax Reform Bills 2024.

He said the tax reform bills “are game changers that will significantly redefine and transform our country’s fiscal environment.”

Tax Reform Bills

Mr Bamidele stated that when enacted, the bills will address inequality and injustice that characterise our tax system.

“Besides, all businesses with N50 million capital or below will now enjoy tax exemptions. Value-added tax will no longer be placed on exports and essential consumptions by the masses.

“The essential goods and services include food items, education, transportation and medical treatment, among others,” the senator said.

FCMB Records N111.9bn Profit Before Tax In 2024

FCMB records N111.9bn profit before tax in 2024. First City Monument Bank recorded a Profit Before Tax of N111.9 billion for the December 31, 2024 financial year.

First City Monument Bank recorded a Profit Before Tax of N111.9 billion for the December 31, 2024 financial year.

This was confirmed in a statement released through the Nigerian Exchange Ltd.

The statement revealed that PBT grew by 71 per cent, impacted by a 56.6 per cent decline in revaluation income and a 1.9 per cent fall in net interest margin.

The bank’s gross revenue stood at N794.4 billion for the period ending December 2023, marking a 53.9 per cent increase from N516.4 billion in the previous year.

This growth was driven by a 75.2 per cent rise in interest income and an 8.7 per cent increase in non-interest income.

Non-interest income growth was constrained by a 55.7 per cent year-on-year drop in other gains, from N89.3 billion to N39.6 billion. Net interest income rose by 27.6 per cent, from N176.6 billion in the prior year to N225.3 billion by December 2024.

Yield on earning assets improved to 16.2 per cent. However, net interest margin declined by 1.9 per cent due to a 122 per cent rise in funding costs.

Operating expenses increased by 45.7 per cent year-on-year to N229.1 billion, driven by higher personnel costs, regulatory costs, foreign currency-linked expenses, and inflationary pressures.

The cost-to-income ratio closed at 59.9 per cent for the period ending December 2024.

Net impairment loss on financial assets declined by 30.7 per cent year-on-year to N41.2 billion, down from N59.5 billion, lowering the cost of risk to 1.8 per cent from 3 per cent.

The bank’s divisions recorded year-on-year growth, with consumer finance rising by 83.5 per cent and investment management by 27.9 per cent, while the banking group declined by 7.7 per cent.

The bank’s earnings remained diversified, with non-bank subsidiaries accounting for over 30 per cent of profits.

Loans and advances increased by 28 per cent year-on-year from N1.84 trillion to N2.36 trillion at the end of December 2024.

Total assets grew by 59.5 per cent year-on-year, from N4.42 trillion to N7.05 trillion at the end of December 2024.

Customer deposits rose by 39.4 per cent year-on-year, reaching N4.30 trillion from N3.08 trillion by December 2024.

FCMB

“We completed the first phase of our capital-raising programme, securing N144.6 billion through a public offer. This doubled issued shares from 19.8 billion in 2023 to 39.6 billion in 2024, impacting EPS,” the bank stated.

It added, “Subsequent phases of FCMB Group’s capital programme are in progress to ensure First City Monument Bank Limited meets the minimum capital requirement to retain its International Banking Licence.

“The capital injection has enabled First City Monument Bank Ltd. to secure its National Banking License and raise its capital adequacy ratio to 18 per cent. This has created essential buffers to support asset creation in select segments.”

Umahi Denies Owing N200m, Dismisses S3xual Harassment Allegations

Umahi denies owing N200m, dismisses s3xual harassment allegations. Minister of Works, Dave Umahi, has denied claims that he owes N200 million to businesswoman Tracynither Ohiri for campaign materials allegedly supplied during his 2014 governorship campaign.

Speaking during an inspection of the Independence Bridge in Lagos on Thursday, Umahi dismissed the allegation as baseless, questioning the legitimacy of the claim.

“She claims I owe her N200 million from 2014, but my entire governorship campaign didn’t even cost that much,” Umahi said. “Where is the contract? Where did the funds come from? Let her publish her bank statements.”

The minister also accused Ohiri of being sponsored, alleging that she had made similar accusations against other governors.

He said he initially ignored the matter, thinking it was a mental health issue, but has now instructed his lawyers to take legal action.

Umahi Denies Owing N200m

Addressing separate allegations of s3xual harassment, Umahi strongly denied the claims, warning against what he called a dangerous trend of false accusations.

“This is unfortunate, and we’ll use this case to set an example,” he said, urging women to speak against baseless allegations that could harm genuine advocacy.