WEF conference, telecom tariff hike… business stories to track this week

Here are the seven top business stories you need to track this week — January 20 to January 24.

WORLD ECONOMIC FORUM ANNUAL GENERAL

The annual meeting of the World Economic Forum (WEF), themed, ‘Collaboration for the Intelligent Age’, will hold this week.

The event will run from January 20 to January 24 in Davos, Switzerland.

The meeting will convene leaders from government, business, and civil society to address the state of the world and discuss priorities for the year ahead.

It will also provide a platform to engage in constructive, forward-looking dialogues and help find solutions through public-private cooperation.

CBN FINES NINE BANKS N1.3BN FOR ATM CASH SHORTAGES

The Central Bank of Nigeria (CBN) has sanctioned nine deposit money banks (DMB) with fines totalling N1.35 billion for failing to ensure cash availability via automated teller machines (ATM) during the festive season.

The banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, and Globus Bank.

Others are Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

In a statement on January 14, Hakama Sidi Ali, acting director of corporate communications at the CBN, said each bank was fined N150 million following spot checks that revealed noncompliance with the apex bank’s cash distribution guidelines.

‘TAX BILLS TO BE PASSED IN Q1’

Taiwo Oyedele, chairman of the presidential committee on tax policy and fiscal reforms, says the tax bills will be passed into law in the first quarter (Q1) of 2025.

Oyedele spoke on Saturday at The Platform, an event organised by The Covenant Nation to facilitate national development.

According to Oyedele, the implementation of the tax reform bills will commence in July.

‘TELECOMS TARIFF INCREASE WON’T EXCEED 60%’

Bosun Tijani, the minister of communications, innovation, and digital economy, says a hike in telecom tariffs will not exceed 60 percent.

Speaking on Politics Today, a programme on Channels Television, the minister said any increase would range between 30 percent to 60 percent.

Tijani said approving a 100 percent tariff hike would be harmful to Nigerians and hinder economic growth.

NIGERIAN GOVERNORS BACK TAX REFORM BILLS, REJECTS VAT INCREASE

The Nigeria Governors’ Forum (NGF) has finally thrown its weight behind the proposed tax reform bills currently at the national assembly.

In a statement on Thursday, the group proposed an “equitable” sharing formula for value-added tax (VAT).

According to the statement, the governors recommended that there should be no terminal clause for TETFUND, the National Agency for Science and Engineering Infrastructure (NASENI), and the National Information Technology Development Agency (NITDA) in the sharing of development levies in the bills.

They also supported the continuation of the legislative process at the national assembly, which will culminate in the eventual passage of the tax bills.

DANGOTE REFINERY INCREASES PETROL PRICE TO N955 PER LITRE 

The Dangote Petroleum Refinery has increased the ex-depot price of its petrol, also called premium motor spirit (PMS).

In an email to customers on Friday, the refinery said its refined products would now cost N955 per litre at the loading gantry.

Dangote refinery said marketers buying between 2 million – 4.99 million litres will now pay N955 per litre while 5 million litres and above will be sold at N950 per litre.

The refiner also said the increase in its ex-depot price was driven by the significant rise in global crude oil prices.

NIGERIA ACCEPTS BRICS PARTNER COUNTRY INVITATION

The ministry of foreign affairs says Nigeria has accepted the invitation to join BRICS as a partner country.

Kimiebi Ebienfa, acting spokesperson for the ministry, announced the development in a statement on January 18.

The ministry said the partnership will help to boost Nigeria’s aspirations for inclusive growth and regional integration “in line with the best practices of strategic autonomy”.

The ministry said the formal acceptance highlights Nigeria’s commitment to fostering international collaboration, leveraging economic opportunities, and advancing strategic partnerships.