The Central Bank of Nigeria (CBN) has released a new directive to Payment Service Providers (PSPs), requiring them to comply with enhanced routing guidelines for Point of Sale (PoS) transactions.

This move is aimed at strengthening the monitoring of electronic transactions across Nigeria.

The directive, issued on September 11, 2024, follows CBN’s initiative to diversify the Payment Terminal Service Aggregator (PTSA) structure, which previously operated through a single aggregator.

In a circular, signed by Oladimeji Yisa Taiwo on behalf of the CBN’s Payments System Management Department, the apex bank mandates that all PoS transactions from merchant and agent locations—whether physical or electronic—must now be routed through any CBN-licensed PTSA.

The directive is part of efforts to decentralize PoS transaction routing and address concerns over the centralization of such transactions under a single entity.

Background on the PTSA License System 

In August 2011, the CBN initially granted a PTSA license to the Nigeria Interbank Settlement System Plc (NIBSS) to serve as the sole aggregator of PoS transactions.

However, to promote competition and enhance service delivery, the CBN awarded a second PTSA license to Unified Payment Services Limited (UPSL) on April 19, 2024.

This development aims to reduce the dependence on a single aggregator for the management of PoS transactions, promoting transparency and operational efficiency in Nigeria’s growing electronic payments landscape.

Key Directives in the Circular 

The CBN has outlined several steps PSPs must adhere to under the new directive: 

Mandatory Routing of PoS Transactions: Acquirers are now required to route all transactions from PoS terminals through any of the CBN-licensed PTSAs. This applies to both physical and electronic PoS terminals, ensuring that all transaction data is captured and monitored by the appropriate authorities.

Certification of Processors: PTSAs must only send PoS transactions to processors certified by relevant payment schemes, which must also be nominated by the acquirer and licensed by the CBN. This measure is designed to maintain the integrity and security of payment processes.

Processor Flexibility for Acquirers: Acquirers are given the flexibility to choose which processors and PTSA they want to work with, providing greater autonomy in transaction processing and management.

Device Configuration: All Payment Terminal Service Providers (PTSPs) are instructed to ensure that their PoS devices and applications are correctly configured to comply with the new directive, routing transactions through any of the licensed PTSAs as directed by the acquirers.

Monthly Reporting Requirements: Both PTSPs and PTSAs are required to submit detailed monthly reports to the CBN. PTSPs must report on the number of merchants and agents they manage, as well as the services used to route transactions, while PTSAs must submit reports detailing all transactions processed through their platforms. These are expected “to be submitted to the Director, Payments System Management Department, not later than seven (7) days after the end of each month.” 

The CBN has given PSPs a 30-day window to regularize their operations in line with the new requirements. Both PTSPs and PTSAs must notify the CBN in writing of their compliance within this period.

The circular noted: “Consequently, you are hereby directed to commence regularization with the PTSAs and notify the CBN in writing to confirm compliance, within 30 days from the date of this Circular.” 

What you should know 

The Corporate Affairs Commission (CAC) recently said it has commenced the process of taking drastic actions including shutting down Point of Sales (PoS) businesses that have failed to register their businesses as its September 5 deadline lapsed.

• While noting there was inadequate compliance with its directive, the Commission said those who decided not to register may be engaging in “unwholesome activities.” 
• This development comes as the fintech business owners under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) have challenged the CAC’s registration directive in court even as they insist the mandatory registration was illegal.
• The directive on registration of PoS business came against the backdrop of frequent fraud incidents involving POS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria (CBN).

According to a report by the Nigeria Inter-Bank Settlement System (NIBSS) Plc, POS terminals accounted for 26.37% of fraud incidents in 2023.

 

Nairametrics

Bandits have attacked Kurfi General Hospital in Kurfi local government area of Katsina state, shooting a watchman and abducting four women, including the wife of one of the health officials on duty.

A reliable source from the area told our reporter that three of the bandits who entered the hospital around 10:45am unarmed, later engaged the guardsman who intercepted them to inquire about their mission at the hospital.

“Whey they started arguing, the watchman quickly went and locked the hospital gate, unknown to him that other armed members of the attackers were outside.

“They jumped over the wall fence and shot the watch man in the stomach. It was thought that he had died but was later given first aid and rushed to a hospital in Katsina” the source said.

It was gathered that the attackers had wanted to abduct one Mustapha Hamza who is a casual staff of the hospital on duty at the time, but he luckily escaped but unfortunately his wife, who accompanied him to the hospital, was abducted in the process.

“Mustapha is an anastasia nurse and he was on call at the time to attend to a woman who would undergo a surgery.

“Usually, his wife would follow him whenever he is called because she would not be comfortable staying back home alone. And that was how she fell victim in the attack,” a source who craved anonymity said.

Kurfi was hitherto more or less a fortified town as bandits hardly gained access due to activities of local vigilante group supported by some well-to-do members of the community.

However, that fortification was broken with the collapse of the vigilante group, with some residents blaming it on political differences of some highly-placed individuals in the area.

Not long ago, a nursing mother was abducted with her twin children and the third one who is not more than four years old.

A resident of Kurfi said that the mother and twin children were released by their captors after the payment of N3.5m.

However, the young boy, fondly called AK, is still in captivity as the bandits have asked for an additional N1.5m for his release.

Another resident of Kurfi blamed some of the recent attacks on informants who migrated to the town when it was safer.

Though there is no official statement from security agencies, the Kurfi council chairman, Mannir Shehu Wurma, confirmed the attack, assuring that the council is on top of the situation.

 

Daily Trust

The Swedish government announced it will greatly increase financial incentives for immigrants who choose to return to their home countries.

Starting in 2026, immigrants who voluntarily leave Sweden will be able to receive up to 350,000 Swedish kronor (about $34,000) in grants, according to Channels News.

This is intended to encourage more immigrants to go back to their countries of origin.

New Policy Details 

During a press conference, Migration Minister Johan Forssell revealed the new policy, stating, “We are in the midst of a paradigm shift in our migration policy.”

The substantial increase in grants,  as reported, is designed to encourage more immigrants to choose voluntary repatriation. Previously, the grant was limited to 10,000 kronor per adult and 5,000 kronor per child, with a maximum of 40,000 kronor per family.

Ludvig Aspling from the Sweden Democrats commented on the change, saying, “The grant has been around since 1984, but it is relatively unknown. It is small and relatively few people use it.”

Aspling suggested that the increased visibility and value of the grant could lead to a higher number of immigrants taking up the offer.

Opposition to the Increase 

Reports show that the announcement comes after a government-appointed inquiry last month, advised against raising the grant significantly.

The inquiry found that the benefits of the increase did not justify the cost. Despite this advice, the government has moved forward with the policy change.

What To Know: 

Further reports inform Prime Minister Ulf Kristersson, who came to power in 2022 with a minority coalition supported by the Sweden Democrats, has made immigration and crime reduction central to his agenda.

The Sweden Democrats, now Sweden’s second-largest party with 20.5 percent of the vote, have influenced the government’s stance on immigration.

We are also enlightened by the fact that Sweden has welcomed a large number of migrants since the 1990s from countries including the former Yugoslavia, Syria, Afghanistan, Somalia, Iran, and Iraq.

The country is said to face consistent challenges in integrating immigrants into its society. This new grant policy is part of a broader effort to address these integration difficulties and manage migration more effectively.

By significantly increasing financial support for voluntary repatriation, the policy aims to encourage more immigrants to return to their home countries.

Despite advice against the increase from a recent inquiry, the government has proceeded with the change, indicating a strong commitment to its migration agenda. This development is expected to impact the future approach to immigration and integration in Sweden.

 

Nairametrics

Israel names Hamas gunmen it says were targeted in strike that killed UNRWA staff

The Israeli military on Thursday named nine men it said were Hamas militants killed in Gaza airstrikes that the U.N. Palestinian refugee agency UNRWA said had left six of its staffers dead.

The military said three of the Hamas men had doubled as UNRWA workers. Reuters was unable to independently verify their identities. There was no immediate comment from Hamas.

UNRWA said six staffers were killed in two airstrikes that hit a school in central Gaza on Wednesday, the highest death toll among its staff in a single incident.

U.N. Secretary-General Antonio Guterres on Thursday condemned the attack, U.N. spokesperson Stephane Dujarric said, adding that the attack had killed at least 18 people, including the UNRWA staff, women and children. He said it took the total number of UNRWA staff killed in the conflict to 220.

"This incident must be independently and thoroughly investigated to ensure accountability," Dujarric said. "The continued lack of effective protection for civilians in Gaza is unconscionable."

UNRWA said the school compound in central Gaza had been serving as a shelter for displaced people. The Israeli military said it was also being used by Hamas militants.

Guterres calls upon all parties to refrain from using schools, shelters, or the areas around them for military purposes, Dujarric said.

UNRWA Director of Communications Juliette Touma said on Thursday that Israeli authorities had not asked the agency for a list of the staff killed in the attack on the school. The Israeli military said it did submit such a request.

"The names that appear on today's statement from the Israeli Army have not been flagged to us before by the Israeli authorities in previous occasions prior to today," Touma said.

The Israeli military says it takes steps to reduce the risk of harm to non-combatants in Gaza while it battles militants who use Palestinian civilians as human shields. Hamas denies this.

The Gaza war was triggered on Oct. 7 when Hamas attacked Israel, killing 1,200 people and taking about 250 hostages, according to Israeli tallies. Israel's subsequent assault on Gaza has killed more than 41,000 Palestinians, according to the enclave's health ministry.

 

Reuters

RUSSIAN PERSPECTIVE

Putin issues new warning to NATO

Removing restrictions on Ukraine’s use of Western weapons would directly involve the US and its allies in the conflict with Russia and would be met with an appropriate response, Russian President Vladimir Putin has warned.

The West has sent Ukraine long-range missiles such as Storm Shadows and ATACMS, which Kiev has so far used against Crimea and Donbass. In the past several days, however, the US and UK have suggested they might allow these weapons to be used to strike targets deeper into internationally recognized Russian territory.

“We are not talking about allowing or prohibiting the Kiev regime from striking Russian territory,” Putin said on Thursday. “It is doing so already, with unmanned aerial vehicles and other means.”

Ukraine lacks the capability to use Western long-range systems, Putin added, noting that targeting for such strikes requires intelligence from NATO satellites, while firing solutions can “only be entered by NATO military personnel.”

This will mean that NATO countries, the US, European countries are fighting against Russia. 

“If this decision is made, it will mean nothing less than the direct participation of NATO countries, the US and European countries, in the conflict in Ukraine,” the Russian president said. “Their direct participation, of course, significantly changes the very essence, the very nature of the conflict.”

With that in mind, Putin added, Russia will “make the appropriate decisions based on the threats facing us.”

Some limitations on the use of Western-supplied weapons were originally put in place to allow the US and its allies to claim they were not directly involved in the conflict with Russia, while arming Ukraine to the tune of $200 billion. Kiev has been clamoring for the restrictions to be lifted since May. 

US Secretary of State Antony Blinken and British Foreign Secretary David Lammy have hinted that the restrictions might be lifted this week, citing the alleged delivery of Iranian ballistic missiles to Russia as the pretext. Iran has denied sending any missiles to Russia, calling the accusations “psychological warfare” by countries heavily involved in arming Ukraine.

Putin has previously warned NATO members to be aware of “what they are playing with” when discussing plans to allow Kiev to strike deep inside Russian territory using weapons provided by the West. Speaking with major news agencies on the sidelines of the St. Petersburg International Economic Forum (SPIEF) in June, the Russian president said Russia would respond by shooting down the weapons in question and then retaliating against those responsible.

One of the possible responses Putin mentioned at the time was arming Western enemies with long-range precision weapons. 

 

WESTERN PERSPECTIVE

Ukraine says Russia has started a counteroffensive in its Kursk border region

Russia has launched a counteroffensive in its Kursk region to dislodge Ukraine’s forces who stormed across the border five weeks ago and put Russian territory under foreign occupation for the first time since World War II, Ukraine’s president said Thursday.

Russia’s Defense Ministry said that Moscow’s forces had recaptured 10 settlements in Kursk and listed their names but didn’t describe the fighting as a counteroffensive. Ukrainian President Volodymyr Zelenskyy said Russia was taking “counteroffensive actions” but that Ukrainian forces had anticipated the moves and were ready to fight.

Ukraine launched its daring incursion into Kursk on Aug. 6, partly in the hope that Russia would divert its troops there from Donetsk in eastern Ukraine where a push by the Russian army is threatening to overrun a belt of key defensive strongholds.

The cross-border operation also raised Ukrainian morale after months of gloomy news from the front by exposing Russian vulnerabilities and seizing some initiative on the battlefield. It also sought to establish a buffer zone to prevent Russian attacks.

Moscow’s muddled response suggested Russia hadn’t planned for such a development and was caught by surprise. Assembling forces for a counterattack, given the long distances involved and other demands along the 1,000-kilometer (600-mile) front line, was expected to take some time.

The Russian army has been hacking its way deeper into eastern Ukraine, especially Donetsk, and has battered Ukrainian territory with relentless missile and drone attacks.

A Russian missile attack Thursday killed three people and injured two others, all of them Ukrainian workers with the International Committee of the Red Cross, Ukraine’s Human Rights Ombudsman, Dmytro Lubinets said.

The toll was the largest among staffers at the Geneva-based humanitarian organization since a bomb blast killed three at the Aden airport in Yemen in 2020.

The key eastern Ukraine city of Pokrovsk is without a drinking water supply or natural gas for cooking and heating, authorities said, as the Russian army’s attritional slog across the Donetsk region lays waste to public infrastructure and forces civilians to flee their homes.

A water filtration station in Pokrovsk was damaged in recent fighting, and more than 300 hastily drilled water wells are the city’s last source of drinking water, Donetsk regional Gov. Vadym Filashkin said.

The previous day, Russians destroyed a natural gas distribution station near Pokrovsk, Filashkin said. Some 18,000 people remain in the city, including 522 children, he said. More than 20,000 people have left in the past six weeks as Russian forces creep closer to residential areas, Filashkin said.

“Evacuation is the only … choice for civilians,” he added.

Pokrovsk is one of Ukraine’s main defensive strongholds and a key logistics hub in the Donetsk region. Its capture would compromise Ukraine’s defensive abilities and supply routes and would bring Russia closer to its stated goal of capturing the entire Donetsk region, which it partially occupies.

Russian troops backed by artillery and powerful glide bombs have turned Donetsk cities and towns such as Bakhmut and Avdiivka into bombed-out shells, though the push has cost Russia heavily in troops and armor.

U.S. Secretary of State Antony Blinken on Thursday ended a Ukraine-focused European tour after hearing repeated appeals from Ukrainian officials to use Western-supplied weaponry for long-range strikes inside Russia.

President Joe Biden has allowed Ukraine to fire U.S.-provided missiles across the border into Russia in self-defense, but has largely limited the distance they can be fired. Extending the limit could bring Russian retaliation.

Russian President Vladimir Putin in turn warned that allowing long-range strikes “would mean that NATO countries, the United States, and European countries are at war with Russia ... if this is so, then, bearing in mind the change in the very essence of this conflict, we will make appropriate decisions based on the threats that will be created for us.”

Ukrainian forces have held out as long as possible in Donetsk, even when strongholds such as Chasiv Yarappeared to be in danger of imminent collapse.

Russia has fired missiles especially at the power grid, potentially dooming Ukrainians to a bitterly cold winter this year.

The United States and Britain pledged nearly $1.5 billion in additional aid to Ukraine on Wednesday during a visit to Kyiv by their top diplomats. Much of that will go to restoring the electricity supply.

“We’re again seeing Putin dust off his winter playbook, targeting Ukrainian energy and electricity systems to weaponize the cold against the Ukrainian people,” Blinken said. An overnight drone attack on Konotop, a town in Ukraine’s northern Sumy region, largely knocked out the electricity supply, regional officials said.

The blasts also blew out an “incredibly high number” of windows in the city and damaged many of the town’s tram tracks, Mayor Artem Semenikhin said.

Russia launched a total of 64 Shahed drones and five missiles over eastern, central, and northern regions of Ukraine, Ukraine’s air force said in its Thursday morning report.

Ukraine has expressed frustration that its Western partners won’t let it use sophisticated modern weapons they supply to hit places inside Russia where the missiles and drones are launched from. Some Western leaders fear that would trigger an escalation of the war.

But after Iran recently supplied ballistic missiles to Russia, according to the U.S., those rules of engagement could be set to change in coming days as heavier Russian bombardments could swamp Ukraine’s meager air defenses.

Pentagon spokesman Lt. Col. Charlie Dietz said Thursday that U.S. long-range guided missiles, such as ATACMS, wouldn’t be able to reach all the locations from where Russia launches some of its assets. He added that “the supply of ATACMS is finite, and we need to be judicious about where and when they are deployed.”

In other developments, Ukrainian Military Intelligence claimed to have shot down a Russian Su-30SM jet over the Black Sea.

A post on the agency’s social media Thursday said the warplane was hit with a portable surface-to-air missile.

Also, Zelenkskyy posted photos of a ship loaded with grain that he said was struck by a Russian missile Thursday shortly after leaving Ukrainian territorial waters.

The merchant ship was taking wheat to Egypt, Zelenskyy wrote on his Telegram page, adding that nobody was injured in the strike.

Ukraine last year managed to break through Russia’s Black Sea blockade and ship millions of tons of grain using a route that hugs Ukraine’s southern coast.

 

RT/AP

I don’t get involved with what the security services do or how. Their ways are so complex and their motives so unsearchable that sometimes you’ll be forgiven for thinking that working from the answer to the question is the standard operating procedure. Of course, you are told that whatever happens in between is in the public interest.

As far as fiction imitates life, there is a striking resemblance between the recent hyperactivity in Nigeria’s security services and what happened in a novel set in mid-17th century England. 

Good Omens: The Nice and Accurate Prophecies of Agnes Nutter, Witch by Terry Pratchett and Neil Gaiman (famously called “Double Trouble” by the English press) is a comedy about the birth of the son of Satan and the coming of the End Times.

The part that reminds me of what is obviously a hectic season for the security services – from the arraignment of the #EndBadGovernance protesters on charges of felony to the police raid on Labour House and run-ins with the NLC president and civil society activists – is the time in England when, according to Pratchett and Gaiman, witch-finding was a respectable profession. 

General Hopkins

At that time, there was a certain General named Matthew Hopkins. You would think that in pre-industrial England, when poverty, disease and unemployment were rampant, the last thing the state would be interested in would be a witch-hunt. But no. Witch-hunting was good business.

Hopkins charged each town and village nine pence for every witch he found. But that wasn’t enough. Since he wasn’t paid by the hour, and the reward for not finding any witches was a thank you and a bowl of soup, he invented a way to earn more. He went out of his way to find witches, which made him unpopular in the towns and villages. 

When Hopkins’ madness became insufferable, the villagers framed him as a witch, much to the pleasure of the local authorities, who were also tired of paying him. They hanged him. Hopkins, by many accounts, became the last Witchfinder General in England.

The world may have substantially passed the time when people were hunted, hanged and burned at the stake on suspicion of witchcraft. But I’m concerned that there is a growing similarity between witchcraft and how Nigeria’s security services look for enemies. 

A British suspect

Listening to the spokesperson of the Nigeria Police Force, Olumuyiwa Adejobi, explain why the force raided Labour House, the siege on the Labour leadership, and the charge of treason against protesters and their alleged British sponsor, Andrew Martin Wynne, I can almost see the ghost of 17th century England. By his looks – and one must respect his decision to keep his shaggy hair and matted beard – Wynne might have been lumped together with those in the “pointy hat” in those days.

Not in Nigeria

But Nigeria is not Hopkins’ England. This is not 1961 when Joseph Tarka was detained for three weeks and charged with treason by the Crown for “inciting” the protests in Tiv land, only to be acquitted later for lack of evidence. 

It is not the Nigeria of 1962 when Obafemi Awolowo was prosecuted for treasonable felony for purportedly working with Ghana to overthrow the government of Nigeria, a scandalous charge borne out of politics rather than law. 

Anthony Enahoro, a journalist’s journalist and scourge of the British government, was also jailed twice for sedition, once for an article mocking a former governor and then for another article “inciting Nigerian troops against the British army.” 

Then, he was deported from England as a “fugitive offender” and jailed a third time along with Awolowo for treasonable felony.

This is not the Nigeria of military president General Ibrahim Babangida, where human rights activists Gani Fawehinmi, Femi Falana, Beko Ransome-Kuti and Baba Omojola were hounded and imprisoned on the spurious charge of treason by a military government that had lost its way. It is not the Nigeria where Babangida deported sociology lecturer at Ahmadu Bello University (ABU) Patrick Wilmot for the “treasonable sin” of teaching what “he was not paid to teach.”

Or the one where General Sani Abacha hounded NADECO leaders, including President Bola Tinubu, for standing up to the extreme human rights abuses of that government.

In 2024?

This is 2024, with a government that parades some of the most well-known human rights figures up and down the corridors of power and even among the principal officers of the National Assembly. Where is this ghost of 17th-century England coming from?

Let me be clear. Protest is not – and should not – be chaos and anarchy. The killing of protesters and police officers during the #EndBadGovernance protests in August, which left seven persons dead, the arson at the NCC building in Kano, the open calls for a military takeover, and the symbolic insinuation that Russian intervention was welcome are inexcusable.

The silence of some top politicians and leaders, especially from the North, fueled suspicions of complicity if not connivance. Yet, why add a third if two wrongs don’t make a right?

I don’t know what Intelligence is saying or the briefing Tinubu is getting. Of course, he needs them. We need them, too, as citizens. No modern state can do without them. But in many countries, their job has become more valuable and sophisticated – and one might even say, often dangerously sophisticated – far beyond the voodoo of Hopkins’ witch-hunt in the east of England. 

Like Aziraphale and Cowley

For example, for decades in the US, and going back to the Vietnam War, through the Nixon years and the Cold War and even the destabilisation of Libya, the Intelligence services perpetrated some of the vilest acts in pursuit of the so-called enemies of the state, actually a mask for vendetta and a ladder for the ascendancy of the deep state. 

Like the angel Aziraphale and the demon Cowley in Good Omens, the good and bad guys in the security services have shared interests. They routinely collaborate for good and ill, sometimes at the state's expense.

Take heed

Tinubu must take heed. He has a competent Attorney General and Minister of Justice in Lateef Fagbemi who should advise him to tread softly. The history of our security services, especially the bad habits inherited from colonial rule and reinforced by the long years of military rule and entitled politicians, hasn’t changed much. 

Nigerians didn’t elect police officers, the state security service or special advisers to run the government. That’s not their job. They cannot abridge the people’s freedoms in a quest for ascendancy. Those who breach the law in exercising their liberty should not face the justice that reminds us of Hopkins’ England but a process consistent with modern progressive society, one that Tinubu was voted to uphold.

As the veteran journalist Owei Lakemfa said in his column last week, the danger is not so much the protesters, their sponsors or the witches in a coven somewhere. The biggest threat to the land is the hardship in plain sight, compounded by the lavish lifestyle of government officials and the lack of clarity about what is next. And the president doesn’t need Witchfinder General Hopkins to tell him.

** Ishiekwene is Editor-In-Chief of LEADERSHIP and author of the new book Writing for Media and Monetising It.

 

You've just had a wonderful idea for a startup company. It's been spinning around in your head for months now, and you just know that you have something special on your hands. Your thinking is, "If only I could make it work" or "If only someone would give me the money to get it off the ground!"

Well, guess what? No one's going to hand you a sack of cash. But the good news is that you don't need anyone's money if you can't find anyone to help fund your business idea. Here are the steps you need to take to put your business idea into action:

1. Validate your idea

The best way to validate your business idea is by asking people for their thoughts on it. Don't ask for money or investment. Ask them for specific feedback about certain aspects of your business. For example, if you're opening a new restaurant, ask them what kind of food they like eating at restaurants and what restaurants they like going to most often.

You'll get better results if you focus on one specific part of your business at a time rather than asking them if they'd use your entire product or service — it allows them to give more in-depth answers without feeling overwhelmed by everything else in your pitch!

2. Write a business plan and business model

Writing down your ideas and plans not only helps you clarify what you want to do, but it also allows you to make sure there are no holes in your plan. Here's what you should include:

• A description of your business, including its mission statement and goals
• A description of the target market for your product or service
• A description of the competition in your industry
• A description of how customers will find out about your product or service
• How much funding is needed for startup costs and ongoing expenses

3. Talk to your potential customers

In order to put your business idea into action, you have to talk to your potential customers. That's right — it all starts with a conversation.

When creating a new product or service, you can't assume that your customers' needs will align with yours, because they might not. You need to speak directly to potential customers and ask them what they want and how much they'd be willing to pay for it.

4. Develop a prototype

If you have a great idea for a product or service but want to know if people will buy it before you invest time and money into making it, you need to create a prototype. A prototype is a working model of your idea that allows you to see if it works, what needs to be reworked and how you might improve it. This can take many forms — from an Excel sheet or Google Sheets document with all the features you want in your product to a fully-functional website that mimics the final product.

5. Test it out and prove the concept

It's time to test.

Test your business idea in a small way. For instance, if you want to be a freelance writer, write up a few sample articles and offer them free to some clients. If you plan on starting a food truck business, make one or two dishes and sell them at one or two events (or even in your kitchen). You can also use tools like Google Analytics or SurveyMonkey to see which ideas are most popular with customers before you launch your business.

6. Understanding the legal implications and registering your business

A big part of creating a business is selecting one available business structure. In the United States, no single government agency is responsible for registering new businesses. Instead, many different types of entities can be formed for small businesses, including corporations, limited liability companies (LLCs), partnerships and sole proprietorships. Each type of entity has its pros and cons and is suited to different types of companies. Once you have determined which type of entity is right for your business, you will be able to register it with the appropriate state or federal agency.

7. Financing and investors

While not all startups fail, those that do usually make one of two mistakes. First, they run out of money before they have developed a market for their product or service; second, they fail to persuade investors to give them money in exchange for equity. The best way to avoid these mistakes is to demonstrate that people will want your product or service enough to pay for it.

8. Build market awareness

Before starting your business idea, building awareness and credibility with potential customers is essential. Start by creating a website, social media profiles and a mailing list. Reach out to people who can help you get feedback on your idea; find out what business would best suit your skillset and where there is enough demand for it in your area. There are plenty of ways to get started without spending lots of money on marketing materials or advertising campaigns; just go through Neil Patel Blogs to start.

9. Hire employees

After you have completed the above steps to start a business, it's time to begin hiring employees. You should hire people for customer service, sales, marketing and accounting roles. I have found that the best way to hire employees, in the beginning, is by word of mouth. If someone has had a positive experience working with you, they will tell others about their experience and recommend that they apply for a job at your company.

If you have a brilliant business idea, you should work hard to put it into action — but here's one last tip: Before you start up your own business, make sure to research what the competition is all about. Is there anything already in place? Is there a product or service similar to yours? If so, look into the advertising and marketing strategies, and study the areas they've succeeded and failed. Don't steal their ideas, but rather be inspired by them, coming up with an idea of what works for you since every business is unique.

 

Entrepreneur

Tax payments from local companies in Nigeria saw a massive 249.2 percent jump in the second quarter (Q2) of 2024, according to the latest company income tax (CIT) report by the National Bureau of Statistics (NBS).

The CIT, also known as corporate tax, is levied on the profits made by companies operating in Nigeria. It is regulated by the Companies Income Tax Act (CITA) and enforced by the Federal Inland Revenue Service (FIRS).

Currently, the tax is charged at 30 percent for companies with more than N100 million in turnover, and 20 percent for companies with a turnover ranging between N25 million and N100 million.

NBS said local companies contributed N1.35 trillion in taxes to the federal government in Q2, compared to N386.49 billion in the previous quarter.

While foreign firms operating in Nigeria contributed N1.12 trillion in Q2 — an increase of 87.2 percent compared to the N598.13 billion reported in Q1.

BREAKDOWN OF PERFORMANCE BY SECTOR

The NBS report showed that the agricultural sector contributed the highest company income tax in Q2, showing a remarkable 474.50 percent increase from the previous quarter.

“On a quarter-on-quarter basis, agriculture, forestry, and fishing recorded the highest growth rate with 474.50%, followed by financial and insurance activities and manufacturing with 429.76% and 414.15%, respectively,” the report said.

Several sectors experienced a decline in company income tax payments during the quarter under review.

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use, had the lowest growth rate with -30.22%, followed by activities of extraterritorial organizations and bodies with -15.67%,” NBS said.

N20.68 TRILLION IN CORPORATE TAXES FROM 2015 TO 2024

Analysis by TheCable Index showed that Nigeria’s corporate tax revenue has experienced remarkable growth over the past decade.

From 2015 to 2024, the country amassed a total of N20.68 trillion in corporate taxes.

In 2015, the federal government collected N1.38 trillion in corporate taxes, however, in 2016, the revenue decreased to N1.02 trillion.

The decline halted in 2017, as the CIT collected by the government climbed to N1.24 trillion.

The upward trend continued, with N1.42 trillion CIT collected in 2018 and N1.63 trillion in 2019.

However, it declined to N1.41 trillion in 2020 but increased to N1.69 trillion in 2021.

The growth continued in 2022, with collection reaching N2.83 trillion, climbing further to N4.89 trillion in 2023.

For the first half of 2024, the total company income tax collected stood at N3.45 trillion.

LOCAL FIRMS LEAD CIT PAYMENTS

Further analysis showed that over the past decade — excluding 2015 — local companies have paid more CIT than foreign firms operating in Nigeria.

In 2015, local companies paid N645.68 billion in corporate tax, while foreign firms contributed N715.52 billion.

However, in 2016, local payments surpassed that of foreign firms, as the former paid N620.78 billion, while CIT from the latter was N360.23 billion.

This trend continued in 2017, with local companies paying CIT of N666.79 billion, compared to the N489.90 billion paid by foreign firms.

In 2018, CIT from local and foreign firms amounted to N709.94 billion and N534.96 billion, respectively.

The amount increased in 2019, as the government collected N813.17 billion from local firms and N615.52 billion from foreign firms.

By 2020, payments from both local and foreign firms decreased to N628.58 billion and N317.25 billion, respectively.

However, in 2021, company income tax collected from local firms crossed the N1 trillion mark, reaching N1.10 trillion, while foreign firms paid N527.62 billion.

In 2022, local and foreign firms CIT rose to N1.68 trillion and N1.15 trillion, respectively.

By 2023, both local and foreign firms’ CIT had surpassed N2 trillion, with local firms paying company income tax of N2.51 trillion and foreign firms parting with N2.39 trillion.

Although 2024 data only covers the first half of the year, the current payments of N1.74 trillion for local firms and N1.72 trillion for foreign firms indicate an upward trend for the remainder of the year.

 

The Cable

Severe flooding has ravaged Borno State in northeastern Nigeria, leaving a trail of devastation in its wake. The disaster, which has affected nearly one million residents, follows the collapse of the Alau Dam, causing widespread destruction across Maiduguri, the state capital. At least 30 people have been confirmed dead, with fears that the casualty figure could be much higher, as many, including children, remain missing.

The flooding, triggered by heavy rains and the overflow of the Alau Dam, swept through communities, submerging homes, farmlands, and critical infrastructure. Key locations affected include the Monday Market, Gwange, Shehuri, and the Shehu of Borno’s Palace. In a particularly grim development, the Gwange cemetery was destroyed, with coffins and corpses seen floating in the streets.

Governor Babagana Zulum, who visited the Bakassi Camp to distribute aid to displaced persons, reported that one-quarter of Maiduguri is underwater, with the health sector in critical condition. He expressed concerns about the spread of waterborne diseases due to the flooding of sewage systems and noted that a health emergency committee has been set up to mitigate potential outbreaks. The University of Maiduguri Teaching Hospital (UMTH) was also affected, with patients left stranded.

As the death toll climbs, the National Emergency Management Agency (NEMA) has been actively involved in rescue efforts. The agency confirmed that 719 people had been rescued from rooftops, trees, and floodwaters. Additional search and rescue personnel have been deployed, and clean drinking water is being provided to displaced residents to prevent the spread of waterborne diseases.

In response to the crisis, the federal government has provided a N3 billion relief fund to assist victims and address the challenges brought by the flood. Governor Zulum has also called for the reconstruction and upgrade of the Alau Dam to prevent future disasters and pledged to demolish illegal structures blocking waterways.

Meanwhile, the flooding has caused severe disruptions to the local economy. Major markets in Maiduguri, including grain, fruit, and vegetable depots, have been submerged, leading to a sharp rise in food prices as supplies dwindle. Residents are struggling to access food and essential commodities, with many business premises closed due to the destruction.

Rescue operations are ongoing, but the full extent of the damage is yet to be determined. As waters begin to recede, displaced residents return to find their homes destroyed and their livelihoods in ruins.

Zulum assured citizens that reconstruction efforts would begin soon, and measures would be taken to prevent a recurrence of such a catastrophe.

Despite the immense challenges, community efforts are emerging, with volunteers like Fatima Satomi providing meals for displaced residents. However, with thousands still stranded and in need of urgent assistance, the state faces an uphill battle to recover from one of the worst floods in its history.

 

With additional reports from Reuters & Daily Trust

In response to Nigeria's ongoing fuel pricing and supply challenges, the International Monetary Fund (IMF) has called on the Federal Government to prioritize the protection of vulnerable citizens from the impact of rising petrol prices. Speaking in an interview with Arise TV, Christian Ebeke, IMF's Resident Representative in Nigeria, emphasized the importance of accelerating social safety programs to support those hardest hit by economic policies, particularly amid the current inflation and multiple economic shocks.

Ebeke noted that petrol prices in Nigeria remain below market rates, suggesting a potential further increase. This comes on the heels of a similar statement from the Nigerian National Petroleum Company Limited (NNPCL). He expressed concern about the hardships Nigerians are enduring due to a combination of high inflation, food shortages, and the recent floods, all of which are straining the nation's economy.

"The upward adjustment in petrol prices is occurring at a time when Nigerians are already grappling with significant difficulties," Ebeke stated. "The government’s support program, which aims to reach 15 million households, is crucial. However, it needs to be accelerated to cushion the effects of rising fuel prices on the most vulnerable."

Current Fuel Prices and Supply Issues

Ebeke also echoed concerns raised by NNPCL regarding the current non-market-reflective petrol prices, which have contributed to supply shortages and fuel station queues across the country. He stressed the importance of ensuring stability in supply while adjusting fuel prices, but reiterated that the immediate focus should be on mitigating the impact on the poor.

"If these price adjustments stabilize the fuel market, it would benefit many Nigerians, as the ongoing fuel scarcity is hindering the country’s productivity," he added.

Competition and Supply from Dangote Refinery

Addressing the controversy over the distribution of products from the Dangote Refinery, Ebeke highlighted the need for competition in the oil market. He explained that competition ensures better product quality and supply stability, which ultimately benefits consumers.

"Ensuring availability of supply and fostering competition will create a stable market and allow consumers to get the best deals," Ebeke said, advocating for policies that prioritize these principles.

Balancing Economic Reforms with Social Protection

In response to the Federal Government’s stance that its economic reforms are necessary for long-term growth, Ebeke stressed the importance of balancing policy measures. He noted that while reforms like fuel price adjustments are critical for economic stability, they must be implemented alongside social protection programs to ease the burden on the poor.

"When implementing challenging reforms, you must pair them with measures that protect the most vulnerable. It’s not just about price adjustments, but also about ensuring that people have the support they need to cope with these changes," he emphasized.

Outlook for Nigeria’s Economy in 2024

Looking ahead to Nigeria’s economic future, Ebeke acknowledged the government's ambitious plans to transform the economy, stabilize markets, and reduce poverty. However, he stressed that these efforts must be supported by adequate revenue generation, as Nigeria continues to face one of the lowest revenue-to-GDP ratios in the world.

"The government’s ability to raise revenue is crucial for financing infrastructure, healthcare, and education. These are the key areas where growth and development must be promoted," Ebeke noted.