Author: Magnus Onyibe

In response to the Central Bank of Ni­geria’s (CBN) proposal for a 70% tax on the excessive profits banks made from naira devaluation in 2023 prof­its which increased by at least 51% due to President Bola Tinubu’s economic re­forms there has been a noticeable rise in banks’ philanthropic activities. The proposed excess profits tax, or windfall tax on foreign exchange gains, floated four months ago, appears to be part of the government’s strategy to address its declining revenue base. This is critical as the cost of governance continues to out­pace income. For instance, Nigeria’s 2025 budget, totaling ₦49.7 trillion, relies…

The popular saying, “The morning foretells the evening,” seems to defy logic in Nigeria’s case. The economy, which turned frosty af­ter President Bola Tinubu introduced rad­ical reforms 18 months ago, now appears to be thawing rather than worsening, con­trary to the predictions of critics. Rather than witnessing a continued de­cline in living standards, as many feared, Nigeria seems to be gradually recovering from decades of stagnation. The current glimmers of hope—despite the widespread discontent initially caused by Tinubu’s reforms, such as the removal of petrol subsidies and the unification of multi­ple foreign exchange rates, which led to a sharp naira…

Lately, there has been much hoopla in the media about the new Tory Party leader in the United Kingdom, Mrs. Kemi Bad­enoch. From the media accounts I have read, this remarkable lady has pulled herself up by her bootstraps, rising from ground zero through diligent academic pursuits, building a successful professional career, and ultimately venturing into politics, where she has risen to astronomical heights in British politics. In my assessment, her accomplishments are phenomenal, and she embodies the classic exam­ple of hard work yielding great rewards. Unfortunately, commentaries about her com­ing from her ancestral country, Nigeria, have been largely…

Public enlightenment typically precedes the introduction of new policies to fa­cilitate understanding, acceptance, and implementation. This is why companies seeking to go public on the Nigerian Stock Ex­change (NSE) prepare an information memo­randum to educate stakeholders and the general public. Unfortunately, the current government has repeatedly overlooked this fundamental princi­ple, as seen in several instances. These include the abrupt removal of the petrol subsidy on May 29, 2023, the unification of the dual foreign exchange regime, inadequate awareness of the Nigerian Education Loan Fund (NELFUND), and the ongoing debate over tax reform bills cur­rently before the Senate. This lack of…

By Magnus Onyibe The recent false alarm about Chief Mike Adenuga Jr.’s death was so influential that legendary musician Ebenezer Obey felt compelled to release a song debunking it. Back in the 1980s, Obey’s hit song Ketekete narrated the story of a horse burdened by its riders to the extent that it was felt that the weight might kill the horse. It is unsurprising that the yoruba phrase  ‘efe kpa ketekete’ (translated – you want to kill the horse) became a metaphor that resonated deeply and became an instant classic across yorubaland and beyond. This time, the focus of Obey’s…