It is the dawn of a new era for Keystone Bank, a top player in the Nigerian banking sector.

As part of a broader strategy to ensure sustained growth for Keystone Bank, the Central Bank of Nigeria (CBN) has approved a new chairman and board of directors for the financial institution.

The new board consists of a new board chairman, five non-executive directors, and two new directors, all carefully selected to take the bank to new heights.

The apex bank confirmed the latest development via a statement on Wednesday.

Steering the ship of leadership is Lady Ada Chukwudozie, as the new board chairman.

Lady Ada Chukwudozie, brings with her a truckload of experience.

A prominent figure in Nigeria’s corporate sector, Ada has nearly three decades of experience in business strategy, management, and administration.

Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.

Indeed, to whom much is given, much is expected.

With her extensive background and experience, Ada will now shoulder the responsibility of guiding the bank toward achieving its long-term goals.

The good news is that she is not alone. Joining her on the board are five non-executive directors, each bringing their unique skills to the table.

The five non-executive directors are Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.

Together, they will play a critical role in shaping the future of the bank.

Furthermore, two new executive directors, Ladi Oluwole and Abubakar Usman Bello were also confirmed by the CBN.

Meanwhile, Keystone Bank’s Managing Director and CEO, Hassan Imam, bragged about his confidence in the new team.

To him, he was certain they would drive the bank’s growth and ensure reliable service for customers.

Imam noted that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.

His words: “We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank.

We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam concluded.

Recall that in January, the CBN dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank.

Dangote Refinery has cleared the air on the deal it had with the Nigerian National Petroleum Company Limited (NNPCL), countering the alleged N898 per litter deal. The company disclosed that it sold Premium Motor Spirit (PMS) in dollars.

Anthony Chiejina, Group Chief Branding and Communications Office of Dangote clarified the acclaimed N898 per liter deal with the Nigerian National Petroleum Company Limited (NNPCL).

Dangote Refinery said, “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per liter to the NNPCL.

“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.

“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.

“We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”

Google, Netflix, Facebook and other foreign companies operating in Nigeria paid N2.55tn in taxes to the Federal Government in the first six months of 2024, representing an increase of 158.76 percent from N985.27bn collected in the preceding period of 2023.

The figure includes Company Income Tax (CIT) and Value Added Tax (VAT), collated from data obtained from the National Bureau of Statistics.

According to the Federal Inland Revenue Service, CIT is a 30 percent tax imposed on companies’ profit, and VAT is a 7.5 percent consumption tax paid when goods are purchased, and services are rendered and borne by the final consumer.

In 2020, the Federal Government had indicated plans to begin tax collection from foreign digital service providers offering services and earning revenue in naira due to its high acceptance by the Nigerian populace.

Some of these service providers, which are video streaming sites, social media platforms, and companies that offer downloads of digital content, are expected to pay digital tax to the Federal Inland Revenue Service.

Netflix, Facebook, X (formerly Twitter), among others, which have been operating without a physical office in Nigeria, offer digital video and advertising services to Nigerians.

Others, like Alibaba and Amazon, generate revenue from Nigeria by processing and transmitting data collected about users in Nigeria, providing goods or services directly or through a digital platform, or offering intermediate services that link suppliers and customers in Nigeria.

Also, in January 2022, the Federal Government disclosed that it would charge offshore companies providing digital services to local customers in Nigeria a six percent tax on turnover as provided in the 2021 Finance Act.

A breakdown of the reports showed that the companies paid N1.72tn as CIT while N831.47bn was collected as VAT between January and June 2024. Nigeria’s earnings from CIT increased by 87.2 percent from N598.13bn in Q1 to N1.12tn in Q2.

Checks further revealed that the amount was the highest sum paid by the companies, contributing more than 45.3 percent to the N2.4tn collected in the second quarter.

A breakdown of VAT showed that Nigeria earned N435.73bn in Q1 and N395.74 in Q2, marking a reduction of N39.99bn.

On Tuesday, the Minister for Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the Federal Government’s revenue for the first quarter of 2024 increased to N9.1tn, more than doubling the amount recorded in 2023 without increasing taxes.