Nigeria's Government Implements Major Tax Overhaul

President Donald Trump says a group of very wealthy people is set to buy short-form video app TikTok. Trump declined to share more details about the buyers, saying only that he would reveal their identities in two weeks Trump has repeatedly delayed a bill forcing owner ByteDance to sell the app or see it banned in the United States. In January, he said his “initial thought” was to create “a joint venture between the current owners and/or new owners whereby the U.S. gets a 50% ownership.” He’s also says he was open to allies Larry Ellison or Elon Musk buying the app, although Musk seems like a less likely candidate now.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Ethiopia’s central bank has issued a long-awaited directive allowing foreign banks and investors to formally enter its financial sector, marking a major step in the country’s broader economic liberalisation programme. Analysts say the move could inject new capital, boost competition, and accelerate the development of a sector that remains heavily dominated by the state-owned Commercial Bank of Ethiopia. The new licencing rules were published by the National Bank of Ethiopia, will provide a clear regulatory path for foreign banks to set up subsidiaries, open branches, or establish representative offices in the country. Foreign strategic investors can also acquire stakes in existing local banks, with individual ownership capped at 30%, and total foreign ownership capped at 40%.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Rwanda and the Democratic Republic of Congo have signed a peace deal in Washington aimed at ending decades of devastating conflict between the two neighbours, and potentially granting the US lucrative mineral access. The deal demands the "disengagement, disarmament and conditional integration" of armed groups fighting in eastern DR Congo. US President Donald Trump says the violence and destruction comes to an end, and the entire region begins a new chapter of hope and opportunityBecome a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The National Health Insurance Authority has sanctioned 49 healthcare facilities and 47 Health Maintenance Organisations in 2024 over violations of its operational guidelines, the agency said on Sunday. Acting Director of Media and Public Relations, Emmanuel Ononokpono, noted that the key issues recorded in the complaints against HCFs were unavailability of medicines, denial of services, out-of-pocket payment for covered services and non-provision of payment narrations. He says the issues were related to delays or denials of referral authorisation codes, delays in settlement of agreed reconciled payments, refusal to monitor quality assurance in facilities, etc.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Governor Caleb Mutfwang of Plateau State has described Nigeria’s lingering insecurity as a problem created and sustained by the country’s elite. Mutfwang said the elite have contributed to deepening communal divisions and must take responsibility for reversing the trend. He says when the elite conspires to lead the people in the wrong direction there will continue to be perennial crisis He noted that while the “poisoning of minds” may often start at the community level, the elite have the power to halt such narratives—if they choose to. Mutfwang urged Nigeria’s elite to take greater responsibility in promoting unity and peaceful coexistence.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Nigeria's President Bola Tinubu has signed four finance bills into law in a set of major reforms aimed at restructuring the tax system in Africa's most populous nation. The government says the new laws will simplify revenue collection, reduce the tax burden on some individuals and businesses, while also helping to raise much-needed government income revenue by making collection more efficient. He says the tax reforms will protect low-income households and support workers by expanding their disposable income. Andersen Nigeria, a tax and business advisory firm says for people earning up to 1m naira a year, a rent relief of 200,000 naira will be applied, effectively reducing their taxable income to 800,000 naira which will means they will no longer pay income tax.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Iran threatened US bases in the Middle East after massive air strikes that Washington says had destroyed Tehran’s nuclear program, though some officials cautioned that the extent of damage was unclear. Ali Akbar Velayati, an advisor to Iran’s supreme leader Ayatollah Ali Khamenei, says bases used by US forces could be attacked in retaliation. Iranian Permanent Representative to the UN Amir Saeid Iravani says any country in the region or elsewhere that is used by American forces to strike Iran will be considered a legitimate target for our armed forces. President Donald Trump urged Iran to end the conflict after he launched surprise bunker buster strikes on a key underground uranium enrichment site at Fordo, along with nuclear facilities in Isfahan and Natanz.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

US Secretary of State Marco Rubio has called on China to prevent Iran from closing the Strait of Hormuz, one of the world's most important shipping routes. Oil prices rose following the US attack on Iranian nuclear sites, with the price of the benchmark Brent crude reaching its highest level in five months. Marco Rubio says If Iran closes the Straits, it will be economic suicide for all countries Around 20% of the world's oil passes through the Strait of Hormuz, with major oil and gas producers in the Middle East using the waterway to transport energy from the region. Any attempt to disrupt operations in the Strait could could send global oil prices skyrocketing. Head of Energy Research at MST Financial, Saul Kavonic, says the US is now positioned with an overwhelming defence posture in the region to be prepared for any Iran counter attacks.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Officials from Rwanda and the Democratic Republic of Congo have reached a draft agreement aimed at ending decades of conflict. The breakthrough, mediated by the US and Qatar, provides for the "disengagement, disarmament and conditional integration" of armed groups fighting in eastern DR Congo. It also includes provisions for a joint security mechanism to prevent future flare-ups. The peace deal is expected to be formally signed next week. The US State Department says technical teams had initialled the draft text ahead of a formal signing ceremony next Friday to be witnessed by US Secretary of State Marco Rubio.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Central Bank of Egypt has dropped a new rule for anyone running a digital payment business in Egyptwhether domestic or foreign company. The regulations outline the process for obtaining approval and licenses; set the rules for amending licenses; and specify the fees for inspections and supervision. The central bank says everyone must apply for a licence while existing companies have just 12 months to comply—they can keep running while the CBE decides if they meet the rules. Foreign companies must be licensed in their home countries.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.