News
Profile of new acting CBN Governor, Folashodun Shonubi

Folashodun Adebisi Shonubi attended Government College Ibadan from 1973 to 1977 and was in Field House.
He holds double Masters Degrees respectively in Business Administration and Mechanical Engineering, from University of Lagos. He is a resourceful Information Technology-driven banker with over 22 years professional experience.
Prior to his appointment as the Managing Director of NIBSS Plc., Mr. Shonubi was Executive Director, Information Technology and Operations at Union Bank of Nigeria Plc; a member of the Board of Union Homes and Director, Information Technology and Corporate Services in Renaissance Securities Nigeria limited, with responsibility for the Group’s IT infrastructure in Africa.
Mr. Shonubi also had a stint with Citibank Nigeria Limited as its Head, Treasury Operations (1990-1993). Between 1999 and 2007, he worked in MBC International as Deputy General Manager and supervised their IT operational platforms. He served in First City Monument Bank Limited as Vice – President and in Ecobank Nigeria Limited as Executive Director.
He has served on a number of sub-committees of the Bankers’ Committee, including the Ethics and Professionalism sub-committee.
Until his appointment as the acting Governor of the Central Bank of Nigeria, following the suspension of Godwin Emefiele on Friday night, Shonubi was the Deputy Governor (Operations Directorate), of CBN.
Headline
WHO releases $16m to tackle cholera, says Director-General

The World Health Organisation (WHO) has released 16 million dollars from the WHO Contingency Fund for Emergencies to tackle cholera.
Dr Tedros Ghebreyesus, WHO Director-General said this during an online news conference.
Ghebreyesus said that the organisation was providing essential supplies, coordinating the on the ground response with partners, supporting countries to detect, prevent and treat cholera, and informing people how to protect themselves.
“To support this work, we have appealed for 160 million dollars, and we have released more than 16 million dollars from the WHO Contingency Fund for Emergencies.
“But the real solution to cholera lies in ensuring everyone has access to safe water and sanitation, which is an internationally recognized human right,” he said.
According to him, in the previous week, WHO published new data showing that cases reported in 2022 were more than double those in 2021.
He said that the preliminary data for 2023 suggested was likely to be even worse.
“So far, 28 countries have reported cases in 2023 compared with 16 during the same period in 2022.
“The countries with the most concerning outbreaks right now are Ethiopia, Haiti, Iraq and Sudan.
“Significant progress has been made in countries in Southern Africa, including Malawi, Mozambique and Zimbabwe, but these countries remain at risk as the rainy season approaches,” Ghebreyesus said.
According to him, the worst affected countries and communities are poor, without access to safe drinking water or toilets.
He said that they also face shortages of oral cholera vaccine and other supplies, as well as overstretched health workers, who are dealing with multiple disease outbreaks and other health emergencies.
On COVID-19, Ghebreyesus said that as the northern hemisphere winter approaches, the organisation continued to see concerning trends.
He said that among the relatively few countries that report them, both hospitalisations and ICU admissions have increased in the past 28 days, particularly in the Americas and Europe.
WHO boss said that meanwhile, vaccination levels among the most at-risk groups remained worryingly low.
“Two-thirds of the world’s population has received a complete primary series, but only one-third has received an additional, or “booster” dose.
“COVID-19 may no longer be the acute crisis it was two years ago, but that does not mean we can ignore it,” he said.
According to him, countries invested so much in building their systems to respond to COVID-19.
He urged countries to sustain those systems, to ensure people can be protected, tested and treated for COVID-19 and other infectious threats.
“That means sustaining systems for collaborative surveillance, community protection, safe and scalable care, access to countermeasures and coordination,” he said.
Headline
FG targets wealthy Nigerians in new tax drive

The Federal Government is planning to overhaul the nation’s tax system to shift more of the burden to wealthy citizens while cutting corporate taxes.
The move — part of President Bola Tinubu’s reforms to overhaul the beleaguered economy – aims to lift the country’s tax take to 18 per cent of Gross Domestic Product within three years from 11 per cent now, according to a Bloomberg report.
A tax amnesty to encourage compliance is also under consideration.
The plan is to make “the rich pay what is fair and those who are too poor can be protected,” said Taiwo Oyedele, who is leading a panel appointed by Tinubu to drive the changes.
“We also envisage a reduction in the corporate income tax rate,” to below the current effective rate of more than 40 per cent to help boost business, he told Bloomberg in a recent interview. The new rate should be benchmarked against Nigeria’s peers, he said.
In Africa’s most populous nation, where a tiny minority enjoy vast wealth while two thirds of its 200 million people live in extreme poverty, the numbers suggest widespread tax evasion.
Nigeria’s tax revenue as a share of GDP is a third of the 34 per cent average for members of the Organisation for Economic Co-operation and Development.
Among four million registered firms, less than 250,000 actively pay tax, while fewer than a quarter of the 41 million registered people pay income tax, Oyedele said.
The country’s tax system is bedeviled by overlapping local, state and federal jurisdictions, which helps the wealthy to slip through the cracks. The high number of different taxes, which he put at almost 70, also adds to complexity.
“We will find a way to create structures and systems around what taxes can be imposed, how it can be collected, who can collect it and how it should be accounted for,” he said. The goal is to slash the number of taxes down to single digits.
“We just identified the top eight giving us 99% of the taxes, so we keep them and the rest we get rid of,” he said.
Boosting tax collection is vital for a country which, despite its immense oil wealth, has had to borrow heavily to fill the gap between government spending and the revenue shortfall.
Since 2015, the nation’s public debt has increased almost eight-fold to 87.4 trillion naira ($112.6 billion), according to the debt management agency. Servicing those obligations consumed 96% of government revenue in 2022.
A tax amnesty will be introduced to provide a relief on old debts and prepare the mind of the people to meet future obligations.
“If people know that government knows their income, where they are; if they haven’t been paying their taxes, if we declare an amnesty they will show up,” he said.
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