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Matt Brittin stepping down from Google EMEA presidency after a decade of leadership

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Matt Brittin stepping down from Google EMEA presidency after a decade of leadership

Matt Brittin is stepping down from Google EMEA after leading the region for a decade, transforming digital skills and AI integration across Europe, the Middle East, and Africa.

 

Matt Brittin, president of Google’s Europe, Middle East, and Africa (EMEA) operations, has announced he is stepping down in early 2024.

Brittin has been with Google for 18 years and has led the EMEA region for the last decade. During his tenure, he helped expand Google’s digital skills initiatives, training 24 million people across the region.

Brittin also played a key role in AI integration, particularly through Google DeepMind’s breakthroughs in Africa.

Reflecting on his journey, Brittin noted that when he joined Google, fewer than 20% of people were online. Today, almost 70% of people in the EMEA region access digital services.

He credited his leadership success to following Larry Page’s advice to “put the best people on important work, and get out of the way.” Brittin plans to take a break following his departure, exploring new hobbies like scuba diving and spending more time with family.

Brittin will remain in his role until a successor is appointed, ensuring a smooth leadership transition for Google EMEA.

 

House targets double taxation relief for low-income earners in Nigeria

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House targets double taxation relief for low-income earners in Nigeria

The House of Representatives has given a three-week deadline to address double taxation on low-income earners in Nigeria, aiming to reduce financial strain.

 

The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has set a three-week deadline for the Committees on Finance and the Federal Inland Revenue Service (FIRS) to tackle double taxation on low-income earners in Nigeria. This move aims to alleviate financial pressure on citizens burdened by multiple taxations.

The directive came on October 10, 2024, following a motion by Rep. Peter Aniekwe (LP-Anambra), highlighting Nigeria’s struggles with inflation, unemployment, and a rising cost of living.

Aniekwe emphasized that multiple taxes, levies, and charges worsen the hardship faced by low-income earners.

The House of Representatives called on the government to explore alternative revenue strategies, such as expanding the tax base, reducing government waste, and curbing corruption, instead of increasing taxes.

The House further recommended widening the tax net to include high-income earners and boosting the export of cash crops and agricultural produce.

In his ruling, Speaker Abbas tasked the Committees on Finance and FIRS with reviewing existing tax laws and eliminating areas of double taxation.

This action is intended to provide relief for citizens without compromising government revenue targets. The House also urged the National Orientation Agency (NOA) to educate the public on their tax rights and responsibilities.

Earlier reports indicated that Nigerians pay over 60 official and 200 unofficial taxes, disproportionately affecting small businesses. The Manufacturers Association of Nigeria (MAN) has also called for tax unification to support business growth.

MTN, Airtel generate N3.67tn from data, voice services in 2024 H1

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MTN, Airtel generate N3.67tn from data, voice services in 2024 H1

MTN and Airtel generated N3.67tn in combined revenue from data and voice services in the first half of 2024, driven by growing digital demand.

 

Two leading African-Nigerian telecom giants, MTN and Airtel, generated a combined revenue of N3.67tn from data and voice services in the first half of 2024.

This highlights the continued growth in Nigeria’s expanding digital economy. According to an analysis of their financial results, MTN Nigeria Communications Plc and Airtel Nigeria raked in this substantial revenue from their large subscriber bases and increasing demand for digital services.

MTN, Nigeria’s largest telecom operator with nearly 80 million subscribers, reported a combined revenue of N1.27tn in the first six months of 2024. This was driven by a surge in data services, which contributed N726.6bn, a 55% increase from the N469.7bn generated in the same period in 2023.

Voice services also recorded growth, with N541.3bn in revenue, up from N474.1bn year-on-year. MTN attributed this growth to service quality improvements and the growing demand for data, bolstered by price optimization strategies introduced in late 2023.

Airtel, with over 60 million subscribers, recorded $229m in revenue for the quarter ending June 30, 2024, comprising $112m from voice services and $117m from data services.

Although Airtel’s voice and data revenue declined in dollar terms, constant currency growth indicated a rise in digital service demand. Over the six-month period, Airtel Nigeria generated N2.4tn when converted at the N1500/$1 exchange rate.

The combined total revenue of N3.67tn from both telecom companies underscores the growing reliance on data and voice services in Nigeria. However, challenges remain, particularly the rising operational costs driven by the weakening naira and reliance on diesel.

Both companies, listed on the Nigerian Stock Exchange, are capitalizing on Nigeria’s digital economy but face headwinds due to currency devaluation and high operational costs.

 

Lagos Rail Mass Transit Red Line set for full operations on October 15, 2024

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Lagos Rail Mass Transit Red Line set for full operations on October 15, 2024

The Lagos Rail Mass Transit Red Line will commence full fee-paying operations on October 15, 2024, enhancing transportation in Lagos and Ogun State.

The Lagos Rail Mass Transit (LRMT) Red Line will commence full fee-paying passenger operations on Tuesday, October 15, 2024.

This announcement was made by Engr. Abimbola Akinajo, Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), in a statement released on Thursday.

This launch follows the commissioning of the first phase on February 29, 2024, by President Bola Tinubu, marking a transition from test runs to full commercial services. “Full passenger operations on the LRMT Red Line will commence on Tuesday, 15th October 2024,” Akinajo confirmed in the statement.

Governor Babajide Sanwo-Olu is expected to lead the launch event, accompanied by members of his executive council and other dignitaries. The launch will include a ceremonial ride with commuters on the first fee-paying trip, signalling the start of regular passenger services.

The LRMT Red Line is anticipated to significantly enhance transportation options for Lagos residents, especially those commuting between Agbado, Ikeja, Oshodi, and Lagos Island. Daily train services on the Red Line will begin at 6:00 am from Agbado.

During the free passenger test runs, initial trips commenced from Oyingbo at 9:00 am, arriving in Agbado by 10:07 am. The new timetable reflects adjustments based on commuter needs, with morning departures prioritising Agbado.

To further support passengers heading to Lagos Island, connecting bus services will be available at the Oyingbo bus terminal, ensuring a seamless transition between rail and road transport. This integration aims to reduce travel time and enhance convenience for daily commuters.

Similar to the Blue Line, which has been operational for over a year, Red Line passengers will require a Cowry card for access. This card can be purchased at all eight train terminals within the first phase, allowing passengers to board as full fee-paying operations begin.

The Red Line spans 37 kilometres, with its first phase covering 27 kilometres from Agbado in Ogun State to Oyingbo, Lagos. This initial phase features eight strategically located stations: Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo.

 

QNET takes action against fraud case in Ogun state involving ₦50 million scam

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QNET takes action against fraud case in Ogun state involving ₦50 million scam

QNET responds to a fraud case in Ogun State, Nigeria, involving an Independent Representative who defrauded about 50 downlines of ₦50 million.

 

QNET, a global lifestyle and wellness company in the direct-selling industry, has addressed a fraud case involving a specific individual in Ogun State, Nigeria.

An Independent Representative (IR) named Okperegede Sunday reportedly defrauded approximately 50 of his downlines, absconding with ₦50 million meant for product purchases.

In response, QNET collaborated with authorities through its legal team to facilitate the arrest of Sunday from his hideout. The company also suspended his account, which will be terminated after investigations conclude.

In a recent statement, QNET expressed concern over the rising misuse of its brand name by individuals and groups engaging in illegal activities. The company warned those using its name for fraudulent purposes about the consequences they may face.

“QNET firmly opposes any fraudulent activities conducted in its name and is committed to working with authorities to ensure justice is served,” stated Biram Fall, regional general manager for QNET in Sub-Sahara Africa. He encouraged the public to stay vigilant against deceptive practices.

Earlier this year, QNET launched the Say No! Awareness campaign to educate the public about fake job offers, scams, and illegal migration in Ogun State. The company has a zero-tolerance policy for illegal activities and will take strong action against anyone misrepresenting its name.

QNET swiftly disciplines IRs who violate its policies, having terminated 81 IRs in Sub-Saharan Africa between 2022 and 2023 for misconduct. The company has established a Say NO! Campaign website to raise awareness of job scams and human trafficking. It also operates a compliance hotline on WhatsApp to report fraudulent activities in its name.

The public can report suspected fraud falsely representing QNET by contacting the WhatsApp number +233256630005 or emailing network.integrity@qnet.net for prompt action.

 

Nigerian banks pay N392.53bn in taxes in H1 2024

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Nigerian banks pay N392.53bn in taxes in H1 2024

Seven Nigerian banks paid N392.53bn in taxes during H1 2024, reflecting a significant rise in tax expenses due to increased profits. Guaranty Trust Holdings led with N110.90bn in tax expenses.

 

In the first half of 2024, seven Nigerian banks paid a total of N392.53bn in taxes, according to an analysis of their second-quarter financial reports filed with the Nigerian Exchange.

This tax burden included various levies such as corporate tax, minimum tax, IT tax, tertiary education tax, and the Police Trust Fund levy.

 

Also read: CBN affirms Nigerian banking sector resilience through regular stress testing

 

Guaranty Trust Holdings led the contributions with N110.90bn in tax expenses, marking a 292.5% increase from N28.17bn in the same period last year.

United Bank for Africa followed with N85.22bn, a 235.5% rise from N25.41bn in H1 2023.

Access Bank’s tax expenses jumped by 215.4% to N80.89bn, while Zenith Bank reported N59.59bn, a 90.0% increase from last year.

Wema Bank and Fidelity Bank reported N3.97bn and N44.03bn, respectively, while First City Monument Bank saw a 29% decline in its tax obligation, paying N7.93bn.

The Federal Inland Revenue Service stated that the Company’s Income Tax is set at 30%, while VAT stands at 7.5%.

Financial experts noted that increased taxes, though not directly affecting banks’ operations, have implications for shareholder dividends and retained earnings.

Teslim Shitta-Bey, Chief Economist of Proshare, highlighted that increased taxes impact shareholder returns, but banks remain profitable.

Financial analyst Olaid Baanu suggested that banks could absorb the tax burden without significant disruption to their operations due to their continued profitability.

TikTok sued in U.S. over failing to protect young users

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TikTok sued in U.S. over failing to protect young users

TikTok faces lawsuits from 13 U.S. states and D.C., accused of failing to protect young users and promoting unhealthy screen habits among minors.

 

TikTok has been sued in the United States, with 13 states and the District of Columbia filing lawsuits against the platform for failing to protect young users.

These lawsuits, lodged individually in states like New York and California, allege that TikTok exploits children’s screen time by using software designed to encourage addictive habits.

The cases add to TikTok’s mounting legal challenges with U.S. regulators, as states seek financial penalties and stricter regulation of the Chinese-owned app.

According to the complaints, TikTok intentionally targets minors with content designed to maximize user engagement for advertising purposes.

California’s Attorney General, Rob Bonta, criticized TikTok’s business model, accusing the platform of promoting social media addiction among children for profit. New York’s Attorney General, Letitia James, further expressed concern over the app’s negative impact on teenagers’ mental health and digital well-being.

In response, TikTok rejected the claims, arguing that the lawsuits failed to recognise its safety measures, including screen time limits and privacy controls for minors.

TikTok expressed disappointment that states chose to sue rather than collaborate on industry-wide solutions for protecting young users.

Additional accusations were made in Washington D.C., where Attorney General Brian Schwalb accused TikTok of running an unlicensed money transmission business and enabling environments that risk sexual exploitation. Schwalb compared TikTok’s live streaming features to a “virtual strip club” with poor age restrictions.

These lawsuits add to TikTok’s ongoing legal battles, with previous claims from states like Utah and Texas also accusing the platform of neglecting minors’ safety.

In August, the U.S. Department of Justice sued TikTok for alleged violations of children’s privacy laws.

 

Indigenous tourism set to boost economic growth to $67BN by 2034

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Indigenous tourism set to boost economic growth to $67BN by 2034

Indigenous tourism is projected to contribute $67BN to the global economy by 2034, driving economic growth, cultural preservation, and community empowerment.

 

The World Travel & Tourism Council (WTTC) launched a report at its Global Summit in Perth, highlighting Indigenous tourism’s projected $67BN contribution to the global economy by 2034.

This report emphasises the role of Indigenous tourism in driving economic growth, especially in remote areas, and its impact on preserving cultural heritage and empowering communities.

Indigenous tourism is becoming a significant economic driver, creating jobs and value in underdeveloped regions. It offers visitors authentic cultural experiences while supporting Indigenous communities.

The global Indigenous tourism market is expected to grow at a CAGR of 4.1% over the next decade, enabling communities to take control of their economic futures.

Western Australia has seen a rise in interest in Aboriginal tourism, with nearly nine in 10 visitors expressing interest in 2023.

The sector contributed $63.8 million to the state’s Gross Product in 2021-22. Globally, countries like Canada and Panama have benefited from Indigenous tourism’s economic impact, with Canada’s sector supporting 2,000 businesses and 39,000 jobs.

Julia Simpson, WTTC President & CEO, stressed that Indigenous tourism is about empowering communities and ensuring sustainable development. Robert Taylor, CEO of Western Australia Indigenous Tourism Operators Council (WAITOC), highlighted programs like “Camping with Custodians” that provide employment and promote authentic Aboriginal experiences.

The report also underscores the role Indigenous tourism plays in preserving cultural identities, with examples like the Sámi people’s certification marks and Peru’s use of technology to safeguard endangered languages. Countries like Australia and the U.S. are incorporating Indigenous tourism into their national marketing strategies to ensure authentic representation.

Despite its growth, Indigenous tourism faces challenges, especially in securing funding. Canada’s Indigenous Tourism Destination Fund (ITDF) aims to raise CA$2.6BN by 2030 to support 800 new Indigenous businesses and create 21,000 jobs.

WTTC continues to support Indigenous tourism’s growth as a sustainable and self-sufficient industry, ensuring its benefits

CBN affirms Nigerian banking sector resilience through regular stress testing

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CBN affirms Nigerian banking sector resilience through regular stress testing

The Central Bank of Nigeria (CBN) emphasizes the resilience of Nigeria’s banking sector through regular stress testing and early warning systems, ensuring deposit security.

 

The Central Bank of Nigeria (CBN) has reassured the public of the stability and resilience of Nigeria’s banking sector through regular stress testing and proactive measures to safeguard financial institutions.

In a press release issued by Mrs. Hakama Ali, the CBN’s acting Director of Corporate Communications, the central bank affirmed that these efforts are designed to protect depositors’ funds and detect potential vulnerabilities within financial institutions.

“Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that Nigeria’s financial institutions are resilient,” the CBN statement read, emphasizing the importance of continuous assessment to maintain confidence in the banking system.

The CBN’s approach to risk-based supervision focuses on institutions that may pose the highest risk to the financial system, ensuring robust oversight.

Additionally, the bank has implemented Early Warning Systems that proactively detect emerging threats to financial stability, allowing for timely interventions when necessary.

The statement also highlighted the CBN’s international collaboration, noting that the central bank has entered into Memoranda of Understanding with countries where Nigerian banks have subsidiaries.

This strengthens regulatory coordination and ensures adherence to both local and international banking standards.

As concerns over banking sector stability arise, the CBN’s actions reflect its commitment to maintaining public trust and ensuring the soundness of Nigeria’s financial institutions through continuous monitoring and strategy adaptation.

 

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