Business
SEC approves Quidax and Busha as legally recognised crypto exchanges in Nigeria

Nigeria’s Securities and Exchange Commission (SEC) said it has granted an Approval-in-Principle to two crypto exchanges Quidax and Busha, giving them the status of legally recognised crypto trading platforms in the country.
The two exchanges were approved under the Accelerated Regulatory Incubation Program (ARIP) program of the Commission.
In addition to that, the Commission said it has also admitted four companies to test their models and technology under its Regulatory Incubation (RI) Program.
The four firms are digital assets offering platforms, which include Trovotech Ltd, Wrapped CBDC Ltd, Dream City Capital, and HousingExhange.NG Ltd.
Announcing the development via a statement on Thursday, the SEC the listed above firms are not the only entities that have applied to ARIP and the RI Program. It added that other applications received are being assessed would be granted Approval-in-Principle on a case-by-case basis as they meet all SEC requirements.
While noting that the referenced Approvals-in-Principle is a precursor to the grant of full registration by the SEC, the Commission emphasized the legal status of the companies as crypto trading platforms in Nigeria.
“The SEC uses this medium to reiterate that only approved digital exchanges and platforms are legally authorized to carry out the business of crypto trading in any form in Nigeria.
“In this regard, the ARIP and RI remain the only avenues for well-intentioned entities to legitimately introduce their digital products and services to the Nigerian Capital market.
“The public is strongly advised to refrain from dealing with illegal operators who have not applied to and received the SEC’s approval under the ARIP or the RI Program.
“Intending investors are also reminded to always confirm from the various SEC information portals whether entities purporting to provide investment services are legally empowered to so do,” the Commission stated.
Business
Google introduces chat memory feature for Gemini Advanced users

Google has rolled out a chat memory feature for Gemini Advanced users, enabling the chatbot to remember past conversations and provide more personalised responses.
In a blog post on Thursday, the tech giant said the update is available to English-speaking users subscribed to the Google One AI premium plan.
The new feature allows users to ask follow-up questions, build on previous discussions, and revisit earlier topics without having to start afresh.
“Starting today, Gemini can now recall your past chats to provide more helpful responses,” the post reads.
“Whether you’re asking a question about something you’ve already discussed, or asking Gemini to summarize a previous conversation, Gemini now uses information from relevant chats to craft a response.
“That means no more starting over from scratch or having to search for a previous conversation thread. Plus, you can build on top of previous conversations or projects you’ve already started.”
Google emphasised that users remain in control of their chat history.
“They can review, delete, or set time limits for stored conversations. For those who prefer not to use the feature, it can be disabled through the settings,” the firm said.
The company also stated that Gemini may indicate when it references past chat history.
According to Google, the chat memory feature will expand to additional languages and Google Workspace Business and Enterprise customers in the coming weeks.
Business
First Bank assures exporters of modern solutions to support Nigeria’s non-oil sector

First Bank of Nigeria (FBN) says it plans to churn out modern solutions to support the non-oil export sector’s growth in 2025.
Olusegun Alebiosu, the managing director of FBN, spoke at the bank’s first quarterly export webinar held on Thursday.
Alebiosu said the webinar, themed, ‘From Nigeria to the World: Navigating Complexities in Non-Oil Exports’, aims to promote best practices in Nigeria’s export trade and enhance economic growth.
He said the theme was designed to educate the bank’s customers, clients, and stakeholders on emerging opportunities, pressing challenges, and the best global practices in the export industry.
Alebiosu promised that FBN would strengthen the non-oil export sector through innovative products, strategic partnerships, and modern platforms to drive sustainable growth.
“At FirstBank, we recognise the critical role of non-oil exports in diversifying Nigeria’s economy, reducing dependence on oil revenue, and strengthening our global competitiveness,” Alebiosu said.
“We will update you on our initiatives for the year and introduce modern solutions to drive the growth of the non-oil export sector in 2025.
“Be assured of our dedication to supporting Nigerian export companies with innovative products, partnerships, and platforms for sustainable growth.”
Also speaking, William Kanya, acting director of trade and exchange at the Central Bank of Nigeria (CBN), emphasised the apex bank’s commitment to supporting non-oil exports.
Kanya outlined measures and collaborations with deposit money banks and regulators to ensure timely payment of export proceeds and proper pricing.
‘NIGERIA HAS VAST EXPORT POTENTIAL’
Nonye Ayeni, chief executive officer (CEO) of the Nigerian Export Promotion Council (NEPC), said Nigeria has vast export potential that can be harnessed through collaboration.
Ayeni also provided insights into accessing international markets and meeting global standards and compliance requirements.
She highlighted mentorship programmes available to exporters and provided insights on accessing international markets and meeting global standards.
‘NO NAFDAC-CERTIFIED PRODUCT IS REJECTED FOR EXPORT’
Mojisola Adeyeye, director-general of the National Agency for Food and Drug Administration and Control (NAFDAC), said no NAFDAC-regulated product certified for export has been rejected recently.
Adeyeye stated that due to regulatory efforts, the numbers have declined since Nigeria recorded 335 rejection notifications between 2018 and 2024.
“It is noteworthy that no NAFDAC-regulated product certified for export has been rejected,” she said.
“Exporters must obtain NAFDAC export certificates to avoid rejection, which leads to financial loss and reduces foreign exchange earnings.”
She said the overlap between NAFDAC and the Standards Organisation of Nigeria (SON) is currently being addressed through a committee.
Ifeanyi Okeke, director-general of SON, outlined export requirements, highlighting the organisation’s role in export regulation and the enabling laws guiding its operations for seamless export processing.
The director-general, represented by Olalekan Omoniyi, a deputy director at the regulatory agency, said the benefits of compliance include improved product acceptability, reduced rejection rates, and better access to international markets.
Participants at the event asked the regulatory agencies to streamline their functions and collaborate more to simplify export procedures for Nigerian exporters.
Business
Court asked to nullify VAT on food sold in restaurants and hotels in Nigeria

A Senior Advocate of Nigeria, Chief R.O. Balogun, SAN, has asked a Federal High Court in Ilorin, Kwara State, to nullify a provision in the 2020 Value Added Tax (VAT) Modification Order, which approved the collection and remittance of VAT on basic food items sold by restaurants and hotels in Nigeria.
The VAT Modification Order 2020, now being challenged, had included basic food items (agro- and aqua-based staple food) among the extended list of items exempted from Value Added Tax at the time.
However, the order stated that VAT exemption did not cover basic food items sold in restaurants, hotels, eateries, lounges, and other similar premises, as well as by contractors, caterers, and similar vendors.
The VAT order was approved by Zainab Shamsuna Ahmed, former Minister of Finance, Budget, and National Planning, to provide clarity in interpreting the VAT Act.
Plaintiff’s Case
The alleged unconstitutionality of VAT imposed on food items sold by restaurants
The senior lawyer seeks an order nullifying the proviso introduced on Order 33 of the VAT Modification Order 2020, which states that basic food items sold in restaurants, hotels, eateries, lounges, and similar premises are subject to VAT.
He challenges the constitutionality of that part of the VAT Modification Order 2020.
The lawyer, who dragged the EFCC and the Attorney General of the Federation into the suit, argues that the said order allegedly contravenes the VAT exemption on basic food items listed in the First Schedule of the VAT Act and other relevant laws.
The lawyer also accuses the Economic and Financial Crimes Commission (EFCC) of relying on the order to demand VAT remittance details from his client, Ibigbemi Oloruntobi, owner of a business enterprise named Item 7 Go, under the guise of a money laundering probe.
Balogun argued that his client’s failure to collect VAT on basic food items does not amount to tax evasion or an economic crime under the law.
He stressed that the EFCC lacks the jurisdiction to investigate VAT compliance.
“Assuming, without conceding, that the order of the Honourable Minister is valid, our submission is that failure to collect VAT has not been criminalised.
“What has been criminalised is tax evasion, not non-collection of VAT,” he stated.
The senior lawyer also seeks the court’s protection from the EFCC’s alleged harassment of his client and business.
“A declaration that the invitation and alleged harassment of the plaintiff and his staff by EFCC operatives regarding banking transactions and VAT collection on food items amount to a gross abuse of office, as the banker-customer relationship is contractual, and failure to collect VAT is not equivalent to tax evasion or an economic crime.”
Balogun further argued that, at best, the Federal Inland Revenue Service (FIRS) should take appropriate steps to recover any uncollected VAT through civil proceedings before the appropriate court or tax tribunal.
He was of the view that VAT compliance or any tax compliance probe is domiciled with the FIRS.
He submitted that the EFCC has no legal basis to investigate whether VAT on food items was deducted when his client had already made it clear that he does not collect VAT from customers, in line with the supposed VAT exemption on rice and other basic food items.
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