Condia Insider: ₦600bn in the tax cart
- Wema Bank surpasses CBN's capital requirement with a ₦150 billion rights issue.
- Wema Bank plans an additional ₦50 billion special placement to strengthen its capital.
- Nigeria collects ₦600 billion in VAT from foreign companies including Facebook, Amazon, and Netflix.
The proactive measures taken by Wema Bank and the Nigerian government to enhance capital and tax compliance reflect a growing trend towards financial independence and sustainability in Nigeria. However, the effectiveness of these initiatives in translating into tangible benefits for the local economy remains to be seen.
