AuditorSUN

Write about your approach to budgeting. Most people think budgeting is about restriction. I think budgeting is about freedom. Yes, freedom. Freedom to make decisions without panic. Freedom to invest in opportunities without guessing. Freedom to sleep well at night knowing the numbers are working for you, not against you. I Don’t Start With Numbers. I Start With PurposeBefore opening Excel, I…

The recent court-approved settlement between Meta Platforms and the Nigeria Data Protection Commission (NDPC), valued at about $32.8 million, marks a major turning point in the enforcement of data privacy laws in Nigeria. Beyond ending a long legal dispute, the judgment has far-reaching implications for the authority of the NDPC, the protection of Nigerians’ personal data, and the everyday…

Nigeria’s financial inclusion drive appears to be facing an unexpected setback, courtesy of the Central Bank of Nigeria’s (CBN) latest policy on ATM withdrawal charges. While the government has spent years advocating for a cashless economy and encouraging digital banking adoption, this new directive risks reversing the progress made. The CBN recently announced a significant increase in ATM…

Nigeria’s financial inclusion drive appears to be facing an unexpected setback, courtesy of the Central Bank of Nigeria’s (CBN) latest policy on ATM withdrawal charges. While the government has spent years advocating for a cashless economy and encouraging digital banking adoption, this new directive risks reversing the progress made. The CBN recently announced a significant increase in ATM…

By Anozie Egole (Chief Correspondent, PUNCH) Common Habits of People Pretending to Be Wealthy 1. Prioritizing Appearance Over Wealth – Spending on luxury items to seem rich rather than focusing on financial stability. 2. Avoiding Money Conversations – Evading discussions on budgeting or savings to hide financial struggles. 3. Chasing Trends – Constantly upgrading gadgets, clothes, and social…

Nigerian accountants seeking to practice in Canada now have an easier pathway to obtaining certification, thanks to a new agreement between the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Professional Accountants Canada (CPA Canada). Both organizations have signed a Memorandum of Understanding (MOU) that streamlines the process for fully qualified ICAN members to earn the…

The announcement of the approved framework for the merger between ProvidusBank Limited and Unity Bank Plc by the Central Bank of Nigeria (CBN) signals a significant consolidation within the Nigerian banking sector. This merger is strategically positioned to enhance the footprint of ProvidusBank, leveraging the existing branch network and customer base of Unity Bank to create a more robust…

Introduction In a significant regulatory update, the Honourable Minister of Finance and Coordinating Minister of the Economy of the Federal Republic of Nigeria, Mr. Adebayo Olawale Edun, has issued the Deduction at Source (Withholding) Regulations 2024. The implementation date for these regulations is set as 1 July 2024, under the powers conferred by Section 81(9) of the Companies Income Tax Act…

The Central Bank of Nigeria (CBN) has released a statement signed by Angela Sere-Ejembi, PhD Director of Financial Markets, announcing immediate changes to the Nigerian Foreign Exchange (FX) Market. The press release aims to inform all authorized dealers and the general public about these changes. Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (l&E)…

According to a presidential advisory committee report, a sale of the Nigerian National Petroleum Corporation (NNPC) ‘s assets would help President Bola Tinubu meet an ambitious campaign pledge to nearly triple oil production to 4 million barrels a day by 2030. A recent report recommends that Nigeria’s state energy company sell off assets, such as oil block stakes, to raise billions of dollars.…

The Central Bank of Nigeria (CBN) has announced operational changes to the foreign exchange market. The apex bank, in a statement signed on Wednesday evening by its Director of Financial Markets, Angela Sere-Ejembi, informed all authorised dealers and the general public of the abolishment of segmentation in the operations of the Nigerian Foreign Exchange (FX) Market The CBN new guidelines on…

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Understanding the factors that contribute to fraud, including the circumstances that prompt individuals to commit it, is crucial. The Fraud Triangle model developed by criminologist Donald R. Cressey describes the key elements that drive such behaviour in

To gain insight into the motivations behind fraudulent behaviour, one can examine the fraud triangle model created by Donald Cressy, a sociologist and criminologist who studied the actions of white-collar criminals. According to the Fraud Triangle theory, three factors must be present for a person to commit fraud: perceived pressure, perceived opportunity, and rationalization. Let’s take a few…

Dealing with management override of internal controls can be a challenging situation. Here are some steps you can consider taking: 1.     Document the Concern: Keep a record of any suspicious or unethical activity that you suspect may be a management override of internal controls. Include relevant details such as dates, times, people involved, and specific instances of control…

Building trust and fostering open communication between auditors and auditees is crucial for effective auditing. Here are some strategies that auditors can employ to encourage auditees to open up: Establish rapport: Begin by creating a positive and respectful relationship with the auditee. Show genuine interest, listen actively, and maintain a non-confrontational attitude. Be empathetic and…

Neveah Limited, a prominent Nigerian export company, has announced its commercial paper programme’s expansion from N10 billion to N20 billion by FMDQ Exchange. The company has successfully issued and repaid N14.54 billion in previous commercial paper issuances. The FMDQ’s approval of this programme upsize is a result of Neveah’s impressive business growth over the past years. The CEO and…

The Financial Times, a leading world business newspaper and renowned digital publication has released its annual ranking list of Africa’s fastest growing Companies. The ranking listed Neveah Limited, an indigenous commodities export company ahead of several top brands in Africa. Neveah ranked high on the list leading renowned companies like Julius Berger, Dangote PLC, MTN, Sterling Bank, Flour…