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UBA, GTCO, Zenith bank hit with N172.3 billion windfall tax on forex gains

Summary by GistReel
GistReel Three of Nigeria’s biggest banks—Zenith Bank, Guaranty Trust Holding Company (GTCO), and United Bank for Africa (UBA)—have incurred a combined N172.3 billion windfall tax liability, following the Finance (Amendment) Act 2023, which imposes a 70 percent levy on FX windfall profits made between 2023 and 2025. The new tax, which was signed into law in August 2024, aims to capture extraordinary foreign exchange gains that banks recorded due…
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NairametricsNairametrics

Zenith Bank generates N80 billion from e-business in 2024

Zenith Bank generated a total of N80.05 billion from electronic banking transaction fees in the full year 2024.  The post Zenith Bank generates N80 billion from e-business in 2024  appeared first on Nairametrics.

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GistReelGistReel

UBA, GTCO, Zenith bank hit with N172.3 billion windfall tax on forex gains

GistReel Three of Nigeria’s biggest banks—Zenith Bank, Guaranty Trust Holding Company (GTCO), and United Bank for Africa (UBA)—have incurred a combined N172.3 billion windfall tax liability, following the Finance (Amendment) Act 2023, which imposes a 70 percent levy on FX windfall profits made between 2023 and 2025. The new tax, which was signed into law in August 2024, aims to capture extraordinary foreign exchange gains that banks recorded due…

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National Daily NewspaperNational Daily Newspaper

Zenith Bank expands digital, physical infrastructure amid Fintech disruption

Zenith Bank Group, one of Nigeria’s largest financial institutions, has reported significant growth in its digital banking infrastructure, particularly in its point-of-sale (POS) and Automated Teller Machine (ATM) networks. This expansion comes as the bank intensifies efforts to compete with fast-growing fintech disruptors. According to the bank’s latest financial disclosures, the number of POS terminals deployed rose by 14.8% year-on-year, incr…

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National Daily Newspaper broke the news in on Friday, March 28, 2025.
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