Business

Facebook Asks Nigerian Advertisers To Update VAT Records By February 25

Published

4 years ago

February 10, 2022

Meta, the parent company of Facebook, has asked Nigerian advertisers to update their Value-Added Tax identification numbers by February 25.

Failure to do so, the social media giant said Nigeria customers risk not having their adverts displayed on the platform.

This is after the Federal Government announced plans to tax foreign-based social media platforms earning money from Nigerian advertisers.

The social media platform’s parent company, Meta, in an apparent bid to comply with the government regulation also requested its Nigerian customers to carry out basic requirements to help its compliance.

In a statement on Thursday, Facebook said recent updates have been made to allow Nigerian customers to provide 11 or 12 digit VAT identification to pay the 7.5 percent charge.

Facebook had last year announced that all advertisers from Nigeria would pay an additional 7.5 percent VAT on ad placement from January 1, 2022.

The statement read, “It was identified that some Nigerian customers were unable to provide their 11- or 12-digit VAT ID. An update has been made so that our system will now accept both 11- and 12-digit VAT IDs. If you want your VAT ID to show up on your ads receipts, please take the following steps below to update your VAT ID.

“In addition, if you have previously provided a VAT ID that is not 11 or 12 digits, please update it by 25 February 2022. All VAT IDs that do not comply with this format requirement will be removed after this day.

“If you are registered for VAT and provide your VAT ID, your VAT ID will show up on your ads receipts. If you’re entitled to recover the VAT, this may help you recover any VAT you paid to the Nigerian tax authorities.”

The steps Meta said advertisers can use to add their VAT ID to their ad accounts, are: “Go to payment settings, click “edit” business info, scroll down to the field labelled “VAT ID” and add your VAT ID”.

Business

Naira Appreciates Against US Dollar After Highest Dip

Published

16 hours ago

November 21, 2025

Editor

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

2 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

2 days ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.