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Tag: PWC

PwC recommends NEXTGEN for family business sustainability

PwC recommends NEXTGEN for family business sustainability

Business
To protect the family business legacies, PwC has recommended the adoption of the next generation (NEXTGEN), saying families are upskilling the younger generation to institutionalise their organisations. This was contained in PwC’s 10th global bi-annual survey of family businesses, which revealed the current thinking and outlook of 2801 family business leaders across 87 territories including Nigeria. PwC noted that the NextGen are the ones to bring in a more evidence-based approach both for the business and philanthropy as well as leverage technology and digital trends, saying the time to act is now if family businesses would keep their legacy for future generations.  It noted that family businesses were essential to the success of the global economy, responsible for half of the glo...
After Covid-19 donations, banks commence stamp duty collections

After Covid-19 donations, banks commence stamp duty collections

Finance
Days after announcing its donation of over five billion Naira, the equivalent of $14 million, through its foundation to catalyse a comprehensive pan-African response to the fight against the coronavirus (COVID-19) global pandemic, the United Bank for Africa Plc (UBA) has disclosed that a stamp duty charge will apply on all customers’ Savings account. According to the Bank, from 1st April 2020, stamp duty charges will apply on all Savings accounts in line with the Central Bank of Nigeria’s (CBN) requirements. The bank said that when customers who have with savings accounts receive cash inflows of N10,000 and above, their accounts would be charged N50, noting that the deducted funds would be remitted to CBN daily. Recently, some customers of First Bank of Nigeria Plc had decried th...

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