TVCNEWS — broadcast 20260806 010000 UTC 516 transcript segments Google Speech-to-Text API Automatic Transcription (Chirp) Data courtesy of The GDELT Project (https://www.gdeltproject.org/), from the Internet Archive TV News Archive. Machine transcription. Treat it as a searchable index of what was broadcast, not a verbatim quotation record. [00:00:00] at the time, so you would have seen large transactions in terms of [00:00:03] remittances as well as you know p2p [00:00:07] transactions, um, but once people have [00:00:10] adopted it, it has come to stay, and if you cast your mind [00:00:14] back, you [00:00:16] of know, a when of the current [00:00:18] administration harmonized [00:00:21] the um, exchange [00:00:24] of rate, um, they identified and rightly [00:00:28] so ' 'um transactions in the [00:00:32] crypto space as one [00:00:34] of the areas um that regulation need needed to be [00:00:38] strengthened [00:00:39] of um and subsequent to that um there was there [00:00:43] was [00:00:44] in one very high profile crypto exchange that was in the [00:00:47] news um that was being prosecuted for [00:00:51] of um certain breaches in the market as [00:00:54] of well as [00:00:55] you know much more recently um establishment of huge [00:00:58] tax bill'. um that they have been [00:01:02] alleged to to be owing to the government, [00:01:06] so that tells you that there's a lot of [00:01:09] transactions going through that space, and [00:01:13] government is interested, and if you look at the [00:01:16] recent investments and securities [00:01:20] act that was introduced very [00:01:24] recently, it defined [00:01:27] digital and virtual assets as security. and that has [00:01:31] been the approach the securities and exchange [00:01:35] commission have been given to it over time because they believe it's [00:01:39] something that has to be regulated and they need to pay attention [00:01:43] to it as part [00:01:44] of the tax reforms um both from [00:01:48] a disclosure perspective as well [00:01:51] as [00:01:53] of identifying taxable [00:01:54] transactions [00:01:58] on digital and virtual. assets as well, now what the tax [00:02:02] authorities have come to do is to then say, well, sometimes it [00:02:06] seems like there's some ambiguity, um, let us bring a [00:02:09] bit of certainty of how we will approach these transactions from our [00:02:13] perspective, um, and they've set out these guidelines as a [00:02:17] guide, [00:02:18] of and one thing I'll tell [00:02:20] of you, um, the tax administrators are not the [00:02:24] policy setters, they are simply [00:02:27] there implement the law, that has been passed by the [00:02:31] national assembly, but sometimes they have to give [00:02:34] interpretation or bring clarity to the tax payer [00:02:37] of the positions they will take, but tax [00:02:41] payers at liberty and have the right to say, well, I do not agree [00:02:45] with this interpretation, this is my own interpretation, [00:02:49] but [00:02:49] you know it doesn't mean that what the actions the [00:02:52] of tax authorities have taken, I i believe it's in the right direction, because [00:02:55] it gives everyone certainty of how the tax authorities intent. [00:03:00] to treat [00:03:00] of those of transactions um and that is supposed to [00:03:03] of strengthen [00:03:06] of um you know the sector and allow for more people to be able to say these will be the [00:03:09] outcomes when i trade. [00:03:13] good breakdown as always, but i would ask that for many [00:03:17] a nigerian to invest in or trade cryptocurrencies and other virtual [00:03:21] assets, what are the key tax obligations [00:03:24] uh you don't understanding introduced under this guidelines and who will be [00:03:29] of affected? All right, I think the first thing is to [00:03:32] of und you, because it sort of gets technical, but I'll try to [00:03:36] of simplify as much as I know, right? [00:03:39] of So one [00:03:40] of of the technicalities is the fact that [00:03:44] um, you know, [00:03:46] there were [00:03:48] of two different definitions, depending [00:03:52] on seen, [00:03:53] the version but a [00:03:56] there definition of the, was of the act that assets, you've um... [00:03:59] for in digital the Nigerian tax administration [00:04:03] Act and [00:04:04] there was a definition of virtual [00:04:07] of assets in the Nigeria Tax Act and those terms [00:04:11] are used interchangeably and that [00:04:15] could create [00:04:16] of significant ambiguity because on the one hand it was defined as [00:04:20] any digital means [00:04:22] of of exchange irrespective of class or type [00:04:26] right and then in the other legislation it's [00:04:30] excluded certain types of transaction, which I think is [00:04:34] important, because when you look at the approach, the Nigerian [00:04:38] tax authorities have taken, they have taken a practical approach [00:04:42] to this to say that you [00:04:44] of cannot categorize all cryptocurrencies [00:04:47] exactly [00:04:48] of the same, so they have put them in different [00:04:52] a buckets, so there are [00:04:53] of cryptocurrencies, right, [00:04:56] you know, the likes of bitcoin and so on, [00:05:01] um [00:05:01] of and then [00:05:02] they there's what we call the stable coins and those stable [00:05:06] of coins are simply reference to [00:05:09] you reserve banks or central banks. currency so the [00:05:13] USDT for example is a stable con and [00:05:16] then they also defined security and [00:05:20] investment tokens which derive their underline [00:05:24] value from [00:05:25] you know stocks, shares and other security, so there's more [00:05:29] like play like derivatives and then you have the [00:05:33] utility and government tokens, you have the [00:05:36] NFTs um which [00:05:39] you know are essentially digital digital. [00:05:43] um representation of value like art and then you have the [00:05:46] sovereign digital currencies now each of [00:05:49] those um you know digital [00:05:52] assets have been defined in these guidelines [00:05:56] around how they would be treated and let me give you [00:06:00] some examples so um for all [00:06:03] them right baseline if they if [00:06:07] their value changes right you would [00:06:10] have an appreciation value, but as long as you [00:06:14] hold them, [00:06:16] you know, even though their value has gained, from a [00:06:20] market perspective, you will not be charged any [00:06:23] capital gains tax, so this specialized [00:06:27] role was clearly articulated in the guidelines, [00:06:31] particularly in relation to um [00:06:34] defi, the decentralized finance [00:06:36] protocols, wrapped tokens and receipt tokens [00:06:40] and you know [00:06:44] they this sort of understands that if you are moving [00:06:48] you know um same digital asset from [00:06:51] one wallet to another [00:06:55] taxable event has not occurred, but [00:06:59] when you convert them to other currency or you trade them and [00:07:02] somebody pays you cash, at that point you need to determine [00:07:06] the capital gain that has accrewed to you as an [00:07:10] individual trading in the... crypto assets [00:07:14] um and then there are other things you need to look at depending on the type [00:07:18] of digital asset, but let's stay on the income tax, so at that point [00:07:22] a taxable event occurs, um, so if it is an [00:07:25] individual, you put it through the tax band, and you [00:07:29] tax it in the hands the individual. one the [00:07:33] innovation the government has brought in, which i think [00:07:36] helps, is number one, the [00:07:39] ability to settle the... tax [00:07:42] liability in digital currency as well, so if you have [00:07:46] determined that you know you that there is gain in [00:07:50] value on this asset, you can settle it um [00:07:54] using um you know the reference to [00:07:58] the us dollar as an example, [00:08:00] you know that way it avoids a situation where in the hands the [00:08:04] holder you know the any [00:08:08] devaluation in currency is not then subjected to tax. [00:08:12] which I think um is a good thing um [00:08:16] the the other element which I think is is [00:08:20] actually key um is [00:08:24] the ability to [00:08:26] you know for the virtual asset providers on who on [00:08:30] whose exchanges these things are being traded they've also [00:08:34] putting some obligations for them to report transactions [00:08:38] of of different types to to the [00:08:41] government um As you can imagine to do one [00:08:45] the biggest challenges and by [00:08:48] design, [00:08:49] you know, crypto assets particularly and digital [00:08:53] assets, they run on blockchain technology, um, [00:08:56] and crypto coins, [00:08:59] particularly, one the advantages they [00:09:03] have is their confidentiality, but government is now [00:09:07] imposing some obligation on the crypto [00:09:10] exchanges to... provide certain [00:09:13] disclosures of transactions, the individual trading on [00:09:17] their platforms, the details the transactions, how much they [00:09:21] bought, how much they sold, the [00:09:24] value, their tax identification number and [00:09:28] things like that, those will be collected by the [00:09:32] virtual asset service provider, which is [00:09:35] essentially the cripto exchange and provided [00:09:38] to the tax authority, there are other elements that [00:09:42] one needs to think about um depending on the type of [00:09:45] cryptoasset, are they securities for tax [00:09:49] purposes or are they fiat [00:09:53] currency for tax purposes? because these have [00:09:56] implications, because depending [00:09:59] on the nature these crypto assets, they could be [00:10:03] subjected to that, but there is clear exemption for [00:10:06] exchange of money from that and [00:10:10] securities so... once you can classify them out the [00:10:14] security bucket, for example those [00:10:18] currencies that are issued by [00:10:20] you know central banks, so the central bank, digital [00:10:24] currencies, you know, an example in our own context is [00:10:27] the inira, those would [00:10:31] be ignored or exempted from that, but if [00:10:35] you're trading in NFTs as an example, which [00:10:39] has an underline transaction that is being you know [00:10:42] sold, then that underline transaction should be [00:10:46] vitable, and you know, so so those are some [00:10:49] the dynamics and apart from that, there's also the stamp [00:10:53] duty, [00:10:54] you know, so if it is security, you know, [00:10:57] it is it, does it qualify as a marketable security or does [00:11:01] it qualify as a conviance [00:11:04] you know or transfer which attracts stamp duty depending on the type [00:11:08] for marketable security 0.22 something and [00:11:12] then you know for conveyance or [00:11:15] transfers that is 1.5% so those are some the [00:11:19] dynamics like i said it's quite complicated um [00:11:23] and even though it sets baseline, i think there's a [00:11:27] lot of learning that people would have to go through, and specialist [00:11:31] consultation, because the issues are not exactly [00:11:35] straightforward despite the guidelines that have been provided [00:11:38] by by the Nigeria Revenue Service, indeed and and a big [00:11:42] technical just like you said, but now almost finally, [00:11:46] because this is really interesting and I think this [00:11:49] conversation uh, it has to be a continuous one, because [00:11:52] Nigerians need to be educated and... really [00:11:55] understand uh all of this and details of [00:11:58] this um uh uh regulation now how [00:12:02] do you expect this guidelines now to impact innovation and [00:12:06] investments in Nigeria's Fintech and digital assets [00:12:09] ecosystem now is there a risk that higher tax [00:12:13] obligations could discourage participation because sometimes when it gets too [00:12:17] complex do you think some these guys will not start looking for ways out of [00:12:20] this how does that come to [00:12:22] you right thank you very much for that question [00:12:25] tolu um um [00:12:29] um let me let me put it this way you [00:12:33] know even before the guidelines and [00:12:36] before these transactions came out it [00:12:40] was clear that these transactions were taxable right [00:12:44] they were always taxable the only issue is that if you do not have a [00:12:48] proper enforcement mechanism um [00:12:52] people will evade taxes right? so it meant that [00:12:55] people were not paying their taxes on these transactions before now, [00:12:59] so the guidelines is not really introducing new tax [00:13:02] obligations, um, it's just trying to say this is the tax [00:13:06] authorities perspective, and like I said, you're at [00:13:10] liberty to disagree, and the way our laws have been [00:13:13] structured, you can actually appeal to, you can actually [00:13:17] appeal to the tax appeal tribunal or go to the federal high court [00:13:21] if you're uncomfortable, so there's protection of rights of tax. [00:13:25] years um, but I must congratulate and appreciate the government in the first [00:13:29] step, because [00:13:31] you know this move of issuing out the guidelines is move from [00:13:35] regulatory ambiguity to formal [00:13:38] recognition or you know and structured taxation of virtual [00:13:42] assets, and I think that that's important, other jurisdictions [00:13:46] have come up with different approaches [00:13:49] and some work, some do not work, so if you look at India for [00:13:53] example, they put a flat i think [00:13:55] 30% on digital assets um [00:13:59] and and that is very honorous um and then there are [00:14:03] some jurisdictions that have tried a withholding tax on digital [00:14:07] assets which is again quite [00:14:09] honorous um so different countries [00:14:12] depending on their tax policy and their approach have looked at this as [00:14:16] something you know should we encourage it should we discourage it and sometimes they want to [00:14:20] discourage it um but experience shows us that when [00:14:23] designing tax policy sometimes you know [00:14:27] you may not necessarily [00:14:29] discourage the um [00:14:32] the consumption or the usage of of those assets, so if I give you the [00:14:36] example of excise that we impose on [00:14:39] sugar um or we impose tobacco and [00:14:43] alcohol, does it really reduce the [00:14:46] consumption these products? in the end it's a balancing [00:14:50] act of [00:14:51] you know the moral angle of government, you know, [00:14:55] discouraging certain transactions or encouraging them, but [00:14:59] the balance of revenue generation on the other hand, so it [00:15:03] is important in my view that you [00:15:07] know while the government is applying this, because [00:15:11] you know it seems to me like certain um obligations [00:15:15] that have been introduced, and guess maybe because the [00:15:19] maturity of economy with you know [00:15:22] with monitoring these things some of... it [00:15:25] has a bit aggressive [00:15:29] you know when you look at [00:15:30] it from the perspective the taxpayer um i would [00:15:34] say you know virtual assets [00:15:36] you know ' service providers, they have so many obligations [00:15:40] right now, but normally their obligations should not be more [00:15:44] than a burrow for example, you [00:15:47] know, um, otherwise there's no equity, because you [00:15:51] know, for for for many these virtual assets service providers, [00:15:55] they are not doing much different from what a burrow is [00:15:59] doing or what a stock exchange is actually [00:16:03] doing, so I think that is the equity that needs to be [00:16:07] brought in. but in my mind i do not think it's going to [00:16:10] you know affect the broad digital [00:16:14] economy or the fintech ecosystem all right [00:16:17] because you know apart from digital [00:16:21] assets there's a lot of other spaces where people [00:16:25] play um but this is just one [00:16:28] area um and then there would also be [00:16:31] innovation coming into this area as well to ensure that you know [00:16:35] people in that space. supported to actually [00:16:38] comply, so you'l be seeing quite a lot coming from [00:16:42] you know the established fintechs and crypto [00:16:46] exchanges that are regulated by sec to assist [00:16:50] their clients with complying with the provisions of this [00:16:54] law, of this guideline, it's not [00:16:56] law. all right [00:17:00] then, well that's um it on this conversation, must thank you [00:17:04] so much, i still have some questions, but [00:17:07] i think we need to have a part two of this conversation because this [00:17:11] is indeed key, I must say so, partner tax [00:17:14] reporting [00:17:15] and strategy, prized water house coopers, my guest has been Mr. [00:17:18] Kennet erikume, thank you so much uh for your time, [00:17:22] even me, I was able to get some new stuffs, new deals, new [00:17:26] stuffs to you know to understand around the regulations and all of it, thanks [00:17:30] as always enjoy the rest of your day, thank you tolu um, [00:17:34] but I mean we can keep the conversation going, thank you, thank you. [00:17:38] Thank you, thank you so much, thank you, thank you very [00:17:40] much. [00:18:17] I am lumba here at the [00:18:20] Lukenya Hill camp in [00:18:24] Machacos County in Kenya and today [00:18:27] we discuss a contentious [00:18:31] yet interesting subject [00:18:35] the French. and their [00:18:38] models operating in the continent of [00:18:42] Africa, you now, several [00:18:46] years ago, the former [00:18:48] president of Mozambique, Samora, [00:18:52] Marshall said that sometimes we [00:18:55] compare colonialists and [00:18:59] say one was better than the other, [00:19:02] and he told us, don't [00:19:04] engage in that comparis. and what does it [00:19:08] matter when a person stabs you when he is smiling and when he's [00:19:12] snearing, at the end the day you are dead. the [00:19:16] same is to be said the French, the colonizers, [00:19:19] they were perhaps the most vicious, the most vicious, [00:19:23] particularly in Africa, because they came to [00:19:26] loot, plunder and never leave, and this [00:19:30] is so self-evident that when you look at the [00:19:34] manner in which they came in to African [00:19:38] territories, the one that they [00:19:41] acquired primarily by dent of [00:19:44] conquest of patient such as [00:19:48] Senegal, [00:19:51] Niger, Mali, [00:19:54] Burkinafaso, which was upper Valter, Central [00:19:58] African Republic and even little islands like [00:20:01] Mayot and Benin, and the one that they subsequently [00:20:05] received after the treaty of Versaale. like togo, their mother's [00:20:09] operanda was to convert people [00:20:13] into French, and young people [00:20:16] in schools were told to say, our [00:20:20] ancestors, the girls, the policy [00:20:24] was assimilation, to make you [00:20:26] little French [00:20:28] people, that is the manner in which they [00:20:32] governed their territories, and if you visit [00:20:36] any of this... cities they were made in the [00:20:39] image of Paris, that is how [00:20:43] Abijan or to have look like, that is how [00:20:47] that car was meant to look like, that is how near may [00:20:51] was meant to look like, and the net effect therefore is [00:20:55] that their system of administration was to make them [00:20:58] french territory, and the word, the [00:21:01] description in in french [00:21:04] was the territoir, the foreign [00:21:07] territories of France, which were effectively being [00:21:11] administered from Paris, this of [00:21:15] course could not continue for all [00:21:18] times, when the struggle for [00:21:22] independence and the decision in San Francisco in [00:21:25] 1945 that colonization was a crime against [00:21:29] humanity and that people should decolonize, France [00:21:33] itself was a crisis and shall degal had [00:21:37] to be called back as a war general and in [00:21:40] 1958 he came back and of course the gollist [00:21:44] constitution and still at that [00:21:47] time France was not prepared to leave their [00:21:51] territories and some have argued that in fact the [00:21:55] referendum that was held in [00:21:57] 1958 was [00:21:59] designed to tell the former [00:22:02] colonies you regain your independence or those [00:22:06] aspects of it that we want you to regain, but you still [00:22:10] remain within a colony, you still remain within [00:22:14] the French colony, your budget will be dealt [00:22:18] with in Paris, you "currency will be pagged upon the [00:22:22] French frank, your leaders will be [00:22:25] directed by France, your foreign policy will be [00:22:29] dictated to by France, and when the [00:22:33] decision was then made to do that, and [00:22:37] the countries voted with Guine voting no, [00:22:41] many French colonies actually remained under the [00:22:44] tutelage of France. There were of course three individuals [00:22:48] who did not like this." number one was ahmed [00:22:52] ben bell in Algeria who was very [00:22:56] clear that you cannot allow this situation to [00:22:59] continue and the French literally left [00:23:03] Algeria destroyed because they did not like what Benbehla [00:23:07] was doing. The second one was in Mali or what was then called [00:23:11] the French Sudan Modibo Keita. Mudibo keita [00:23:15] actually extracted himself from that environment and for a [00:23:19] short time. there was meant to be a unity between Mali and [00:23:23] Ghana, and of course the most famous in this [00:23:27] regard was Ahmed Sekuture of [00:23:30] Guine, so that when you look at the [00:23:33] French, they continue to stay in those [00:23:36] territories, and what they did was to have [00:23:40] individuals leaders who are their uncles, [00:23:43] Felix, remained [00:23:47] anchor the French in that particular. part the world and [00:23:51] of course later in Gabon, the Omar Bongo [00:23:55] was one the boys that was kept by the French and of [00:23:59] course Denisa songweso in Congo Brazaville, [00:24:02] so when the French left, they ensured that [00:24:06] they continue to control their countries, and the [00:24:10] currencies in those areas are [00:24:14] currencies that were controlled from France even to [00:24:17] date in the case of some them, individuals such as [00:24:21] Jah Bedel Bokasa in Central African [00:24:24] Republic who are tolerated by the French were simply doing [00:24:28] France's building and how has French or [00:24:31] France continued to dominate their former [00:24:35] colonies, first the creation of la francophonie. la [00:24:39] francophonie is a union of former French [00:24:42] colonies, the essence of which [00:24:46] is to ensure that they have their... [00:24:50] economy dictated to by France, their [00:24:54] currency, the CFA Frank, the West African version and [00:24:58] the Central African version, until the French went to the [00:25:01] euro, they had to keep a [00:25:05] certain portion their money in the French [00:25:08] bank, and that continues in respect of certain countries up [00:25:12] to today, they have to midwife all their [00:25:16] economic activities through Perry, that is one. [00:25:20] economic domination, the second one is political [00:25:23] domination, and one sees that in places such as [00:25:27] Cameron, with individuals such as Paul Beer, [00:25:31] who once they are elected spend most their time in [00:25:34] Paris, and beyond the political domination [00:25:38] is also military domination, when we recently [00:25:42] had wave of protest against elected [00:25:46] leaders, what has happened is that in the... [00:25:50] Sahalian region, what has happened is that you have [00:25:54] insurgents in northern Mali, you have [00:25:57] insurgents in Churd, in sergents in [00:26:01] Niger, in sergeents in Burkina [00:26:04] Faso, you having sergents in in [00:26:08] Central African Republic, and you have the base as [00:26:12] la Codivor, and of course when the cou started [00:26:16] happening, it was rejection the French, in the year [00:26:20] in the 2022, we started seeing wave [00:26:24] of young leaders emerging in the sahalian [00:26:27] nations, it started with the guiné, and after [00:26:31] Guine you have... had Niger, after Niger you had [00:26:34] Mali, after Mali you had Bukina and an [00:26:38] electoral process in Dhaka in Senegal, and one [00:26:42] the first thing that they did was to disconnect, we are no longer [00:26:45] using CFA Frank, we want your [00:26:49] armies to leave, we are going to [00:26:53] be in charge of our foreign policy, so [00:26:57] this then leads us to the mother [00:27:00] question: "do the French ever want [00:27:04] to leave?" "No, they don't. Someone [00:27:08] said, a commentator once said that if [00:27:12] the French were to leave [00:27:16] their territories, to cut the umbilical [00:27:19] cord with their territories, within [00:27:23] 20 years France would be a third world, whatever third world mean, but I [00:27:27] think it meant that France would no longer be playing in the [00:27:31] league in which it played." and [00:27:33] you can see it, why do they want to control these territories? one may [00:27:37] ask, cheap uranium, they get it almost [00:27:41] for a song, sheep gold, they get it [00:27:44] almost for a song, sheep [00:27:47] earth, you almost get it for a [00:27:50] song, french culture, remember [00:27:54] that language is a multi million dollar [00:27:58] industry, so when countries are beginning to [00:28:02] migrate. from the use of french, [00:28:05] like some countries in the sahel have now made bambara the [00:28:09] official language, it means you are no longer supplying books [00:28:13] in french, it means your supply of [00:28:17] students to the sobone and other french institution, so it means [00:28:21] that the economic lifelines that keep France [00:28:24] alive are being cut, and this is why [00:28:28] France must continue to dominate our colonies and [00:28:32] You can see that in order to remain in Africa, France is [00:28:36] now to recruit trying to recruit countries that were [00:28:40] not formally within the French colony. There is [00:28:43] major meeting that is going to take place in Kenya in the [00:28:47] year 2026. Kenya was never a colony of [00:28:51] France, but they are beginning to have this dallions. In other [00:28:54] words, if we lose one here, we are going to recruit one [00:28:58] here, and you see very active French president try. [00:29:02] to dictate what is happening in particularly in the sahil, one the [00:29:06] areas that is disturbing them, and today, I [00:29:10] think only, if I'm talk to give it context, [00:29:14] only in the month of November, actually the on the fourth day of [00:29:18] November, the year 2025, timi goita, the president of [00:29:21] Mali is on record as saying, we know they are [00:29:25] doing everything in their power to ensure that they [00:29:29] destabilize the Sahel, that is what France is going to do. They [00:29:33] are going to do everything and anything [00:29:36] diplomatically, militarily, economically to [00:29:40] ensure that they remain in their colony former colonies, [00:29:43] because in their mind these colonies are still [00:29:47] the territoir, these are [00:29:51] still territories that ought to be dictated to [00:29:55] from France, these territories are still [00:29:59] territories which ought to have french legionaire. [00:30:02] and these are territories that ought to be directed from [00:30:06] Paris, that is how french people think, [00:30:10] that is how french administrators think it is sad [00:30:13] thing, the beauty [00:30:15] is: