News
Nigeria Loses N126.2Bn on Abandoned FG Properties in Lagos – Unilag Don

The Federal Government has again been charged to either concession or sell all its buildings that are not being utilized across the country to private investors in order to forestall further deterioration as a result of continued abandonment.
Prof. Olumide Afolarin Adenuga, professor of Building, who gave the charge in his inaugural lecture at the J.F Ade Ajayi Memorial Hall, University of Lagos, Akoka, on Wednesday, said, N126.2 billion revenue have been lost since 2006 on the Federal Government properties in Lagos State alone, because the government have refused to either sell or concession the assets.
Adenuga, a professor of building management lamented that the nation have been hemorrhaging as a result of the neglect of the buildings, warning that the huge economic benefits of these iconic structures would continue to elude the nation if the government continue to ignore the need to restore them to beneficial use for Nigerians.
The university don who said maintenance is as old as creation, said man have had to contend with managing his space and the ecosystem since he abandoned a wandering lifestyle to adopt a settled life, pointing out that maintenance was responsible for increased lifespan of structures such as the Egyptian pyramids, the Papal States in the Vatican City, The White House in the United States and the Golden Temples, and other monuments, most of which have been kept in same serviceable condition as they were at the time of their construction.
For him, it is regrettable that many of the nation’s iconic assets, which were pleasant to look at, at the time of their construction, had been allowed to degenerate due to lack of maintenance and planned repairs that could have reversed the trend and turned them into positive economic assets.
“It is a glaring fact that our buildings are in very poor and deplorable conditions of structures and decorative disrepair, abandoned and reduced more or less to refuse dumps and natural homes for rodents and vermins in spite of billions of Naira spent to build and commission them.”
Adenuga listed among such assets wasting away in Lagos State to include; the National Stadium, Surulere, the Federal Secretariat Complex, Ikoyi, The Nigerian Eternal Telecommunications (NET) building, Marina, the Defence House (formerly Independence Building), and the former NAVY Headquarters building in Marina. Other buildings according to him are: the National Arts Theatre, Iganmu, former National Assembly complex, Tafawa Balewa Square, and the Supreme Court building among others.
He said: “All these buildings are in deplorable states of structural and decorative repairs because we do not have any maintenance culture, a fact which manifests in the general apathy for maintenance coupled with ignorance on the part of occupiers of the benefits of planed preventive maintenance and care of buildings.”
According to him, the cumulative potential economic loss at the National Stadium alone, between 2004 to date, is about N52.6 billion, while the Federal Secretariat, which has been overgrown with weeds and is now home to reptiles and rodents, could have been yielded over N72 billion, if it had been converted to luxury residential apartments as proposed by Resort international Limited since 2006, while the 32-storey NET building with about 720 sq. metres of lettable space could have attracted over N1.6 billion in rent annually if well maintained and optimally utilised.
He said apart from the loss of the huge revenue which could have been ploughed back into provision of social amenities for Nigerians, the 480 units of luxury residential apartments being proposed by RIL could have contributed to reducing the shortfall in the nation’s housing stock.
“Because of their present deplorable state, these once iconic structures have become a nuisance not only to the city of Lagos and her residents, but is also a source of economic loss arising from abandonment and gross under-utilisation,” he added.
He said since it hardly feasible to construct buildings that are maintenance free, it is desirable for experts to think of building maintenance projections even at the design stage to reduce the cost of maintenance work throughout the lifespan of a building.
“All elements of buildings deteriorate at a greater or lesser rate depending on the materials used, methods of construction, environmental conditions, and the use of the building,” he said.
To reverse the trend of improper maintenance of public or private properties, Adenuga recommended a formulation and formalization of regular minimum repair programme, regular and effective inspection of all the fabrics of the buildings, including their sorroundings, as well as the comfort of the occupants to detect signs of disrepair, prompt attention to repair needs of buildings, to prevent further deterioration in order to keep the buildings in acceptable standards.
He canvassed planned preventive maintenance, which according to him are best accommodated at the design and construction stages of building development, even as he urged occupiers of buildings to be adequately educated to report, as soon as noticed, defects for prompt maintenance even as he charge them to use the property in such a way as to keep them in good tenantable conditions.
He canvassed that occupiers of public properties should be responsible for repairs and maintenance of the properties, the avoidance of deliberate alterations, which may lead to immediate or eventual decline in the state and aesthetic value of property, the standardization of building components.
He added that property owners, both private and public, should guide against overcrowding which may result in over-use of facilities and undue pressure on sanitary facilities.
Adenuga, a product of the polytechnic system, who described the lecture as his debt to academic and scholarship, is the second professor to have given his inaugural lecture in the Department of Building and the ninth professor in the Faculty of Environmental Sciences of the University of Lagos.
News
NGX Unveils Net-Zero Plan for Greener Capital Market

Nigerian Exchange Limited (NGX) has launched the NGX Net-Zero Programme to guide listed companies toward clear carbon reduction pathways and enhanced climate disclosures aligned with global investor standards.

NGX
The high-level launch engaged chief executives of quoted firms alongside development partners including German Investment Corporation KfW, DEG, and African Foresight Group (AFG), NGX’s implementation partner. Issuers and investors discussed financing decarbonisation, sustainability practices, and attracting climate-aligned capital.
NGX Group Chairman Dr Umaru Kwairanga described the initiative as concrete climate action, commending partners for two years of groundwork. “Today marks leadership and decisive action. Climate change has become a core business imperative, with capital markets mobilising capital and setting standards,” Kwairanga said.
He positioned NGX Net-Zero to support emissions measurement, disclosure, capacity building, and sustainable finance access, urging CEOs to embrace it strategically rather than as compliance. Kwairanga reaffirmed NGX’s goal to make Nigeria’s capital market Africa’s green finance hub.
Group CEO Temi Popoola called climate action a business imperative, noting sustainability-embedded firms attract capital, manage risks, and stay competitive. DEG Management Board Member Monika Beck highlighted partnerships scaling impactful, commercially viable climate solutions.
The event closed with a ceremonial gong marking the programme launch and send-off for outgoing DEG Regional Director Bernd Telemann.
News
Nigeria Off EU High-Risk Money Laundering List in Major Financial Win

Nigerian Financial Intelligence Unit (NFIU) has hailed Nigeria’s removal from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) as a landmark achievement endorsing the nation’s reform efforts.

Nigerian Financial Intelligence Unit (NFIU)
NFIU CEO Hafsat Abubakar Bakari said the delisting, contained in European Commission Delegated Regulation (EU) C (2025) 8460 adopted December 4, 2025 and effective January 29, 2026, affirms sustained AML/CFT and Counter Proliferation Financing (CPF) reforms.
The move follows Nigeria’s exit from the FATF Jurisdictions under Increased Monitoring after addressing strategic deficiencies, alongside Burkina Faso, Mali, Mozambique, South Africa and Tanzania.
Bakari noted the European Commission recognised Nigeria’s strengthened AML/CFT effectiveness, closed technical gaps, and fulfilled FATF Action Plan commitments leading to grey list removal in June and October 2025.
The delisting eliminates enhanced due diligence requirements for EU financial transactions, easing compliance, boosting cross-border flows, and enhancing Nigeria’s appeal for European trade, investment and partnerships.
The NFIU attributed success to President Bola Ahmed Tinubu’s political will and collaboration among National Assembly, law enforcement, regulators, judiciary, private sector and development partners.
The agency reaffirmed commitment to ongoing FATF, GIABA, EU engagement and domestic framework resilience to maintain international confidence in Nigeria’s financial system.
News
FG Directs Banks, Fintechs to Remit VAT on Service Fees

The Federal Government has directed all banks and fintechs to collect and remit 7.5 per cent value-added tax on certain electronic banking services, effective Monday, January 19, 2026, according to an email notice issued by payment platforms.

The VAT will apply to electronic banking charges, including mobile money transfers, USSD transaction fees, and card issuance fees, according to an email notice on Wednesday shared with customers by Moniepoint.
For example, if a bank charges N100 to make a transfer, the 7.5 per cent VAT will be applied to that service fee, not the money being sent.
“From Monday, January 19, 2026, we are required to collect a 7.5 per cent VAT, to be remitted to the Nigerian Revenue Service (formerly known as the Federal Inland Revenue Service).
“VAT will apply to certain banking services that include electronic banking charges such as mobile banking fees (transfers), USSD transaction fees, and card issuance fees,” the email read.
Other operators are expected to issue similar notices to their customers in the coming days. Services that will remain exempt include interest earned on deposits and savings, meaning customers will not pay tax on the returns from their accounts.
The NRS, formerly known as the Federal Inland Revenue Service, has set the deadline to ensure that all commercial banks, microfinance banks, and electronic money operators comply with the collection and remittance requirement.
Moniepoint stressed that this is not a price increase but a statutory obligation. “Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service,” the company said in a statement.
The move is part of the government’s broader efforts to standardise VAT collection on digital financial services and expand revenue generation amid Nigeria’s growing digital economy. VAT on banking transactions is not entirely new; the NRS is now enforcing uniform collection rules across all platforms, ensuring compliance across the sector.
Customers have been assured that the new tax will be clearly itemised, with the VAT shown separately on transaction statements and reports.
In December, several commercial banks informed customers that the N50 stamp duty would be deducted on electronic transfers of N10,000 and above, following the commencement of provisions of the new Tax Act.
The charge, previously known as the EMTL, has now been formally reclassified as stamp duty and will be applied as a one-off fee on qualifying electronic transfers.
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