General News
Ochefu, Bala-Usman, Chukwu line up for GOCOP 2023 conference

A line up of seasoned professionals are now ready to speak as panelists at the 2023 annual conference of the Guild of Corporate Online Publishers (GOCOP) holding on Thursday, October 5, 2023 at Abuja Continental Hotel (Old Sheraton Hotel) Abuja.
This line-up according to the chairman of the GOCOP 7th Conference Planning Committee and deputy president, Mr Danlami Nmodu, mni, include the Secretary-General, Committee of Vice-Chancellors of Nigerian Universities (CVCNU), Prof. Yakubu A. Ochefu; Special Adviser to the President (Policy Coordination) Hajia Hadiza Bala-Usman, and Chief Executive Officer, Cowry Assets Management Ltd, Mr. Johnson Chukwu.
The GOCOP Publicity Secretary, Mr. Remmy Nweke, in a press statement, also noted that the conference would be presided over by the Registrar and Chief Executive Officer, Join Admissions and Matriculation Board (JAMB), Prof. Ishaq Oloyede, while the first Nigerian professor of Capital Market, Prof. Uchenna Joseph Uwaleke, has been confirmed as the keynote speaker.
Danlami was also quoted that the conference would focus on the theme: “Nigeria: Roadmap for Socio-Economic Recovery and Sustainability” pointing out that the choice of the topic is informed by the current socio-political and economic realities facing Nigeria, post-2023 general elections.
Further, Nweke recalled that Professor Yakubu Aboki Ochef is an academic, university administrator and entrepreneur. He holds a B.A and PhD degrees in History and Economic History from the University of Calabar, and an M.A in Political Economy from the University of Birmingham.
Ochefu began his academic career in 1985 at the University of Calabar and later transferred to the Benue State University Makurdi in 1993. In 2003, he was promoted to the rank of Professor of Economic History and Development Studies. At the Benue State University, he held various positions such as Head, Department of History, Dean Students Affairs, Deputy Vice-Chancellor, and Director of Consultancy Services. From 2012 to 2017, he was Vice-Chancellor of Kwararafa University, Wukari in Taraba State. He was in 2019 appointed Secretary-General of the Committee of Vice-Chancellors of Nigerian Universities, and Committee of Pro-Chancellors of Nigerian Federal Universities.
Hadiza Bala Usman is a Nigerian politician who served as managing director of the Nigerian Ports Authority from 2016 to 2021. Previously, she served as the chief of staff to the governor of Kaduna State from 2015 to 2016 and was appointed special adviser on policy coordination to President Bola Tinubu in June 2023.
Since 2014, she is one of the co-founders of the Bring Back Our Girls campaign and in year 2000, she graduated with a bachelor’s degree in business administration from the Ahmadu Bello University in Zaria and later received a master’s degree in development studies from the University of Leeds in 2009.
Whereas, Mr. Johnson Chukwu, the chairman and founder, Cowry Assets Management Ltd, and prior to the establishment of Cowry Asset Management Limited, has been actively involved in the Nigerian capital market and was instrumental to the establishment of one of the most vibrant capital market operator, as the pioneer General Manager/Chief Executive Officer of Guardian Express Trust Limited (now Spring Capital) – a subsidiary of Guardian Express Bank Plc (now Spring Bank Plc).
Before joining Cowry Asset Management Limited on a full-time basis in October 2007, Mr. Chukwu was between February 2006 and September 2007 a Deputy General Manager and Group Executive, Operations of Spring Bank Plc.
Mr. Chukwu is a Bachelor of Science (B.Sc.) second class upper degree holder in Accounting and a University of Lagos Scholar. He also holds an MBA from Lagos Business School (Pan African University).
Preceding speakers at GOCOP annual conference, he said, include the chairman of the Independent National Electoral Commission (INEC), Yakubu Mahmood, who in 2022, spoke on ‘2023 Elections: Managing the Process for Credible Outcome’; Most Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto, who delivered the 2019 lecture on: “Economy, Security and National Development: The Way Forward.”
While in 2021, he said, Mr. Boss Mustapha, Secretary to the Government of the Federation, keynoted the conference in his capacity as Chairman of the Presidential Task Force on COVID-19, on “Post COVID-19 Pandemic: Recovery and Reconstruction in Nigeria.”
General News
FG Collaborates with China to Digitalize Customs

Federal Government is increasing collaborations with China to digitalise Nigeria Customs Service operations. This past weekend, NCS strengthened its cooperation efforts through a high-level engagement with the General Administration of Customs of China (GACC).
The meeting, held in Beijing, China, brought together senior officers of the customs service and top officials from the GACC to explore bilateral knowledge exchange and capacity development in customs administration.
Abdullahi Maiwada, NCS Assistant Comptroller of Customs said that discussions were held with officials from the GACC International Cooperation Division, the Training and Education Centre and representatives of the Shanghai Customs College.
“The engagement focused on deepening cooperation in customs training methodologies, modernisation models and technology-driven solutions, especially as China plays a pivotal role in Nigeria’s international trade network,” said Maiwada.
He added that during the meeting, the Chinese customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches. In 2024, GACC conducted over 8 000 physical training sessions and developed 360 online courses.
Discussions also highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers, including 89 from Nigeria, having received training since 2023 across various areas, such as trade facilitation, anti-smuggling enforcement, food safety supervision and digital port operations.
The bilateral dialogue between the two customs agencies also heralded new areas of collaboration, including Nigeria’s participation in upcoming Customs Modernisation Courses and officer development training at the Shanghai Customs College.
General News
Tesla Taps Samsung for Next-Gen AI Chip Production in $16.5Bn Deal

Tesla CEO, Elon Musk has announced a $16.5 billion chip supply agreement with Samsung Electronics, a move expected to revive the South Korean company’s struggling foundry business.
The deal will see Samsung’s new chip factory in Taylor, Texas, manufacture Tesla’s next-generation AI6 chip.
Musk revealed that Tesla will help optimise production at the plant, located near his home, adding, “I will walk the line personally to accelerate the pace of progress.”
“The $16.5B figure is just the minimum — actual output will likely be several times higher,” Musk said in a post on X.
Samsung’s shares surged 6.8% to their highest level since September 2024 following the announcement, while Tesla stock gained 1.9% in premarket trading.
According to analysts, the Taylor facility previously struggled to attract major clients. The Tesla order marks a significant breakthrough, especially after reports in October 2024 revealed Samsung had delayed equipment deliveries due to a lack of customers.
Samsung currently produces Tesla’s AI4 chips for its Full Self-Driving system. While TSMC is set to make the AI5 chips, Samsung has now secured the more advanced AI6.
Though no specific timeline was shared, AI6 production is expected to begin in 2027 or 2028. Musk previously stated AI5 chips would be ready by late 2026.
Samsung, the world’s largest memory chipmaker, is working to expand its contract manufacturing business, which currently holds just 8% of the global market — far behind TSMC’s 67%.
The chip deal, running through 2033, had been initially announced without naming Tesla as the client. However, multiple sources confirmed the U.S. automaker as the buyer.
The partnership comes as Samsung faces intense pressure to compete in the booming AI chip sector. Earlier this month, the company projected a 56% drop in Q2 operating profit, with foundry losses exceeding $3.6 billion in the first half of the year.
Industry analysts say this deal could help reverse Samsung’s fortunes, offering a much-needed win in its race to stay competitive in a capital-intensive and technologically demanding field.
General News
New Tax Law Empowers NRS to Fine Offenders up to N10m

The newly enacted Nigeria Tax Administration Act, 2025, has empowered the Federal Inland Revenue Service (FIRS), renamed Nigeria Revenue Service (NRS), to impose fines for individuals and companies for failing to register, file returns, use tax technology, or disclose basic information like a change of business address.
The Act is among the tax laws signed by President Bola Tinubu on June 26.
The tax administration law is expected to take effect from January 1, 2026, under a renamed agency — the Nigeria Revenue Service (NRS), currently known as the FIRS.
The Act, which is an updated version of previous fragmented tax enforcement provisions, outlines a comprehensive list of offences and corresponding penalties, with fines ranging from N10,000 to N10 million, as well as prison terms of up to 10 years for serious breaches.
Under the general offences and penalties section of the law, a taxable person who fails to register with the relevant tax authority is liable to a N50,000 fine in the first month and N25,000 for each subsequent month of default.
The Act stressed that companies that award contracts to unregistered vendors will face a N5 million penalty.
The law also imposes a N100,000 fine for failure to file tax returns, plus N50,000 monthly for as long as the failure continues.
“A taxable person who fails or refuses to file returns or knowingly files incomplete or inaccurate returns to the relevant tax authority in accordance with the provisions of this Act, shall be liable to pay an administrative penalty of (a) 100,000 in the first month in which the failure occurs; and (b) N50,000 for each subsequent month in which the failure continues,” the Act reads.
“A taxable person who Failure to books (a) fails to keep accounts, books and records of business transactions and income, to allow for the correct ascertainment of tax and filing of returns to the relevant tax authority; or (b) upon request by the relevant tax authority, fails to provide any record or book prescribed in this Act shall be liable to pay an administrative penalty of- (i) in the case of a person other than a company, N10,000, and (ii) in the case of a company, N50,000.”
Also, the law states that failure to notify the tax authority of a change of address within 30 days of such change, giving a wrong address, or failing to comply with the requirement for notification of permanent cessation of trade or business under the relevant tax laws shall be liable to an administrative penalty.
“A taxable person who fails to notify the relevant tax authority – Failure to notify change of address (a) N100,000 for the first month in which the failure occurs; and (b) 45,000 for each subsequent month failure persists,” the law reads.
In a bid to modernise tax compliance, the Act makes it compulsory for businesses to allow the Federal Inland Revenue Service (FIRS) to deploy fiscalisation technology or face a N1 million fine for the first day of refusal and N10,000 for each day after.
Any business that fails to process sales through the fiscalisation system will also be fined N200,000, pay 100 percent of the tax due, and accrue interest at the prevailing Central Bank of Nigeria (CBN) monetary policy rate.
The Act is especially punitive toward those who fail to deduct or remit taxes.
“A person that deducts, collects, or withholds any tax under this Act, and fails to remit the amount deducted, collected, or withheld by the 21st day of the month immediately succeeding the month in which the amount was deducted, collected, or withheld, is liable to pay,” it added.
“Failure to remit tax deducted source or self-account (a) the amount deducted, collected or withheld but not remitted; (b) an administrative penalty of 10% per annum of the tax deducted, collected or withheld but not remitted; and (c) interest at the prevailing Central Bank of Nigeria monetary policy rate. “A person convicted of any of the offences under this section shall be liable to a term of imprisonment not exceeding three years, or a fine of not less than the principal amount due plus a penalty of not more than 50% of the sum, or both.
“A person who (a) fails to comply with the requirements of a notice served under this Act or any other tax law; (b) fails to attend or provide answers to a notice, summons or process served under this Act or any other tax law; or (c) having attended, fails to answer any question lawfully put to him, is liable to an administrative penalty of N100,000 in the first day of default and N10,000 for every subsequent day where the default.”
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