News
FG Flies the Flag for Corporate Tax Self-Harm- Report

In Nigeria, only one of death and taxes is certain, according to Reuters.

Growing international pressure to fight climate change means Africa’s biggest economy needs to wean itself off its unhealthy reliance on oil receipts.
Ad hoc targeting of foreign companies is a ham-fisted way of tapping alternative sources of revenue.
The latest victim of Abuja’s scattergun approach to corporate taxation is South Africa’s MultiChoice (MCGJ.J).
Federal Inland Revenue Service (FIRS), Nigeria’s tax collection office said the pay-TV business owes $4.4 billion in unpaid dues, nearly a third more than the company’s value on the Johannesburg Stock Exchange.
Fortunately for MultiChoice shareholders, only a fraction of the initial demand will probably have to be paid.
Judging from the company’s 7% share price drop, investors are braced for a penalty in the region of $260 million, 94% less than Nigeria is demanding.
Even that might be an overestimate. A $2 billion tax bill levelled against South African mobile phone giant MTN (MTNJ.J) in 2019 came to literally nothing a year later.
And the $8 billion that the central bank demanded from the same telecommunications company for supposedly illegally repatriated dividends became a $53 million wrist slap.
Such missteps hurt the credibility of the Nigerian authorities. Companies and individuals will naturally assume tax bills are either negotiable or avoidable.
Nor does it enhance the credentials of Africa’s most populous nation as an investment destination.
At the height of its dispute, MTN even threatened to pack up and go home. Fear of being randomly targeted may deter foreign companies from setting up shop there in the first place.
That would undermine President Muhammadu Buhari’s efforts to wean the $500 billion economy off oil, historically the source of 90% of foreign exchange and two-thirds of government receipts.
Such bounties mean Nigeria’s leaders never bothered to build an alternative revenue base. Tax receipts, at around 6% of GDP, are among the lowest in the world, with companies bearing an unusually large 50% of that burden. The average in the rest of Africa is 19%.
With global oil demand set to plummet by 2050, Nigeria will have a big gap in its coffers to plug. But randomly targeting companies is short-sighted.
Boosting VAT receipts or adding consumer levies on things like mobile phone airtime may be politically unpopular but will both raise more revenue and be less damaging to Nigeria’s economy.
Recall that Federal Inland Revenue Service said on July 8 it had instructed banks to freeze the accounts of South African pay-television group MultiChoice to recover $4.4 billion in unpaid taxes.
MultiChoice said it had not been formally notified of the freeze and said the case appeared to be based on unfounded allegations about its subscriber base.
The company said it had engaged with the authorities in a constructive manner and hoped to resolve the issue amicably.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
News
NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.
Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.
“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.
Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.
“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.
He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.
“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.
During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.
Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.
“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.
The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.
In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.
Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.
The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.
E-Business2 days agoFG to Strengthen Cybersecurity Coordination as NDPC Probes Alleged Data Breach
Telecom2 days agoCompensation for Poor Service Quality is Automatic- NCC
E-Business2 days agoOffset Communications Slams N50m Suit against Qore Technologies for Alleged Copyright Infringement
Telecom2 days agoFG Moves to Strengthen Cybersecurity Coordination as NDPC Probes Alleged Data Breach
General News2 days agoTinubu Approves N3.3 Trillion Payment Plan to Boost Power Supply
News2 days agoBeware of Fake Cerelac Products – NAFDAC
General News2 days agoSERAP Sues CCB over Electoral Act, New Tax law
E-Business1 day agoNigeria Cyberattacks: Stronger Collaboration as a Panacea
















