Business

The Special Adviser on Tax Policy to the Chairman of the Tax Reforms Committee, Mr Mathew Osanekwu, has revealed that Nigeria has successfully collected over N600bn in Value Added Tax from global digital service providers such as Facebook, Amazon, and Netflix. He explained that amendments to the VAT Act had empowered the Federal Inland Revenue Service to bring non-resident companies …

In the early 60s, Michael Iheonukara Okpara, former premier of the defunct Eastern Region, had an industrialization policy, which he vigorously pursued. From agriculture, manufacturing to mining, the commitment to grow the economy of the region was obvious. However, Okpara also recognized the importance of hospitality as a key enabler of investments, hence the attention to the sector with the …

Dangote Petroleum Refinery has said membership of trade unions by its employees remains voluntary and not compulsory, in line with the Nigerian Constitution and International Labour Organisation conventions. The company stated this in a release on Wednesday while responding to what it described as “distortions of facts” by the Nigeria Union of Petroleum and Natural Gas Workers concerning its trade …

FUEL SCARCITY LOOMS AS DANGOTE, NUPENG DEAL COLLAPSES Barely 48 hours after the Department of State Services (DSS) brokered peace between Dangote Group and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), fresh dispute has erupted between the duo, Daily Trust can report. Specifically, the leadership of the union halted loading of fuel at the loading bay of …

The Federal Government has revoked the 5% excise tax previously imposed on telecommunications services in Nigeria, a move expected to ease cost pressures for millions of mobile users. The tax, which was intended to apply to both voice calls and data, had drawn widespread criticism from industry players and consumer advocates since its introduction under the Muhammadu Buhari administration. Aminu …

Elon Musk has lost his title as the world’s richest person to Larry Ellison, the co-founder of Oracle and an ally of US President Donald Trump. Ellison’s wealth surged to $393bn (£290bn) on Wednesday morning, surpassing Musk’s $385bn (£284bn), according to the Bloomberg Billionaires Index. Shares in Oracle soared more than 40% after the database software company gave investors a …

The Federal Government says there is no immediate plan to implement the 5 per cent Petroleum Products Tax contained in the new tax legislation. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known at a press briefing in Abuja on Tuesday. The tax has generated widespread anger among Nigerians, with organised labour issuing the …

Dino Melaye, a former senator, has taunted the government of President Bola Tinubu, saying it may soon turn to Fintech operating in Nigeria for loan. The Tinubu administration has come under intense scrutiny over borrowing. Recently, the African Democratic Congress (ADC) said the new wave of borrowing will drive Nigeria’s public debt beyond N200 trillion before the end of the …

Following public outcry, mostly from the members of the Organised Private Sector (OPS), Civil Society Groups, and Nigerians at large, there are strong indications that the National Assembly (NASS) may scrap the Nigerian Electricity Regulatory Commission (NERC)’s introduced electricity tariffs categories- Band A, B, C, and D in the ongoing review of the 2023 Electricity Act over its unconstitutionality, Sunday …

The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has explained that it is embarking on strike action on Monday, September 8, 2025, because Dangote Refinery and its management want to bring back slavery into Nigeria’s workforce. The union made its position known in a statement released on Sunday, signed by Williams Akporeha and Afolabi Olufemi, President and General …