Large companies in Nigeria risk regulatory sanctions if they fail to connect their invoicing systems to the National Revenue Service (NRS) electronic invoicing platform by the end of June, as the government accelerates its shift to real-time tax monitoring. The new system requires businesses to generate invoices digitally and transmit them to the NRS in real or near real time. Each invoice is authenticated on the platform, creating a verifiable digital trail that allows tax authorities to track transactions and match them against filings. Speaking during a webinar, Mohammed Bawa said companies that fail to meet the deadline will be…
Author: Elvis Eromosele
Aliko Dangote, Nigeria’s leading industrialist, is pushing ahead with plans to list Dangote Petroleum Refinery & Petrochemicals in what could become Africa’s largest initial public offering (IPO), with a target to raise up to $5 billion. The share sale, expected to open as early as May, could value the company between $40 billion and $50 billion, positioning it as one of the most significant capital market events in the continent’s history. The offer is projected to cover between 5 per cent and 10 per cent of the refinery’s equity, creating an entry point for both local and international investors into…
Dr Samuel Ayetutu, PhD, fnipr, Chairman of the Nigerian Institute of Public Relations (NIPR), Lagos State Chapter, has called on members of the Chapter to intensify preparations for active participation in the forthcoming Nigerian Public Relations Week 2026, scheduled to commence on April 19, 2026, in Kaduna State. The annual gathering, themed “CROC CITY 2026,” will bring together public relations professionals, scholars, policymakers and industry stakeholders from across Nigeria for a week of knowledge exchange, networking and professional development. In a statement issued in Lagos, Dr. Ayetutu emphasised the importance of strong representation from the Lagos State Chapter, popularly regarded…
The Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing individual annual income tax returns to April 21, 2026, following increased pressure on its digital filing platform. The agency said the decision was driven by a surge in usage of its eTax system after the earlier deadline was shifted to April 14, resulting in heavy traffic and processing demand. In a statement signed by Monsurat Amasa-Oyelude, LIRS noted that the extension is aimed at giving taxpayers more time to complete their filings smoothly and without disruption. According to the agency, the additional window is designed to enhance…
The Nigerian Communications Satellite Limited (NigComSat) has regained a dominant position in Nigeria’s communications space, now carrying over 50 per cent of the country’s broadcast traffic, according to Nkechi Jane Egerton-Idehen, its Chief Executive Officer. Speaking at a press briefing in Lagos, Egerton-Idehen said the milestone marks a strong turnaround for the state-owned satellite firm, which had struggled with underutilisation despite significant government investment. She revealed that major institutions, including the National Broadcasting Commission (NBC), Galaxy Backbone, and the National Identity Management Commission (NIMC), have returned to NigComSat’s network, while new clients, particularly telecom operators and service providers, are being…
More than 200 people are feared dead after a suspected Nigerian military airstrike hit a crowded village market in Yobe State, in what appears to be a tragic misfire during an operation targeting insurgents. The incident reportedly occurred on Saturday night in the Jilli axis, with local officials and residents describing widespread devastation among traders and civilians. While the Nigerian Air Force said it carried out an operation against Boko Haram militants in nearby Borno State, it did not confirm striking a market. However, Brigadier General Dahiru Abdulsalam, a military adviser to the Yobe State Government, acknowledged that civilians attending…
Nigeria’s manufacturing sector generated N1.17 trillion in Value Added Tax (VAT) in 2025, reinforcing its position as the country’s top contributor to tax revenue, according to the National Bureau of Statistics. The figure marks a sharp increase from N803.53 billion in 2024, highlighting the sector’s growing role in government revenue despite economic headwinds. Data from the NBS shows consistent VAT contributions throughout the year: Q1: N286.95 billion Q2: N297.68 billion Q3: N290.79 billion Q4: N292.12 billion The steady quarterly performance underscores the sector’s resilience amid inflation, currency volatility, and rising production costs. Manufacturing continues to anchor Nigeria’s non-oil economy, driven…
Dangote Group is ramping up plans to expand its industrial footprint, targeting up to 1.4 million barrels per day (bpd) in refining capacity under a $40 billion investment drive backed by the African Export-Import Bank. The ambitious five-year plan, tagged Vision 2030, outlines a two-phase strategy to scale operations across refining, fertiliser production, and other key sectors between 2025 and 2030. At the core of the strategy is the expansion of the Dangote Petroleum Refinery from its current 650,000 bpd capacity to 1.4 million bpd. The group also plans to quadruple fertiliser production from 3 million tonnes per annum to…
The Federal Government of Nigeria has released a fresh list of individuals and companies accused of financing terrorism, directing all financial institutions to immediately freeze their accounts and assets. The updated sanctions list was issued through the Nigeria Sanctions Committee as part of a wider crackdown on financial networks linked to extremist activities. Among those named are nine individuals allegedly connected to terrorism financing, including Tukur Mamu, alongside Yusuf Ghazali, Muhammad Sani, Abubakar Muhammad, Sallamudeen Hassan, Adamu Ishak, Hassana-Oyiza Isah, Abdulkareem Musa, and Umar Abdullahi. The government also sanctioned several business entities, including Bureau De Change operators and trading firms…
Oando Plc is seeking up to $750 million in funding to drive an aggressive drilling campaign that could triple its production, as shifting global energy dynamics increase investor interest in West Africa. Wale Tinubu, the firm’s Chief Executive Officer, said the company is pushing hard to secure financing for a major expansion plan aimed at significantly scaling output. Rising tensions linked to the Iran war have disrupted global energy supply chains, making West Africa a more attractive destination for oil investments. Tinubu noted that compared to volatile regions, Africa is increasingly viewed as a relatively stable alternative for energy investors.…