Connect with us

Economy

Obaseki Offers 50% Waiver To Tax Defaulters

Published

on

tax-defaulters

By Modupe Gbadeyanka

Tax defaulters in Edo State have been given a 50 percent waiver by the state Governor, Mr Godwin Obaseki.

However, they have to meet certain conditions to enjoy this freebie.

The Governor made this announcement during a meeting with the Management of Edo State Inland Revenue Service (EIRS) and representatives of tax payers in the state which held at the weekend in Benin City, the state capital.

Mr Obaseki noted that the gesture was to tidy up tax system and encourage tax defaulters to join the pool of 10 percent who pay taxes in the state.

He said part of the conditions set for the defaulters to benefit from the waivers is that all the outstanding tax liabilities running into billions of naira, inherited from by past administrations up to December 1, 2016, must be paid within 90 days.

Mr Obaseki noted that the tax administration of EIRS would be reviewed to check the perceived abuses and arbitrariness in tax assessment and in the state.

According to him, adequate deployment of Information Communication technology (ICT) and trained personnel across the various offices of EIRS in the state would be done.

The Governor further said an online portal, where tax payers could assess and file their tax returns effortlessly, would be set up in the next six months.

“On a final note, I agree with you, this is a new era. We are in a recession. Things are difficult and as a government that is listening, we must respond, but also, as a people, you must also reciprocate.

“We will look at all outstanding tax liabilities. We will wave most of the interest and penalties that have accumulated and impact on what is outstanding.

“Depending on the category, it is from the waiver that you will get up to 50 percent of what you owe provided that you also agree that you make the payment of what is outstanding within 90 days. We hope that you will also reciprocate by making sure that you clear all your tax arrears so that we do not take them into the new year (2017).

“We want a new start of a new dawn. We want to clean up and ensure that we face the future together with a common sense of purpose.

“We will be investing more in Information Communication technology (ICT). With ICT, you can assess yourself and file your returns on your own.

“We will be upgrading our different area offices across the City and the state to make sure that they serve you better.

“We will be training a lot of new employees who will treat you properly.

“You are Edo Citizens and you are not people under captivity, therefore our role as government is to serve you. We are collecting these taxes to provide service to you.

“We will not allow a situation whereby you see us as evil and unfriendly. Government must be friendly and perceived as humane. However, that is not a sign of weakness and that is something that we must emphasize in EIRS,” Mr Obaseki disclosed.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Economy

NGX All-Share Index Crosses 135,000 Milestone After 0.53% Rise

Published

on

All-Share Index NGX

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 0.53 per cent on Monday as the demand for equities continues to increase.

The bourse closed in green despite the banking sector recording profit-taking, with its index declining by 0.69 per cent at the close of transactions.

The insurance sector appreciated by 2.54 per cent, the consumer goods industry rose by 1.29 epr cent, the industrial goods space improved by 0.64 per cent, and the energy index grew by 0.22 per cent.

At the close of business, the All-Share Index (ASI) went up by 713.58 points to 135,166.51 points from 134,452.93 points and the market capitalisation grew by N400 billion to finish at N85.455 trillion compared with the preceding session’s N85.055 trillion.

On the first trading day of the week, the market posted a turnover of 795.6 million shares worth N23.2 billion in 37,626 deals compared with last Friday’s 681.2 million shares valued at N17.0 billion exchanged in 26,931 deals, indicating an increase in the trading volume, value, and number of deals by 16.79 per cent, 36.47 per cent, and 39.71 per cent, respectively.

Fidelity Bank traded 123.0 million equities valued at N2.6 billion, FCMB transacted 68.4 million stocks for N670.1 million, Japaul exchanged 44.1 million shares valued at N126.8 million, Zenith Bank sold 31.0 million equities worth N2.3 billion, and Access Holding traded 29.1 million stocks valued at N816.8 million.

During the session, Academy Press was the best-performing equity after chalking up 9.99 per cent to close at N10.24, Champion Breweries appreciated by 9.98 per cent to N13.55, Tripple Gee gained 9.97 per cent to settle at N3.86, May and Baker improved by 9.94 per cent to N18.80, and UAC Nigeria rose by 9.92 per cent to N60.40.

On the flip side, Livestock Feeds declined by 10.00 per cent to N8.10, The Initiates tumbled by 9.98 per cent to N14.52, Ellah Lakes slipped by 9.08 per cent to N8.91, NGX Group lost 6.02 per cent to N75.00, and Thomas Wyatt depreciated by 5.54 per cent to N2.90.

Business Post reports that Customs Street recorded 45 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.

Continue Reading

Economy

Crude Prices Rise 2% on US-EU Deal, Trump’s Russia Sanctions Fast Track

Published

on

crude prices

By Adedapo Adesanya

The prices of crude oil rose by 2 per cent on Monday after a trade deal between the United States and the European Union (EU), just as the US moved to sanction Russia ahead of a planned deadline, with Brent crude growing by $1.60 or 2.3 per cent to settle at $70.04 a barrel, and the US West Texas Intermediate (WTI) crude increasing by $1.55 or 2.4 per cent to $66.71 per barrel.

Market analysts warned that the deal between the US and EU and a possible extension of the US-China tariff pause are also supporting global financial markets and oil prices.

The framework trade pact with the EU announced on Sunday sets a 15 per cent US import tariff on most EU goods.

US President Donald Trump also said the deal called for $750 billion of EU purchases of US energy in the coming years.

President Trump also announced that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions, saying he was reducing the 50-day deadline to 10-12 days.

According to market analysts, the trade pact gives US producers a huge boost and also puts more pressure on Russian President Vladimir Putin to come to the table.

If enforced, these measures could dramatically reshape the global oil landscape as President Trump’s warning includes 100 per cent secondary tariffs on any country importing Russian crude. This would place heavy economic pressure on China, India, and Turkey, who have significantly increased Russian oil imports since the start of the war.

US and Chinese officials will meet in Stockholm on Monday to try to extend their tariff truce before an August 12 deadline.

Meanwhile, a strong Dand falling Indian oil imports have weighed on crude prices.

On the supply side, a panel of the Organisation of the Petroleum Exporting Countries and its allies, (OPEC+) on Monday stressed the need for full compliance with oil production agreements.

This comes ahead of Sunday’s separate gathering of eight OPEC+ members to decide on increasing oil output for September. Recall that the sub-group had already increased production from May to August.

This could see the group return to at least complete the full return of 2.2 million barrels per day of additional voluntary supply cuts by the end of September.

Continue Reading

Economy

Champion Breweries Gets Shareholders’ Nod for N45bn Capital Injection

Published

on

Champion Breweries stocks

By Aduragbemi Omiyale

The board of Champion Breweries Plc can now go ahead to source N45 billion to inject into the business as part of its bold expansion drive.

The company received approval for this significant capital injection from shareholders at an Extraordinary General Meeting (EGM) held virtually on Thursday, July 24, 2025.

Recall that in 2024, EnjoyCorp Limited became the majority shareholder of the brewery company and since then, the firm has been on an upward trajectory, with its stock price rising at the Nigerian Exchange (NGX) Limited.

At the EGM, investors authorised the board to increase the share capital of the organisation to five billion shares, with fresh capital raise of N45 billion be raised by way of debt and bonds.

The proceeds will fund a landmark acquisition of key intellectual property and brand assets, underscoring Champion Breweries’ ambition to accelerate growth and strengthen its market leadership.

Under the resolutions passed, the capital raise will bolster the company’s balance sheet, enhance liquidity, and provide the financial flexibility required to execute an aggressive expansion and innovation programme.

Shareholders also endorsed the acquisition of select intellectual property and brand assets to broaden Champion Breweries’ portfolio, boost operational efficiency, and cement its position in Nigeria’s competitive beverage market.

The virtual EGM recorded robust shareholder participation, with voting conducted electronically and via proxy. In compliance with statutory requirements, the Register of Members was closed from July 7 to July 10, 2025, to facilitate seamless preparations.

The board expressed deep appreciation to shareholders for their unwavering support and reaffirmed its commitment to expanding operational capacity, broadening its product portfolio, and deploying capital prudently to deliver consistent returns while sustaining market leadership.

“We are extending our promotional reach with eco-friendly units already on the road. This capital raise empowers us to fast track growth, launch premium innovations, and deepen market presence, all while upholding our commitment to quality, sustainability, and long-term shareholder value,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, stated.

Also, the Managing Director of the company, Mr Inalegwu Adoga, said, “Champion Breweries has consistently demonstrated resilience and potential, even as previous challenges required a stabilization phase. With this new era of industrial growth, we are poised to evolve beyond mere shelf presence to create meaningful market impact by positioning Champion Breweries as a driver of cultural and economic value.”

Continue Reading

Trending