Economy
VAIDS Aims to Capture Four Million New Taxpayers—Adeosun
By Modupe Gbadeyanka
Minister of Finance, Mrs Kemi Adeosun, has disclosed that Voluntary Assets and Income Declaration Scheme (VAIDS) launched mid last year was aimed to bring in four million new tax payers into the nation’s tax net.
Mrs Adeosun made this disclosure this week when she spoke at a conference at the United Nations office in New York, where she was part of experts who discussed ways to stop Illicit Financial Flows (IFF) in Africa.
She explained that the tax amnesty was targeted at increasing the tax payer base, raising at least $1 billion revenue and regularising the tax status of many Nigerians.
“We are using technology to improve the accuracy and efficiency of the programme. Project Light House is using advanced data mining and data analytics techniques to: identify tax defaulters, establish their tax liabilities and send notifications.
“The computer software, which drives Project Lighthouse, aggregates data from multiple sources such as bank accounts, land registry records, company registration data, tax filings, customs’ records, asset ownership records, etc to identify and track tax evaders.
Commenting on IFF in Africa, the Minister affirmed that it was a problem that urgently requires global focus and actions towards the realisation of significant developmental progress for Nigeria and other developing countries.
“The IFFs are driven by the desire to hide illicit wealth, hide the proceeds away from the public eye and law enforcement agencies and also conceal the ways and means by which illicit wealth was created.
“This makes it difficult to trace the associated money flow.
“Developing countries, including Nigeria, collect significantly lower levels of tax, as a percentage of Gross Domestic Product (GDP), than wealthier States. This is partly because the income and wealth being created, is taken out of the country illegally, without being taxed,” Mrs Adeosun said.
Quoting the report of former South African President Mbeki’s High-Level Panel on IFFs, the Minister said Africa loses $80 billion annually to IFFs, with a significant percentage of the loss coming from Nigeria.
She disclosed that Federal Government had engaged a leading international Asset Tracing and Investigation Agency (Kroll), to trace and track illicit flows and assets.
In addition, she said Nigeria had signed the Multilateral Competent Authority on Common Reporting Standards, which allows for exchange of financial account information.
The country, according to her, is expected to effect the first exchange by 2019 as soon as the domestic legal framework was completed.
“Nigeria has adopted the Common Reporting Standards and the Addis Tax initiative aimed at improving the fairness, transparency, efficiency and effectiveness of the tax system.
“Furthermore, as part of open government partnership Nigeria has included in the national action plan a commitment to establish a public register of beneficial owners.
“To this end, the Corporate Affairs Commission (CAC), the custodian of Nigeria’s company registry, is pursuing relevant amendments to the Companies and Allied Matters Act to comply with global standards,” she said.
As part of measures to tackle IFFs, Mrs Adeosun called for the tightening of Nigeria’s tax codes and tax laws that encourage tax avoidance as well as strengthening of the tax system to make it more efficient.
Advocating more responsibility on the part of destination countries of IFFs, she said beneficial ownership registers should be established to allow authorities track money in financial investigations involving suspect accounts/assets held by corporate vehicles.
The Minister further called for the elimination of safe havens that provide incentives for transfer of stolen assets and illicit financial flows abroad, and also the development of a supportive, efficient and speedy process for returning assets to originating countries.
By Aduragbemi Omiyale
The N230 billion 10-year bond issued to investors by the Lagos State government has been listed on the Nigerian Exchange (NGX) Limited.
It was the Series 4 of the state government’s N1 trillion Debt and Hybrid Instruments Issuance Programme, which was sold at a coupon rate of 16.25 per cent.
It was offered for sale to bondholders in November 2025, with Chapel Hill Denham Advisory Limited as the leading issuing house and bookrunner.
The joint issuing houses and bookrunners were Asset & Resources Management Limited, Capital Bancorp Plc, Cardinal Stone Partners Limited, Cedrus Capital Limited, Comercio Partners Capital Limited, Cordros Advisory Services Limited, Coronation Merchant Bank Limited, Dynamic Portfolio Limited, FCMB Capital Markets Limited, FCSL Asset Management Company Limited, FirstCap Limited, G.A. Capital Limited, LeadCapital Plc, Light House Capital Limited, Phoenix Global Capital Markets Limited, Quantum Zenith Capital and Investments Limited, Radix Capital Partners Limited, SFS Financial Services Limited, Stanbic IBTC Capital Limited, United Capital Plc, and, Vetiva Advisory Services Limited.
The debt instruments are callable at par after 60 months, on any coupon payment date, subject to the issuer having obtained prior regulatory approvals and upon issuance of the requisite notice to bondholders.
Business Post reports that the bond was sold at a unit price of N1,000, with the interest to be paid to investors on every May 20 and November 20 until maturity.
According to the Governor of Lagos State, Mr Babajide Sanwo-Olu, proceeds from the exercise would be used for critical infrastructure in transportation, housing, the environment, healthcare, education, urban renewal, and the provision of other sustainable infrastructure that would serve the future needs of the state.
The listing of the debt instrument on the stock exchange today, Monday, February 9, 2026, allows investors to trade the bond at the secondary market.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced plans to hold its 304th Monetary Policy Committee (MPC) meeting on Monday, February 23 and Tuesday, February 24, 2026.
This information was disclosed in a circular published on the apex bank’s official website on Monday. This will be the first meeting of 2026.
The gathering comes amid sustained efforts by the CBN to rein in inflation, stabilise the foreign exchange market, and strengthen macroeconomic conditions.
At its last MPC meeting in November 2025, the central bank retained the Monetary Policy Rate (MPR) at 27 per cent, maintaining its restrictive posture in a bid to curb inflationary pressures and stabilise the foreign exchange (FX) market.
The MPC is one of the bank’s highest policy-making bodies, responsible for formulating monetary and credit policies aimed at ensuring price stability.
Through key instruments such as the MPR, Cash Reserve Ratio (CRR), and Liquidity Ratio (LR), the committee guides interest rate conditions and overall monetary direction in the economy.
Comprising the CBN Governor, Deputy Governors, Board members, and appointed external members, the committee meets periodically to review critical economic indicators, including inflation, gross domestic product, and exchange rate developments, before taking policy decisions.
The apex bank outlined the timetable and venue in its official notice.
“The 304th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows,” the CBN said.
“Day 1: Monday, February 23, 2026 – Time: 10.00 a.m.”
“Day 2: Tuesday, February 24, 2026 – Time: 8.00 a.m.”
According to the circular, the meeting will take place at the MPC Meeting Room on the 11th floor of the CBN Head Office in Abuja.
By Aduragbemi Omiyale
The suspension placed on trading in the shares of Fortis Global Insurance Plc has been lifted by the Nigerian Exchange (NGX) Limited after six years.
The embargo arose from the company’s violation of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The underwriting firm, formerly known as Standard Alliance Insurance Plc, was suspended by the exchange on July 2, 2019, after the board failed to file the necessary financial statements.
Rule 3.1 provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
A notice from the bourse last week disclosed that the company has now filed all outstanding financial statements due to the NGX, and in view of this, the embargo has been lifted pursuant to Rule 3.3 of the Default Filing Rules.
This section states that, “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts, provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.
“The exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension, that the suspension has been lifted.”
The bourse informed trading license holders and the investing public “that the suspension placed on trading on the shares of Fortis Global Insurance was lifted on Wednesday, February 4, 2026.”
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