Economy
VAIDS: Tax Evaders to Lose Assets, go to Jail after March 31—Adeosun
By Dipo Olowookere
For the umpteenth time, Minister of Finance, Mrs Kemi Adeosun, has stressed the Federal Government will not think twice in punishing tax evaders in the country, especially those who fail to take advantage of the tax amnesty window called the Voluntary Assets and Income Declaration Scheme (VAIDS) to properly declare their income or pay taxes accordingly.
The VAIDS window, which was launched in June 2017 by the then Acting President, Mr Yemi Osinbajo, is expected to expire on March 31, 2018.
Speaking on Thursday during the Stakeholder Interactive Session on VAIDS at the Murtala Muhammed Square, Kaduna State, the Minister lamented that from available data, only low income earners and mostly civil servants whose taxes are deducted at source comply while large business tycoons who earn more evade taxes.
“Currently, we have just 14 million tax payers out of 70 million who are economically active. So, many people who should be paying are not paying anything. It is the development of taxes that will help the States and the Federal Government to achieve their true potentials.
“Government is not stigmatizing or accusing anybody but will not tolerate it any further, hence Nigerians are encouraged to take advantage of the window now or invaders should be ready to face prosecution at the expiration of the window by the end of this month,” Mrs Adeosun stressed.
The Minister reiterated government’s commitment to improving on its income generation for improved service delivery to the good people of Nigeria, but emphasised that citizens must play their part of effecting accurate tax payments for owned properties.
VAIDS, Mrs Adeosun said, is reflective of the Federal Government’s desire to bring many more eligible tax payers into the tax net and encourage with incentives of confidentiality as well as waiver of the interests and penalties, those who had knowingly or otherwise under-declared or never declared previously earned incomes and acquired assets.
“The scheme also offers tax defaulters the option of spreading payment of outstanding liabilities over a maximum period of three years as may be agreed with the relevant tax authority.
“For tax evaders that fail to key into the VAIDS window by 31st March, 2018, they will be liable for interest on overdue tax balances, forfeiture of assets as well as imprisonment of up to five years,” she stated.
Earlier, the Executive Chairman of Federal Inland Revenue Services (FIRS), Mr Tunde Fowler, and the Accountant General of the Federation, Mr Ahmad Idris, in their separate speeches, said the concept of VAIDS was to rekindle the very essence of collection of taxes to aid socio-economic development.
They both posited that expected development cannot come from nothing but through the commitment of resources which mostly must come through tax payments by citizens.
This is just as the FIRS boss appealed to the consciousness of Nigerians to be mindful of moral responsibility by giving what is due to government by way of tax payments which will be judiciously utilized to provide dividends of democracy.
On his part, Kaduna State Governor, Mr Nasir el-Rufai, promised to provide all relevant information on all property owners in the state to all the tax authorities in the country through the Kaduna Geographical Information Service (KADGIS).
He described as unjust and unfair that big men (wealthy people) were mostly the ones evading taxes in Nigeria, stressing that at whatever cost, he will collaborate with relevant tax authorities to ensure that such people who fail to take advantage of the window provided by VAIDS are brought to book accordingly.
The one-day stakeholders’ interactive session had in attendance business leaders, traditional rulers, captains of industry, state government officials and professional tax advisors and administrators.
By Adedapo Adesanya
About 143 companies that successfully passed the technical and prequalification stages of the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 2025 Licensing Round will, today, compete for 50 oil and gas blocks at the commercial bid conference in Abuja, the final stage in the allocation process for the assets.
The commission said only the prequalified companies have been invited to attend the event, which will hold at the Conference Centre of the Transcorp Hilton Hotel, Abuja, stressing that participation is strictly by invitation.
The commercial bid conference will determine the successful bidders for oil and gas assets located across Nigeria’s producing and frontier basins.
The 50 blocks comprise 16 onshore blocks and 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin, and four in the Benue Trough.
According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.
The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.
NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies to register and participate in the exercise.
To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.
Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.
NUPRC disclosed that 286 companies initially submitted applications for prequalification.
Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.
The prequalified 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.
The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue.
It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the Petroleum Industry Act.
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained all key monetary policy parameters following the conclusion of its two-day meeting on July 21, 2026, on Tuesday, maintaining its tight monetary policy stance to curb inflation and support macroeconomic stability.
According to the Governor of the apex bank, Mr Yemi Cardoso, who chaired the committee, the Monetary Policy Rate (MPR), which serves as the benchmark interest rate, remains at 26.50 per cent. The MPC also retained the asymmetric corridor around the MPR at +50 basis points and -450 basis points.
In addition, the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45.00 per cent, while the CRR for merchant banks remains at 16.00 per cent. The committee also retained the CRR on non-Treasury Single Account (Non-TSA) public sector deposits at 75.00 per cent, with the liquidity ratio at 30.00 per cent.
The decision reflects the apex bank’s continued commitment to containing inflationary pressures through a restrictive monetary policy while safeguarding the resilience of Nigeria’s financial system amid ongoing macroeconomic adjustments.
By keeping all policy tools unchanged, the MPC signalled its intention to continue managing excess liquidity in the banking sector and maintain stability in financial markets.
The move is also expected to provide greater policy certainty for investors and businesses monitoring the country’s monetary policy direction.
The latest decision also means borrowing costs are likely to remain elevated in the near term as the central bank continues to prioritise price stability over monetary easing.
Analysts had expected the CBN committee to retain the rate after Nigeria’s headline inflation came in at 15.91 per cent as of June 2026, marking a slight decline from 15.93 per cent in May.
However, even as overall price growth has moderated significantly compared to previous periods, food inflation remains a persistent challenge, accelerating to 17.52 per cent in June.
By Aduragbemi Omiyale
Shareholders of Unilever Nigeria Plc will receive an interim dividend of N2 per share, the board of the organisation has said.
The cash reward was announced after the company released its financial statements for the first half of the year ended June 30, 2026.
The payment will be made on Friday, August 14, 2026, only to investors whose names appear on the Register of Members at the close of business on Friday, July 31, 2026.
A quick look at the financial performance of the firm in the first six months of this year showed that revenue improved by 22.22 per cent to N119.9 billion from the N98.1 billion achieved in the corresponding period of last year.
A rise in earnings also resulted in a 16.43 per cent surge in cost of sales, though this did not shrink the gross profit, which rose by 29.93 per cent to N54.7 billion from N42.1 billion. The operating profit stood at N24.4 billion in the period under review, higher than N18.8 billion in the same period of 2025, while the net finance income contracted by 9.43 per cent to N4.8 billion from N5.3 billion due to elevated borrowing costs.
Business Post reports that despite higher taxes paid in the first six months of 2026, the net profit grew by 8.33 per cent to N15.6 billion from N14.4 billion, enabling the board to pass on value to shareholders for their faith in the firm.
