Economy
Ex-Staff Wins Suit Against Notore Chemical, to Get N20.5m
By Modupe Gbadeyanka
The management of Notore Chemical Industries Plc has been directed to pay the sum of N20.5 million to one of its former employees, Mr Ayodele Balogun, as gratuity claim.
This directive was given by Justice Nelson Ogbuanya of the National Industrial Court sitting in Lagos earlier this month. The amount is the outstanding balance of Mr Balogun’s gratuity payment due to him since 2013.
The company, owned by Nigerian businessman, Mr Onajite Okoloko, was also asked by the court to the sum of N1 million as the cost of action within one month, failing which it attracts 10 percent interest rate per annum until fully liquidated.
According to Justice Ogbuanya, Notore Chemical action credited to external advice which prompted the defence of ‘mistaken payment’ was not justified, and cannot override the obligation to pay outstanding balance due to the claimant.
From facts, the claimant was employed on October 1, 2008 as Chief Marketing Officer and by a letter dated June 14, 2013, sent via e-mail on Wednesday, June 19, 2013, tendered resignation, and indicated that it would take effect on October 1, 2013.
He further said as a result of his service to the firm spanning 5 years, he was entitled to payment of gratuity upon successful exit from the company. He further claimed a total settlement package was communicated to him via e-mail out of which only 50 percent was paid and all effort to get balance proved abortive.
In argument, the firm submitted that Mr Balogun did not attain the threshold of ‘continuous service greater than five years and up to 10 years’ to be qualified for monetary payment in addition to ‘Testimonial of Service’, which is the only package available for those who were in ‘continuous service up to five years’, under the company gratuity that the payment already paid to the claimant was a mistake and it was because of the discovery of the error that it refused to pay the balance and also seeks refund of it.
Counsel to the firm further argued that the claimant’s resignation became effective on date of receipt of the letter of resignation by the employer, and as such, the correct effective date of his resignation was June 14 2013 (submission date), and not October 1, 2008 contained in the resignation letter.
The company’s counsel further said that the claimant’s case lacked merit and should be dismissed while upholding the counter-claim for refund of the sum already paid to the claimant in error.
But counsel to the claimant, U. U Njoku, argued that Notore Chemical failed to tender its payroll to disprove that the claimant was no longer in its pay roll as at October 1, 2013, urging the court to so hold and grant the reliefs sought.
Delivering his judgment, Justice Ogbuanya held that where date was not provided in the resignation, it takes immediate effect upon receipt of resignation, but when effective date is provided, it becomes effective on the last day of the notice period.
“I also note that it is part of the court’s equitable jurisdiction to preserve earned benefits, particularly those of pecuniary nature, and court usually tilts towards resolving such emerging controversy in favour of the beneficiary rather than in favour of one trying to take away or expropriate the benefit.
“From the tenor of the above provisions of the company Gratuity Policy, I find that once an employee attains 5 years of continuous service with the defendant, such an employee shall/must be entitled to not only cash payment as gratuity but also other testimonials and certificate of appreciation and or asset gift.
“In the circumstance of the claimant, I find that he has attained 5 years of continuous service with the defendant and there was no evidence disputing that he resigned wilfully and there was no evidence of any skirmish of probe or low performance tainting his voluntary resignation. I so hold,” Justice Ogbuanya ruled, dismissing the company’s counter-claim for lacking merit.
By Aduragbemi Omiyale
The investing public has been advised to exercise due diligence before trading stocks on the Nigerian Exchange (NGX) Limited.
This caution was given by the NGX Regulation Limited (NGX RegCo), the independent regulatory arm of the NGX Group Plc.
The advisory became necessary in response to notable price movements observed in the shares of certain listed companies over recent trading sessions.
On Monday, the bourse suspended trading in the shares of newly-listed Zichis Agro-allied Industries Plc. The company’s stocks gained almost 900 per cent within a month of its listing on Customs Street.
In a statement today, NGX RegCo urged investors to avoid speculative trading based on unverified information and to consult licensed intermediaries such as stockbrokers or investment advisers when needed.
It explained that its advisory is part of its standard market surveillance functions, as it serves as a measured reminder for investors to prioritise informed and disciplined decision-making.
The notice emphasised that the Exchange will continue to monitor market activities closely in line with its mandate to ensure a fair, orderly, and transparent market.
“NGX RegCo encourages all investors to base their decisions on publicly available information, including a thorough assessment of company fundamentals, financial performance, and risk profile,” a part of the disclosure said.
It reassured all stakeholders that the NGX remains stable, well-regulated, and resilient, saying the platform continues to foster an environment where investors can participate with confidence, supported by robust oversight and transparent market operations.
“Our primary responsibility is to maintain a level playing field where market participants can trade with confidence, backed by timely and accurate information.
“This advisory is a routine communication, reinforcing that sound fundamentals, not speculation, remain the foundation for sustainable investment outcomes. We are fully committed to preserving the integrity and stability of our market,” the chief executive of NGX RegCo, Mr Olufemi Shobanjo, stated.
By Modupe Gbadeyanka
The chairman of the National Tax Policy Implementation Committee (NTPIC), Mr Joseph Tegbe, has tasked the Nigeria Revenue Service (NRS) to measure the success of the new tax laws by higher voluntary compliance rates, lower administrative costs, fewer disputes, faster resolution cycles, and stronger taxpayer confidence.
Speaking at the 2026 Leadership Retreat of the agency, Mr Tegbe said, “Sustainable revenue performance is built on trust and efficiency, not enforcement intensity,” emphasising that the legitimacy and predictability of the system are more critical than punitive measures.
He underscored that the country’s tax reform journey is at a critical juncture where effective implementation will determine long-term fiscal outcomes.
The NTPIC chief stressed that tax policy must serve as an enabler of governance, and should embody simplicity, equity, predictability, and administrability at scale.
These principles, he explained, foster voluntary compliance, reduce operational friction, and strengthen investor confidence. He warned that ad-hoc adjustments or policy drift could undermine reform momentum, unsettle businesses, and deter investment, which thrives on predictable rules rather than shifting announcements. Structured sequencing, clear transition mechanisms, and continuous feedback between policymakers and administrators are therefore critical to sustaining reform credibility.
Mr Tegbe further argued that revenue reform cannot succeed in isolation. Achieving sustainable gains requires a whole-of-government approach, leveraging robust taxpayer identification systems, integrated financial data, efficient dispute resolution, and harmonised coordination across federal and sub-national levels. This approach, he said, reduces leakages, eliminates multiple taxation, and reinforces confidence in the system.
He noted that the passage of four new tax laws marks only the beginning of a broader reform agenda, describing the initiative as a systemic recalibration of Nigeria’s fiscal architecture, rather than a routine policy update.
He further asserted that the true measure of success will be the credibility of implementation, not the design of the laws themselves.
The NRS, he noted, functions as the nation’s “Revenue System Integrator,” with outcomes reflecting the strength of an interconnected ecosystem that encompasses policy clarity, enforcement consistency, digital infrastructure, dispute resolution efficiency, and intergovernmental coordination.
By Adedapo Adesanya
The National Union of Natural and Gas Workers (NUPENG) has expressed deep concern over the Executive Order by President Bola Tinubu mandating the Nigerian National Petroleum Company (NNPC) Limited to remit directly to the federation account.
In a statement signed by its president, Mr William Akporeha, over the weekend in Lagos, the union noted that the absence of detailed public engagement had naturally generated tension within the sector and heightened restiveness among workers, who are anxious to know how the new directive may affect their employment, welfare and job security, especially as it affects NNPC and other major operations in the oil and gas sector.
It pointed out that the industry remained the backbone of Nigeria’s economy, contributing significantly to national revenue, foreign exchange earnings, and employment.
The NUPENG president affirmed that any policy shift, particularly one introduced through an Executive Order, has far-reaching consequences for regulatory frameworks, Investment decisions, operational standards, and labour relations within the sector.
According to him, “there is an urgent need for clarity on the scope and objectives of the Executive Order -What precise reforms or adjustments does it introduce? “Its implications for the Petroleum Industry Act -Does the Order amend, interpret, or expand existing provisions under PIA?
“Impact on workers and existing labour agreements-Will it affect job security, conditions of service, Collective Bargaining agreements or ongoing restructuring processes within the industry? “Effects on indigenous participation and local content development -How will it affect Nigerian companies and employment opportunities for citizens?”
He warned that without proper consultation and explanation, misinterpretations of the Executive Order may spread across the industry, potentially destabilising operations and undermining industrial harmony that stakeholders have worked hard to sustain.
“Though our union remains committed to constructive engagement, national development and stability of the oil and gas sector, however, we are duty-bound and constitutionally bound to protect the rights and welfare and job security of our members whose livelihoods depend on a clear, fair and predictable policy framework,” Mr Akporeha further stated.
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