Economy
Some Firms Are Abusing Pioneer Incentive Scheme—FIRS
By Adedapo Adesanya
The Federal Inland Revenue Service (FIRS) has raised an eyebrow over what it called the systemic abuse of the pioneer incentive scheme instituted by the federal government, saying it is leading to tax revenue leakages for the three tiers of government.
This was made known by the Executive Chairman of the tax body, Mr Muhammad Nami, during a meeting with State Commissioners of Finance at the Revenue House, headquarters of the FIRS in Abuja.
In a statement signed by the Director, Communications and Liaison Department, Mr Abdullahi Ahmad, the FIRS reiterated its vow to plug this tax revenue leakage in order to generate more revenue for the Nigerian government.
Mr Nami stated that tax revenue accounts for nearly 70 per cent of what was shared at the last FAAC meeting and lauded the collaboration between the service and the State Commissioners of Finance, saying this is key to bringing about increase in tax revenue.
He said without this collaboration, it would be difficult for the government to meet its obligations to the citizenry in such areas as infrastructure development and salary payment, which could lead to social dislocation.
The Executive Chairman emphasised the need to diversify the economy in order to create more sources of taxable income and increase tax revenue for the nation.
He charged the states to focus on other forms of taxes like the Stamp Duty which he described as “the black gold” which has been ignored before now.
He also charged all Ministries, Departments and Agencies (MDAs) to carefully deduct withholding tax from contracts at the point of payment.
Mr Nami also solicited the states’ support in terms of taxpayer sensitization campaigns and education, stating that rental obligation was incomplete without the payment of stamp duties. He emphasised that if these initiatives were pursued at both local and state levels more revenue would be generated.
The Coordinating Director, Tax Operations Group, FIRS, Mr Femi Oluwaniyi, who expressed appreciation to the state commissioners of finance for their support so far in revenue generation for the Federation, decried the indiscriminate tax waivers and incentives granted to undeserving companies, which he stressed has impacted negatively on revenue generation.
Mr Oluwaniyi disclosed that the FIRS has discovered that pioneer status certificates had been issued to companies that were not pioneers of their fields in the real sense, hence undeserving of such status.
He stated that this development has led to the loss of considerable tax revenue to the three tiers of government.
However, the FIRS hinted that it was auditing its findings with a view to pressing for the cancellation of pioneer certificates issued to undeserving companies in violation of the law.
The FIRS stated that pioneer status otherwise granted outside the law would not enjoy tax relief regardless of the certificate issued to them and owners of such certificates were requested to regularize their tax positions otherwise sanctions shall apply in accordance with the law.
Speaking on behalf of the delegation, the Benue State Commissioner of Finance, Mr David Olofu assured that the states were looking forward to working closely with FIRS in order to generate more tax revenue for the country.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
