Auto
Stock Exchange Slams N22.1m Fine on RT Briscoe
By Dipo Olowookere
An automobile company listed on the trading platform of the Nigerian Stock Exchange (NSE), R.T. Briscoe Nigeria Plc, has been slammed with a huge monetary fine.
A document sighted by Business Post over the weekend showed that the company was slapped with a sanction to the tune of N22.1 million.
It was gathered that the fine was placed on the firm for its failure to file its financial statements at the due time as required by the listing rules.
Recall that RT Briscoe and five other companies on the exchange were the first set to be suspended by the exchange this year. They were suspended on September 1, 2020.
For the auto firm, trading in its shares was paused by the NSE over its failure to submit its audited financial statements for the 2019 financial year and the results for the first and second quarters of 2020.
After the embargo on the trading of its equities, the organisation took an action by releasing them, which made the suspension to be lifted in compliance with the listing rules.
However, for not doing the needful at the appropriate time, the stock exchange has fined the company and this is expected to be paid from the purse of the organisation.
It was gathered that for filing its 2019 earnings late, the company has been asked to pay a fine of N8.3 million, while the late submission of its Q1 2020 results attracted N8.5 million and the late filing of the Q2 2020 accounts attracted N5.3 million.
Business Post reports that RT Briscoe has been going through a rough time lately.
In its 2019 results, its auditors, PKF Professional Services, warned that the company may be forced to wind down over its inability to meet its obligations because it is not generating enough funds.
According to PKF Professional Services, the group’s current liabilities exceeded its current assets by N14.8 billion versus N13.4 billion in 2018, while its total liabilities exceeded its total assets by N9.5 billion compared with N8.2 billion in 2018.
“Due to the losses incurred over the years, the shareholders’ fund has been totally eroded to the tune of N9.4 billion deficit as at December 31, 2019,” the note from the auditors said.
The auditors had further said the bank overdrafts of RT Briscoe as December 31, 2019, stood at N15 billion, representing 86 per cent of the total liabilities which is significant in the consolidated financial statements.
“The company has not been able to repay the bank overdraft and this has led to winding-up cases by the banks and other creditors.
“There are also issues on penalty charges by the banks. The significant, in relation to the inability to repay the borrowings which led to court litigations and also the going concern issues, make it a key audit matter,” the auditors said in the report.
It has been opined that the latest fine of N22.1 million of the NSE on the company may further compound the woes of RT Briscoe, according to an investor in the nation’s stock market.
“This is not good for the company, especially the shareholders’, who value have been eroded,” Mr Adegbite Salami, informed Business Post on Monday.
By Adedapo Adesanya
The federal government has cut import levies on new and used vehicles by as much as 10 per cent in a move aimed at reducing the cost of vehicle importation, even as it commenced the implementation of a new Green Tax surcharge.
According to an update issued by the Nigeria Customs Service (NCS) on Wednesday, the import levy on new vehicles has been reduced from 20 per cent to 10 per cent, while the levy on used vehicles has been slashed from 15 per cent to five per cent under the 2026 Fiscal Policy Measures, which took effect on July 1, 2026.
The customs said the policy is designed to ease the cost of vehicle imports while advancing the government’s environmental sustainability objectives through the newly introduced Green Tax.
The implementation also reduces the overall import duty on fully built passenger vehicles from 70 per cent to 40 per cent.
As part of the Green Tax framework, a new environmental surcharge of between two per cent and four per cent will apply to petrol-powered vehicles with engine capacities exceeding 2,000cc. However, mass transit buses, electric vehicles, and passenger cars with engines below 2,000cc are exempt from the surcharge.
Beyond the automobile sector, the fiscal measures also lower import duties on several essential goods. The duty on imported rice has been reduced from 70 per cent to 47.5 per cent, while crude palm oil now attracts a 28.75 per cent duty.
In addition, import duties on agricultural and manufacturing machinery have been completely removed to support local production, while Waste PET has been added to the export prohibition list to encourage domestic recycling.
By Dipo Olowookere
Plans are underway to carry out a comprehensive data capture and registration exercise of all commercial motorcycle and tricycle operators within Ayobo-Ipaja LCDA.
This move, according to the council chairman, Mr Lukmon Agbaje, is part of proactive measures to strengthen the security of lives and property across the Local Council Development Area (LCDA). The exercise, he said, would be executed in partnership with security agencies and transport unions.
On Tuesday, the council chief convened a high-level security meeting with leaders of commercial transport unions and key security stakeholders operating within the area.
Mr Agbaje expressed concern over the increasing influx of commercial motorcycle (Okada) and tricycle (Keke) operators into the LCDA without proper documentation or profiling.
According to him, the absence of reliable records poses significant security challenges and could provide opportunities for criminal elements to infiltrate communities under the guise of commercial transportation.
He stressed that security is best achieved through preventive measures, noting that effective profiling and documentation remain essential tools in safeguarding residents and protecting the council from emerging security threats.
Mr Agbaje disclosed that under the new security framework, all Okada and Keke parks and operational locations across the LCDA would be officially documented, adding that every duly verified operator would receive an official identification jacket bearing a unique coded number to facilitate easy identification and monitoring.
He also said a mandatory guarantor system will be introduced to strengthen accountability, ensuring that every registered rider has a verifiable guarantor who can be contacted whenever necessary.
The chairman noted that these measures are designed not only to improve security coordination but also to protect law-abiding commercial operators and discourage criminal activities within the council.
Leaders of the various transport unions welcomed the initiative, noting that proper documentation will distinguish genuine operators from criminal elements, enhance public confidence, and promote a safer working environment for commercial transporters.
Also, the Divisional Police Officers (DPOs) of Ayobo and Ipaja Commands commended the initiative, describing it as a timely and commendable step towards strengthening community policing. They reaffirmed the Nigeria Police Force’s commitment to working closely with the council to ensure full compliance and sustain peace and public order.
By Aduragbemi Omiyale
A new in-app audio recording feature to enhance safety, promote respectful interactions, and support fair resolution of disputes between drivers and passengers during rides has been introduced by inDrive.
A statement from the global mobility and urban services platform disclosed that the feature can be activated manually by either the driver or passenger at any point during a trip, providing an additional layer of protection and confidence for both parties.
It complements inDrive’s existing suite of safety tools, including in-trip monitoring, ride-sharing capabilities, and 24/7 customer support. Integrated into the app’s Safety Centre.
The audio recording feature, which is already available in the app, helps address situations where evidence is limited, providing an objective record that enables inDrive’s support team to investigate complaints and resolve disputes fairly.
It also promotes responsible behaviour throughout the ride. Designed with privacy and data security in mind, recordings remain securely stored and are only accessed with a user’s consent as part of an official complaint investigation.
The audio recording feature reflects inDrive’s broader mission of challenging injustice by creating a fairer and more transparent experience for everyone using the platform.
According to the Country Manager for inDrive Nigeria, Mr Timothy Oladimeji, while the vast majority of rides are completed without incident, there are occasional situations where misunderstandings arise, and evidence is limited, making it difficult to determine what transpired.
He added that by providing an additional source of information, the feature enables support teams to conduct more thorough investigations and reach fairer resolutions, ultimately enhancing confidence in the platform for both drivers and passengers.
“Safety remains at the heart of everything we do at inDrive. We understand that privacy is just as important as safety, which is why this feature was developed with strong safeguards to ensure users remain in control.
“The introduction of the audio recording feature reflects our commitment to continuously improving the experience for both passengers and drivers to foster trust, accountability and mutual respect,” he said.
The new audio recording feature is now available within the Safety Centre section of the inDrive app. Users will receive notifications informing them about the feature and how it can be activated when needed.
