Economy
$47.8m Tax: MTN Seeks Answers to Five Crucial Issues at Tax Appeal Tribunal
By Adedapo Adesanya
MTN Nigeria has released further details about its ongoing legal battle with the Federal Inland Revenue Service (FIRS) over the $47.8 million it was mandated to pay the agency by the Tax Appeal Tribunal.
Last month, the telco was asked to pay the sum of $47.8 million in tax defaults from 2007 to 2017 to the revenue agency.
The Tax Appeal Tribunal absolved MTN from paying the sum of $21,039,807 as penalties and interest on the principal sum, FIRS would wish to receive the money.
The company in a statement titled, MTN’s Tax Matter: Unveiling the Issues said it filed an appeal at the Tax Appeal Tribunal to challenge the October 20, 2023, judgment.
MTN Nigeria submitted five crucial issues to the Tribunal for determination. The first matter seeks to establish whether, considering the clear and unequivocal provisions of the Value Added Tax (VAT) Act before the amendment by the Finance Acts, the provision of software, licensing, and upgrades qualifies as a taxable supply of goods and services.
The second issue in question, according to the filing, is whether the provision/lease of bandwidth capacities through transponders located in the satellite qualifies as a taxable supply of goods and services.
In addition, MTN is seeking clarity on whether, in the absence of the production of any false or untrue document or statement by MTN, the FIRS has the authority to conduct a tax investigation beyond the 5-year restriction.
Another aspect involves determining whether the training provided by offshore facilitators outside of Nigeria is liable to VAT in Nigeria.
The final point for consideration is whether the tax authority acted in error when it calculated and imposed interest and penalty on MTN’s alleged non-remittance of VAT liabilities, considering that the said liabilities have not become final and conclusive.
MTN, giving the origin of the dispute, said the matter began on September 4, 2018, when the then Attorney General of the Federation, Mr Abubakar Malami, unilaterally imposed $2 billion in back taxes on MTN Nigeria, resulting in a legal action by MTN Nigeria against the AGF.
It added that, “In 2020, the AGF referred the matter to the Federal Inland Revenue Service (FIRS) and Nigeria Customs, withdrawing the letter of demand for the aforementioned $2 billion issued in 2018.
“A series of engagements between FIRS and MTN led to the amount being revised to $93.6 million, comprising $72.6 million as principal liabilities and $21 million for penalties and interest. MTN’s objection to this amount resulted in an upward review to $135.7 million, comprising a principal tax liability of $47.8 million, while interest and penalty amounted to $87.9 million.”
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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