Economy
Adamawa Cuts Taxes, Rents, Overhead Cost by 50%, Budget by 20%
By Dipo Olowookere
Governor Ahmadu Fintiri of Adamawa State has announced the decision of his administration to reduce the cost of rents for houses, commercial shops and business premises by 50 percent.
The Governor made this announcement on Monday during a state-wide broadcast on measures being taken by the his government to address the global coronavirus pandemic, which has infected 36 persons in Nigeria and has claimed a single life so far in the country.
Mr Fintiri said though Adamawa State was yet to record any case of COVID-19, efforts are being made to rev up the attention that is necessary to contain or prevent the spread of the pandemic by preparing an isolation ward, equipped with monitors, at the Yola Specialist Hospital.
He said in order to make the state’s economy remain strong, his administration has resolved to implement cost saving measures such as a review of the current budget by 20 percent, coupled with a reduction in overhead cost by 50 percent across board.
“To cushion the effect of the alarming economic challenge of COVID-19, (the state) government has agreed on a 50 percent reduction in the cost of house rent, commercial shops and business premises,” the Governor also announced during the broadcast.
Continuing, Mr Fintiri said, “Government is aware of the impact of the economic implication of the current meltdown on informal businesses where majority of citizens are involved and has graciously approved another 50 percent reduction in the taxes affecting this category.”
“However, government is mindful of the need to shore-up its earnings and will therefore, intensify effort on Internally Generated Revenue (IGR) in areas where there will be minimal effect on the public wellbeing,” he stressed.
“Fellow citizens, we all know that these measures are not going to be easy but they are necessary. Political correctness should not be the criteria for political expedience.
“There is no doubt that going by what is happening now, the financial inflow of the state government has been affected, but while adjusting to the prevailing reality, government will do its best to implement the agenda it has set out to achieve,” Governor Fintiri stated.
He used the occasion to announce the setting up of the Adamawa State COVID-19 Containment Committee headed by the Secretary to the State Government, Mr Bashiru Ahmad. He said the team will have as members the Commissioner Health, Professor Abdullahi Isa; the Medical Director, Yola Specialist Hospital; Medical Director, Federal Medical Centre Yola; the Commissioners for Local Government; Environment; Information and Strategy; Livestock and Aquaculture Development; while the Director Public Health, Ministry of Health will serve as the Secretary.
“Its terms of reference include but not limited to coordinating the overall Medico-social response to COVID-19 pandemic paying attention to public sensitization and implementation of containment measures.
“The committee shall be responsible for regular briefings and updates on containment measures,” the Governor said.
He urged residents of the state to “pay attention to regular briefings by the state Commissioner for Health, to keep abreast with unfolding developments,” saying government realised that “ignorance and lack of information often aggravate cases of serious public health crisis like the case at hand.”
Mr Fintiri also appealed to religious leaders and traditional rulers in the state to help sensitise the people on ways to stop the spread of the coronavirus, especially by moderating their congregation to a maximum of 50 people, until further notice.
“All conventions, congresses, seminars and workshops that will warrant a gathering of more than 50 people at a time, are hereby banned till further notice.
“For the avoidance of doubt, all forms of social, religious, and cultural gatherings, that will attract more than 50 people, are also hereby banned,” he said.
By Aduragbemi Omiyale
The Governor of Ogun State, Mr Dapo Abiodun, has praised Dangote Industries Limited for being an “exemplary strategic partner in our collective pursuit of industrial advancement and sustainable economic development.”
Speaking at the opening ceremony of the ongoing 15th Gateway International Trade Fair in Abeokuta, the Governor described the conglomerate as a strategic partner in the industrial and economic development of the state through investments.
Mr Abiodun, represented by the Commissioner for Trade, Industry and Investments, Mr Emmanuel Adebola Sofela, disclosed that, “Dangote’s legacy in Ogun State stands as a model of how meaningful collaboration between government and the private sector can deliver transformative results.”
According to him, the Dangote Group is no longer just an investor but a trusted ally—“one whose impact is visible in our economy, our communities, and the future we are building.”
He stated that over the years, the group’s unwavering commitment to excellence, innovation, and nation-building has not only strengthened Nigeria’s industrial backbone but has also contributed immensely to the prosperity and competitiveness of Ogun State.
“Through visionary investments, job creation, and consistent support for infrastructure and community growth, the Dangote Group has demonstrated what it means to be a responsible corporate citizen and a catalyst for broad-based development.
“Their partnership with Ogun State continues to open doors of opportunity for our people, energise local industries, and reinforce our reputation as a leading destination for productive enterprise,” he further noted.
Recall that Ibese, in the Yewa axis of Ogun State, is a host to the Dangote Cement Plc’s 12 million mtpa production capacity cement plant, while another 6 million mtpa cement plant is currently under construction at Itori, also in Ogun State.
Earlier, the president of Ogun State Chamber of Commerce, Industries, Mines and Agriculture (OGUNCCIMA), Mr Niyi Oshiyemi, in the same vein, commended the management of Dangote Group for always rising to be counted among the partners of the chamber in an effort to collaborate with the private sector for meaningful economic development.
“Today is not just the commencement of another trade fair but the celebration of collaborations, innovations, and shared prosperity.
“The trade fair in the last 15 years has served as a vital platform where ideas meet opportunity, where businesses connect with the market and where partnerships are formed to drive sustainable economic growth,” he said.
According to him, in an era defined by rapid technological advancement, global competitiveness and ever-evolving consumer needs, no business can thrive in isolation. The future belongs to those who build strong partnerships.
Mr Oshiyemi noted that OGUNCCIMA has been able to strengthen Ogun State’s position as a leading commercial and industrial hub in Nigeria and West Africa because it has been able to encourage investments, trade linkages and technology transfer by supporting policies and initiatives that enhance the ease of doing business in the state.
By Adedapo Adesanya
The Managing Director and Lead Country Manager of ExxonMobil’s affiliates in Nigeria, Mr Jagir Baxi, has noted that recent presidential directives have been instrumental in strengthening the company’s efforts to unlock deepwater resources.
Mr Baxi was appointed to the position in July 2025 to oversee ExxonMobil’s business in Nigeria, including Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore East) Limited.
In an interview with The Energy Year, he said the directives issued by President Bola Tinubu in May 2025 were specifically designed to eliminate rent-seeking, slash project timelines, reduce contracting costs, and restore investor confidence in the Nigerian upstream sector.
According to him, Esso Nigeria is now focusing on advancing deepwater oil and gas developments as part of ExxonMobil’s portfolio after its divestment from the joint venture with Nigerian National Petroleum Company (NNPC) Limited.
“The presidential directives have been instrumental in strengthening Nigeria’s competitiveness in the oil and gas sector. For Esso Nigeria and our shareholder, ExxonMobil, they’ve provided a meaningful platform to reassess our discovered but undeveloped resources – most notably Owowo.
“These directives signal a commitment from the highest levels of government to address long‑standing barriers to deepwater investment, and that’s an important catalyst for industry confidence,” he said.
The ExxonMobil executive noted that the directives have enabled the oil major to take tangible steps forward while working closely with the state oil company and other agencies in the sector.
“We are co‑developing a contracting strategy tailored specifically to the scale and complexity of a world‑class deepwater project,” he noted, adding, “In parallel, we’ve collaborated with the Nigerian Content Development and Monitoring Board to shape a project‑specific National Content Strategy – one designed to both enable the project and deliver sustained, impactful benefits to Nigerian businesses and the workforce. That alignment is critical if we want to create value that extends far beyond the life of a single development.”
“That said, one essential element is still outstanding: codified implementation guidance. For investors, particularly those making multi‑billion‑dollar commitments over 20 to 30‑year horizons, clarity and predictability are non‑negotiable. Our concern stems from recent experience – instances where progress delivered through certain government actions was later eroded by others. It underscores why stability in fiscal and regulatory frameworks is so vital.
“If Nigeria can translate these directives into consistent, durable rules of engagement, the country will be positioned to unlock deepwater investment at a scale that delivers long‑term value for the nation, its citizens, and its partners. And we believe that is absolutely achievable,” he explained.
By Adedapo Adesanya
The Corporate Affairs Commission (CAC) has called for the establishment of a single, harmonised national register for beneficial ownership to strengthen Nigeria’s anti-corruption framework and improve the fight against corporate and financial crimes.
The Registrar-General of CAC, Mr Hussaini Magaji, made the call during the commission’s 35th anniversary celebration, designated as Anti-Corruption Day on Tuesday in Abuja.
Mr Magaji said the current fragmented system of beneficial ownership disclosure, where some sectors maintained separate registers outside the CAC framework, created duplication, inconsistencies and regulatory loopholes that could be exploited for illicit activities.
According to him, CAC is legally and institutionally positioned to serve as the central repository for beneficial ownership information in Nigeria.
He said that access to accurate corporate records was critical to the successful investigation and prosecution of financial crimes.
He said that the CAC remained the custodian of information on company ownership, control and management.
“No successful prosecution of corporate and financial crimes can be achieved without the support of the Corporate Affairs Commission,” Mr Magaji said.
He reaffirmed the commission’s commitment to sustained collaboration with anti-corruption and law enforcement agencies.
“These include the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU) and the National Drug Law Enforcement Agency (NDLEA),” he said.
Mr Magaji called for deeper information sharing, joint investigations and real-time verification processes to enhance enforcement outcomes.
The CAC boss also urged stakeholders to support the passage of the Persons with Significant Control (PSC) Rules into an Act of the National Assembly, saying a stronger legal framework was required to address sophisticated abuses of corporate structures.
He disclosed that companies that failed to disclose their beneficial owners were flagged as inactive in CAC records, adding that such entities should not enjoy the privileges of legality.
Mr Magaji, however, expressed concern that some financial institutions continued to transact with non-compliant companies, describing the practice as a major weakness in the national compliance chain.
On internal reforms, he said, CAC had demonstrated zero tolerance for corruption by surrendering three staff members to the ICPC over alleged misconduct and submitting details of 248 fake company registrations to the EFCC for investigation.
According to him, the fight against corruption requires coordinated efforts across institutions and sustained commitment to transparency and accountability.
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