Economy
Akeredolu Proposes Port Ondo to Solve Apapa Gridlock
By Aduragbemi Omiyale
To solve the perennial Apapa gridlock in Lagos, the federal government can consider establishing a deep seaport in Ondo State, the governor of the state, Mr Rotimi Akeredolu, has suggested.
Speaking on Tuesday at the South-West Export Enlightenment and Engagement Forum held at the International Culture and Event Centre, Igbatoro Road, Akure, the state capital, he said the state was strategically positioned to allow the easy movement of goods to the Southeast, South-south, North-west and North-central regions of the country.
According to him, investors have already shown interest in developing the port, saying the state has the deepest draught in West Africa.
“Everything going to southeast or South-South and the North pass through Ondo State; all these activities will make us advise the federal government on the importance of Port Ondo,” Mr Akeredolu said at the event themed Maximizing Export Potentials In The South-West Region For Economic Growth.
“Apapa will be decongested. We can boast of the deepest draught in West Africa. We are ready and we have done our work and people have shown interest. It is a pity we have to go through a lot of protocols including the port declaration,” the Governor said.
Mr Akeredolu, who also highlighted his administration’s efforts on agriculture development, disclosed that Governors in the Southwest are steadily working together on the sector through the Southwest Agric Company (SWAgCo).
According to him, SWAgCo is a registered company under the Oodua conglomerate which was created for effective exploration of agricultural resources in the region.
He said the Akure airport, which was originally designed as a cargo airport, should be given due attention so that it can serve its purpose.
“The airport in Akure is very busy now but it is not serving the purpose for which it was established. The Akure airport was established as a cargo airport. We have said it should have a refrigerated area where people can refrigerate their goods before exporting them,” he said.
While speaking on the efforts of his administration in improving cocoa production, the Governor said, “In Ondo State, we have had some transformation since we got in. Ondo is the leading exporter of cocoa in Nigeria. It is an unfortunate development that we are not the leading producer in West Africa.
“When we came in, we knew there must be a transition. I see agriculture as a business. When we came in, I met experts who spoke to us. They made a case for Agricpreneurs. That led us to Youth on the Ridges. We have trained about 5000 youth. That was our approach to it.
“Today, we try to unlock the agricultural sector by creating a conducive environment. In creating it, we are a One-Stop-Shop. We have the Ondo State Development and Investment Promotion Agency (ONDIPA) here, when you need land they must look for it.
“Today, we are not seriously exporting cassava but we need to do that. Many countries are in dire need of cassava. We have the cassava to the ethanol plant. We have gone into partnership with the Nigerian National Petroleum Corporation (NNPC). Another cassava-to-ethanol company is coming up in Ose. Cassava for us becomes very important.
“And poultry. We have set up an industry that will be producing powder eggs. The company is almost afoot to produce powder eggs. And on cocoa added value, we have tried to do that. Today, Ondo State can be proud of a chocolate factory.
“We have put a lot of intervention in place to double our cocoa export. We have a single estate approach in Jugbere. We have 10,000 hectares in Jugbere. We should be able to improve to 150,000 metric tons per year from the 80,000 that we currently produce.
“We have started a major revolution in Nigeria here in Ondo State called red gold. It has to do with palm. We must support the zero oil economy,” Governor Akeredolu stated.
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) distributed about N2.550 trillion from the revenue generated by the nation in June 2026 to the three tiers of government after its July meeting in Abuja.
A statement signed by the Director of Press in the Office of the Accountant General of the Federation, Mr Bawa Mokwa, “The N2.550 trillion total distributable revenue comprised N1.809 trillion in distributable statutory revenue and N740.724 billion in distributable Value Added Tax (VAT) revenue.”
It was gathered that a total gross revenue of N4.500 trillion was available in June 2026, with deductions for the cost of collection amounting to N160.744 billion, and transfers and refunds at N1.789 trillion.
According to a communiqué after the gathering, gross statutory revenue of N3.700 trillion was received in June 2026, N1.049 trillion higher than the N2.651 trillion received in the preceding month, while gross revenue of N799.746 billion was generated from VAT, N56.058 billion higher than the N743.688 billion recorded in May 2026.
It was stated that from the N2.550 trillion total distributable revenue, the federal government received N923.438 billion, the state governments got N838.208 billion, while the local government councils were given N591.390 billion, with N197.610 billion allocated to the benefiting states as 13 per cent of mineral derivation revenue.
From the N1.809 trillion distributable statutory revenue, the federal government went away with N849.366 billion, states shared N430.810 billion, local councils took N332.136 billion, while the benefiting states got N197.610 billion as derivation revenue.
From the N740.724 billion distributable VAT earnings, the central government got N74.072 billion, the states received N407.398 billion, and the local government councils were allocated N259.253 billion.
The communiqué further stated that in June 2026, collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Royalties, Gas Flare Penalties, Rent, Mineral Oil Royalties (MOR), Value Added Tax (VAT), Import Duty, and Common External Tariff (CET) Levies increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties, and Fees declined considerably. Excise Duty recorded only a marginal increase.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
See the full list below:
