Economy
Bears Devour Unlisted Stocks by 0.27% Wednesday
By Adedapo Adesanya
The bears made a visit to the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, May 5 and left the exchange battered by 0.27 per cent.
With the support of profit-takers, they truncated the gaining streaks at the unlisted securities market at the midweek trading session.
As a result, the NASD Unlisted Securities Index (NSI) went down by 2.18 points to 799.87 points from the previous day’s 797.69 points, while the market capitalisation decreased by N1.55 billion to N567.01 billion from N568.56 billion.
Business Post observed the decline in the unlisted stocks on the exchange was influenced by Central Securities Clearing Systems (CSCS) Plc, which saw its stock price drop 31 kobo or 1.7 per cent to N18.04 per unit from N18.35 per unit it was sold on Tuesday.
The market was not without a price gainer as the Nigerian Exchange (NGX) Group Plc recorded a 0.27 kobo or 0.9 per cent to sell at N30.11 per unit compared to N29.84 per unit of the previous session.
During the session, a total of 18.9 million shares were transacted, 306.7 per cent higher than the 4.7 million shares traded at the preceding day, while the value of shares increased by 204.6 per cent to N452.9 million from N148.7 million realised at the preceding session.
However, the number of deals depreciated by 26.8 per cent to 41 deals from the previous day’s 56 deals, with NGX accounting for 34 deals, CSCS accounting for five deals and Air Liquide Plc accounting for two deals.
At the close of transactions, NGX Group remained as the most active stock by volume (year-to-date) with 151.4 million units worth N3.5 billion. CSCS Plc was in second place with 26 million units worth N397.9 million, while UBN Property Plc held the third position with 21.9 million units worth N24.6 million.
In terms of the most active stock by value (year-to-date), NGX Group maintained the top spot with the sale of 151.4 million units of securities for N3.5 billion. Niger Delta Exploration and Production (NDEP) Plc remained on the second spot with 2.3 million units valued at N720.2 million, while FrieslandCampina WAMCO Nigeria stayed in the third position with 4.2 million units valued at N524.8 million.
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:
