Economy
Business Owners Laud Ahmed over Planned 5-Year Tax Relief
By Dipo Olowookere
The announcement of a planned 5-year tax relief for small businesses in Kwara State by the state government has continued to generate reactions across and outside the state.
At a lecture to mark the 50th anniversary of the state in Ilorin last week, it was disclosed that Governor Ahmed Abdulfatah had directed the Chairman of Kwara State Internal Revenue Service, Mr Murtala Awodun, to coordinate the process of the tax holiday.
According to Mr Ahmed, his administration took this step in order to boost entrepreneurship and eradicate poverty in the Kwara State, adding that it was also to facilitate economic growth and development of the state.
This tax waiver announcement has been applauded by business owners in and outside Kwara State.
A cross session of SME owners across the state and elsewhere told Business Post that the move showed that Governor Ahmed was aware of things killing businesses in the country.
They described the 5-year tax holiday as a welcome development and urged other state Governors, as well as the Federal Government, to follow suit, saying it would have a positive impact on the economy at large.
“This is what we have been clamouring for. What is the essence of killing new businesses with tax when you are supposed to nurture them to greatness? In developed countries, they give tax waivers so as to allow the enterprise mature and become big corporations, that is the ideal thing,” a ‘business centre’ operator in Ilorin, Kwara State capital, who identified herself as Mrs Kudi Lawal, told our correspondent.
Another business owner in Offa area of the state, Mr Fatai Raji, commended the Governor for the move, saying “this is fantastic. Watch it, businesses will survive in the state and new ones will spring up very fast because they will want to take advantage of this tax free window. In the end, the economy of Kwara State will improve positively. Mark my words, investors will rush into this state because of this tax holiday.”
However, a make-up artist in Lagos, Mrs Yetunde Sodeke, appealed to Governor Akinwunmi Ambode of Lagos State to emulate Governor Ahmed by giving tax waiver to SME owners in the metropolis.
She pointed out that the taxes paid by small business owners were making it difficult for many to survive, especially with the already high cost of living in the state.
“It is a common thing for the Lagos Internal Revenue Service (LIRS) to force you to pay tax for three years even as a first time payer. I do not know the rationale behind this. Even after that, local government will come with another tax as shop permit or so. There are also the LASAA people who disturb us for signposts. When you add these payments with the shop rent and other running cost like fuel for generator and others, it is very difficult for businesses to survive,” Mrs Sodeke told Business Post.
According to Chairman of the Kwara State Internal Revenue Service, Mr Murtala Awodun, report has shown that over 70 percent of small businesses die within the first five years of their existence.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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