Economy
Continental Reinsurance Holds Fresh Court-Ordered Meeting October 29
By Dipo Olowookere
The board of Continental Reinsurance Plc has received an approval to hold another court-ordered meeting on Tuesday, October 29, 2019 at Victoria Plaza Hotel, Victoria Island, Lagos.
The meeting is to enable shareholders of the company make a decision concerning the proposed acquisition of minority shareholders’ stake in the firm by Continental Reinsurance African Investments Limited at the rate of N2.50 per share.
A disclosure from the company on Friday said approval for the meeting was obtained on Thursday from a Federal High Court sitting in Lagos.
At the meeting, shareholders would be required to approve that “the amended scheme of arrangement dated September 26,2019, which revises the terms of the scheme of arrangement dated November 23, 2018 be and is hereby approved (as amended) and that the directors be and are hereby authorised to consent to any modification of the amended scheme of arrangement that the Federal High Court shall deem fit to impose and approve.
“For the purpose of giving effect to the amended scheme subject to such modification, additions and conditions agreed between the company and holders of its ordinary shares and/or approved or imposed by the court.
“i the scheme shares (as defined in the amended scheme document) be exchanged for CRe African Investments Ltd shares as indicated in the amended scheme document.
“ii Holders of the scheme shares who do not wish to exchange their shares be paid the cash consideration (as defined in the amended scheme document) by CRe African Investments Ltd.
“iii forthwith and contingent upon the action referred to in clause 2(i) above taking effect, the directors of CRe Nigeria be authorised to appoint Pace Registrar Limited as the nominee.
“iv Pace Registrar Limited shall aggregate and represent the beneficial interest in CRe African Investments Ltd of the holders of scheme shares who opt for the share consideration through the nominee arrangement or who are unable to satisfy and complete the customer/client due diligence requirements of the Mauritius Financial Services Commission within three months of the effective date.
“v Pace Registrars Limited shall be the shareholder of record in CRe African Investments Ltd in relation to the holders of scheme shares who are unable to satisfy the KYC requirements of the jurisdiction of CRe Investment, the Republic of Mauritius, within three months of effective date and opt to receive the share consideration.
“That as consideration for the exchange of the scheme shares, each holders of the scheme shares shall receive either one CRe African Investments Ltd shares for every 144 CRe Nigeria shares held as at the effective date and allotted directly or indirectly, through the nominee arrangement or N2.50 for each CRe Nigeria share held.
“That the board of directors of CRe Nigeria be and is hereby authorised to take all necessary steps as the board deems fit and to consent to any modification of the amended scheme of arrangement that the court shall deem fit to impose or approve.”
Business Post recalls that in December 2018, the firm held a similar meeting in Lagos to approve this same transaction, but the Securities and Exchange Commission (SEC) cancelled it after finding fault in the conduct of the meeting and ordered another one.
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.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
