Economy
Court of Appeal Accepts Lagos’ Request to Join VAT War
By Adedapo Adesanya
The Court of Appeal in Abuja has granted a request by the Lagos State Government to join Rivers State in the appeal filed by the Federal Inland Revenue Service (FIRS) against a Rivers State High Court, which said states were the right tier of government to collect Value Added Tax (VAT) in the country.
The FIRS had filed an appeal at the appellate court to challenge the ruling by the lower court and Lagos filed a suit to be joined in the matter.
At the resumed hearing of the matter on Thursday, the court granted the request by Lagos and ordered all processes filed to be served on the Attorney-General of the state, Mr Moyosore Onigbanjo.
The case was later adjourned to October 7 and would be heard at the Appellate Court in Port Harcourt.
On September 16, the court reserved its ruling on the application after Mr Onigbanjo, a Senior Advocate of Nigeria (SAN), took his application for joinder in the suit.
He had informed the panel of judges led by Justice Haruna Tsammani that Lagos was entitled to collect VAT, saying the VAT Act was approved by an order of a court, although it had been annulled.
According to the attorney-general, states are recognised by the Constitution to collect VAT and the FIRS is aware of that fact.
He added that the principles for joinder of a party, seeking to be joined, must be a necessary party that has shown that its interest, legally and financially, would be affected.
While Mr Onigbanjo explained that the case of joinder sought was to prevent multiplicity of action, counsel to the Rivers State government, Mr Ifedayo Adedipe, supported the application by the Lagos State government.
However, the counsel to the FIRS, Mr Mahmoud Magaji, opposed the application for joinder while relying on Section 243 of the Constitution.
He stated that the Constitution does not support applications for joinder and Lagos State was not a party to the suit at the trial court.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) 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 traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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