Court Orders Abia Govt to Reduce Taxes Paid by Traders

Image

By Dipo Olowookere

Traders in Abia State have secured a court ruling directing the state government to reduce the number of taxes and levies it collects from them.

On October 18, 2018, the traders approached Abia State High Court sitting in Aba, seeking to stop the state government from further collecting what they described as illegal fees.

They claimed that the Abia State government forces them to pay Armed Forces Remembrance Day levy, sanitation levy, sweeping levy, environmental levy, clean-up levy, scooping levy, ASEPA levy, fire extinguisher levy, shade numbering levy, security levy, market development levy, infrastructure levy, Bakassi levy and tax.

In the suit, the traders joined the Attorney General and Commissioner for Justice, Commissioner for Solid Minerals and Environment and the Aba South Local Government Chairman as co-defendants.

Ruling on the matter, Justice Uche Enwereji ordered the state government and the traders at Ngwa Road Market (Ahia Ohu), Aba, to sit together to agree on what levies should be collected.

Giving judgment also on counsel to the traders, Mr Victor Agwu’s plea to stop further collection of the levies by the state government, the judge ordered the traders to continue paying the levies they believe were legal pending when the case would be determined.

Mr Agwu had argued that despite the fact that the matter was in court, the traders were still being forced to pay the “illegal levies.”

He had urged the court to give an order stopping the collection of any form of levy from the traders by government agents pending the determination of the case.

But the defence counsel, Ogwo Uko, argued that since the plaintiffs approached the court to seek relief from what they described as illegal levies only, it would be wrong for the court to grant them a relief they never sought by granting a blanket order stopping the collection of any form of levy.

He prayed the court to order the traders to continue paying the levies they believe were legal.

Meanwhile, Justice Enwereji has adjourned the matter to June 28 for further hearing.

Share
Related Stories
Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

More Stories
Image
04-November-2023

Aradel Lifts NASD OTC Exchange By 0.56%

By Adedapo Adesanya An appreciation in the price of Aradel Holdings Plc lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.56 per cent on Friday, November 3. The shares of the oil and gas investment company improved during the trading day by N48.00 to settle at N650.00 per unit compared to the preceding day’s N602.00 per unit. This bolstered the market capitalisation of the NASD OTC Exchange by 6.23 billion to close the day at N1.129 trillion versus the N1.123 trillion it closed a day earlier, as the NASD Unlisted Security Index (NSI) gained 4.6 points to close at 833.08

Image
06-June-2020

AfDB Begins Independent Probe of Adesina

By Adedapo Adesanya The African Development Bank (AfDB) has officially launched an independent investigation into allegations levied against its president, Mr Akinwumi Adesina. The Abidjan-based development institution finally gave in to the demands of the United States, which was dissatisfied with the internal investigation that had totally exonerated Mr Adesina from serious accusations including unethical behaviour, personal enrichment and favouritism. In a statement, the Board of Governors of the AfDB) agreed to authorize an independent review of the whistleblowers’ allegations” against Mr. Adesina. The statement issued by the board’s bureau chairperson, Mrs Nialé Kaba, disclosed that this decision was reached

Image
15-March-2021

Stripe Raises Fresh $600m, Valuation Jumps to $95bn

By Adedapo Adesanya Web payments firm, Stripe, which acquired Nigerian company, Paystack last year, has raised a fresh $600 million funding round to raise its valuation to $95 billion and become the most valuable private company Silicon Valley has produced. The latest fundraise includes primary investors such as Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA). The Irish company says it will use the capital to invest in its European operations and its Dublin headquarters, in particular, support surging demand from enterprise heavyweights across Europe and expand its Global

Image
26-May-2023

Unlisted Stocks Witness Stalemate Amid Drop in Trading Activities

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Thursday, May 24, after the market capitalisation remained at N1.001 trillion and the NASD unlisted securities index (NSI) intact at 723.26 points at the close of transactions. Business Post reports that this happened as trading data showed a reduction in the volume, value, and number of deals. Investors traded just 51,910 units of securities, in contrast to the 324,782 units of securities transacted in the preceding session, indicating a fall of 84.0 per cent. Equally, the value of shares exchanged by the market participants depreciated by 97.8 per

Image
26-January-2021

Nigeria Eyes Multi-Billion Naira Data Privacy Sector

By Adedapo Adesanya With the latest conversation around data privacy and its enforcement, the National Information Technology Development Agency (NITDA) is set to develop a multi-billion naira data privacy sector which will strengthen job creation among others in 2021. This disclosure was made by the agency’s Director-General, Mr Kashifu Inuwa, on Monday in Abuja at the virtual news conference to open the 2021 National Data Privacy Week. Data Privacy Week is a global event held every last week in January, with this year’s celebration falling between Monday, January 25 and January 28. Mr Inuwa said that boosting the data privacy

Image
04-April-2019

Russia and Angola: Cooperating On Trade, Arms Delivery and Natural Resource Exploration

By Kester Kenn Klomegah Russia is ready to raise its full-fledged bilateral ties and strengthen multifaceted cooperation by signing a series of agreements with Angola, one of Russia’s key partners in the African region, during the meeting scheduled early April between President Vladimir Putin and Angolan counterpart Joao Manuel Goncalves Lourenco in the Kremlin, Moscow. Putin has expressed his confidence that Joao Lourenco official visit marks a new stage in the development of bilateral relations between the two countries. Putin has had bilateral connectivity with this southern African country, for example, during the leadership of Jose Eduardo Dos Santos who

Image
29-June-2017

NSE Clinches Employer of Choice Award

By Modupe Gbadeyanka For the second year in a row, the Nigerian Stock Exchange (NSE) has emerged winner of the Employer of Choice Award 2016 in the ‘U​nder 1,000 Employees’ category. In addition, Chief Executive Officer (CEO) of the NSE, Mr Oscar Onyema, was named the 2016 HR Champion of the year for demonstrating outstanding leadership through sound and laudable people management practices. He emerged winner ahead of CEOs of United Capital Plc and Unilever Nigeria Plc. The awards were presented by the HR People Magazine at an award ceremony held at the Oriental Hotel in Lagos. The HR People

Image
06-January-2018

Oando Shares Record High Sales Volume on Speculative Trading

By Modupe Gbadeyanka In the past few days, there have been huge activities around the shares of embattled Oando Plc at the Nigerian stock market. The firm was placed on a technical suspension by the Securities and Exchange Commission (SEC) in October 2017, making it impossible for the shares of the energy firm to partake in full market activities on the floor of the Nigerian Stock Exchange (NSE). But since the beginning of this year, there has been huge sales volume in the shares of Oando. According to analysts at Proshare Research, the huge volumes recorded on the stock came

Ad
Ad
Recent Stories
Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of