Economy
Dangote Gives N500m to Kano Traders
By Dipo Olowookere
Months after a fire razed down a market in Kano State, renowned business mogul, Mr Aliko Dangote, has given the sum of N500 million to traders at the market.
When the incident happened few months ago, the businessman, through his Aliko Dangote Foundation, promised to donate N500 million to victims.
Redeeming this pledge, Mr Dangote said the gesture was to bring succour to over a thousand hitherto dejected traders affected by the Kano Market fire disasters.
He noted that the donation was in response to the appeal by the Kano state government for contributions from public spirited individuals and corporate organizations to help the fire victims come back to business.
No fewer than seven fire disasters have occurred in five major markets across the state within the past few months with no fewer than 1,400 shops and goods estimated at N28 billion gutted by the inferno.
It would be recalled that the state government had in the wake of the last disaster in February, which affected Singa market, set up a judicial commission of enquiry and an appeal committee headed by Mr Dangote and another businessman, Mr Usman Tofa, both indigenes of Kano to help raise funds to help the fire victims, most of whom lost everything they sell to the disaster.
Mr Dangote, after the inauguration of his committee pledged N500 million and assured the traders that his committee would work assiduously to garner funds to ameliorate the suffering of the traders.
Presenting the N500 million cheque on Monday afternoon in Kano, the CEO of Aliko Dangote Foundation, Mrs Zouera Youssoufou, explained that Africa’s richest man was deeply touched by the plight of the affected traders and that is why he has ensured that the money is available.
Re-echoing what Mr Dangote said earlier on his involvement in the provision of succour to the traders, Mrs Youssoufou stated that the Chairman of Dangote Group would also see other areas he would collaborate with the state to bring relief to the traders as quickly as possible.
She stated that Dangote Foundation has been identifying with various projects in the state and that the donation is just one of the many interventions of the Foundation in Kano state.
In his address of welcome at the ceremony, the State Commissioner for Commerce, Industry, Cooperative and Tourism, Mr Hammed Rabiu, commended Mr Dangote for the good gesture and said the state would be eternally grateful for the many helps he has rendered to the state in times of need.
“As you can see, with this physical donation, Alhaji Dangote did not just talk by promising assistance, he is walking the talk”, he stated.
Speaking on the donation, Governor Abdulahi Umar Ganduje, while thanking Mr Dangote for always rising to the occasion anytime the state calls, urged other Kano sons and daughters to emulate him and contribute to the growth of the state.
He said that the state government had also donated N500 million to the victims pointing out that a judicial commission was set up to probe the fire incidents and make recommendation and had since turned in its report which has been guiding the state in taking certain decisions to forestall future occurrence.
As part of the implementation of the recommendation of the Commission, Mr Ganduje stated that the government had commenced structural designs and road projects at Kantin Kwari market.
Also he disclosed that lock-up shops have been built for the traders as opposed to the former wooding stalls which are very combustible in the event of fire outbreak.
The Governor assured that every trader that suffered loss would be compensated as the Commission had already accessed the extent of damages and the actual loss suffered by each trader.
With the new development and strategy being out in place, Governor Ganduje said he hoped that the outbreak of fire in Kano markets will stop.
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.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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