Economy
Edo Moves to Boost Tax Compliance
The Edo State Governor, Mr. Godwin Obaseki, has disclosed that his administration was working out strategies to strengthen ties with the Tax Appeal Tribunal, South-South Zone, to boost tax compliance in the state, especially with the recent influx of investors into the Heartbeat of the Nation.
Speaking during a courtesy visit by the Chairman of Tax Appeal Tribunal, South-South Zone, Prof. Obehi Odiase-Alegimenlen, to Government House in Benin City last week, Mr Obaseki said one of the steps was to insist on the use of technology for tax collection as against non-state actors and consultants so as to ensure that traders are protected from harassment and double taxation.
He explained that the ban placed on the use of consultants and non-state actors and the introduction of Information and Communication Technologies (ICT) for tax collection is aimed at protecting traders and other taxpayers from harassment and double taxation.
“This move has led to a backlash, but we will not go back on that decision taken by this administration,” Mr Obaseki added.
Mr Obaseki noted that taxation remains the main source of revenue for most states in the country, adding that any state focused on growing its internal economy must ensure that the people imbibe the culture of paying their taxes and demanding accountability from government.
“I appeal that we work together on advocacy, especially in improving the communication mechanism to drive compliance. People ought to know the importance of paying taxes and that it is their civic responsibility,” he added.
He said the state has undertaken significant reforms in tax administration and has implemented a series of initiatives in deploying technology for tax collection, which have made the process easier and more transparent.
Mr Obaseki explained, “We believe that we can introduce more technologies to drive transparency and make tax collection easier. People don’t want to pay taxes, forgetting that it is their civic responsibility as it helps to develop the economy.”
The Chairman of the Tax Appeal Tribunal, South-South Zone, Prof. Obehi Odiase-Alegimenlen said the tribunal was set-up to resolve disputes from clients of tax authorities.
“In the advanced world, taxation is a very important aspect of our development finance but not so in Nigeria. The Federal Government is trying to make taxation a relevant aspect of getting finance for developing the country,” he added.
By Aduragbemi Omiyale
The suspension earlier placed on Universal Insurance Plc, which prevented its shareholders and other investors from trading the company’s shares at the stock market, has been lifted.
The embargo was removed by the Nigerian Exchange (NGX) Limited on Wednesday, September 3, 2025, according to a notice signed by Obioma Oge for the Head of Issuer Regulation Department at NGX.
This came about two days after the suspension was first announced in a circular to the investing community over the failure of the underwriting firm and two others (Regency Alliance Insurance and International Energy Insurance) to submit their audited financial statements for the year ended December 31, 2024.
Universal Insurance did the needful after investors could not trade its securities on Customs Street, prompting the management of the exchange to announce resumption in the trading of equities of the organisation.
“The company has now filed its audited financial statements for the year ended December 31, 2024 and outstanding unaudited financial statements for 2025.
“In view of the company’s submission of its 2024 AFS, and pursuant to Rule 3.3 of the default filing rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted.
“Trading License Holders and the investing public are hereby notified that the suspension placed on trading on the shares of Universal Insurance Plc was lifted today,” parts of the disclosure stated.
On Monday, the stock exchange suspended Universal Insurance in compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
By Adedapo Adesanya
The Managing Director of the Nigerian Export-Import Bank (NEXIM), Mr Abba Bello, has urged the federal government to consider extending the recent six-month ban on Shea nut exports to one year to encourage further investment in domestic value addition.
Mr Bello, who commended the government’s ban, described it as a strategic step to support local processors and reduce production costs.
Recall that President Bola Tinubu recently placed a ban on the crop, as part of efforts to push local production and cut down on import dependency.
Speaking at an interactive session with All progressives Congress (APC) youth members in Abuja, Mr Bello noted that although Nigeria supplied 40–60 per cent of global shea, it had no industrial processing plants until 2018.
“When we came on board in 2018, not one industrial plant was processing shea in Nigeria.
“Since then, we’ve financed four, located in Ogun, Kano, and two in Niger State, all now in production,” he said.
He explained that a newly commissioned plant in Niger State had struggled to source raw shea due to competition from long-established foreign buyers who moved the product to neighbouring countries for processing.
“The export ban guarantees a stable supply chain for these plants and reduces input costs.
“I believe we’ll now have excess shea for local processing,” Mr Bello added.
Mr Bello also called for a wider policy to discourage the export of raw agricultural products.
“Let’s not stop at shea. We should begin phasing out the export of unprocessed commodities across other agricultural value chains.
“This is how we keep jobs and wealth at home,” he said.
On the broader export potential of Nigeria’s non-oil economy, Mr Bello described it as an “opportunity port” for young entrepreneurs, spanning agriculture, services, the creative sector, and solid minerals.
“We’re operating sub-optimally in all value chains today.
“Young Nigerians should invest where their passion lies. With energy and creativity, they can unlock massive export growth,” he said.
By Aduragbemi Omiyale
The revenue target for the 2025 fiscal year has been met by Nigeria despite the prices of crude oil in global market declining, President Bola Tinubu has declared.
Mr Tinubu disclosed this on Tuesday when he received a delegation of former members of the defunct Congress for Progressive Change (CPC) at the Presidential Villa in Abuja.
According to him, the revenue target was met in August and it was mainly driven by the non-oil exports, stressing that the nation has no reason to fear international economic developments because of the reforms introduced by his administration.
Nigeria set its crude oil benchmark for this year at $75 per barrel but for most part of 2025, the price has averaged below $70 per barrel.
“Today, I can stand here before you to brag — Nigeria is not borrowing. We have met our revenue target for the year and we met it in August. Let Trump do his worst, we are stable,” President Tinubu declared when he met the delegation comprising governors, lawmakers, and other political leaders drawn from across the federation.
“If non-oil revenue is going well, then we have no fear of whatever Trump is doing on the other side,” he added, noting that he’s impressed with the stability in the exchange rate market, also attributing this to reforms and fiscal discipline.
“Nobody is trading pieces of paper for exchange rate anymore. You don’t have to know a CBN governor to get forex. All you have to do is export, import, and create jobs for the people,” he said.
The President assured the CPC bloc of the ruling All Progressives Congress (APC) of his commitment to their shared ideals, noting, “I couldn’t appoint everybody at once, and thank you for your patience. I still have some slots for ambassadorial positions that so many people are craving for. But it’s not easy stitching those names.”
“When I see people like you, my determination is to work harder. We are certain we are going to succeed,” he added.
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