Economy
Ex-Staff Wins Suit Against Notore Chemical, to Get N20.5m
By Modupe Gbadeyanka
The management of Notore Chemical Industries Plc has been directed to pay the sum of N20.5 million to one of its former employees, Mr Ayodele Balogun, as gratuity claim.
This directive was given by Justice Nelson Ogbuanya of the National Industrial Court sitting in Lagos earlier this month. The amount is the outstanding balance of Mr Balogun’s gratuity payment due to him since 2013.
The company, owned by Nigerian businessman, Mr Onajite Okoloko, was also asked by the court to the sum of N1 million as the cost of action within one month, failing which it attracts 10 percent interest rate per annum until fully liquidated.
According to Justice Ogbuanya, Notore Chemical action credited to external advice which prompted the defence of ‘mistaken payment’ was not justified, and cannot override the obligation to pay outstanding balance due to the claimant.
From facts, the claimant was employed on October 1, 2008 as Chief Marketing Officer and by a letter dated June 14, 2013, sent via e-mail on Wednesday, June 19, 2013, tendered resignation, and indicated that it would take effect on October 1, 2013.
He further said as a result of his service to the firm spanning 5 years, he was entitled to payment of gratuity upon successful exit from the company. He further claimed a total settlement package was communicated to him via e-mail out of which only 50 percent was paid and all effort to get balance proved abortive.
In argument, the firm submitted that Mr Balogun did not attain the threshold of ‘continuous service greater than five years and up to 10 years’ to be qualified for monetary payment in addition to ‘Testimonial of Service’, which is the only package available for those who were in ‘continuous service up to five years’, under the company gratuity that the payment already paid to the claimant was a mistake and it was because of the discovery of the error that it refused to pay the balance and also seeks refund of it.
Counsel to the firm further argued that the claimant’s resignation became effective on date of receipt of the letter of resignation by the employer, and as such, the correct effective date of his resignation was June 14 2013 (submission date), and not October 1, 2008 contained in the resignation letter.
The company’s counsel further said that the claimant’s case lacked merit and should be dismissed while upholding the counter-claim for refund of the sum already paid to the claimant in error.
But counsel to the claimant, U. U Njoku, argued that Notore Chemical failed to tender its payroll to disprove that the claimant was no longer in its pay roll as at October 1, 2013, urging the court to so hold and grant the reliefs sought.
Delivering his judgment, Justice Ogbuanya held that where date was not provided in the resignation, it takes immediate effect upon receipt of resignation, but when effective date is provided, it becomes effective on the last day of the notice period.
“I also note that it is part of the court’s equitable jurisdiction to preserve earned benefits, particularly those of pecuniary nature, and court usually tilts towards resolving such emerging controversy in favour of the beneficiary rather than in favour of one trying to take away or expropriate the benefit.
“From the tenor of the above provisions of the company Gratuity Policy, I find that once an employee attains 5 years of continuous service with the defendant, such an employee shall/must be entitled to not only cash payment as gratuity but also other testimonials and certificate of appreciation and or asset gift.
“In the circumstance of the claimant, I find that he has attained 5 years of continuous service with the defendant and there was no evidence disputing that he resigned wilfully and there was no evidence of any skirmish of probe or low performance tainting his voluntary resignation. I so hold,” Justice Ogbuanya ruled, dismissing the company’s counter-claim for lacking merit.
By Aduragbemi Omiyale
The deadline for filing of employers’ annual tax returns in Lagos State has been extended by one week from February 1 to 7, 2026.
This information was revealed in a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude.
In the statement issued over the weekend, the chairman of the tax collecting organisation, Mr Ayodele Subair, explained that the statutory deadline for filing of employers’ annual tax returns is January 31, every year, noting that the extension is intended to provide employers with additional time to complete and submit accurate tax returns.
According to him, employers must give priority to the timely filing of their annual returns, noting that compliance should be embedded as a routine business practice.
He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Employers are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.
Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised employers to ensure that the Tax ID (Tax Identification Number) of all employees is correctly captured in their submissions.
By Adedapo Adesanya
The chief executive of Airtel Africa Plc, Mr Sunil Kumar Taldar, has disclosed that the company is still on track to list its mobile money business, Airtel Money, before the end of June 2026.
Recall that Business Post reported in March 2024 that the mobile network operator was considering selling the shares of Airtel Money to the public through the IPO vehicle in a transaction expected to raise about $4 billion.
The firm had been in talks with possible advisors for a planned listing of the shares from the initial public offer on a stock exchange with some options including London, the United Arab Emirates (UAE), or Europe.
However, so far no final decisions have been made regarding the timing, location, or scale of the IPO.
In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.
Mr Taldar, noted that metrics continued to show improvements ahead of the listing with its customer base hitting 52 million, compared to around 44.6 million users it had as of June 2025.
He added that the subsidiary processed over $210 billion in a year, according to the company’s nine-month financial results released on Friday.
“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents, and partner ecosystem and remains a key player in driving improved access to financial services across Africa.
“We remain on track for the listing of Airtel Money in the first half of 2026,” Mr Taldar said.
Estimating Airtel Money at $4 billion is higher than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.
The mobile money sector in Africa is expanding rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.
By Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
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