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 Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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