Economy
FG Under Pressure to Extend VAIDS Deadline
By Modupe Gbadeyanka
With less than three weeks to the expiry of the Voluntary Asset and Income Declaration Scheme (VAIDS), pressure is beginning to mount on the Federal Government to extend the tax amnesty programme, Punch is reporting.
Investigations by our correspondent revealed that some former governors, top politicians, high profile individuals, business owners and professional bodies were among those seeking an extension of the scheme.
The VAIDS offers a grace period from July 1, 2017 to March 31, 2018 for tax defaulters to voluntarily pay back to the government what they owe.
In exchange for full and honest declaration, the government promises to waive penalties that should have been levied and the interest that should have been paid on overdue taxes.
Also, those who declare their tax obligations honestly will not be subjected to any investigation or tax audit after the nine-month grace period.
But sources in government confided in our correspondent on Monday that there had been pressure on the Presidency in the last few days to grant an extension of the programme.
It was gathered that many of the politicians, high net-worth individuals and business owners were stunned by the huge evidences the government was showing them about what they owned and where the assets were being kept.
It was further gathered that the government was able to get the assets of many of the high profile individuals through its data mining programme.
Findings revealed that through the data mining programme called ‘Project Lighthouse’, the Federal Government had been tracking the assets of high net-worth individuals.
It was learnt that many tax defaulters had been identified and contacted by the VAIDS office following transaction data obtained from agencies of government such as the Corporate Affairs Commission (CAC), the Nigeria Customs Service (NCS) and the Nigerian Communications Commission (NCC).
Through payment platforms such as the Government Integrated Financial and Management Information System and Remita, the government is able to get more evidences on tax-defaulting companies.
Officials told our correspondent that the Federal Government had extended its searchlight to property owners in highbrow areas across the country.
The search, according to a senior government official, is being done with the support of some state governors.
The official said that the Federal Government, through Project Lighthouse, had received documents on property owners from state governments.
The first set of property owners under scrutiny for tax compliance, according to the source, are owners of properties in Lagos and Abuja.
It was learnt that in the Federal Capital Territory, the properties under scrutiny included those located in choice locations such as Maitama, Asokoro, Garki and Wuse.
In Lagos State, it was gathered that properties in areas such as Banana Island and environs, Magodo, Lekki, Ikoyi, and Victoria Island, among others, were under scrutiny.
The government will also be extending the searchlight to the North, South-East and South-South states, according to the senior government official.
It was learnt that tax records and bank account details of the property owners were being reviewed by the Project Lighthouse team.
The source stated, “You will recall that the government in July last year commenced VAIDS and we have about three weeks to the end of that tax amnesty scheme. The state governments have now realised that the bulk of the revenue from VAIDS will go to them as many of these taxpayers reside in the various states.
“So, the governors are now collaborating with the Federal Government to provide data of property owners in choice areas to determine their tax status. It has been observed that most of the taxpayers’ lifestyles do not reflect in their tax payment.
“The extension of the searchlight on these property owners is not unconnected with illicit financial flows to property owners not paying taxes.”
The source added that some state governments, in their collaboration with the Federal Government, had provided electronic searchable database for both individual and corporate property owners.
Some of the pieces of information contained in the electronic searchable database are the name of the property owner, plot number, location of the property and Certificate of Occupancy number.
Minister of Finance, Mrs Kemi Adeosun, last week said the government would name, shame and prosecute tax evaders who failed to take advantage of the amnesty programme under the VIADS to regularise their tax profiles.
Mrs Adeosun stated that the Federal Government had the political will to prosecute tax evaders once the amnesty programme was over by March 31, 2018.
She said, “The Federal Government has the political will and data to go after tax evaders who fail to take advantage of the tax amnesty programme. Many Nigerians cannot explain their lifestyles or match their lifestyles, assets and incomes with their tax payment.
“We will close VAIDS at the expiry of the programme on March 31, 2018. And once the programme is closed, we will name and shame and prosecute tax evaders.”
By Dipo Olowookere
Plans by the board of carry out a debt-to-equity conversion exercise have again been frustrated by minority shareholders.
In a notice to the Nigerian Exchange (NGX) Limited over the week, the company said the small investors kicked against the conversion of about N34.3 million, approximately N51.8 billion, debt to equities of the organisation.
It was disclosed that at an Extraordinary General Meeting (EGM) held on March 13, 2025, in Abuja for an approval to implement the proposal, the board could not secure the approval threshold, frustrating the plan.
PZ Cussons owes PZ Cussons (Holdings) Limited about $34.3 million and the debt-to-equity exercise was to resolve challenges stemming from Nigeria’s currency devaluation and historical foreign exchange (FX) liquidity challenges.
Recall that in June 2022, PZCH gave its Nigerian subsidiary a loan of $40.26 million to settle foreign currency payables for raw materials and operational costs due to the ongoing forex scarcity.
Following the liberalisation of the foreign exchange market in June 2023 and subsequent Naira devaluation, the FX debt position drove an exchange loss of N157.9 billion, resulting in a N76.0 billion loss after tax and a negative shareholders’ equity position of N27.5 billion for the financial year ended May 31, 2024.
Despite strong operational performance, with 34 per cent and 42 per cent year-on-year revenue growth for the periods ended May 31, 2024, and November 30, 2024, respectively, continued Naira depreciation has further eroded operational profits, worsening the negative net equity position to N34.5 billion as of November 30, 2024.
The chief executive of PZ Cussons, Mr Dimitris Kostianis, said, “We would like to thank our shareholders for participating in the EGM and for their active engagement in the process.
“As a response to shareholder feedback received during the meeting, the majority shareholder amended the proposed conversion terms to reduce the level of debt to be converted and increase the conversion price, which would have reduced minority shareholder dilution and also ensured that the Company remained compliant with the 20 per cent free float requirement.
“There was very strong minority shareholder support for the transaction, with 663 of the 675 minority shareholders present at the meeting voting in favour. However, the 75 per cent shareholding vote required to approve the resolution was not met, as 12 minority shareholders representing a significant shareholding voted against the resolution.
“In compliance with the law, the majority shareholder did not vote on the resolution. We believe that there were strong benefits for the Company and shareholders from the proposed transaction.
“By converting the intercompany loan into equity, the Company’s exposure to foreign exchange volatility would have been significantly reduced, our balance sheet would have been strengthened, and future cash flow would have been freed up to be allocated to productive investments that support the company’s profitable and sustainable growth ambitions. This would have established the basis for improving shareholder liquidity.
“The board of PZCN remains committed to building on the strong operational growth we have seen in H1 of FY25, exploring alternative mechanisms for restoring our net assets to a positive position and to working closely with our shareholders and the broader stakeholder ecosystem during this process.”
By Dipo Olowookere
Last week, investors bought and sold 3.281 billion shares worth N63.517 billion in 60,782 deals compared with the 1.818 billion shares valued at N47.226 billion transacted in 64,222 deals in the preceding week.
Data showed that Sovereign Trust Insurance, Champion Breweries, and Jaiz Bank were the most attractive stocks, accounting for 1.621 billion units sold for N3.244 billion in 1,528 deals, contributing 49.42 per cent and 5.11 per cent to the total trading volume and value, respectively.
Financial equities dominated the activity chart in the five-day trading week, with 2.302 billion units worth N25.014 billion traded in 27,625 deals, contributing 70.17 per cent and 39.38 per cent to the total trading volume and value, respectively.
Consumer goods stocks followed with the sale of 421.846 million units for N3.796 billion in 6,149 deals, as services shares exchanged 228.075 million units for N800.274 million in 4,741 deals.
Livestock Feeds topped the price gainers’ log after chalking up 22.16 per cent to settle at N10.20, Caverton jumped by 15.38 per cent to N3.00, FTN Cocoa expanded by 14.20 per cent to N1.85, CWG gained 13.21 per cent to N9.00, and Tantalizers surged by 13.13 per cent to N2.93.
The price losers’ chart was led by Neimeth after its value went down by 17.00 per cent to N2.49, MeCure declined by 10.36 per cent to N11.25, International Energy Insurance slipped by 10.26 per cent to N1.75, University Press retreated by 10.00 per cent to N4.32, and Conoil also fell by 10.00 per cent to N331.20.
Business Post reports that when the market closed last Friday, 38 stocks appreciated versus 30 stocks of the preceding week, 46 equities depreciated compared with 58 equities a week earlier, and 66 shares closed flat, in contrast to 62 shares in the previous week.
The All-Share Index (ASI) and the market capitalisation lost 0.55 per cent in the week to finish at 105,955.13 points and N66.352 trillion, respectively.
Similarly, all other indices finished lower except the insurance, AseM, MERI growth, consumer goods and commodity, which appreciated by 0.89 per cent, 0.04 per cent, 0.89 per cent, 0.03 per cent and 0.02 per cent, respectively.
Economy
From Courtrooms to Chaos: Suits LA Brings Hollywood’s Power Struggle to Your Screen on Showmax
In Hollywood, reputation is everything, and for entertainment lawyer Ted Black, keeping the biggest names in showbiz out of trouble is his full-time job. Suits LA takes the high-stakes legal drama of the original series and raises the bar, moving the action from New York’s corporate towers to Los Angeles’ power circles, where one bad deal could mean the end of a career.
Led by Teen Choice winner Stephen Amell (Arrow), Suits LA follows Ted as he navigates a cutthroat industry where billion-dollar contracts, scandalous lawsuits, and celebrity egos collide. The legal drama also features Gabriel Macht reprising his fan-favourite role as Harvey Spectre, alongside appearances from real-life Hollywood elites. With its gripping storytelling, the Suits franchise expands into new, high-stakes territory that’s already one of IMDb’s Most Anticipated New TV Shows of 2025.
Watch the trailer: https://www.youtube.com/watch?
But while Suits LA brings power struggles to the courtroom, here are other must-watch titles that explore the battle for control, survival, and dominance in different ways:
Yellowjackets S1-3 | New Episodes Saturdays
What happens when survival instincts take over, and the line between humanity and savagery blurs? Yellowjackets tells the gripping tale of a high school girls’ soccer team whose plane crashes deep in the wilderness, leaving them to fend for themselves. As the story unfolds in two timelines, the past, where their descent into chaos begins, and the present, where the survivors struggle with the haunting aftermath, dark secrets and unsettling truths come to light.
Starring Emmy nominees Melanie Lynskey, Christina Ricci, and Juliette Lewis, alongside Yellowjackets breakout star Sophie Thatcher (also seen in Heretic), the series masterfully blends psychological horror, mystery, and drama. Described by The Guardian as “a chilling mix of Lost and Lord of the Flies,” Yellowjackets keeps audiences on edge with every twist.
Watch the trailer: https://www.youtube.com/watch?
The White Lotus S3 | New Episodes Monday Nights
Far from Nigeria’s mystical past, another world of power and deception unfolds in Thailand, where the guests of The White Lotus resort check in for what they believe will be a luxurious escape. Instead, their secrets, ambitions, and betrayals set off a chain of events that none of them could have foreseen.
Winner of 15 Emmys, the critically acclaimed series returns with a new cast, including Emmy nominees Carrie Coon, Jason Isaacs, Parker Posey, and Walton Goggins, alongside BAFTA winner Aimee Lou Wood. As TimeOut puts it, “Much as we’ll all miss Jennifer Coolidge, RIP Tanya, the third run of The White Lotus should be February’s most talked-about telly.”
Watch the trailer: https://www.youtube.com/watch?
Heretic | Now Streaming
The fight for survival takes an even darker turn in Heretic. Two young missionaries knock on a door, hoping to share their faith, but instead, they step into a nightmare. What follows is a chilling test of belief and endurance as they become trapped in a house where nothing is as it seems.
Featuring Hugh Grant in a terrifying role alongside Sophie Thatcher (Yellowjackets) and Chloe East (The Fabelmans), Heretic was named one of Rotten Tomatoes’ top horror films of 2024. Men’s Health raves, “Arguably [Hugh Grant’s] best performance from the last decade,” while Empire Magazine warns, “You’ll never watch Notting Hill the same way again.”
Watch the trailer: https://www.youtube.com/watch?
Godzilla X Kong: The New Empire | Now Streaming
While humans fight their battles in courtrooms and luxury resorts, another kind of war is brewing beneath the Earth. Godzilla and Kong, once bitter rivals, must now unite against a powerful new enemy that threatens their very existence. Featuring BAFTA winner Rebecca Hall, Oscar nominee Brian Tyree Henry, and Teen Choice winner Dan Stevens (Downton Abbey), this film was among the ten biggest box office hits of 2024 and earned a Best Fantasy Film nomination at the 2025 Saturn Awards. With jaw-dropping action sequences and stunning visual effects, Godzilla X Kong delivers pure blockbuster spectacle.
Watch the trailer: https://www.youtube.com/watch?
From Hollywood power struggles to high-stakes resorts and monster showdowns, Showmax has something for everyone. And with the Shikini Offer, you can stream it all for less.
Get Showmax Mobile for just ₦1,000 or enjoy the multiple-device plan for ₦2,000. Don’t wait—sign up now at www.showmax.com/deals to get started. or download the Showmax app to start watching today.
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