Economy

FG Reduces Licenses to Stop Fish Importation by 2022

Published

6 years ago

06/02/2020

By Adedapo Adesanya

Following Nigeria’s drive for encouraging local production and consumption, the federal government has embarked on measures that will see the stop to the importation of fish by 2022.

Minister of Agriculture and Rural Development, Mr Sabo Nanono, during a chat with delegates from the National Fish Association of Nigeria (NFAN), said the country will begin to look inward to improve fisheries and aquaculture.

Speaking to the NFAN delegation led by its president, Mr Gabriel Ogunsanya in Abuja recently, he said that the President Muhammadu Buhari-led administration had instituted measures to actualise the plan that included reducing the number of licenses approved for imports.

According to the Minister, if the country pursued the huge potential in fisheries and aquaculture, this will bring about local consumption and export, bringing in more revenue for the government and local investors.

He used the opportunity to call upon other stakeholders for partnerships to ensure that there was minimal need for importation into the country.

“Last year, we issued about one million licenses. This year, we virtually cut it into half and I hope next year, we will further cut it so that in the next two years we may rely entirely on what we produce here.

“Since you are producers and probably processors, it is important to take note of your development in the fish sector towards this,” he said.

He further added; “In the next years, probably we will not allow the importation of fish into the country.

“I know people are saying we can only rear catfish, tilapia and a few other species but most of the white fish they do not do well here.

“But I know for a fact that the consumption of catfish is very high in this country both the fresh one as well as the smoked one.

“In fact, I was made to understand that it now has an export market. So, if you put your head together and work hard, the future is very bright for fish producers in this country,” he said.

On his part, the President of NFAN, Mr Gabriel Ogunsanya, called for assistance in some areas such as involving members of the association in training programmes of the ministry and other relevant agencies.

“We need a letter of introduction to CBN, NIRSAL, BOI, BOA for timely intervention to boost the fish industry production business in Nigeria.

They used the opportunity to call for loan and credit facilities for the purpose of business expansion, adding that the government needed to reactivate the dormant fishery terminals, fish markets, hatcheries and develop broodstock bank for identified fish species and privatise them for utilisation.

Mr Ogunsanya equally urged the minister to direct research institutes to embark on demand-driven researches to benefit the entire industry and called for measures to be put in place to support commercial fish production from along the value chain for both local and export markets.

The NFAN President also urged the minister to involve the association in the policy formulations for the fish industry.

The Agriculture Minister then assured the association of the government’s readiness to assist where necessary in order to move the industry forward.

Economy

NIN to Serve as Tax ID for Nigerians—FIRS

Published

5 minutes ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Federal Inland Revenue Service (FIRS) has declared that the National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) has now automatically become a Tax ID for Nigerians.

The service announced this in a public awareness campaign on the new tax laws posted on X, formerly known as Twitter, on Monday.

The new tax laws go into effect in two weeks and to ease administration and collection of taxes, NIN, which was introduced as a way of identity, will now serve as Tax ID. This declaration comes amidst concerns over a provision of the tax laws mandating Tax ID for bank account ownership.

With this development, all Nigerians with NIN now automatically have a Tax ID and can be easily brought into the tax net, provided they receive taxable income. The new tax law has set N800,000 per annum earning as the cut-off annual income threshold which the Nigerian state will charge no personal income tax.

For registered businesses, the FIRS said their RC number issued by the Corporate Affairs Commission (CAC) automatically becomes their tax ID under the new tax system.

According to the FIRS, the Nigeria Tax Administration Act (NTAA) billed to come into force from January 2026, mandates the use of Tax ID for certain transactions.

It, however, noted that this requirement is not new, adding that it has existed since the Finance Act 2019 and has been strengthened under the NTAA.

“The Tax ID unifies all TINS previously issued by FIRS and states IRS into a single identifier.

“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used.

“You do not need a physical card, the Tax ID is a unique number linked directly into your identity,” the FIRS stated.

The FIRS added that the new tax ID systems simplify identification, reduce duplication, closes loophole for tax evasion and ensure fairness so that everyone who earns taxable income contributes their share.

Economy

Seplat Completes Conversion of Onshore Assets to PIA Fiscal Regime

Published

4 hours ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.

In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.

The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.

The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.

According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.

Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.

Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.

“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.

He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.

Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.

Economy

NASD Index Rises 0.16% on Renewed Investors’ Appetite

Published

7 hours ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.

Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.

Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.

InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.

The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.

However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.

NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.

As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.