Economy
FIRS Meets Only 55% Tax Target in January 2020
By Adedapo Adesanya
The Federal Inland Revenue Service (FIRS) was unable to fully meet its N620.2 billion tax targets set for the month of January 2020 as it only actualised 55 percent, N338.1 billion.
Tthe tax body on Sunday noted that the figure represents the aggregate collection of taxes by its states coordinating units on a monthly basis.
According to the body, Lagos Mainland West was given a January target of N4,988,901,182.24 but collected N3,033,847,030.11 representing 60.81 percent, Lagos Mainland East had a target of N50,272,057,644.57 in the month but its actual collection of N39,177,218,569.19 amounted to 77.93 percent while Lagos Island was given a target of N459,548,646,637.50 in January, but it collected the sum of N238,708,658,042.72 translating to 51.94 percent.
In some other South Western states, Ogun, Osun and Oyo all had target of N6,268,435,732.91 while their actual collection during the period stood at N4,167,880,594.20, indicating 66.49 percent collection.
Ekiti, Kwara and Ondo had tax collection target of N1,726,864,502.79 in the first month of the year, but ended up with actual collection of N757, 471,765.95 representing 43.86 percent.
The FCT, Nasarawa and Kogi had the target sum of N61,680,175,079.81, but collected a total of N30,248,678,333.46 representing 49.04 percent. Jigawa, Kano and Katsina had a collection target of N5,203,823,553.44 but their actual collection was N3, 606,224,711.59 representing 77.93 percent.
In the South-South, Akwa Ibom, Bayelsa and Cross River had a monthly target of N2,175,116,159.19 but their actual collection in January was N2,010,374,940.81 which represented 92.43 percent. Delta, Edo and Rivers collectively had a target of N17,790,368,169.50 but recorded an actual collection of N9,251,413, 039.13 indicating 52 percent.
In the South East, Abia, Ebonyi and Enugu States there was a target of N2,503,697,840.31 but they were only able to collect N1,356,428,894.51, which represented 54.18 percent while Anambra and Imo had a target of N1,457,022,041.29 but only colelcted 26.42 percent amounting to N384, 986,673.78 in January.
Benue, Kaduna and Niger had tax collection target of N3,848,560,125.77, but they made actual collection of N2, 003,203,450.93 indicating 52.05 percent. Bauchi, Plateau, Borno and Yobe had a collection target of N2, 793, 435, 123, 22, but their actual collection was N1, 446,670,932.56 indicating 51.79 percent for the month.
It was, however, noted only the collective states of Adamawa, Gombe and Taraba exceeded total target of N1, 496,937,795.22 in January as it collected N2, 237,217,349.37 representing 149.45 percent collection.
By Adedapo Adesanya
The federal government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) to strengthen commodity trading and accelerate Nigeria’s transition to a non-oil, export-driven economy.
The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, who inaugurated the board on Thursday in Abuja, said it was part of efforts to modernise commodity markets and boost export competitiveness.
According to her, the initiative seeks to formalise commodity trade and unlock value in agriculture and solid minerals, supporting the government’s agenda on diversification, job creation and food security.
The minister described the development as a major step toward repositioning Nigeria in regional and global markets.
She noted that Nigeria’s vast resources and access to over 1.4 billion consumers under the African Continental Free Trade Area (AfCFTA) present significant export opportunities.
She emphasised the need to address poor traceability, informal trading systems and infrastructure gaps affecting commodity markets.
Mrs Oduwole said the reactivation of the exchange would strengthen transparency, standardise trading and improve price discovery.
She added that the NCX would attract investment into market infrastructure and help Nigerian commodities meet international export standards.
On his part, the Permanent Secretary of the ministry, Mr Chris Isokpunwu, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem.
Mr Isokpunwu, represented by the Director of the Commodity Exchange Department of the ministry, Mr Obasi Edozie, urged the newly inaugurated board to discharge their duties with diligence and professionalism.
He assured the board of the ministry’s support toward achieving measurable economic outcomes.
Mr Abubakar, Chairman of the governing board, pledged the board’s commitment to repositioning the exchange as a globally competitive trading platform.
He listed priorities to include strengthening governance, upgrading warehouses and digital trading systems and building capacity for farmers and market operators.
He also emphasised the need to deepen partnerships with financial institutions and international commodity markets.
“The inauguration underscores the Federal Government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.”
**Revokes Trading Licences of LMB, Platinum Stockbrokers
By Aduragbemi Omiyale
A stockbroking company, Premium Capital and Stockbrokers Limited, has been fined N5 million for engaging in “unauthorised sale of its clients’ securities.”
A circular issued by the Nigerian Exchange (NGX) Regulation Limited disclosed that the trading licence of the organisation has also been revoked.
In the notice signed by the Head of Market Regulation for NGX RegCo, Chinedu Akamaka, Premium Capital violated Rule 11.9 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which focuses on the Prohibition of Unauthorised Sale of Securities.
Business Post reports that Premium Capital was not the only stockbroker that had its trading licence withdrawn, as it also affected others.
The licence of LMB Stockbrokers Limited was revoked by NGX RegCo for prolonged inactivity, which falls contrary to Rule 6.4: Revocation of Inactive Dealing Members’ Licences, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), as amended.
The same also affected Platinum Stockbrokers Limited, which has not witnessed activity on the floor of the NGX Limited for a while.
Similarly, the authorised dealing clerkship of Mr Bernard Oluwole Ilori, was taken back with immediate effect in alignment with an earlier determination by the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC), which arose from his involvement in regulatory infractions connected to Mutual Alliance Investment and Securities Limited and resulted in his 10-year ban from the Nigerian capital market since March 25, 2021.
Investors have been “strongly advised not to engage in any activity with the firms” whose trading licenses have been revoked.
By Aduragbemi Omiyale
The securities of DN Tyre and Rubber Plc, and Greif Nigeria Plc have been delisted by the regulatory arm of the Nigerian Exchange (NGX) Group Plc, NGX Regulation Limited.
A statement signed by the Head of the Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, said the delisting became effective on Thursday, April 9, 2026.
In the notice issued yesterday, it was further disclosed that the action complied with the provisions of Clause 14 of the Amended Form of General Undertaking, for Listing on Nigerian Exchange Limited General Undertaking.
According to this clause, “The exchange reserves the right to, at its sole and absolute discretion, suspend trading in any listed securities of the Issuer, delist such securities, or remove the name of the issuer (listed company) from the daily official list of the exchange with or without prior notice to the issuer, upon failure of the issuer to comply with any one or more of the provisions of this General Undertaking, or when in its sole discretion, the exchange determines that such suspension of trading or delisting is in the public interest, or otherwise warranted.”
It was explained that the shares of the two firms were delisted because they fell below the listing standards.
“The securities of DN Tyre and Rubber Plc and Greif Nigeria have been delisted from the facilities of Nigerian Exchange Limited (NGX) effective Thursday, April 9, 2026, on the grounds that the companies are operating below the listing standards of NGX and their securities are no longer considered suitable for continued listing and trading in the market,” the disclosure noted.
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