Economy
Lagos Begins Prosecution of Tax Defaulters

By Modupe Gbadeyanka
On Monday, the Lagos State government directed all its revenue agencies to ensure prompt payment of taxes and also commence enforcement of payment by all tax defaulters with immediate effect.
The government said it had concluded plans to go all out to enforce the tax laws so as to bring more Lagosians into the tax net.
A statement signed by the Commissioner for Information and Strategy, Mr Steve Ayorinde, lamented that many residents were not fulfilling their civic obligation of paying their taxes and that the prevailing situation would adversely affect government’s infrastructural renewal drive currently ongoing across the state.
It would be recalled that Governor Ambode during a forum recently expressed concern that only about 600,000 Lagos residents are up to date in paying their taxes, a situation he said was not helpful to scale up provision of infrastructure and other amenities for the people.
Mr Ayorinde said the government remains committed to completing all ongoing projects on schedule, but that it was largely dependent on prompt payment of taxes by residents in the State.
He listed some of the major ongoing projects to include the Oshodi Transport Interchange, reconstruction of the Oshodi International Airport Road, network of roads in Epe to link Ijebu Ode, construction of Bus Rapid Transit (BRT) Lane from Abule Egba to Oshodi as well as the construction of the Pen Cinema flyover.
The Commissioner stated that government has also commenced the construction of over 20 networks of roads within the boundaries of Lagos and Ogun States to ease movement and enhance business activities between the two states.
He listed the 20 roads to include Ikola Road with Odo Obasanjo Bridge – 6.4km (from Ipaja/Command to Ilo River); Ogunseye Road – 1.75km (from Ajasa/Command to Ikola Road); Oko Filling Road – 1.5km (from AIT to Ilo River); Osenatu Ilo road – 620m (from Ibari Road to Ilo River); Amikanle road – 3.1km (from AIT to Ogunseye Road); Aina Aladi road – 1.9km (from AIT to Ilo River) and Aiyetoro Road with a bridge– 1.4km (from New Market/Ishefun Road intersection to Ilo River).
“These projects have already begun in earnest. The construction of the 181 roads earmarked across the 57 local councils, which is now an annual ritual of this government will commence anytime soon and many more too numerous to mention.
“The will and commitment of the Governor Akinwunmi Ambode-led administration is to ensure that all these projects are completed before 2019. But the possibility of achieving such will require taxable citizens of the State who have not been paying their taxes to start doing so.
“This administration is grateful to Lagosians who have supported the government particularly in the discharge of their civic responsibility through payment of taxes. That is the oil that keeps the engine and wheels of government moving smoothly.
“But when there are no resources, these laudable projects would be stalled. No government in the world can achieve its set out objectives without funds and these funds are available largely from what residents pay as taxes. It is therefore expedient that taxes should be paid correctly as at when due,” he said.
He said that some of the major projects that have been completed so far including the Abule Egba and Ajah flyovers, the Aboru Abesan Link Bridge, Ago Palace Way, Ajasa Command Road, network of roads in Ogudu and Epe, construction of the DNA Forensic Centre, among many others, were as a result of the tax payers money which according to him, the State Government judiciously utilized to make life more comfortable for the people.
Economy
EFCC Intercepts Eight Trucks With Illegally Mined Minerals in Benue

By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has intercepted eight trucks transporting suspected illegally mined solid minerals in Benue State as it intensifies the crackdown on illegal mining activities in the North Central region of the country.
This was disclosed in a statement by the anti-graft agency, on its official X handle, where it confirmed the arrests of the individuals involved.
The EFCC stated that the trucks were seized on Wednesday, March 19 in the Katsina-Ala Local Government Area of Benue State.
According to the EFCC, preliminary investigations revealed that the minerals—believed to be fluorite and iron stones—were mined from unauthorized sites in Logo Local Government Area of the state.
Business Post reports that the Benue State government had paused all mining activities, as it was responsible for some of the crisis in the state.
“We are determined to combat the illegal mining of Nigeria’s mineral resources and bring perpetrators to justice. The suspects will be charged to court as soon as investigations are concluded,” EFCC tweeted on X, formerly known as Twitter.
Illegal mining has been a growing concern in Nigeria, with authorities warning that the illicit extraction of solid minerals deprives the country of valuable revenue and contributes to environmental degradation.
The EFCC was involved in the issue of mining to quell further economic losses facing the nation.
According to the Minister of Solid Minerals, Mr Dele Alake, the government is losing trillions of Naira to unregulated and illegal mining activities.
He disclosed earlier this week that the Federal Executive Council (FEC) had approved N2.5 billion for the procurement of an integrated solution framework to combat illegal and unregulated mining activities.
He also disclosed that his ministry had opted for dialogue and collaboration with state governors rather than confrontation, saying many governors were initially unaware of the constitutional framework governing mining, but have now been engaged through discussions facilitated by the Nigeria Governors’ Forum (NGF).
Mr Alake noted that states must collaborate with federal authorities in addressing illegal mining and related criminal activities.
Economy
NGX, CBN, MinieMoney Teach Over 200 Students Money Management Tips

By Aduragbemi Omiyale
As part of the 2025 Global Money Week celebration, over 200 students were recently selected and equipped with essential financial literacy skills.
This seminar on money management tips was put together by the Nigerian Exchange (NGX) Group Plc, in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney.
It underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.
The event was organised to mark the Global Money Week, is a global initiative currently in its 13th edition designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions.
The 2025 theme, Think Before You Follow, Wise Money Tomorrow, reinforces the importance of strategic financial planning from an early age.
The Head of Trading and Products at NGX, Mr Abimbola Babalola, highlighted the transformative power of financial literacy in shaping students’ futures.
“The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” he stated.
Also, the Assistant Director of the Consumer Protection Department at CBN, Mr Christian Mordi, introduced the CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.
“Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” he noted.
On his part, the chief executive of MinieMoney, Mr Gbolahan Faniran, emphasized the importance of early investment habits and leveraging the power of compound interest.
“Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” he said.
Business Post reports that students from Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School attended the programme.
They engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.
Economy
Geo-Fluids, Two Others Weaken NASD OTC Exchange by 0.13%

By Adedapo Adesanya
The trio of Geo-Fluids Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc were extended the stay of the NASD Over-the-Counter (OTC) Securities Exchange in the red region for another trading day, weakening the alternative stock exchange further by 0.13 per cent on Thursday, March 20.
Geo-Fluids Plc lost 15 Kobo to trade at N2.70 per unit compared with the previous day’s N2.85 per unit, Food Concepts Plc declined by 6 Kobo to close at N1.49 per share versus Wednesday’s closing price of N1.55 per share, and IGI Plc tumbled by 2 Kobo to settle at 37 Kobo per unit, in contrast to the 39 Kobo per unit it traded a day earlier.
As a result, the NASD Unlisted Security Index (NSI) went down by 4.36 points to close at 3,373.62 points, in contrast to the previous trading day’s 3,377.98 points.
In the same vein, the market capitalisation of the bourse depreciated by N2.51 billion to settle at N1.948 trillion compared with the preceding day’s N1.951 trillion.
During the trading session, the volume of securities traded at the bourse crumbled by 99.4 per cent to 201,873 units from the 31.3 million units recorded on Wednesday, the value of securities bought and sold by the market participants moderated by 97.7 per cent to N776,509.51 from the N33.3 million quoted a day earlier, and the number of deals carried out by investors decreased by 26.1 per cent to 17 deals from 23 deals.
When the market closed for the day, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units worth N359.5 million.
In the same vein, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 69.9 million units sold for N23.7 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.
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