Economy
LIRS Whistle-Blower Initiative Will Promote Accountability—Group
By Modupe Gbadeyanka
The Lagos State Internal Revenue Service (LIRS) has been commended for introducing a Whistle-Blower Initiative aimed to boost the trust of taxpayers in its activities.
According to a civil society organisation, Vanguard for Transparency and Accountability, this policy will promote openness, and accountability and ultimately enhance citizens’ participation in governance and then put the agency under public scrutiny.
In a statement, the president of the anti-corruption crusade group, Mr Paulycap Nnabuogor, said the LIRS led by Mr Ayodele Subair has done well to sustain its pace-setting records in tax management reforms in Nigeria.
He expressed optimism that the initiative will strengthen and re-invigorate frontiers in the fight against fraud and corruption and put both the management and the staff of the agency on their toes to deliver their statutory roles in compliance with the global best practices.
“We are not particularly surprised that the Lagos State government chose the LIRS as a pilot scheme for its Speak Up programme because of the reforms the Subair-led management of the revenue agency had carried out internally to boost its operations and enhance the capacity of its workforce.
“Undoubtedly, this initiative shows that the activities of civil society organisations like ours are beginning to bear fruit and Nigeria is the ultimate winner.
“Before the birth of the Whistle-Blower Initiative, we were aware of the efforts of the LIRS management to promote accountability within the system and the importance Subair particularly attached to the welfare of his staff.
“Our findings show that the LIRS maintained the payment of performance allowances to the staff, and doesn’t joke with the prompt release of other pay including wardrobe allowances, particularly to the staff at both the legal and relationships units all geared towards enhancement of performance.
“More so, we found out that the decision to introduce a computer-based test for promotion, which is handled by independent assessors, has encouraged high-fliers within the system to grow rapidly and underlined why the agency has maintained its status as the best-performing tax collecting board in the country. Subair’s Award of Recognition by the Joint Tax Board of Nigeria is a testimony of his achievements as the agency has always met its revenue target even during the COVID-19 pandemic,” he said.
Meanwhile, Mr Subair restated the commitment of the LIRS management to the welfare of its staff, strengthened by the belief that a motivated workforce will lead to greater productivity.
“We take our workforce’s welfare and career development as a key metric in our journey to consistently deliver our statutory role as a revenue agency.
“In 2019, we approved a 70% salary increase for staff from Assistant Revenue Manager and below, and a 50% increase for Revenue Manager and above. This is the most significant salary review in the Agency to date. A total of 3,608 members of staff were promoted between 2017 to 2021 and all our staff do not pay for standard medical services.
“We also ensure that performance bonuses are paid to all staff, based on clearly defined and documented processes while Union dues are remitted timely and correctly with all other statutory deductions such as pensions,” the tax man said.
He added that the consequential adjustment of salaries has been agreed upon in principle and payment modalities are currently being worked out by management, stressing that all are geared toward ensuring that the agency serves the people of Lagos State effectively.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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