Economy
Multiple Taxation Hinders Business Growth—Elumelu
By Dipo Olowookere
Chairman of Heirs Holdings, Mr Tony Elumelu, has appealed to government to urgently address the issue of multiple taxation in the country, pointing out that the problem has continued to hinder the growth of businesses in Nigeria.
Speaking on Thursday at the Lagos Business School Alumni Association 2017 Conference, the former Group Managing Director of United Bank for Africa (UBA) Plc also noted that the restructuring of government regulations and taxation will go a long way in providing friendly environment to the business community as well as increase the revenue of government.
Mr Elumelu, who was guest speaker at the occasion, spoke on the conference theme ‘The Effects of Multiple Government Regulations and Taxation on Business Growth in Nigeria.’
During his address, the Chairman of UBA Plc emphasized the need for government to embark on radical approach that would shape behaviours of entrepreneurs and business owners towards payment of taxes in a more obligatory manner.
According to Mr Elumelu, who also is the Chairman of Transcorp Plc, submitted that, “Multiple regulations hinder business growth; and we need to regulate our tax laws and practices in a manner that would create enabling environments for businesses, particularly start-ups and SMEs to thrive in the economy.
“If taxes are well regulated for businesses, there would be increase in government revenue, more businesses would grow, thereby helping to curb unemployment and improving the economy significantly.”
The business mogul stressed the need for a comprehensive reorientation exercise across all tax agencies that would ensure that officers have the right values required for the job and that due process is followed at all times in government regulations for businesses.
“We should use tax as a dynamic fiscal tool to shape corporate behaviour and ensure that our business climate is conducive for investors to thrive for a more robust economy that will in turn increase the tax base,” he said.
Mr Elumelu thanked the LBS for addressing real challenges that business communities face exemplified by choosing the topic of discourse, which is very vital to Nigeria’s economic growth.
He also applauded the institution’s faculty for helping to sharpen the competitiveness of professionals by bridging the gap in knowledge acquisition.
In his presentation of the Economic Outlook for 2018, Dr Biodun Adedipe, Founder/Chief Consultant of B. Adedipe Associates, advised Nigeria to deviate from operating a mono-cultural economy which has proved detrimental to its growth.
“While thinking of ways to grow our economy to a sustainable level, we must realise that mono-cultural economy has not helped our cause. Over dependence on hydro-carbon and imports have done more harm than good.
“Therefore, I strongly advocate import substitution because no country grows sustainably by importation alone. We must produce and grow locally to be self-sufficient, and we must create environments for small businesses to grow to attain that level,” he said.
On his part, Chairman of Lagos State Internal Revenue Service (LIRS), Mr Hamzat Ayodele Subair, who was represented by Tokunbo Akande, revealed that before now, the lack of viable data on financial record had hampered the process of effective tax systems in the state, and the rest of Nigeria.
He however assured that the Lagos State government, through the LIRS, is working hard to harmonise its tax practices by creating a single billing system where each tax payer would have a complete list of his or her tax schedule to avoid multiplicity of tax systems and agents.
Head of Tax and Corporate Advisory Services at PwC Nigeria, Mr Taiwo Oyedele, examined tax administration and taxation of businesses during the panel discussion, and revealed that the multiple arms of government had led to multiplicity of agencies which had replicated themselves in the nation’s tax systems.
“The solution we need is to have sound institutions, put our best foot forward and coordination among all levels of government operations,” he said.
LBS Faculty and Professor of Legal, Social and Political Environment of Business, Prof. Olawale Ajai, who was the Conference Chairman, stated that business growth should generate economic growth for the nation, which is why citizens should encourage the growth of small scale businesses.
According to him, “it is on policy makers to facilitate regulatory frameworks that would enable economic growth in Nigeria.”
“A reorientation of policy makers and tax administrators is critical to the nation’s economic success and we must collaborate and partner to bring about an enabling environment for local businesses,” he added.
On her part, President of Lagos Business School Alumni Association and MD/CEO Standard Chartered Bank Nigeria, Mrs Bola Adesola, expressed that the objectives of the association was to promote continuous education for members, support LBS in its aims and objectives, render service to society especially in the area of public and private management.
She also welcomed the latest additions to the Alumni Association and urged them to continue taking the opportunities afforded to them and be ambassadors of the great institutions.
Dean of Lagos Business School, Dr Enase Okonedo, thanked Mr Elumelu and the other speakers for the insight and knowledge shared.
She also expressed gratitude to the Alumni for their contributions to the school and society. She disclosed that Alumni had continuously contributed to education; renovated and built schools, and have been commended by government at all levels for their efforts.
She applauded their efforts at adding value to the society and encouraged them to be the change they want to see in society.
The 2017 Lagos Business School Alumni Association was hosted by Chief Executive Programme (CEP 24) and International Management Programme (IMP02) Classes.
Nonso Ezeh, CEP 24 Class President, and Oba Segun Aderemi, IMP02 Class President, thanked all the alumni present and extended their greetings to the institution for impacting positively on the society.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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