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 federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
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