Economy
Nigeria Approves 146 Lithium Mining Licenses
By Adedapo Adesanya
Nigeria approved licenses to 146 companies seeking to mine lithium in the country in 2023, signalling high demand for the mineral, the Ministry of Solid Minerals Development has said.
During his address as the keynote speaker at the BusinessDay Solid Minerals Conference in Abuja on Tuesday, the Minister of Solid Minerals Development, Mr Dele Alake, said, “The Ministry continues to facilitate the processing of applications for permits to refine minerals and to process and purchase. Last year, no fewer than 499 licenses were granted to applicants involved in the business of purchasing and sales of minerals.
“Predictably, applications for the purchase and sale of Lithium topped the list with 146 licences, followed by Gold, 91; Tin, 46 and Coal, 32. Other minerals for which licences were granted include Tantalite, Iron Ore, Kaolin, Feldspar, Beryl, baryte, Columbite, Mica and Aquamarine.”
He also disclosed that the federal government plans to hold about 25 per cent of the N1 billion share capital of the Nigerian Solid Minerals Corporation (NSMC), adding that the process of creating legislation for the institution has begun.
Mr Alake also said that the Nigerian citizens will by public shares hold 25 per cent and private investors can acquire up to 10 per cent of the remaining shares.
“Central to our efforts to reposition the sector is the establishment of a private-sector driven, Nigerian Solid Minerals Corporation,” he added, revealing that from February 12, the Solid Minerals Committee of the House of Representatives will hold the first policy dialogue on the proposed law to create the corporation.
“In working with the legislature to establish the legal and legitimate foundation for the institution, our resolve to ensure that a share structure in line with a private sector- led strategy in which the Federal Government will hold not more than 25 per cent, the Nigerian citizens will, by public shares hold 25 per cent and private investors, each with a maximum of 10 per cent of the shares of the N1 billion share capital, will be achieved,” he said.
He noted that the government has learnt from the failures of the defunct Nigerian Mining Corporation, and will ensure that the new company operates more sustainably.
Lithium is a high-demand mineral as it can be used in making electric vehicles as well as batteries for laptops, phones, and digital cameras and is also essential in the manufacturing of planes and trains.
Analysis from the IEA shows that to reach net zero emissions by 2050, about 2 billion EVs and hybrids need to be produced and used. However, global lithium reserves can only make about 2.5 billion EVs. This has translated into a high demand for lithium.
Analysts also noted that the mineral, which Nigeria possesses and is undertapped and illegally mined, will continue to be valued and in demand.
Other minerals such as gold (91 licenses), tin (46), and coal (32). The list also included tantalite, iron ore, kaolin, feldspar, beryl, barite, columbite, mica, and aquamarine licenses.
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) distributed about N2.550 trillion from the revenue generated by the nation in June 2026 to the three tiers of government after its July meeting in Abuja.
A statement signed by the Director of Press in the Office of the Accountant General of the Federation, Mr Bawa Mokwa, “The N2.550 trillion total distributable revenue comprised N1.809 trillion in distributable statutory revenue and N740.724 billion in distributable Value Added Tax (VAT) revenue.”
It was gathered that a total gross revenue of N4.500 trillion was available in June 2026, with deductions for the cost of collection amounting to N160.744 billion, and transfers and refunds at N1.789 trillion.
According to a communiqué after the gathering, gross statutory revenue of N3.700 trillion was received in June 2026, N1.049 trillion higher than the N2.651 trillion received in the preceding month, while gross revenue of N799.746 billion was generated from VAT, N56.058 billion higher than the N743.688 billion recorded in May 2026.
It was stated that from the N2.550 trillion total distributable revenue, the federal government received N923.438 billion, the state governments got N838.208 billion, while the local government councils were given N591.390 billion, with N197.610 billion allocated to the benefiting states as 13 per cent of mineral derivation revenue.
From the N1.809 trillion distributable statutory revenue, the federal government went away with N849.366 billion, states shared N430.810 billion, local councils took N332.136 billion, while the benefiting states got N197.610 billion as derivation revenue.
From the N740.724 billion distributable VAT earnings, the central government got N74.072 billion, the states received N407.398 billion, and the local government councils were allocated N259.253 billion.
The communiqué further stated that in June 2026, collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Royalties, Gas Flare Penalties, Rent, Mineral Oil Royalties (MOR), Value Added Tax (VAT), Import Duty, and Common External Tariff (CET) Levies increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties, and Fees declined considerably. Excise Duty recorded only a marginal increase.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
See the full list below:
