Economy

Nigerian Firms Should Regularise Tax Affairs with VAIDS—Nmonwu

Published

9 years ago

14/07/2017

By Modupe Gbadeyanka

Entrepreneurs and companies operating in Nigeria have been charged to take advantage of the government’s Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their tax affairs.

This charge was given by the Regional Director for Sage West Africa, Mr Magnus Nmonwu.

VAIDS gives taxpayers an opportunity to voluntarily declare all previously undisclosed assets and income from July 1, 2017 to March 31, 2018.

It applies to all taxpaying entities (individuals, companies, executors, trusts, partnerships and so on) and encompasses most tax categories, including company income, personal income, capital gains, VAT and stamp duty.

Implemented by the Federal Inland Revenue Service (FIRS) in collaboration with the State tax authorities, the scheme aims to increase Nigeria’s tax base, improve the tax collection to GDP ratio and clamp down non-compliance, says Mr Nmonwu.

“This is a perfect opportunity to come clean for people and companies who have under-declared or failed to declare their assets and income,” he adds.

“When the window closes on 31 March, companies and individuals that do not have their tax affairs in order may be subject to stringent penalties, punitive interest and even criminal prosecution. They may be named and shamed in a register of tax evaders, harming their personal and business reputations.”

Mr Nmonwu noted that the first step to compliance was getting business’s books in order, irrespective of whether it’s a registered company, freelance income or partnership.

The right accounting and payroll software can make it simpler to report accurately on revenue and expenses and to streamline tax submissions, he said.

“Spreadsheets and other manual methods are no longer sufficient to keep up with the growing complexity of today’s tax environment,” Mr Nmonwu said.

“Automated software can streamline capturing of transactions, automate payroll calculations, processes and improve visibility into the business so you can comply more easily.

“It can also help you stay on top of annual changes to tax regulations that impact on payroll tax calculations and various changes in legislation. What’s more, the ability to generate tax certificates, reports and electronic payslips with the click of a button is a major timesaver,” he added.

Concluding, Mr Nmonwu noted that “Nigeria’s federal and state governments are eager to expand their tax bases, and are investing heavily in modernising and streamlining tax administration.

“Companies can no longer risk non-payment of tax or incorrect remittances of taxes to the relevant government agencies, whether the reason is deliberate evasion or an accidental oversight.”

Economy

Shareholders Approve Fresh N30bn Capital Raise for Neimeth

Published

3 hours ago

30/06/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The board of Neimeth International Pharmaceuticals Plc can raise an additional N30 billion from the capital market, shareholders have declared.

They gave the authorisation for this fresh capital raise at the company’s 67th Annual General Meeting (AGM) held virtually on Thursday, June 25, 2026.

This was one of the resolutions passed at the yearly shareholders’ gathering, attended by several persons, including board and management members as well as investors and others.

The approval for new capital raise is coming after the board was, on June 23, 2025, authorised to raise up to N20.0 billion. For this tranche, only N2.440 billion was raised by the organisation, leaving an untilised balance of approximately N17.560 billion.

The company has now been given the authority to get fresh N30.0 billion, according to disclosure from Neimeth.

In the notice to the Nigerian Exchange (NGX) Limited, Neimeth said the board was asked to “raise additional capital of up to N30.0 billion through an issuance of shares (to be issued, whether by way of public offering, rights issue, private/special placement to strategic or identified investors), commercial papers, bonds, convertible and non-convertible securities), medium term notes and/or any other instruments, either as a stand-alone or by way of programmes, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, or on such terms and conditions, through a combination of methods or processes, all of which shall be based on terms and conditions to be determined by the board and subject to obtaining the approvals of the relevant regulatory authorities.”

The shareholders resolved that “the aggregate shareholders’ approval for capital raising shall accordingly be N50.0 billion, of which approximately N2.440 billion has already been raised by way of rights issue, leaving an unutilised balance of approximately N47.560 billion available for raising.”

Economy

NASD OTC Sheds 0.36% as FrieslandCampina, Food Concepts Retreat

Published

4 hours ago

30/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The duo of FrieslandCampina Wamco Nigeria Plc and Food Concepts Plc helped root the NASD Over-the-Counter (OTC) Securities Exchange in negative territory, following a 0.36 per cent slide on Monday, June 29.

FrieslandCampina, which is the maker of milk brands Peak Milk and Three Crowns, lost N13.44 to trade at N141.76 per unit compared with its previous price of N155.2o per unit, while Food Concepts, which is the parent company of fast food giant Chicken Republic, declined by 8 Kobo to end at N2.43 per share versus last Friday’s price of N2.51 per share.

Consequently, the NASD Security Index (NSI) slid by 15.51 points to 4,261.56 points from 4,277.07 points, and the market capitalisation lost N9.31 billion to close at N2.557 trillion compared with the previous value of N2.567 trillion.

The bourse finished with two price advancers yesterday, with Central Securities Clearing System (CSCS) Plc up by N3.80 to trade at N88.48 per unit versus N84.68 per unit, and Nitrox Industrial Gases Plc gaining 31 Kobo to end at N21.40 per share versus N21.09 per share.

The volume of securities traded by investors on the first trading day of the week contracted by 75.9 per cent to 229,314 units from the previous 955,096 units, and the value of securities slumped 17.8 per cent to N24.6 million from N29.9 million, while the number of deals increased by 9.7 per cent to 34 deals from the 31 deals recorded last Friday.

At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 68.7 million units transacted for N4.7 billion.

GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc followed with 1.1 billion units traded for N415.7 million

Economy

Naira Crashes to N1,383 Per Dollar at NAFEX

Published

6 hours ago

30/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The value of the Naira crashed against the United States Dollar by N2.70 0r 0.2 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 29, to N1,383.63/$1 from last Friday’s exchange rate of N1,380.93/$1.

This was influenced by FX pressure on the domestic currency, which also weakened its exchange rate against the Pound Sterling in the same market segment during the session by N6.06 to N1,831.64/£1 from the previous value of N1,824.90/£1. It also depleted the Nigerian currency against the Euro by 45 Kobo, trading at N1,578.03/€1 versus the preceding session’s N1,577.58/€1.

However, it maintained stability against the greenback at the parallel market and the GTBank forex desk yesterday at N1,395/$1 and N1,387/$1, respectively.

Despite the pressure on the Naira, it is still trading within the expected range, as a result of ongoing FX reforms, stronger market liquidity, and increased transparency in the FX market.

Unlike in previous years, the improved stability is reflected in the relatively narrow spread between the official exchange rate and rates in the Bureau de Change (BDC) segment, suggesting that reforms introduced by the Central Bank of Nigeria (CBN) are helping to improve price discovery and reduce distortions.

Also, Nigeria’s external reserves, which provide the apex bank with the capacity to support the Naira and meet the country’s external obligations, have continued to trend upward. Most recent data published on the apex bank’s website showed that reserves rose to $51.29 billion as of June 26, 2026.

In the cryptocurrency market, Bitcoin (BTC) lost momentum after it dropped below $60,000, remaining under its 200-week moving average as currency markets swung following the Japanese Yen slipping to four-decade lows against the US Dollar.

Strategy, the largest public holder of bitcoin, plans to sell more than $1 billion of BTC as part of a $1.25 billion monetisation program, a sharp break from Michael Saylor’s long-held “never sell” stance. BTC traded at $59,463.89.

Dogecoin (DOGE) went down by 0.9 per cent to $0.0723, TRON (TRX) slipped by 0.8 per cent to $0.3196, Cardano (ADA) dipped 0.2 per cent to $0.1446, and Ripple (XRP) dropped 0.1 per cent to close at $1.04.

On the flip side, Solana (SOL) gained 2.5 per cent to sell at $73.99, Ethereum (ETH) improved by 0.4 per cent to $1,587.51, and Binance Coin (BNB) added 0.01 per cent to sell for $552.58, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.