Economy
Reps to Probe FG Over MTN N2.6trn Tax Evasion Claims
By Adedapo Adesanya
The House of Representatives has said it would probe further claims of the N2.6 trillion capital allowances granted to MTN by the federal government through the Ministry of Trade and Industry.
This was disclosed by the Chairman of the House Committee on Public Accounts, Mr Oluwole Oke, at the resumed investigative hearing into the audit queries on tax evasion issued by the office of the Auditor-General for the Federation (oAuGF) on Tuesday.
He disclosed that the oAuGF report indicated that the documents relating to the N2.6 trillion capital allowances were allegedly forged.
While stressing that the committee invited MTN over tax evasion, Mr Oke explained that the oAuGF, in its report, observed that the Federal Inland Revenue Service (FIRS) accorded value to the telecoms company while in some cases without certificates and evidence of capital allowance issued by Federal Ministry of Trade and Industry, reflecting the whole assets procured by the company.
“We have issues in this country where funds are not adequate for government to carry out policies and programmes, which is why we had to borrow even though there are massive revenue leakages,” he said.
“MTN has also made appearances where N2.6 trillion was seen as the taxable value for assets of the company and we asked as to where they exist and who verified them because they had already claimed value for them with the FIRS,” he added.
The lawmaker maintained that Nigerians have the right to know the implications of MTN taking a certificate of N2.6 trillion to FIRS for tax waivers on the economy.
“The parliament simply wants to know whether it should sustain the query raised by the Auditor General or absolve the company of the allegations of tax evasion, as it would be wrong to accuse it of such if these records tally with the company’s submission,” he explained.
“The issue says that we should speak to facts and law. You’re here when we asked the Industry Ministry and they said both the local and foreign contents were the certificates they issued to you. However, the Auditor-General says such issuance appears to have been falsified which was the basis of its query to you,” the lawmaker further stated.
In her response, MTN’s General Manager, Mrs Yemisi Adeleye, explained that the company has submitted all relevant documents issued by the Federal Ministry of Trade and Industry reflecting the value of N2.6 trillion given to it.
While responding to questions on the 2016 inspection relating to the capital allowances granted to the company, Mrs Adebayo observed that the company made claims to the Federal Ministry of Trade and Industry at the end of the year prompting them to choose a location and inspect, as it was physically impossible for them to inspect thousands of assets across the country.
Hence, the Ministry, based on their selection using supporting documents granted the allowances.
She said what the company had in 2016 was the automated card record bearing Ins and Outs of the team leader, one Mr Ike.
When asked how many people were on the team with Ike who had the access card and inspected assets from March 29 to April 4, she said she couldn’t remember the identities of the Ministry officials as the team members were not captured individually in the record.
She said what they presented to the FIRS was what their security team gave to them.
When asked again if the Ministry wrote the company informing it of the inspection date and the list of team members or just by words of mouth, Mrs Adebayo said that the Ministry formally communicated to that effect.
Also asked how many assets they inspected within the five days, she said she could not recall.
She argued that the most expensive of the company’s infrastructure were warehoused in their switches located in Ojota in Lagos, Port Harcourt, among other places.
While giving details on the claims made by the company for capital allowance, she disclosed that the sum of N18,967,410,769 was claimed in 2016, adding that in 2017, a logbook was brought back, reading Abuja switch with Ike and three others as inspection team members.
According to her, a total of N148 billion capital allowance was granted to the company, while N210 billion was approved in 2018 after the visit to the Ojota switch, as well as N190,629,586,000 in 2019 following a visit to the Port Harcourt switch.
When asked if all the assets procured by the company in 2019 were all located at the Port Harcourt switch, she responded in the negative, adding that in 2020, the Ministry officials visited the Abuja switch, another team visited the Ojota switch, while another visited Port Harcourt and granted capital allowance worth N219,540,623,545.
When asked if she would agree to give out a value of N219 billion based on one inspection that visited just three locations out of over a thousand locations, she said the company only filed what was approved by the inspection team with the FIRS for consideration.
Mr Oke, in his remarks, reiterated the lawmakers’ resolve to ascertain the patriotic and professional involvement of the Ministry officials, saying that they cannot fold their arms and watch when people whose salaries and allowances were appropriated to do a job failed to carry out their duties under the law.
To this end, the committee resolved that all the officials involved in the inspection from the Federal Ministry of Trade and Industry should be made to appear before it.
It also requested the tax records covering the periods under review from both MTN and FIRS for further legislative scrutiny.
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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