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 Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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