Economy
Sage Highlights Benefits of Payroll Automation
By Modupe Gbadeyanka
It is no doubt that the Federal Government has taken the issue of taxation very serious especially due to shortfall in revenues that usually come from the sale of crude oil.
On July 1, 2017, the government commenced a tax amnesty period for Nigerians and businesses to ensure they regularise their tax books before the end of March 2018.
According to Sage, many business managers and entrepreneurs think of running the payroll as a simple matter—what could be hard about paying your employees the right amount of money on payday and giving them a payslip? But the Nigerian regulatory environment is becoming more complex and the payroll is at the centre of compliance.
Income tax regulations are changing and tax authorities are looking closer at whether employers are meeting their obligations. They also seek to ascertain if the right earnings are declared and whether the right taxes and statutory deductions are included in payroll calculations. It has become increasingly important to ensure that your annual returns are filed and submitted promptly and accurately to the relevant tax authorities.
Failing to comply– whether through deliberate evasion, late payment of payroll taxes or underpayment as a result of a miscalculation – is a major business risk.
If you make a mistake when calculating statutory deductions such as Pay-as-You-Earn (PAYE), National Housing Fund (NHF), Pension Fund and National Health Insurance Scheme (NHIS), you will face fines and penalty interest. It may also be bad for your business’s reputation.
Because compliance is complex and the risks of non-compliance are high, Nigerian businesses are concluding that spreadsheets and other manual methods are no longer sufficient to meet their changing payroll needs. Instead, they are looking to automated solutions to keep records and do payroll calculations, which will enable them to meet all their payroll compliance requirements.
Payroll automation software, with solutions available for businesses from start-ups to mid-sized companies and larger enterprises, will take care of calculating the complex formulas for the various deductions, generating compliance reports, and keeping accurate records.
According to Sage, that makes it easier to perform accurate calculations, file submissions on time and generate reports and electronic payslips.
Automation saves hours of manual work for the person responsible for payroll administration. It also ensures that your employees receive accurate, on-time payments and payslips, which helps keep your workforce happy.
Automation makes it easier to keep track of changes to tax regulations that impact on payroll tax calculations and various changes in legislation. The software is constantly updated to align with the latest tax laws and tables, so you don’t need to update your spreadsheet formulas or learn to make new manual calculations when changes are made or required. This reduces the risk of human error.
The firm noted that payroll fraud is one of the most common white-collar crimes in the business world; what’s more, erroneous payments can cost your business.
A robust payroll solution puts tight financial controls in place. It helps to reduce these risks by giving managers better visibility into transactions, providing an audit trail, and providing a set of controls, checks and balances that help to prevent errors and fraud. It closes many of the gaps where fraud and human error can sneak in.
Nigerian business builders and entrepreneurs don’t go into business to manage admin and red tape, which is where automation makes a difference.
Sage noted that, “Our vision is to make tasks such as payroll administration invisible by 2020 so that you can focus on business strategy, workplace satisfaction, customer satisfaction, and other areas of your business that give you a competitive advantage.”
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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