Economy
Tax Payment Not Mere Civic Obligation—LIRS Chairman
By Aduragbemi Omiyale
The Executive Chairman of the Lagos Inland Revenue Service (LIRS), Mr Ayodele Subair, has called for an increase in voluntary tax compliance, stressing that tax payment is not a mere civic obligation but a mandatory one.
Mr Subair made this submission at the 149th Joint Tax Board (JTB) meeting held at the Eko Hotels and Suites, Victoria Island, Lagos.
However, he pointed out that the tax models applied in major countries of the world with a high level of compliance have been difficult to replicate in Nigeria because all the phenomena that make it a success are not available in Nigeria.
According to him, the models include the existence of high levels of literacy of taxpayers and efficient data processing systems which would aid detection of fraud and high levels of trust between government and the people.
“However, an effort is being made by all tax authorities to improve on the ease of doing business and simplification of tax administrative processes which will in turn significantly advance the tax compliance levels within the country.
“In order for the government to provide the necessary infrastructures to aid growth and development, there has to be co-operation by all stakeholders which would in turn occasion a shift in the way and manner by which tax is administered and ultimately sustain or increase tax revenue for the state.
“Therefore, taxpayers must avail themselves of the quid-pro-quo of taxation. They must remember that paying tax is not a mere civic obligation as some misinformed commentators would have it but a mandatory legal one.
“As administrators, we must ensure that our mandate is carried out effectively and efficiently without fear or favour. We must ensure that all assessments are justifiable and guarantee that due process is followed in our statutory functions.
“The judiciary must ensure that justice is not only done but seen to be done. All parties involved in the revenue adjudicatory process, seeking justice must get justice.
“Cases before the courts and tribunals must be dispensed with timeously so that the much-needed revenue that accrues to the states are recovered. Statutory provisions must be interpreted appropriately without misinterpretations and favour to any party.
“Revenue laws, particularly income tax laws, must be straightforward and easy to understand and be complied with. Penalty for non-compliance on the other hand must be steep and commensurate with the offence in such a way that it deters non-compliance,” the LIRS chief said.
The Governor of Lagos State, Mr Babajide Sanwo-Olu, who was represented at the event by the Commissioner for Finance, Mr Rabiu Olowo, agreed with Mr Subair on the tax compliance issue in Nigeria.
He said between 1999 and 2021, the state has improved its Internally Generated Revenue (IGR) by 7,400 per cent to over N45 billion monthly.
Mr Sanwo-Olu noted that Lagos remains the largest contributor to national non-oil revenues, by way of corporate income taxes, VAT, customs duties, and port charges, among others.
However, he lamented that “in the subsequent re-distribution of resources, we do not see any reflection of the contribution of Lagos State. Our share in this redistribution fails to take into account the demographic and infrastructural burdens and pressures that accompany being the economic nerve-centre of the nation.”
“This state of affairs is what compelled the state, under the visionary leadership of Asiwaju Bola Ahmed Tinubu to commence a transformational reform of its internal revenue process, within the ambit of the law.
“The result is that since 1999 the LIRS has undergone the most extensive tax administration reforms of any sub-national government in Nigeria.
“I am pleased to let you know that Lagos State has grown its IGR from N600 million monthly in 1999 to over N45 billion monthly as of today, an astounding increase of 7,400 per cent. It all began with ensuring the foundational autonomy of the LIRS, which the Lagos State Revenue Administration Law, 34 2006 helped achieve.”
Also speaking at the event, the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of JTB, Mr Muhamad Mamman Nami, who was represented by the Coordinating Director of JTB, Mr Mohammed Lawal Abubakar, stated that the fact that Nigeria still struggles with low tax to GDP ratio shows that revenue generation system needs a total overhaul.
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
By Dipo Olowookere
The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.
The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.
Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.
The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.
“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.
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