Economy

VAIDS: Avoid Last Minute Rush—FIRS Boss Begs Nigerians

Published

8 years ago

07/06/2018

By Dipo Olowookere

Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has urged Nigerians to quickly regularise their tax payment before the tax amnesty period closes on Saturday, June 30, 2018.

On July 1, 2017, the federal government opened a grace period for citizens to voluntarily regularise their tax payment without punishment.

It called the programme Voluntary Assets Income Declaration Scheme (VAIDS) and it initially ended March 31, 2018. However, many Nigerians pleaded with the government for an extension and the government obliged, pushing the deadline further to June 30, 2018.

At the unveiling of VAIDS Certificate for previously undeclared assets, which coincided with a one-day workshop for tax authorities on the scheme, Mr Fowler said the scheme has so far recovered almost N30 billion.

He explained that of the amount, FIRS collected 90 per cent while states have been responsible for collecting 10 per cent but that the actual amount collected would not be known immediately after the June 30 expiration of VAIDS but after three years when every taxpayer would have finished paying their assessment under the scheme.

At the workshop held on Wednesday in Abuja, the FIRS chief advised states boards of inland revenue to brace up for last minute rush as the deadline for the scheme draws near, saying that since people generally don’t like to pay tax, most of them would wait until the last minute before rushing to tax offices to file their returns.

According to him, the benefit of VAIDS goes beyond just taking advantage of immediate gains as incidences of illicit financial flows, aggressive tax avoidance and outright tax evasion have come into the front burner.

“One of the outcomes of the scheme whether directly or indirectly is the growth of the national taxpayer database from under 14 million pre-2016 numbers to over 19 million in 2018, and we are confident that these numbers will translate into a positive growth in the country tax revenue to GDP ratio when the official percentage for 2017 has been released.

“VAIDS as a project ties in with the Unexplained Wealth Orders (UWO) of the United Kingdom and in m more ways than one shares similar underlying principles with the Multilateral Convention on Mutual Administrative Assistance on Tax Matters (MCMAATM) which facilitates international tax cooperation and provides for all possible forms of administrative co-operation between states in the assessment and collection of taxes, in particular with a view to combating tax avoidance and evasion,” he said.

He enumerated the cooperation to include the exchange of information on request, automatically and spontaneously, to assistance in the recovery of foreign tax claims.

In line with the convention, Mr Fowler said efforts were being made towards ensuring that Nigeria commences the Automatic Exchange of Information (AEOI) with treaty partners in 2019.

As part of efforts to preach voluntary tax compliance to the grassroots, Fowler, who is also Chairman of Joint Tax Board said a partnership has been forged among FIRS, JTB and SMEDAN as a way of bringing operators of small and medium scale enterprises into the tax bracket.

From June 14, the staff of JTB and Federal Ministry of Finance will participate in every Thursday sensitisation exercises in states until June end while “the National Tax Policy Implementation Committee is proposing National Tax Day” to be set aside every year for awareness and sensitisation on tax and tax-related matters.

While cautioning that VAIDS certificate is not an equivalent of tax clearance certificate, Mr Fowler disclosed that some hidden features have been engraved to make it fake and counterfeit-proof.

Economy

All Set for Champion Breweries’ 50th AGM on Thursday

Published

8 hours ago

19/05/2026

Aduragbemi Omiyale

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.

Economy

NRS Launches Unified Tax ID System

Published

13 hours ago

19/05/2026

Adedapo Adesanya

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.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

15 hours ago

19/05/2026

Adedapo Adesanya

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.