General
Stakeholders Hail Ambode’s 50% Slash of Land Use Charge
By Modupe Gbadeyanka
Governor Akinwunmi Ambode of Lagos State has been commended for approving the downward review of the amended Land Use Charge Law 2018 to 50 percent for commercial property as well as other LUC waivers that will give economic succour to owners of property and taxpayers in Lagos State.
Lagos State Commissioner for Finance, Mr Akinyemi Ashade, at a media briefing on Thursday at the Baguda Kaltho Press Centre, Alausa, Ikeja, announced the slashing of the fee by 50 percent.
He explained that the “Lagos State government took this important decision for the good of the people” and as a government “committed to the welfare of its citizens and which understands the importance of continuously engaging the populace.”
In addition, Mr Ashade stated that the review to the amended LUC Law 2018, which was received with mixed feelings in the state, came as a result of widespread dialogue with stakeholders such as the Organised Private Sector, Nigeria Bar Association, Real Estate Investors & Developers, Landlord & Resident Associations, Community Development Associations, Civil Society Organizations, Lagos Chamber of Commerce and Industries (LCCI), Nigeria Institute of Estate Surveyors & Valuers and several other professional groups.
Furthermore, the Commissioner of Finance appreciated and commended property owners of all categories who have been performing their civic duties faithfully by paying the LUC.
“Consequently, as a result of these new measures, those who have paid the original amount will be awarded tax credits to the extent of the excess amount paid and carried forward to next year,” he said.
He also thanked Lagosians for their support and trust while encouraging them to participate effectively in the legislative proceedings.
“We appreciate you for trusting the current administration with the responsibility of investing the revenue from LUC in infrastructure renewal and overall development of our State. We promise we will continue to make your tax work for you,” the Commissioner said at the conference attended by members of the media in the state and other relevant stakeholders.
He disclosed that the after effect of the review of the amended LUC law means owners of property in Lagos State can now reap the benefits and waivers as follows:
COMMERCIAL PROPERTY OWNERS, who are undoubtedly the stakeholders mostly impacted by this amended Law will be granted 50 percent discount. This means a commercial property valued at N20 million which was earlier billed N91, 200 will now pay N45,600 per annum.
PROPERTY OCCUPIED BY OWNER AND THIRD PARTY & PROPERTY USED FOR INDUSTRIAL AND MANUFACTURING PURPOSES will now enjoy 25 percent discount. This means that a N20 million property expected to pay N30,720 will now pay N23,040 per annum.
OWNER-OCCUPIED PROPERTY will enjoy 15 percent discount. For a N20 million property, this used to be N9,120. Now, it is N7,752 per annum.
Additionally, the penalty regime for late payment of LUC has been waived completely. Therefore, LUC payers who have received their bills will no longer be penalized for late payment of bills issued in 2018, thereby providing additional relief to LUC payers.
Apart from the earlier stated ones, other rates and reliefs will remain unchanged and will be implemented as stipulated by the Law.
These include 40 percent general relief, 10 percent for 70 years and above, 10 percent for properties owned by persons living with disability and 10 percent for properties that are 25 years old and so on and so forth.
Owners of Property across all categories will now be allowed to make payments by instalments. This will help to reduce the burden of taxation on Lagos citizens.
Executive Director of Centre for Public Accountability (CPA), Comrade Femi Lawson, who was elated at the new LUC review, praised the administration of Governor Akinwunmi Ambode for its empathy with the people of the state.
“This review shows a government which shares in the pain and concerns of the citizens of this state. Not only did they listen to our agitations but also LASG took action to allay our fears and worries by bringing the LUC rates down and introducing some other tax burden relief measures. This is surely a pro-people government,” Comrade Lawson said.
Similarly, Mr Thomas Aderinola, a real estate investor in Lagos State, said the downward review of the amended LUC law by as much as 50 percent was a reassuring indication that the LASG is a listening government.
“Imagine this huge waiver of 50 percent. It shows that the state government is sensitive to needs and is working for the interest of the people. We all can see what Governor Ambode is doing in the state in terms of Infrastructural development,” he said.
More importantly, Mr Aderinola applauded the government for introducing some other waivers like the instalment payment and the newly set up People’s Tribunal to resolve LUC payment cases in the state.
“With developments like these, we will be happy to show our commitment to the growth of Lagos by paying our taxes as at when due,” he opined.
By Adedapo Adesanya
The European Union (EU) has officially removed Nigeria from its list of High-Risk Third Country Jurisdictions.
This decision follows Nigeria’s successful exit from the Financial Action Task Force (FATF) “grey list” in late 2025, signaling international recognition of the country’s improved anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
The development is expected to ease trade, payments and investment flows between the country and Europe
The European Commission confirmed that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened its AML/CFT regimes and no longer posed “strategic deficiencies” under EU assessment standards.
The commission noted that the affected countries had implemented reforms that brought their financial systems in line with international standards set by the FATF.
Reacting to the development, the Minister of State for Finance, Mrs Doris Uzoka-Anite, described Nigeria’s removal from the list as a major boost to investor confidence.
On a post on X on Thursday, she wrote, “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list!Congrats to President @officialABAT on this achievement. As Minister of State for Finance, I’m proud of this boost to trade and investor confidence.”
Being on the EU’s high-risk list previously meant that transactions with European partners required enhanced due diligence, stricter documentation, and additional oversight.
Nigerian businesses and banks faced increased scrutiny, which slowed cross-border trade and complicated investment flows.
The lifting of enhanced due diligence requirements is scheduled to take effect on January 29, 2026, following confirmation by the Commission confirmed that Nigeria has addressed strategic deficiencies and strengthened its financial governance through critical legislative reforms, such as the Money Laundering (Prevention and Prohibition) Act.
The development could have a series of positive impact including the provision of several immediate and long-term benefits as well as reduction of compliance costs.
As a result, EU financial institutions will no longer be legally required to apply “enhanced due diligence” to transactions involving Nigeria, which previously involved more intrusive checks and rigorous documentation.
It will also enhance smoother cross-border trade by simplifying trade and payment flows between Nigeria and European partners, reducing the complexity and time required for transactions.
Nigerian officials, including the Minister of State for Finance, have highlighted this as a “major boost” to investor confidence, positioning Nigeria as a more credible destination for international capital.
By Aduragbemi Omiyale
Cash and gifts worth about N15 billion were given out to distributors and customers of Dangote Cement Plc at a ceremony organised to reward their continued loyalty, resilience, and outstanding performance.
At the event, held recently at Eko Convention Centre, Lagos, the chairman of president of Dangote Industries Limited, Mr Aliko Dangote, described the distributors as the heartbeat of the organisation and thanked them for their dedication in ensuring the Dangote products reach communities nationwide.
Business Post reports that the 2026 Distributors’ Awards Night, held under the theme, Partner for Growth, recipients received an impressive array of gifts, including cash prizes, containers of cement, high-end SUVs, and CNG-powered trucks.
Mr Dangote used the occasion to reiterate the company’s Vision 2030 strategy, aimed at transforming Dangote Group into a $100 billion enterprise by 2030.
The plan, he explained, focuses on industrial expansion, cross-border investments, and building Africa’s self-sufficiency in sectors such as energy, manufacturing, and infrastructure.
“Your tireless work in the field, your alluring commitment to our products and your direct engagement with our customers are what turn our vision and strategies into tangible results,” he posited.
“Vision 2030, an integral aspect of our Africa First project, was borne out of my firm belief that Africa’s future will be built by Africans who refuse to accept limits – people who dream big, work hard, and never stop believing in what is possible,” he added.
On his part, chairman of the board of Dangote Cement, Mr Emmanuel Ikazoboh, highlighted the critical role of distributor partnerships in ensuring the company’s products reach every corner of the country.
“Tonight, we are giving out about ₦9 billion in cash to our distributors. For some of you, it will be a double celebration, as you may receive two alerts in recognition of both your volume and growth results,” he disclosed.
“In addition to the cash prizes, we have prepared other exciting gifts, including CNG-powered trucks, high-end cars, and more, to show our appreciation for your commitment and outstanding performance,” he added.
The board chairman further outlined the company’s plans to start the year strong by supporting its distributor partners, stressing the importance of supply chain efficiency and profitability as key pillars for growth.
Mr Ikazoboh also noted that the company has invested in new CNG-powered trucks, as the company’s target at the end of 2027 is to have all its trucks CNG-powered, supporting both logistics efficiency and empowering customers.
“We have made significant investments in new Compressed Natural Gas (CNG)-powered trucks. This initiative not only empowers our customers but also emphasises our dedication to corporate responsibility and global sustainability guidelines. These rewards reflect our promise to support customers and champion sustainable business practices,” he stated.
By Adedapo Adesanya
The Nigerian Navy has launched Operation Delta Sentinel, a new maritime security initiative designed to curb crude oil theft, secure critical oil assets and support the federal government’s ambition to ramp up crude production to 2.5 million barrels per day by 2027.
The operation, which replaces Operation Delta Sanity II, was formally unveiled at the Nigerian Navy Ship (NNS) Pathfinder Jetty in Port Harcourt, marking a renewed push to stabilise the Niger Delta and protect Nigeria’s oil-dependent economy.
Speaking at the launch, Commander Task Group 26.1, Operation Delta Sentinel, Rear Admiral Suleiman Ibrahim, said the initiative was aligned with the Federal Government’s drive to boost oil exploration and production under the Project 1 Million Barrels Per Day initiative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“The transformation from Operation Delta Sanity II to Operation Delta Sentinel is necessitated, among other considerations, by the Federal Government drive to increase oil exploration and production,” he said, adding that, “It is further anticipated that oil production would be about 2.5 million barrels per day by 2027.”
Rear Admiral Ibrahim, who is also the Flag Officer Commanding, Central Naval Command, said Operation Delta Sentinel would run for an initial one-year period, subject to 90-day renewable mandates, and would focus on denying criminal networks access to Nigeria’s maritime and oil infrastructure.
“Our objective is clear and unambiguous: to deny criminal elements freedom of action, protect critical national oil assets, support legitimate economic activities and contribute to enduring peace and stability in the Niger Delta,” he stated.
He explained that the operation would rely heavily on intelligence-driven missions, enhanced inter-agency collaboration and advanced surveillance tools, including Maritime Domain Awareness infrastructure, new maritime platforms, and manned and unmanned air assets.
“Our approach will be deliberate, innovative and technology-enabled. These capabilities will enable us to optimise asset utilisation, improve situational awareness and maintain a proactive operational posture,” he added.
The Navy said early indicators already show progress, noting that crude oil losses have dropped by about 90 per cent, from 102,900 barrels per day in 2021 to 9,600 barrels per day as of September 25.
Earlier, Flag Officer Commanding, Eastern Naval Command, Rear Admiral Chiedozie Okehie, highlighted the achievements of Operation Delta Sanity II, which was launched on December 30, 2024, to combat crude oil theft, illegal bunkering and pipeline vandalism.
“Operation Delta Sanity II lived up to expectations and made measurable contributions to national security and economic stability,” the Naval commander said.
According to him, between January 1 and December 31, 2025, the operation led to the arrest of 203 suspects, the deactivation of 324 illegal refining sites, and the seizure of stolen petroleum products valued at over N3.65 billion.
“An estimated 3.78 million litres of stolen crude oil, over 1.09 million litres of illegally refined AGO, 86,210 litres of PMS and 74,300 litres of kerosene were seized and appropriately handled,” he disclosed.
Rear Admiral Okehie added that the Navy’s operations, supported by collaboration with regulators, security agencies, oil industry stakeholders and host communities, contributed to a significant decline in crude oil losses, with NUPRC reporting the lowest loss levels since 2009 in September 2025.
With Operation Delta Sentinel now in force, the Navy said it is positioning itself as a key enabler of Nigeria’s oil production growth, investor confidence and long-term stability in the Niger Delta.
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