News

Drama In Court As Maina’s Sister, Testifies Against Him

Published

6 years ago

December 11, 2019

…Distances Self From Companies, Bank Accounts Linked To Her

There was a mild drama at the Federal High Court in Abuja on Wednesday when Fatima Abdullahi, a younger sister of Abdulrasheed Maina, was giving evidence as a prosecution witness in the ongoing trial of the former Chairman of the defunct Pension Reform Task Team.

Fatima, a civil servant and resident of Kaduna, told the court that she and Maina shares the same parents.

She gave evidence behind a screen where her face was only seen by the judge, Justice Okon Abang, while her voice could be heard through the public address system of the court.

However, while her evidence in chief was going on, Adeola Adedipe, counsel for Common Inputs & Investment Nigeria Ltd (2nd defendant), raised observation that he suspected that the witness was reading from a prepared document.

When asked by the court registrar, the witness said, “Well, I am not reading from any paper. They are free to come and check as I only have my bag with me. The reason why I am slowing down is because the judge is taking down his notes.”

ALSO READ: Judge Orders El Zakzaky To Kaduna Correctional Centre

The judge ruled that the court did not see the witness reading from any document.

In her evidence in chief, the witness said she had never heard of a company called Common Input & Investment Nigeria Ltd.

She gave the narrative of how she found out about the company thus: “Sometimes in August, 2019, I went to the ATM of Diamond Access Bank to withdraw some money.

Unfortunately, I could not. So, I went inside the bank to see the manager to complain. The manager told me to hold on, that he would find out the reason..

“After waiting for an hour, the manager told me that I was under arrest and he took me to an office and asked me to wait for the EFCC official to come and take me to their office in Kaduna.

“That was when the manager told me that my accounts were blocked. So when the EFCC official came, they took me to their office for questioning. When we got there, the officials were asking me if I know any company by the name Common Input, to which I told them I do not. In fact, that was the first time I was hearing about the name.

“They told me that there was a transaction in Common Input and I told them I am not aware of the transaction. So, they made me to write a statement.

“Afterwards, I was given an administrative bail on the same day and that I should proceed to the EFCC office in Abuja the next day.

“The next day, I went to the Abuja office together with my lawyer. The officials also asked me if I know any company by the name Common Input, to which I say I do not. So, they presented a CAC incorporation form of the company where the name Fatima Samaila Abdullahi was stated together with my date of birth but the phone number on the form is not my own.

Even the name as stated on the form is not my name as my full name is Fatima Abdullahi.”

The witness continue her evidence, stating that even her signature was not the one on the form, as well as the one on another CAC form for Kangolo Digital and Drew Investment.

“The name is my name, but the signature is not mine,” she said.
“So, I was asked to write a statement, which I did.

“Also, I was shown an account opening package of Common Input and Drew Investment with UBA. I was shown a BVN, which is my BVN and I told them I don’t know anything about those accounts. I was never given any form to sign in respect of those account. And I have never made any deposit or withdrawal from Drew Investment, Common Input and Kangolo.

“I have never opened any account with UBA. The other accounts I have are in GTBank, Access, Fidelity and First Bank.

All my genuine accounts were blocked together with those fictitious accounts. Even my salary account was blocked and I can not access it,” she said.

The witness also denied knowledge of shares bought in her name in the companies, adding that the photograph attached to the documents was a younger version of her before she got married.

Meanwhile, the matter has been adjourned to December 16 for cross examination and hearing of the bail variation application filed by Maina.

(Daily Trust)

News

BREAKING: Renowned Businessman, Aminu Dantata, Is Dead

Published

9 hours ago

June 28, 2025

Editor

Alhaji Aminu Alhassan Dantata, a renowned Nigerian businessman and philanthropist, has passed away at the age of 94.

The news of billionaire businessman’s demise was disclosed via a social media post on Saturday by the Deputy National Treasurer of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Uba Tanko Mijinyawa.

According to him, details of the Muslim funeral prayer (Jana’iza) for Dantata will be announced in due course.

“Inna Lillahi wa’inna ilaihi Raji’un. Allah ya yi wa babanmu Dattijo, Alhaji Aminu Alhassan Dantata, rasuwa. Muna addu’a Allah ya jikan sa, ya gafarta masa. Za a sanar da lokacin jana’izarsa,” Tanko wrote in Hausa language.

Tanko’s message about the late philanthropist, who is also an uncle to Africa’s richest man, Aliko Dangote, was translated as “Indeed, we belong to Allah and to Him we shall return. May Allah have mercy on our father and elder, Alhaji Aminu Alhassan Dantata. We pray for his forgiveness. The time of his funeral will be announced.”

Also confirming the news, his Principal Private Secretary, Mustapha Abdullahi Junaid, disclosed in a statement Saturday morning that the Janazah details will be shared later.

Junaid wrote, “Innalillahi wa inna ilaihi rajiun. Innalillahi wa inna ilaihi rajiun. It is with heavy heart that I announce the passing of our beloved father, Alhaji Aminu Alhassan Dantata. May Allah grant him Jannatul Firdaus and forgive his shortcomings. The Janazah details will be shared later insha Allah.”

Alhaji Aminu Dantata, who was the founder of Express Petroleum & Gas Company Ltd., is also credited with having played a key role in the establishment of Nigeria’s first non-interest (Islamic) bank, Jaiz Bank.

News

EYIF: Utilize N2m Grant Provided By The Govt, Edo Deputy Gov Urges Youths

Published

17 hours ago

June 27, 2025

Editor

…says 1,500 applicants screened, 30 met requirements

Deputy Governor of Edo State, Hon. Dennis Idahosa, has urged youths in the state to make the best use of the N2 million start-up grant provided by the state government under the Edo Youth Impact Forum (EYIF).

Idahosa added that the youths must be innovative as they tapped into the two million start-up grant.

In a statement, the Chief Press Secretary to the Deputy Governor, Friday Aghedo, said Idahosa made the remarks during an incubation class of EYIF.

The Edo number two citizen, while noting that EYIF was parts of the government’s drive to build a new generation of entrepreneurs that would impact and shape the state’s financial economy, showed them how to position themselves in the entrepreneurial space to boost the local economy.

Idahosa encouraged the youths to put behind their challenges and make the best of the opportunity provided by the Senator Monday Okpebholo-led government.

According to him,
though 1,500 applicants got screened ahead of the finale scheduled for July 2, 2025, only 30 met the requirement and thus scaled the initial process.

“This number has again been pruned to 10 participants today and will eventually be reduced further to five finalists at the end of the day.

“Irrespective of who emerges as finalists, I want you to know that you are all winners. We are here as a government to encourage the youths because any society that strives to grow must have an active youth involvement,” Idahosa reiterated.

Earlier, the Special Adviser to the Governor on Finance, Investment and Revenue Generation, Mr. Kizito Okpebholo, presented the participants to the deputy governor.

News

Things To Know About Nigeria’s New Tax Laws

Published

19 hours ago

June 27, 2025

Editor

President Bola Tinubu on Thursday signed four new tax laws aimed at modernising and streamlining the country’s tax system.

In the new tax law, the Value Added Tax rate remains at 7.5 per cent despite initial proposals to increase to 12.5 per cent, but its scope is expanded.

Essential items—such as food, education, healthcare, public transport, residential rent, and exports—are zero-rated to ease inflationary pressure.

For revenue allocation is restructured: now 30 per cent of VAT proceeds are distributed based on consumption (rather than contribution), 50 per cent equally among states, and 20 per cent to population-based allocation.

With the latest development, it is expected that state revenue streams will increase, and it will also discourage tax evasion.

Overview of the four new laws

Nigeria Tax Act: Consolidates various tax rules into a single, simplified code, eliminating over 50 small, overlapping taxes. This reduces complexity and duplication, making it easier for businesses to comply.

Tax Administration Act: Establishes uniform rules for tax collection across federal, state, and local governments, ensuring consistency and reducing administrative conflicts.

Nigeria Revenue Service Act: Replaces the Federal Inland Revenue Service with the independent Nigeria Revenue Service, aiming for greater efficiency and autonomy in tax administration.

Joint Revenue Board Act: Enhances coordination between different government levels and introduces a Tax Ombudsman and Tax Appeal Tribunal to handle disputes fairly.

Key objectives of the new tax rules

Simplify Tax System: Reduces bureaucratic hurdles and overlapping taxes to make compliance easier, especially for small businesses and informal traders.

Increase Revenue Efficiency: Aims to boost Nigeria’s tax-to-GDP ratio from 10% (below the African average of 16–18%) to 18 per cent by 2026 without raising taxes on essential goods.

Reduce Financial Burden: Provides relief for low-income households and small businesses while ensuring high-income earners and luxury consumers contribute more.

Fund Public Services: Increased revenue will support infrastructure, healthcare, and education, reducing reliance on borrowing.

Who benefits and how
Low-Income Households:
Individuals earning up to ₦1 million ($650) annually receive a ₦200,000 rent relief, reducing taxable income to ₦800,000, exempting them from income tax.

VAT exemptions on essential goods and services (food, healthcare, education, rent, power, baby products) lower living costs.

Small businesses:

Businesses with an annual turnover below ₦50 million ($32,400) are exempt from company income tax.
Simplified tax filing without requiring audited accounts reduces compliance costs.

Large businesses:

Corporate tax rates drop from 30 per cent to 27.5 per cent in 2025 and 25 per cent thereafter.
Tax credits for VAT paid on expenses and assets allow businesses to recover the 7.5 per cent VAT.

Charitable, educational, and religious organisations:

Tax incentives for non-commercial earnings, encouraging community-focused activities.
Impact on different groups
Low-Income Earners: Benefit most from income tax exemptions and lower costs for essentials, increasing disposable income.

Small Businesses and informal traders: Simplified rules and tax exemptions encourage compliance and reduce financial strain, potentially formalising more businesses.

High-income earners and luxury consumers face higher VAT on luxury goods and premium services, plus capital gains tax on large share sales.

Government: Expects increased revenue for public services without overburdening vulnerable citizens.

Why reforms were needed

Nigeria’s tax system was outdated, inefficient, and disproportionately harsh on low-income groups.
The low tax-to-GDP ratio (10%) limited funding for critical services like healthcare and infrastructure.
Overlapping taxes and complex rules deterred compliance, especially among small businesses and informal traders.
Public and expert reactions

Positive sentiment: Small business owners welcome tax exemptions but seek clarity on enforcement to avoid unexpected levies.

Low-income earners appreciate relief on essentials but remain cautious about implementation.
Taiwo Oyedele, head of the Presidential Fiscal Policy and Tax Reform Committee, claims 90% public support, emphasising that success depends on awareness and trust.

The reforms align with Tinubu’s administration’s goal to reduce economic inequality and boost fiscal capacity without overburdening citizens.

By encouraging voluntary compliance and reducing reliance on loans, Nigeria aims to strengthen its economy and fund development projects.

These reforms mark a significant step toward a fairer, more efficient tax system, with a focus on supporting vulnerable groups while fostering economic growth. However, their success hinges on transparent enforcement and public trust. For further details, you can refer to official statements from the Nigerian government or credible news sources covering the reforms.
(PUNCH)