News

Ibori Kicks As UK Court Orders Confiscation Of $130m From Him

Published

2 years ago

July 22, 2023

Former governor of Delta state, Mr James Ibori has accused London judge, David Tomlinson, of being impartial for ordering the confiscation of his $130m yesterday which he argues is “both wholly unrealistic and unrealisable”.

Judge David Tomlinson, delivering the confiscation order at Southwark Crown Court, said Ibori should pay the sum immediately or face an eight-year jail sentence. Reacting after a court hearing outside the Royal Courts of Justice in London, Britain, the former governor said he would appeal against the confiscation order, which he said was difficult to comprehend and even harder to accept. Meanwhile, a socio-political group, Rescue Nigeria Economy Project, has faulted the ruling and backed Ibori’s decision to appeal while expressing hope that justice will prevail eventually.

In his statement, Ibori said, “Albert Einstein is quoted as saying that the ‘definition of madness is doing the same thing over and over again and expecting a different result’. If that is true then I must be going mad because in over a decade since the British Courts have been persecuting me and those close to me – I kept believing that justice and fairness would eventually triumph.

“In hearing after hearing through the years, despite some of the most logic-defying rulings against me- I still believed. Despite clear evidence of police corruption against the main officer in my case (evidence so strong that it caused the lead prosecutor to resign from my case) I still believed. Despite a clear victory in my 2013 Confiscation hearing which left the Judge unable to make an order against me, only to have him rule that the prosecution should start the trial afresh some years later – I still believed.

“However, today’s ruling from Judge Tomlinson is difficult to comprehend and even harder to accept. I have to move past the fact that the British Courts found themselves competent to sit in Judgment over contracts awarded in Delta State, for contracts that were legitimately awarded and completed. I have come to accept my fate despite the inability of the British prosecutors to show any evidence whatsoever of monies defrauded or indeed missing from Delta State.

“Since 2005 the British Prosecutors have investigated my assets worldwide, they have had a restraint order in place on most of those assets and they are well aware that the total monetary value of those assets is nowhere close to the sums that were the subject of today’s Order. Not withstanding the fact that many of the assets are not and have never been owned by me – it seems that if you are my friend and you allowed me to spend some holiday time in your house, then by this order I now own your home and must ask you to sell it to satisfy the Order.

“The Order made today was to be paid immediately, this was made in the full knowledge that it could take many months to actually realise the sale of many of these assets. There is an 8 year default sentence, which means that if I do not co-operate and pay nothing at all, then the prosecution can apply for the imposition of the default sentence. However as the prosecution already has a Restraint Order over the assets – the situation of my not co-operating or paying will not arise.

“However, an issue arises if my Restrained Assets are sold, and the total realised from the sale does not equal the amount in the Order, then the Prosecution can still apply for part of the default sentence to be applied, but they could only ask for a sliding scale reduction of the 8 years default sentence based on the amounts that remain outstanding. If such an application were to be made it would be vigorously contested. In the normal course of events any talk of a default sentence would normally be stayed until any outstanding Appeal has been concluded.

“The Judge in this case has appears to have cast aside any pretence of impartiality and has made an Order which is both wholly unrealistic and unrealisable. He has completely disregarded any arguments, evidence or expert witnesses in my favour. It was apparent during these last two days that he has forgotten many of the important elements of the case which is unsurprising as it is almost two years since the case was concluded. It has taken him two years to write this Judgment and in the interim he has presided over hundreds of cases, but I refuse to make excuses for him.

“At this point in time words fail me and so the question for me as I take my case to the Court of Appeal, is, if I continue to believe that I may finally get some Justice, is this the definition of madness? I know one thing for sure, that if I do not go to the Court of Appeal to contest this outrageous Order then my people will definitely say that I am a madman”.

VANGUARD

News

BREAKING: Renowned Businessman, Aminu Dantata, Is Dead

Published

6 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

15 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

16 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)