Business

JUST IN: Sanwo-Olu Signs Lagos VAT Bill, FG Kicks

Published

4 years ago

September 10, 2021

Editor

Lagos Governor, Babajide Sanwo-Olu has signed the State Value Added Tax (VAT) bill into law.

The bill was passed by the House of Assembly on Thursday alongside the anti-open grazing bill.

“By this act, the Bill has now become a Law”, Gbenga Omotoso, Information Commissioner announced in a statement on Friday.

Sanwo-Olu signed the “bill for a law to impose and charge VAT on certain goods and services” after returning from an official trip to Abuja .

The federal government is opposed to the passage of the bill and is in court to block it from going into effect.

On Friday, Lagos won its bid to join the battle against the Federal Inland Revenue Service (FIRS) on the VAT collection.

The Court of Appeal explained that it granted the state’s application, filed by the Attorney General and lead counsel Moyosore Onigbanjo, in the interest of justice.

Justice Hamman Zamani ruled that Lagos proved that it has the right to be heard in the legal tussle.

The appellate court rejected FIRS objection, noting that the agency made serious allegations against the state in its suit.

“We have carefully scrutinized the issue raised by Lagos. We are of the view that the interest of Lagos is paramount and by law, ought to be protected by allowing it to make its case”, Zamani said.

The FIRS, in an appeal marked CA/PH/282/2021, wants the Court of Appeal in Abuja to set aside the judgment of a Rivers High Court which granted powers to the state to collect VAT.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

2 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

2 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

3 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.