Business

VAT: Wike Fumes, Threatens To Shut FIRS Offices In Rivers If …

Published

4 years ago

September 8, 2021

Editor

Rivers State governor, Nyesom Wike, has threatened to shut offices of the Federal Inland Revenue Service ,FIRS, domiciled in the state should the FIRS continue to threaten companies domiciled in the state or bully the state over its (Rivers State) bid to collect Value Added Task (VAT).

Recall that a Federal High Court sitting in Port Harcourt had August 9, 2021, ruled that it was the right of the Rivers government to receive VAT in the state.

The state argued that it was against the constitution for it to generate VAT that is later shared to other states.

However, the FIRS, allegedly issued threat to companies, warning that companies that pay to the state rather than the Federal Government would be sanctioned.

But Wike, in an interactive session with stakeholders in the state which was monitored by Info Daily on national television, further threatened to shut down companies or banks that refuse to pay its VAT to the state.

While stating that Rivers State is not among the “small, small, small states” that can be threatened by anyone including the Federal Government, Wike also stated that he’s not among those governors who shy away from what is right.

“FIRS should stop bullying at us. Rivers is not among the small, small small states they can bully at. If they continue their threats and bully, I will short all their offices in Rivers.

“I am not among the governors that will shy away from what is right.
I have the political will and constitutional rights to collect VAT.

“Any bank or company that refuses or fail to pay to us, I will shut down, I will be happy that during my time, heaven falls,” he said.

While stating that some states “are just waiting in Abuja to benefit from proceeds from other states”, disclosed that Rivers State made nothing less than N15.8bn VAT in the month of June for Federal Government, but only N4.8bn was given back to the state by the Federal Government.

“In the month of June, N15.8bn was collected as VAT in Rivers State but only 4.8bn was given back to the state as VAT. Where did the remaining go?,” he questioned.

Asked about the State of Execution order and appeal at the Court of Apeal, Wike said it’s a delay tactics by FIRS and other parties concerned

He, however, vowed that if the court rule otherwise in the case, which he doubted, the state government would abide by the ruling.

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.