Mr Oscar Onyema, Chief Executive Officers of Nigerian Stock Exchange (NSE) says securities lending will witness exponential growth with the elimination of tax on manufactured dividend arising from securities loan transaction by the Finance Act.

Onyema made the assertion at a symposium on the Finance Act, organised by the exchange in partnership with KPMG in Lagos.

Onyema said an exponential growth in securities lending activities would further boost market liquidity, given the elimination of tax on manufactured dividend arising from securities loan transaction.

Securities lending is the act of loaning a stock, derivative or other security to an investor or firm. Securities lending requires the borrower to put up collateral, whether cash, security or a letter of credit.

When a security is loaned, the title and the ownership are also transferred to the borrower.

The NSE’s boss explained that the multiple taxations embedded in securities lending business arrangement had slowed down its adoption in the Nigerian capital market despite being a 2.44 trillion dollars market globally.

According to him, there have been some improvements with 20 million units of shares currently available for lending in the Nigerian capital market.

“The recent amendment to the tax laws by the Finance Act 2019 is in line with global best practices for Securities Lending.

“And,  I want to seize this opportunity to enjoin capital market operators and asset owners to take advantage of the benefits,” Onyema said.

He said the elimination of double taxation in Collective Investment Schemes (CIS) including Real Estate Investment Structures as pronounced by the Act would have a significant impact on the growth of the currently nascent $2.77 billion asset management industry in Nigeria.

“We have convened committees and conferences to dimension the real estate industry and the necessary policy changes required to jump-start financing into the sector.

“So, this positive policy announcement is a good start towards increasing the viability of REITs for issuers and investors.

“With the nation’s housing deficit put at 17 million units as estimated by the African Development Bank, I believe strongly that REITs and other real estate investment vehicles will play a critical role in funding real estate and infrastructure development in Nigeria.’’

Onyema added that exemption of micro and small enterprises with an annual turnover of N25 million ($70,000) or less from paying company income tax by the Act aligned with the Exchange’s commitment to SMEs.

According to him, SMEs and growth companies in our ecosystem can now enjoy tax benefits, thereby improving their operational efficiency.

He noted that the signing of the Finance Bill into law was a landmark achievement for the Nigerian Capital Market.

Onyema said the NSE, the Securities and Exchange Commission (SEC) and other capital market stakeholders had been at the forefront of advocacy with policy makers and tax authorities for favourable tax structures in the Nigerian capital market.

Also speaking, Mr Wole Obayomi, Partner & Head, Tax, Regulatory and People Services, KPMG, said, “Finance Act 2019 is a landmark legislation that should be embraced by all stakeholders to ensure it achieves its laudable objectives.

Obayomi said the removal of multiple tax footprints for securities lending and real estate investment schemes would stimulate activities in those segments of the market.

He stated that the generous incentives for SMEs in the Finance Act coupled with the launching of the Growth Board for capital raising by that sector from the NSE, were timely interventions.

According to him, these will drive the growth of the economy through the SMEs.

…To start “supervised quarantine”

…Gov Sanwo-Olu becomes Chief Incident Commander

In a bid to prevent an outbreak of the fast-spreading Novel Coronavirus, the Lagos State Government on Monday launched an Incident Command System.

The health emergency structure is being set up to help with containment in the unlikely event of outbreaks of the virus in the State.

Commissioner of Health, Prof. Akin Abayomi explained that the Novel Coronavirus is a new pathogen to the human race and as such, research is still ongoing on how to arrest it.

According to him, no suspected or confirmed cases of Novel Coronavirus has been found in Lagos, warning residents against rumour-mongering on public health and safety.

The Governor of Lagos State, Mr. Babajide Sanwo-Olu, while launching the Incident Command System said the measure is not to stigmatise citizens of any country but a precautionary one taken in the interest of the people.

The Command System will have the Lagos State Governor, Mr. Babajide Sanwo-Olu as the Incident Commander while the Commissioner for Health will serve as the Deputy Incident Commander.

The Governor noted that relevant health professionals, in conjunction with the Federal Ministry of health, would be deployed to the Lagos International Airport for a higher level of monitoring.

The Governor assured that the Government and Non-Governmental Organisations will continue to escalate communication and create public awareness.

He said: “What we have started to do is to have what we call a heightened state concern on the Coronavirus. We are not declaring an emergency in any form but creating a heightened state concern.

“Also, the Honourable Commissioner through his Ministry will identify relevant health professionals that would, in conjunction with the Federal Ministry of health, be deployed to our International Airports in Lagos where we would see a higher level of monitoring as well as organised level of incidence reporting layout.”

Governor Sanwo-Olu said that although the team expects people to be self quarantined, he, however, stressed that the State will carry out a supervised quarantine where details about immigrants will be taken at the point of entry while the team will do daily follow-ups through phone calls to identified individuals for a period of two weeks.

According to the Governor, the command will be in operation for the period of time the risk lasts. He assured that adequate preparation has been carried out to tackle the virus.

The Governor said: “This command will go on until when we believe and we have been given assurance that we have a stable and controlled environment but in the meantime, these exercises are going to be put in place and we are going to start things immediately.

“I also want to mention that we have started providing both human and material logistics required for this exercise.

“All of our major General Hospitals are also being prepared in event of an outpour into any of them. The hospitals in the mainland have tents coming up and extensive resources are being put in that particular health facility for them to be on standby in case of any suspected or identified case.”

Abayomi further added that the WHO has declared the novel coronavirus a global health concern, saying this will make the State Government step up scrutinising travellers coming in from the mostly affected region.

“We need to really ramp up the human capacity at the airport to be able to scrutinise all travellers coming in from particularly the routes that are coming in from the South East Asian regions.

The Deputy Governor, Dr. Obafemi Hamzat; the Consul General of People’s Republic of China, Chu Moaming and the Secretary to the State Government, Mrs Folashade Jaji were among the dignitaries present at the event.

Some tricycle operators from Lagos Mainland, Yaba and Oyingbo on Monday staged a peaceful protest at Maryland against the ban on their operations in some parts of the state by the Lagos State Government.

The tricycle operators, commonly referred to as “Keke Maruwa”, urged the government to rescind its ban on the commercial motorcycle and tricycle operators in 15 local government and council development areas which began on Feb. 1.

Hundreds of protesters carried placards with inscriptions such as “Create Jobs, Don’t Take Jobs”, “Sanwo-Olu, My Job is My Life” and Maruwa Operators are not Criminals”.

Mr Seun Adeleke, Chairman, National Union of Tricycle Operators, Yaba/Mainland said the government’s decision was unfair as it would plunge many able-bodied young men into unemployment.

He said: “We are the ones that voted for this government and we need the government to support us.

“Look at everybody here now, they want to work.  In Yaba/Mainland, we have over 500 tricycle operators and we pay N200 daily to the council.

“So we contribute to the economy and we want to continue to do that. The government should please look into this decision.”


Also, a civil rights activist, Mr Wale Balogun, who mobilised the protest, said commercial motorcycle and tricycle operators were not responsible for the security challenges in Lagos.

Balogun said he was in solidarity with the protesters because he believed that restricting their operations would worsen security in Lagos and neighbouring states.

He said: “Commercial motorcycle and tricycle operators are partners in progress with the Lagos State Government.

“They are the friend of the masses who do not have big cars to ply their roads. Many commuters have been stranded since the ban began.

“We are saying the government should rescind its decision and not plunge these teeming youths into unemployment.”

According to him, if the government had created employment opportunities, many youths will not go into commercial motorcycle and tricycle operation.

“They cannot take away what they did not give. Rather than take to crime, these young people decided to earn their living by riding “Okada” and “Keke”.

“Many are still paying in installments about N1. 2 million and the state government cannot just take this away. How will they feed their families?

“Our appeal is that government should look again at this decision in order not to push these people into criminal activities,” Balogun said.

He commended the protesters for their peaceful conduct, adding that they should not relent in the struggle to be able to earn a legitimate income.

Mr Gbenga Omotosho, Lagos State Commissioner for Information and Strategy had on Jan. 27 announced the ban, which he said came after consultations with stakeholders, the State Security Council and in compliance with the extant Transport Sector Reform Law 2018.

The boards of directors of  Zenith Bank Plc, Guaranty Trust Bank (GTBank) Plc and Access Bank Plc and have scheduled meetings later this month to consider and approve the audited financial statement and accounts of the banks for the year ended December 31, 2019. The meetings will among others consider final dividend recommendation to be made to shareholders.

The notification of the scheduled board meetings quickened investors’ appetite for three of Nigeria’s five largest banks. GTBank, Nigeria’s largest financial services company, in terms of market capitalisation, rose by 90 kobo at the weekend to close at N30.10. Zenith Bank, the second largest bank, also rose by 55 kobo to close at N19.25 while Access Bank appreciated by 5.0 kobo to close at N10.15 per share.

In separate regulatory filing, the three banks indicated that their directors would be meeting to review and approve the earnings report and accounts for the 2019 business year, preparatory to sending the accounts for the clearance of the Central Bank of Nigeria (CBN) before release to the investing public at the Nigerian Stock Exchange (NSE).

GTB’s board is scheduled to meet on Wednesday, January 22, 2019 while the boards of Zenith Bank and Access Bank will meet on Tuesday, January 28 and Wednesday, January 29, 2019.

Extant listing rules at the Nigerian Stock Exchange (NSE) require quoted companies to submit their annual audited account to the Exchange not later than 90 calendar days after the relevant year-end, and published same in at least two national daily newspapers not later than 21 calendar days before the date of the annual general meeting. They are also required to post same on their websites with the web address disclosed in the newspaper publications. Also, an electronic copy of the publication shall be filed with the NSE on the same day as the publication.

Most quoted companies including all banks, major manufacturers, insurers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year.  The deadline for the submission of the annual report for the year ended December 31, 2019 is thus Monday March 30, 2020. The NSE meanwhile gives special recognition to companies that submit their reports earlier than others.

Most analysts at the weekend said the scheduled meetings by the three leading banks marked the onset of the earnings season citing increased demand for the shares of the banks.

The three banks, which had paid interim dividends based on their first-half results, are expected to determine their final dividends at the board meeting later this month. The first-half results, which were audited, were regarded as more indicative of the potential of the banks for the 2019 business year.   GTB, which had paid interim dividend of 30 kobo per share, is widely expected to pay a final dividend not less than N2.45 per share paid for the 2018 business year. GTB’s earnings per share had stood at N3.50 for the six-month period.

Zenith Bank had also paid an interim dividend of 30 kobo for earnings per share of N2.83 for first half 2019. Access Bank had distributed an interim dividend of 25 kobo as net profit after tax rose from N39.6 billion in first half 2018 to N63.01 billion in first half 2019.

The Nation had reported that Nigeria’s five topmost banks recorded a total profit of N416.55 in the first half of 2019 as the largest commercial lenders continued to draw on technologies and improved operating efficiency to mitigate headwinds and improve underlying profitability of their businesses.

Average profitability in the top five banking groups improved by a percentage point, which translated into a 12.1 per cent increase in total pre-tax profits recorded by the top five banks. The average pre-tax profit margin for the top five groups inched up from 33.35 per cent in first half 2018 to 34.14 per cent in the first half of 2019, undercut by a decline in profitability of the third largest bank.

The top five banks, which traditionally pay cash dividend twice a year, distributed N44.22 billion as interim cash dividend for the first half of this year, with interim dividend per share ranging from 20 kobo to N1.

The top five banks, by market capitalisation, otherwise known as the first tier banks, including Guaranty Trust Bank (GTB) Plc, Zenith Bank International Plc, Stanbic IBTC Holdings Plc, Access Bank Plc and United Bank for Africa (UBA) Plc.

A market intelligence report by The Nation showed all top-five banks witnessed steady growths across key performance indicators with the exception of Stanbic IBTC, which suffered a decline in profitability. The top-five banks’ gross earnings rose by 9.79 per cent from N1.17 trillion in first half 2018 to N1.29 trillion in the first half of 2019. Total pre-tax profit by the biggest five commercial lenders grew by 12.08 per cent to N416.55 billion in first half 2019 compared with N371.66 billion in the comparable period of 2018. Total net profit, after taxes, increased by 13.22 per cent from N303.8 billion to N343.96 billion.

Average gross earnings within the top-five group had increased from N234.79 billion in first half 2018 to N257.77 billion in the first half of 2019. Average profit before tax also improved from N74.33 billion to N83.31 billion. After taxes, the average net profit increased from N60.76 billion to N68.79 billion.

Nigerian equities recorded the second consecutive negative trading on Wednesday as continuing profit-taking transactions shaved off N114 billion from market capitalisation.

The All Share Index (ASI)- the value-based common index that tracks share prices at the Nigerian Stock Exchange (NSE), dropped by 0.74 per cent to close at 29,062.50 points as against its opening index of 29,283.15 points.This depressed the average year-to-date return to 8.3 per cent.

Aggregate market value of  quoted equities also dropped from its opening value of N15.106 trillion to close at N14.992 trillion, representing a drop of N114 billion.

With 17 losers to 11 gainers, all sectoral indices closed negative with the exception of the NSE Insurance Index, which rose by 0.33 per cent. The NSE Industrial Goods Index dropped by 0.29 per cent. Its Consumer Goods Index dipped by 0.21 per cent. The Banking Index lost 0.21 per cent while the NSE Oil & Gas Index slipped by 0.11 per cent.

MTN Nigeria Communications led the losers with a drop of N3.70 to close at N120.50. BUA Cement followed with a loss 95 kobo to close at N38 while Ecobank Transnational Incorporated dropped by 60 kobo to close at N7.20.

On the positive side, Beta Glass led the gainers with a gain of N5.90 to close at N64.90. Forte Oil rose by N1.15 to close at N19 while GlaxoSmithKline Consumer Nigeria chalked up 40 kobo to close at N6 per share.

Total turnover dropped by 46 per cent to 360.08 million shares valued at N2.83 billion in 4,345 deals.

Morison Industries was the most active stock with a turnover of 126.8 million shares. Access Bank was followed with 52.5 million shares, United Bank for Africa placed third with 32 million shares.

Analysts at Afrinvest Securities said they expected a better performance in successive sessions due to bargain hunting.

Zenith Bank Plc has re-instated its commitment to the development of sports in Nigeria with a pledge to maintain its leadership position in this direction.

The bank’s Group Managing Director, Ebenezer Onyeagwu, who stated this, stressed that in the New Year (2020), the outfit would continue in its great support for sports in the country.

Onyeagwu who laid more emphasis on the fact that the bank was proud of the role played in the development of sports in Nigeria over the years, especially in the year 2019.


The bank which is in its 16th year of sponsorship of the Women’s National Basketball league, 5th year of the Delta State Principals’ Cup for Secondary Schools is also in partnership with the football federation with the annual NFF/Future Eagles competition for U-13 and U-15. Zenith Bank also sponsors swimming in Ikoyi Club 1938 and table tennis at the Lagos Country Club.

The bank’s GMD said: “We are happy with our sports projects last year and we hope to do this again this New Year and improve on all the programmes.

“Talking the youths to the next level is one of our objectives just as we also support federations like football and basketball in an attempt to catch talents young in the country.

“We are going ahead with all our sporting events this year and we expect the competitions to be better in all aspects.”

Air Warriors of Abuja defeated MFM Queens to emerge the 2019 Zenith Bank Women Basketball League Champions at the sports hall of the National Stadium last October.

In the Zenith/Delta Principals Cup competition, School of Commerce Warri emerged 2019 winners after defeating Zappa Mixed School, Asaba 2-1 at the Stephen Keshi Stadium in Asaba.

It could be recalled that some of the products of Zenith Bank in the U-13, U-15 Future Eagles competition represented Nigeria at the continental and global stage in the U-17 cadre.

Farmers in Ondo State on Wednesday frowned at the declaration of the South West security initiative, ‘Operation Amotekun’ as illegal by the federal government.

The farmers under the auspices of the Ondo State Agricultural Commodities Association, OSACA, on stated that the declaration of the Attorney General of the Federation, Abubakar Malami on the security outfit is tantamount to subjecting South West residents to further sufferings.

According to the farmers at their Secretariat situated at the Trade Fair Complex, Akure, the state capital, they described Amotekun as a ray of hope to rescue them from the heinous activities of herdsmen who have been destroying their farms among other atrocities.

The chairman of the association, Mr. Gbenga Obaweya, stated that the security outfit would help ameliorate the economic loss they suffered annually from the Fulani herdsmen who grazed on their crops unhindered.

“We say in clear terms that the declaration of Amotekun as illegality is totally unacceptable to us. The formation and launch of Amotekun brought a ray of hope to us as farmers and agropreneurs for a few days, but alas, an attempt is being made to dash all our hope.

“For years we have sought peaceful means of protecting our farmlands and investments with very little success. Any attempt to shoot down this beacon of hope is a recipe for chaos and civil unrest.

“Will the pauperized farmer, a distressed investor not be pushed to violence if they believe they have nobody to protect them?”

They also added that “We support the security outfit, Amotekun; we reject any proclamation that it is illegal; we demand that the national body of Miyetti Allah be called to order; farmers who have been victims should be compensated.”

Some students of the Kogi State Polytechnic Lokoja, have accused the management of the institution of being exploitative following the increment of their tuition fees.

This development has caused panic among the students who confided in our correspondent that they are set for a showdown between with the institution if management fails to revert to the old tuition.

DAILY POST reliably gathered that there is a clear disparity in the fee payment depending on the course of studies and level of the student.

A breakdown of the draconian fee as obtained by our correspondent on Monday showed that, for the School of Management Studies which comprises of Accounting, Business Administration, and Public Administration, National Diploma I and II students indigenes and non-indigenes are now expected to pay N38,250, N45,750, N38,250, 45,750 respectively instead of what was paid last year which was put at N32,200, N39,200, N24,200 and N31,600 respectively.

For Higher National Diploma, HNDI, under the school of Management Studies, DAILY POST further learnt that the students were previously paying N38,000 and N49,000 for indigene and non-indigenes, but in the new tuition formula, they are to pay N43,550 and 54,550 representing N5,550 increment.

Also, for HND II under Management Studies, instead of N30,000 and N41,000 respectively, students are now expected to pay N39,050, and 50,050 respectively indicating N9050 increment.

Similarly, for School of Applied Science consisting of Art, Design and Printing, Engineering, Environmental Technology Science, Office Technology Management and Library and Information, instead of paying N40,200, and N47,600 (NDI Indigenes and Non-Indigenes), N32,200 N39,600, (NDII Indigenes and Non-Indigenes), students are now expected to pay N46,250, N53,650, N40,250, and 47,650 for NDI and NDII Indigenes and Non-Indigenes respectively.

In the same vein, HND I and II students of School of Applied Science indigenes and non-indigenes are now expected to pay N51,550, N62,550, N47,050, and N58,050 respectively instead of their previous payment of N46,000, 57,000
N30,000 and N40,000 respectively.

Worried by the unfavourable environment and harsh economic condition ravaging the state and the country in general, some of the students who spoke to DAILY POST described the hike as wickedness and an act of evil disposition from the side of the management.

The students who never wanted their names in print over fear of being hunted also accused the student union leadership of compromising with the school management for their selfish interest.

“We have lost confidence in the leadership of our student union. This set of student representative is the worst in the polytechnic’s history. Instead of fighting for the course of our students, they are fighting for their own pocket. Later they start blaming leaders at the top that they are corrupt, meanwhile at the bottom, they are more corrupt than those at the top.

” Can you imagine, some of our students like me who is a lady knows what we pass through to get money to buy our textbook, feed ourselves as well as paying our school fees. With this increase now, where do they want us to go and get this money bearing in mind that the economy is not funny?” she stated.

It was however gathered that the Student Union Government, SUG, is yet to officially come out to state their position on the matter.

In a chat with the institution Public Relations Officer, Mr Luke Yakubu, he said the management of the polytechnic did not increase school fee as widely speculated by the student.

According to him, the institution only added some fees which include result verification, convocation fee, entrepreneurship center and insurance fee.

His words” Kogi State Polytechnic school fee still remains the same. There is no increment as widely speculated in some quarters. The management after interfacing with the students added result verification, convocation fee, entrepreneurship center and insurance fee which is for the interest of the student.

“Am shocked to hear this news that we have increased tuition fee. It is not true. Kogi State Polytechnic fee as I speak to you is the lowest in the north-central zone”.

Aside from the fee hike, another course of worries for the students is the lack of hostel accommodation in the polytechnic.

We reliably gathered that Kogi State Polytechnic has been without hostel accommodation since 2017 thereby exposing students to all manner of insecurity.

With the latest trend of fee increment, students say things may get worse as in the last three years when there was no space to accommodate students within the school premises, some student living outside the school campus were subjected to rape, battering, theft, and cult-related activities.

They are however calling on the management to do the needful as further move on this without considering the plight of the students will be openly rejected which might lead to some form of unrest in the polytechnic.

Another political appointee of Governor Dapo Abiodun of Ogun State, Chief Dayo Abatan, reportedly died on Sunday.

Chief Dayo Abatan was among the newly inaugurated Elders Advisory Council.

Gov Abiodun inaugurated Abatan, alongside 56 other members of the council on Thursday.

DAILY POST recalls that a newly appointed Local Government Caretaker Committee Chairman for Ipokia, Hon. Saibu Mulero Adeosun, died on Wednesday, hours to his screening by the State House of Assembly.

Adeosun, DAILY POST reports, had dressed up for the screening exercise before he decided to have a short rest and died in the process.

On Friday, Hon. Taiwo Soniyi, the newly appointed Vice Chairman for Remo North Local Government was reportedly kidnapped by unknown gunmen, who have demanded N50million ransom for his release.

Chief Dayo Abatan, until his death, was the Eruku of Egbaland. He hailed from Obafemi Owode Local Government Area of the State.

A family source told our correspondent that the deceased appointee died at the Lagos State University Teaching Hospital (LUTH) after a brief illness.

Chief Abatan, who was the first Publicity Secretary of the defunct Unity Party of Nigeria(UPN) in 1979 later became an active member of the Social Democratic Party(SDP) during the aborted third republic.

He was later appointed a member of the 1994 National Conference after which he joined the All Peoples Party (APP) from where he decamped to the Peoples Democratic Party (PDP) at inception of the fourth republic.

He later became a member of the All Progressives Congress (APC).

DAILY POST gathered that Abatan was the Students Union President at the University of Ibadan between 1968 to 1969.

He died at the age of 80.

Ex-NBA Chairman Drags Buhari, NASS To Court
The fresh $29.96 billion foreign loans being sought by President Muhammadu Buhari has drawn the ire of a human right lawyer, who on Monday, January 6, 2020, instituted a legal action seeking the mandate of the court to stop the National Assembly from approving it.

Barrister Kanmi Ajibola in an action filed before the Federal High Court, Osogbo against the respondents including the Attorney-General of the Federation (AGF) stated that they were not acting in the interest of Nigeria while noting that instead of developing the available resources in the country, they were seeking procurement of destructive loan.


The former Chairman of Nigeria Bar Association (NBA), Ilesa branch, in a 58 paragraph affidavit in support of his motion ex-parte disclosed that he had on the 16th day of December 2019, wrote letters to the defendants requesting for some vital information but they failed to respond within the constitutionally stipulated time.

Some of what he demanded for were information about the local and foreign debt profiles and the defrayment modalities, the list of all the FG projects being executed from the loans taken from 2015 to date, the financial cost of all executed projects from 2015 and the total sum of money recovered so far from the Late General Sani Abacha’s loot, if spent and what it was spent on.

Ajibola told the court that he requested for the information to enable him to take a step to rescue Nigeria, saying the FG under the leadership of the respondents has failed Nigerians.

According to him, with the new foreign loan procurement, he discovered that the respondents wanted to perpetually entrap Nigeria in a debt gulag and that they are planning to take the loan without putting in place an effective all-encompassing corruption check mechanism.

He blamed President Buhari for putting Nigeria’s economy into trouble by “placing himself above the law by freely disobeying court orders at will” which made foreign investors to flee the country in drove.

He further told the court that, “In 2016, the president presented a projected proposal for foreign loan for 2016 to 2018 in the sum of $29.96 billion to the National Assembly that is the eight senates for approval as required by the law, but the National Assembly rejected the proposal because it saw it as debt colonization by the would-be creditor banks, and it is capable of ‘sinking Nigeria into the dark gully of perpetual debt trap.’

“On November 28, 2019, the president has represented the projected proposal for a foreign loan in the sum of $29.96billion to the National Assembly, that is the ninth senate, for approval as required by the law and has now agreed to approve the proposed loan.

“As at the time of this suit, only the senate arm of the National Assembly has been working on the approval of a loan without the involvement of the House of Representatives.”

Ajibola who chided the President and the National Assembly for appropriating a sum of N37billion in the 2020 budget for the renovation of the National Assembly for a structure that was originally erected for N7billion.

“It is an axiomatic fact that the Senate alone cannot approve a foreign loan for the Federal Republic of Nigeria, it requires the approval of the National Assembly, consisting of the Senate and House of Representatives of the Federal Republic of Nigeria.

“The Abacha’s loots and money were stolen by very few of the public officers will be a relief alternative to the foreign loan sought by the president of the Federal Republic of Nigeria which will inter Nigeria to the economic grave.

“The 1st to 3rd Respondents, among others, took oaths of office to discharge their duties to the best of their abilities, faithfully and in accordance with the constitution of the Federal Republic of Nigeria and the law, and always in the interest of the sovereignty, integrity, solidarity, well-being and prosperity of the Federal Republic of Nigeria.

“It is the duty of the FG and the Respondents to control the National Economy in such manner as it will secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity. The respondents have failed in this duty.


“The effect of taking a foreign loan for economic stimulus infrastructure in a very corrupt system as we have in Nigeria is always counterproductive, besides that, the debt servicing will grossly suppress the effect of such borrowings, this is too harmful to the economic growth of any country in the world.

Ajibola expressed worry that both the President and that National Assembly swore to provide good governance, but contrary to the oaths of office of the respondents, “they are not faithful to the said oaths”

He disclosed that he was working with some economic team, for the purpose of assisting the FG to enable it to finance its budgets from the internally generated revenue rather than foreign and local loans.

The former NBA Chairman asked the court for an order of mandamus compelling the president to make available forthwith all his demands in his letter and an order restraining the president from taking the foreign loan of $29.96billion.

Electricity distribution companies of Nigeria on Monday announced that enforcement for the new electricity tariffs will begin on April 1st.

Discos made this known in a tariff review clarification notice through the spokesperson of their umbrella body, Association of Nigerian Electricity Distributors (ANED), Sunday Oduntan.

According to Discos, the new tariffs ordered by the Nigerian Electricity Regulatory Commission (NERC) would cater to revenue shortfalls in the electricity sector.

Oduntan said: “The tariffs shall remain as they had been since 2015 but would change from April 2020.”

ANED said, “The Tariffs shall remain the same as they presently are (i.e. 2015 levels) until April 1, 2020, when there will be a slight increment to cater for tariff shortfalls which shall be gradually passed on to the consumer until this is fully completed by the end of 2021.

“In view of the foregoing, we state emphatically that there shall be no change or increase in the existing electricity tariff until April 1, 2020, when the new adjusted tariffs shall begin to gradually reflect the dynamism of our macro-economy.”


The Discos explained that the NERC was empowered by the Electric Power Sector Reform Act to carry out minor reviews of the Multi-Year Tariff Order 2015 twice a year.

“NERC has just reviewed the MYTO 2015 and has published an order on tariffs and minimum remittance for January to June 2020. The tariffs anticipate changes in the currency exchange rates between the United States and Nigeria, changes in the rate of inflation and gas prices,” ANED stated.

Minister of Information, Culture and Tourism, Alhaji Lai Mohammed has reassured Nigerians on the rising debt profile of the country, stating that there is no cause for alarm.

Naija News learnt that the Minister revealed this while briefing newsmen about President Muhammadu Buhari’s administration for the outgoing year

Mohammed said there were misrepresentations in the figures being pushed out in certain quarters about the debt profile, adding that the country had not reached its debt ceiling of 25 per cent in total public debt stock to Gross Domestic Product (GDP).

He said, “Recently, there have been concerns in certain circles about the country’s growing debt, both domestic and external. In the process, there have been some misrepresentations and scaremongering. “It is not appropriate to attribute the public debt stock to one administration.

“Nigeria’s total public debt stock in 2015 was $63.80 billion, comprising $10.31 billion of external debt and $53.49 billion domestic debt. By June 2019, the total debt stock was $83.883 billion, made up of $27.163 billion of external debt and $56.720 billion domestic debt. It is therefore not correct to say that Nigeria’s external debt alone is $81.274 billion.

“There is yet no cause for alarm. This is because Nigeria has a debt ceiling of 25 per cent in the total public debt stock to Gross Domestic Product (Debt/GDP), which it has operated within.

Here are the 7 taxes amended by the Finance Bill 2019 and how they may affect you

The Finance Bill 2019 is set for the signature of President Muhammadu Buhari after the two versions passed by both chambers of the National Assembly was harmonised by the Conference Committee for the Bill.

The Finance Bill 2019 is an amendment bill submitted by President Buhari alongside the 2020 budget estimates to the National Assembly.

The bill, when signed into law, will amend seven taxes as presently constituted.

Below are the seven taxes the Finance Bill 2019 seeks to amend and how it may affect you:

1. Value Added Tax

The rate paid for Value Added Tax (VAT) according to the bill will witness an upward movement from 5 percent to 7.5 percent. This, from all intent is to raise more revenue for the government.

As more revenue goes into the pocket of the government, so also will Nigerians have to spend more than they currently do, as prices are bound to go up since manufacturers and service providers are bound to pass the extra 2.5 percent to consumers.

2. Petroleum Profits Tax

The Finance Bill 2019 as passed by the National Assembly has repealed Section 60 of the Petroleum Profits Tax Act, introducing Withholding Tax (WHT) of 10% on dividends paid out of the profits of companies engaged in petroleum operations in Nigeria.

The Bill effectively abolishes the tax exemption granted under the Petroleum Profit Tax Act for such income or dividends.

3. Capital Gains Tax

Under the new Finance Bill 2019, Section 32 and 36 of the Capital Gains Tax Act have been abolished.

With this, exemptions granted companies from paying capital gains tax when transferring assets between two entities during restructuring have been abolished.

Also capital gains tax would henceforth be paid by anyone who receives compensation in excess of N10, 000,000 (ten million naira) after loss of employment.

4. Stamp Duties

Here is where the Finance Bill 2019 will also affect most Nigerians directly outside of VAT.

With the passage and harmonization of the two versions of the Bill from the Senate and House of Representatives and the expected assent by Mr. President, sections 2 and 89 of the Stamp Duties Act have been amended.

Under the new dispensation, payment of stamp duties will now cover electronic documents.

Also, bank transfers from one account to the other from N10, 000 (Ten thousand) upward will attract a one-off stamp duty of N50. You are however exempted from payment if you are transferring from one of your accounts to another in the same bank.

5. Customs & Excise Tariff

The Finance Bill 2019 has amended section 21 (Fifth Schedule) of the Customs, Excise Tariff, Etc. (Consolidation) Act 1995.

Under the amendment, goods imported into Nigeria have been added to those that must pay excise duty in the country.

6. Personal Income Tax

Another significant aspect of the Finance Bill 2019 is the amendment to sections 33, 49, and 58 of the Personal Income Tax Act.

Immediately the Bill becomes operational, those without the Tax Identification Numbers (TIN) will be barred from operating any new or existing bank accounts in the country.

Furthermore, the Bill has removed personal income tax reliefs individuals enjoy on account of children and dependent adults.

7. Companies Income Tax

The Finance Bill 2019 amends sections 9, 10, 13, 16, 19, 20, 23, 24, 27, 29, 31, 33, 39, 40, 41, 43, 53, 55, 77, 78, 80, 81, 105, and the Third and Seventh Schedules of the Companies Income Tax Act ("CITA").

Significantly, the amendments mean that companies without their Tax Identification Numbers cannot operate corporate accounts in the country.

Also, foreign companies who engaged in the digital economy would be subjected to payment of tax in Nigeria. The amendments expect any digital company with significant economic presence in Nigeria, even without any physical presence in the country, to pay tax.

Dutch champions Ajax has told attacker Hakim Ziyech he could leave if his asking price of £42.5million is met.

This would come as good news to Arsenal who has been monitoring the progress of the Moroccan.

Ziyech who scored 21 goals and register 18 assists across all competitions last seasons is on the radar of top European teams, including Arsenal and rivals Tottenham Hotspur.


The 26-year old snubbed a move to Sevilla last year, but the club has now given him green light to depart, CalcioMercato reports.

“I feel at home here and get to play a lot.

“I think Sevilla is from the same level as Ajax and I don’t switch Ajax for nothing.

“The right club didn’t make an offer yet, so for now I just stick with Ajax and do my very best on the field.

“I think everybody gets along really well. It’s a great team. We have fun and you shouldn’t give that up for nothing. You shouldn’t leave because of leaving; it has to be something you fully approve.

“Like I always said: it has to be the perfect picture. Everything needs to be right. I won’t leave Ajax until I have that feeling,” Ziyech told Fox Sports following Ajax’s 2-0 win over PSV in the Dutch Super Cup

Mercy Eke, the winner of the 2019 edition of popular reality TV Show, BB Naija has announced her decision to quit her career as a video vixen.

The celebrity made her decision known when she shared clips from her latest work and appearance on Mc galaxy’s music video.

“Happy first Sunday of the year guys💃 yasss Ije Ego by @mcgalaxymcg is out😂 I had so much fun shooting this video, like I said in the house, I will only do one more vixen then baby girl is out🙏this is it , IJE EGO on every platform,” she wrote on Instagram.
See her post:

Defending champions of the Nigerian Premier Football League (NPFL), Enyimba, on Monday announced the sacking of its head coach, Usman Abdallah.

Naija News reports that this is coming after the club were defeated 4-0 by Plateau United on Sunday.

Enyimba is currently languishing in 13th place on the table after ten matches with just four wins.

In a statement by the club on Monday, the sack of Abdallah is with immediate effect.

“After a string of disappointing results the club believes it must set a new course now and regain its competitive edge, domestically and on the continent,” the statement read.

Enyimba also stated that Fatai Osho will take over the head coach duties in the interim.

Also speaking on the sack, the club chairman, Felix Anyansi Agwu, said the decision was not taken in a hurry.

“Results and performances since the start of this season have been very unimpressive and the club must take action to forestall further setbacks.

“We are speaking to the players too and they must do better otherwise there will be consequences. As Enyimba we are committed to earning positive results always and we can’t accept nothing less.”

Recall that Abdallah led Enyimba to the NPFL title last year as they won the postseason super six.