Business

The Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Abideen Akande, has disclosed why filing an annual tax return is compulsory for every Lagos resident. He also revealed penalties for defaulters and the intent of the tax reform. In an interview with Helen Oji for Guardian Nigeria, Akande said: "Filing of returns allows the tax authority to know how much you have earned in the preceding year and how much tax, if any, you have already paid in advance. Nigeria operates a self-assessment tax system. This means that you voluntarily declare your income for a defined period."He continued: "Filing of returns by individuals involves disclosing the income you earned in the previous year because that year has already ended. "The inter...

Nigerians are to face a worsening epileptic power supply as electricity generation companies said gas suppliers have threatened to halt supply over a N3.3 trillion debt. Dr. Joy Ogaji, the Chief Executive Officer of the Association of Power Generation Companies, disclosed this during an interview on Fresh FM. Ogaji attributed the power outage Nigerians are grappling with for months to the debt owed gas suppliers. According to her, the country, which currently depends on supply from thermal plants powered by gas that manage to generate only 3,334 megawatts of electricity to the national grid as of Wednesday, is suffering gas shortages. Speaking on the accumulated debts the Federal Government owe the Gencos, Ogaji said it had grown to N6.8 trillion as of the end of February 2026....

French media company Canal+ has announced a €100 million investment aimed at reviving growth at MultiChoice Group, the parent company of DStv and GOtv, following a decline in subscribers and revenue. The investment plan was disclosed in Canal+’s 2025 financial results released on Wednesday. The move comes months after the French broadcaster completed its acquisition of MultiChoice. According to the report, MultiChoice ended 2025 with 14.4 million subscribers, down from 14.9 million recorded the previous year. Revenue also fell by 6% to €2.4 billion, while adjusted earnings before interest and tax dropped 14% to €159 million. The company attributed the downturn to several economic and operational challenges across its African markets, including currency depreciation in Nigeria,...

The Central Bank of Nigeria has introduced new baseline standards requiring financial institutions to adopt automated anti-money laundering systems capable of detecting suspicious transactions and strengthening compliance with financial crime regulations. The directive was issued through a circular dated March 10, 2026, titled “Issuance of Baseline Standards for Automated Anti-Money Laundering (AML) Solution for Financial Institutions in Nigeria.” The document was signed by Akinwunmi Olubukola and Olubunmi Ayodele-Oni. The new standards apply to deposit money banks, mobile money operators, international money transfer operators, payment service providers and other regulated financial institutions. According to the central bank, the policy aims to strengthen Nigeria’s financial crime ...

The Association of Table Water Producers in Kano State has announced an upward review in the price of sachet water, popularly known as “pure water,” citing rising production costs. The development means that a bag of sachet water previously sold for ₦220 will now be sold at a minimum price of ₦300 across the state. In a statement issued on Tuesday, the Public Relations Officer of the association in Kano, Anas Idris Hassan, explained that the price adjustment became necessary following a sharp increase in the cost of key production materials. According to him, the cost of essential inputs used in producing sachet water has risen significantly, making it difficult for producers to maintain the old price. Hassan noted that the price of printing film used for packagi...

Oil marketers have said the pump price of petrol in Nigeria would have climbed as high as N1,500 per litre if the country was still heavily dependent on imported refined petroleum products. According to industry players, improvements in local refining capacity, particularly the operations of the Dangote Refinery, have helped cushion the impact of rising global oil prices and supply disruptions.  Marketers had earlier warned that petrol prices could climb to around N1,200 per litre due to the ongoing crisis in the Middle East, which has triggered volatility in global crude oil markets.  They explained that petrol prices in Nigeria are influenced by international crude oil prices, exchange rate pressures and rising logistics costs. Over the weekend, petrol was already ...

President Bola Tinubu has directed the immediate deployment of about 100,000 compressed natural gas (CNG) conversion kits nationwide to cushion the impact of rising fuel prices on Nigerians, following the escalation of conflict in the Middle East. The executive chairman of the Presidential Initiative on Compressed Natural Gas (Pi-CNG), Ismaeel Ahmed, disclosed this after a meeting with the President at the State House, Abuja on Tuesday, March 10. Ahmed said the President's directive is part of a broader push by the Federal Government to cut transportation costs and expand alternative energy use amid global oil market volatility triggered by the ongoing United States–Israel war with Iran. “The President, as usual, is always trying to get information on what is going on, especi...

Nigeria recorded a major increase in non-oil exports in 2025, with total earnings reaching N12.36 trillion between January and December, according to new data from the National Bureau of Statistics. The latest Foreign Trade in Goods Statistics report shows the figure rose sharply from N9.09 trillion in 2024, signaling stronger export activity outside the country’s traditional oil sector. The development reflects ongoing efforts by policymakers in Nigeria to diversify the economy by expanding exports in agriculture, manufacturing, and solid minerals, reducing the country’s long-standing dependence on crude oil revenue. Recent export trends show fluctuations before the current surge. Non-oil exports stood at N3.14 trillion in 2022, before dropping to N2.56 trillion in 2023. The ...