Lagos State Government has sealed a bilateral agreement with the Federal Government to harmonise tax administration, raise system efficiency and proffer solution to challenges of multiple taxation. On Monday, Governor Babajide Sanwo-Olu presided over a ceremony where Federal Inland Revenue Service (FIRS) and Lagos State Inland Revenue Service (LIRS) signed a Memorandum of Understanding (MoU) to establish a joint tax …

Three states – Kaduna, Kogi and Zamfara – have dragged the Federal Government to the Supreme Court seeking a restraining order to stop the full implementation of the Naira redesign policy of the Central Bank of Nigeria (CBN). In a motion ex-parte filed before the court, the three states are praying the court to grant an interim injunction stopping the …

The Association of Corporate Affairs Managers of Banks (ACAMB) has denied that banks are hoarding new Naira notes, and assured that normalcy would soon return in the currency swap system. In a statement by ACAMB President, Mr Rasheed Bolarinwa, the association said that the banks have invested over N100 billion to develop electronic payment channels. The statement read: “Nigerian banks …

Former National Chairman of the All Progressives Congress (APC), Comrade Adams Oshiomhole has accused the Central Bank of Nigeria (CBN) of deceiving President Muhammadu Buhari over the redesign of the naira notes. Last year, President Buhari approved the redesign of the N1,000, N500, and N200 notes. The move, has, however, created hardship among Nigerians who battle to lay hands on …

The National Association of Telecommunications Subscribers (NATCOMS) has filed a suit at the Federal High Court (Lagos division) challenging the implementation of Value Added Tax (VAT) on telecommunications services, as taxable services. The suit, which was filed last Friday, is also challenging the imposition and implementation of excise duty charges on telecommunications services. The registered trustees of NATCOMS, led by …

The anti-fuel/Naira scarcity protest in Ibadan turned bloody on its second day (Saturday) after one person was shot dead by security personnel. Some hoodlums, according to the police in Ibadan, had attacked the security personnel while on patrol around Apata junction market. Long queues at Automated Teller Machines (ATMs) persisted across the country as people raced against time to dispose …

Despite litigation against Nigeria Air, the Federal Government has assured that the airline will commence operations before the end of the first quarter. The Federal Government also said that, contrary to claims that the airline was dragged to court by Airline Operators of Nigeria (AON), only five airlines embarked on a legal action against Nigeria Air. According to the Minister …

Borno State Governor, Prof. Babagana Zulum on Friday threatened that any bank which refuses to dispense new Naira notes would have its land revoked by the state government. Zulum sent the warning in Maiduguri, the state capital, after visiting branches of banks to see first-hand the ordeals residents go through in trying to obtain new naira notes. The governor expressed …

Seven distressed workers have been saved by the prompt response of the Nigerian Maritime Administration and Safety Agency (NIMASA) following a distress call to the Director General, Dr Bashir Jamoh. The call, which came in at about 11.30 pm from the Safety Officer on MT ALIMA last Thursday reported that, while cleaning the tanks of the vessel by a private …

Ogun State Governor, Prince Dapo Abiodun on Saturday announced the suspension of his political campaign until further notice. In Kwara State, Governor AbdulRahman AbdulRazaq called for more supply of the new Naira notes to the citizens to ease things for the masses and stabilise the currency swap policy. In a statement signed by his Chief Press Secretary, Mr Kunle Somorin, the …