FIRS taps EFCC to enforce tax compliance –

The Federal Inland Revenue Service has said that the Economic and Financial Crimes Commission is key in its drive to enforce voluntary tax compliance. According to a statement from the service on Tuesday, the FIRS Executive Chairman, Dr. Zacch Adedeji, said this during a courtesy visit to the EFCC headquarters in Abuja. The newly signed Tax Acts will go into effect in January 2026. The new laws transform FIRS into the Nigerian Revenue Service………(Read More)

NGX extends gains with N254bn uptick –

The Nigerian Exchange on Tuesday sustained its positive momentum as investors’ appetite for insurance and banking stocks lifted the market with a gain of N254bn, extending the bullish run recorded in the previous session. At the close of trading, the market capitalisation of listed equities rose to N88.5tn from N88.25tn recorded the previous day, reflecting the N254bn increase. The All-Share Index advanced by 401.36 points, or 0.29 per cent, to settle at 139,796.11 points………..(Read More)

The 5% Surcharge On Fuel: What Is True And What Is Not? –

This note seeks to clarify matters arising regarding the 5% fuel surcharge in the new tax laws. The charge is not a new tax introduced by the current administration. The provision already exists under the Federal Roads Maintenance Agency (Amendment) Act, 2007. Its restatement in the new Tax Act is for harmonisation and transparency rather than immediate implementation. We outline the frequently asked questions below and provide clarifying explanations………(Read More)

No Tax ID, No Contracts, New Act Stipulates –

The newly gazetted Nigeria Tax Act, 2025, has introduced fresh compliance requirements that tighten the fiscal net on contractors, government agencies, and foreign suppliers seeking business in the country. Under the law, Ministries, Departments and Agencies (MDAs) must ensure that all contractors and suppliers present a valid Tax Identification Number (Tax ID) before entering into or executing contracts. While the Act does not explicitly require contractors to present a valid Tax Identification Number (Tax ID) before..…..(Read More)

Sovereign Trust Insurance insiders sell N2.3bn shares –

Sovereign Trust Insurance Plc has disclosed multiple insider transactions involving directors and related parties who sold a combined volume of shares valued at over N2.3bn. The details of the transactions were contained in separate filings submitted to the Nigerian Exchange Limited on Tuesday, September 8, 2025. According to the disclosures, the company’s Non-Executive Director, Abimbola Oguntunde, sold 200m ordinary shares at N2.95 per share on September 4, 2025, amounting to N590m……..(Read More)

Trump urges EU to impose 100% tariffs on China, India to pressure Putin, sources say –

U.S. President Donald Trump urged EU officials on Tuesday to hit China with tariffs of up to 100% as part of a strategy to pressure Russian President Vladimir Putin, according to a U.S. official and an EU diplomat. Trump also encouraged the European Union to slap India with similarly expansive tariffs, said the official, who requested anonymity to discuss private conversations……(Read More)