Business
9mobile Investors Fight in Court Over Ownership and Control
The plaintiff, Abubakar Isa Funtua had sued General Theophilus Yakubu Danjuma (Rtd) and his company LH Telecommunication Limited, as well as the other defendants over the ownership and control of Emerging Markets Telecommunications Limited trading under the name of 9mobile
A Federal High Court sitting in Abuja, will on March 19, 2025, hear an ongoing dispute over the ownership and control of Emerging Markets Telecommunication Service (EMTS) which is the holder and operator of 9mobile Telecommunication licence.
The plaintiff, Abubakar Isa Funtua had sued General Theophilus Yakubu Danjuma (Rtd) and his company LH Telecommunication Limited, as well as the other defendants over the ownership and control of Emerging Markets Telecommunications Limited trading under the name of 9mobile.
The other defendants are: Seltrix Limited (sued as the 1st Defendant); the Corporate Affairs Commission; Nigerian Communications Commission (NCC); Hayatu Hassan Hadeija; Teleology Nigerian Limited and one Mohammed Edewor, a Director in Teleology Nigeria Limited.
ThisDay reports that in his statement of Claim, the plaintiff seeks amongst other reliefs: “A Declaration that he is the beneficial owner of the 43,000,000 (Forty-three Million) ordinary shares held in trust for him by the 1st Defendant (Seltrix Limited) in the capital of the 3rd Defendant (Teleology Nigeria Limited)”.
A declaration that the acquisition of the 43,000,000 (Forty-three Million) ordinary shares purportedly transferred or surrendered to the 3rd Defendant (Teleology Nigeria Limited) in breach of the 1st Defendant’s (Seltrix Limited) duty as Trustee of the Plaintiff and in contravention of Clause 48 of the Memorandum and Articles of Association of the 1st Defendant (Seltrix Limited) is null, void and of no effect.”
That the purported registration of the transfer by way of surrender/gift of Forty-three Million (43,000,000) ordinary shares held by the 1st Defendant (Seltrix Limited) in the capital of the 3rd Defendant (Teleology Nigeria Limited) is unlawful, null, and void.”
An Order setting aside the purported registration by the 6th Defendant (Corporate Affairs Commission) of the increase in the share capital and the allotment of the newly created One Billion, Nine Hundred Ten Million (1,910,000,000) ordinary shares of the 5th Defendant (Emerging Markets Telecommunications Services Limited) in contravention of Section 127 of the Companies and Allied Matters Act, 2020.”
The plaintiff also seeks the sum of N100 billion, as general damages from the defendants, jointly and severally, amongst other reliefs.
Business
NTA didn’t introduce VAT on charges collected by banks — NRS
The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
Photo: NRS chairman, Zacch Adedeji
The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.
In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.
According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.
The statement reads:
“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”
Business
LIRS gives employers Jan 31 deadline for filing 2025 tax returns
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.
He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.
Business
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
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