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
WEF 2026: Shettima commissions first-ever Nigeria House in Davos
The Vice President noted that although Nigeria House was conceived as a whole-of-government platform, bringing together leadership across trade, investment, foreign affairs, energy, infrastructure, technology, climate and culture, its success would ultimately be driven by private enterprise.
Vice President Kashim Shettima on Monday formally opened Nigeria House, the country’s first-ever sovereign pavilion at the 2026 World Economic Forum in Davos.
Speaking during the commissioning ceremony, Shettima said that nations do not prosper in isolation and stressed that Nigeria’s future growth depends on deliberate, structured engagement with the world.
“For the first time in our nation’s history, Nigeria stands at Davos with a sovereign pavilion of its own,” he said, adding that Nigeria House “reflects our intention, our seriousness, and above all our resolve to take a front-line seat in the discourse of the global economy, not as observers, but as participants with a clear sense of purpose.”
The Vice President noted that although Nigeria House was conceived as a whole-of-government platform, bringing together leadership across trade, investment, foreign affairs, energy, infrastructure, technology, climate and culture, its success would ultimately be driven by private enterprise.
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.
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