Business
Tertiary Education Tax Will be Increased to Three Percent says FG

The Federal Government of Nigeria has increased the tertiary education tax from 2.5 percent to 3 percent for the second time in two years, after it was increased from 2 percent in the Finance Act 2021 to 2.5 percent and has gone up to 3 percent in the backdated 2023 Finance Act.
Recall that the former President Muhammadu Buhari signed the Finance Act 2023 on May 28, 2023 and backdated the commencement date of the Act to 1 May, 2023 and imposed on every company at the rate approved by the President of the assessable profit for each year of assessment.
The funds are disbursed for the general improvement of education in federal and state tertiary institutions, specifically for the provision or maintenance of: Essential physical Infrastructure for teaching and learning; instructional material and equipment; research and publications.
Also contained in this year’s Finance Act is the reintroduction of the payment of taxes for purchasing life insurance policy for an individual or a couple.
According to the Act: “Tax deduction is restored for premium paid in respect of insurance on own life and spouse”.
Other changes made to the old Finance Act include: taxation of gains on the disposal of digital assets including cryptocurrency at the rate of 10 percent; deduction of capital losses on assets for capital gains tax purposes. This may be carried forward for a maximum of 5 years.
There is now the rollover relief on sale of shares. This is however subject to reinvestment of the proceeds within the same year of assessment. There is now the deletion of investment allowance on plant and equipment.
Government has imposed a 0.5 percent levy on goods imported into Nigeria from outside Africa.
All services including telecommunication services are liable to excise tax at rates to be prescribed by the President.
Buhari in his last minute assent to the 2023 Finance Act retained the contentious sharing formula of Electronic Money Transfer (EMT) levy at 15 percent to the federal government, 50 percent to state governments and 35 percent to local governments.
EMT is a singular and one-off levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or above.
Business
FedEx founder and former boss Fred Smith dies aged 80
Born in 1944, Mr Smith started FedEx with 389 staff and 14 small planes that carried 186 packages from Memphis to 25 cities within the US.

Image credit: Getty Images
Fred Smith, founder of the US parcel delivery giant Federal Express, has died at the age of 80, the company has announced.
Mr Smith founded the firm in 1973 having previously served in the US Marine Corps.
He ran the company as CEO until 2022.”Fred was more than just the pioneer of an industry and the founder of our great company.
He was the heart and soul of FedEx,” current boss Raj Subramaniam wrote in a memo to staff.
Born in 1944, Mr Smith started FedEx with 389 staff and 14 small planes that carried 186 packages from Memphis to 25 cities within the US.
(BBC)
Business
BREAKING: NNPC Spokesman, Soneye resigns

The Nigerian National Petroleum Company Limited (NNPCL) is expected to name a new spokesperson soon, following the resignation of the company’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye.
In a statement made available to the press in Abuja on Saturday, Soneye thanked his former employer and colleagues for their support during his tenure as CCCO.
He stated that his decision to step down was to enable him to devote more time to his family and attend to personal responsibilities that require his closer presence.
The statement read: “Dear Esteemed Colleagues, I extend my heartfelt gratitude to you all for the unwavering support, professionalism, and genuine commitment you’ve shown in helping to shape and amplify the NNPC Ltd story over the past 20 months.
“Your role in building a vibrant and effective communications presence for our national energy company has been nothing short of invaluable.
“I wish to inform you that I have stepped aside from my role as Chief Corporate Communications Officer of NNPC Ltd. This decision will allow me to devote more time to my family and attend to personal responsibilities that now require my closer presence.
“It has been a profound honour to serve both the Company and our country and to contribute in my own way to the ongoing transformation of NNPC Ltd.
I am deeply grateful for the trust reposed in me, the opportunities granted, and the incredible professionals—both within and outside the organization—with whom I have worked.
“I remain a steadfast supporter and ambassador of NNPC Ltd wherever I go. I enjoin you, dear colleagues, to continue your robust, balanced, and constructive reportage in support of the Company’s noble mission and strategic role in Nigeria’s energy future.”
Soneye was appointed as NNPCL’s spokesman in October 2023, following a company-wide reorganisation that saw him replace Garba Muhammad.When contacted by Tribune Online, Soneye confirmed the news, saying, “Yes, my bro! E ku weekend.”
Business
DR Congo: Heineken Forced to Withdraw Staff as Rebels Seize Facilities

Heineken has lost operational control and withdrawn its staff from facilities in eastern Democratic Republic of Congo (DRC), CNN on Saturday quoted that the Dutch brewer announced on Friday.
In March, the company had suspended operations in three eastern cities, citing safety concerns after breweries were damaged and depots raided during clashes between government forces and rebels.
On Friday, Heineken said the situation had worsened. Armed groups have taken control of its sites in Bukavu and Goma—eastern Congo’s largest cities—as well as surrounding areas.
“The conditions required to operate responsibly and safely are no longer present and as of 12th June 2025, we have lost operational control,” it said in a statement.
Heineken’s local unit, Bralima, continues to operate in parts of the country not affected by the fighting. The company said it is monitoring developments closely.
Heineken owns four breweries in the DRC, producing its namesake beer along with local brands such as Primus. It previously said its Bukavu facilities employed about 1,000 people directly and indirectly.
“Our top priority is the safety and wellbeing of our employees,” Friday’s statement read.
Reuters also reported, “We have withdrawn all remaining staff from these sites and we have continued to support them financially.”
Nearly 14 per cent of Heineken’s total revenue comes from its Middle East and Africa operations, with Congo—home to over 100 million people—a significant market.
Before the suspension, operations in Goma, Bukavu, and Uvira represented roughly one-third of Heineken’s business in the country.
Conflict in eastern Congo has intensified in 2025, with the M23 rebel group making major territorial gains, sparking fears of broader regional instability.
Congo accuses Rwanda of backing M23 with troops and weapons—allegations Rwanda has consistently denied.
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