Business

FG Discontinues Tax Credit by Dangote, BUA, MTN … for Roads Infrastructure

As of 2024–2025, the following companies were key participants in the scheme:

Published

4 months ago

February 4, 2026

OCHEFA

292 Views

The federal government has discontinued the use of tax credit by companies for road development.

It was know as Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (Executive Order 007).

The Executive Chairman of Nigeria Revenue Service (NRS), Mr. Zacch Adedeji, disclosed that the system does not follow constitutional tax administration.

Adedeji said, “No matter how good a programme is, the first thing that it must have are good products. The remits of the Nigeria Revenue Service, as it were then or the Federal Inland Revenue Service is to access, to collect and to account “ for taxes.

“Appropriation is not part of the remits of the Nigeria Revenue Service or Federal Inland Revenue Service. So when you give tax credits for roads it is an appropriation act, because you spent the money, but your remit is to collect and give it to the constitutional body that will sign that money. Which is the Federation Account Allocation Committee (FAAC).

And who says that that money is yours? Who says it belongs to your family? Who says it’s not students that will come and work in your factory and want to use it to pay their school fees.”

Another point he raised was that FIRS/NRS lacks the competence to know how a road is constructed, saying, “We lack competence, as Nigerian Revenue Service, because we don’t know how the road is done and that is why we stopped the use of tax credit. Whatever their taxes, let government choose the proper appropriation.”

BACKGROUND

Many major companies in Nigeria have utilised the Federal Government’s Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (Executive Order 007) to finance the construction and rehabilitation of federal roads in exchange for tax credits

As of 2024–2025, the following companies were key participants in the scheme:

Nigerian National Petroleum Company Limited (NNPCL):

As at late 2024, NNPC was one of the largest contributors, financing over 21 road projects covering over 1,800 kilometers. Projects included the Ilorin-Jebba-Mokwa/Bokani Junction Road and the Lagos-Badagry Expressway.

Dangote Group (Dangote Cement Plc):

A prominent participant, having worked on the Apapa-Oshodi-Oworonsoki-Ojota Expressway and the Obajana-Kabba road in Kogi State.

BUA Group (BUA International Limited): Involved in the construction of major roads, including the Bode-Saadu-Lafiagi road, Eyinkorin road and bridge, and the Okura Road, aiming to complete over 500km of roads by 2026.

MTN Nigeria Communications Plc: Engaged in the rehabilitation and reconstruction of the Enugu-Onitsha expressway.

Nigeria LNG Limited (NLNG): Provided funding for the Bodo-Bonny road and bridge project in Rivers State.

Access Bank Plc: Involved in fixing the Oniru axis of the VI-Lekki circulation road in Lagos State.

Mainstream Energy Solutions Limited: Undertaking the construction of the Malando-Garin Baka-Ngwaski road and rehabilitation of the Mokwa-Nasarawa road in Niger State.

GZI Industries: Re-constructing the Umueme village road in Abia State.

Others: Lafarge Africa Plc, Unilever Nigeria Plc, and Flour Mills of Nigeria Plc.

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Exchange Rates Today Friday, 12 June

Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850

Published

3 days ago

June 12, 2026

OCHEFA

45 Views

Official CBN Exchange Rates

US Dollar (USD) ₦1,363. 83

Great British Pound (GBP) ₦1,821. 25

EURO (EUR) ₦1,572. 90

SWISS FRANC (CHF) ₦1,706. 49

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦201.20

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,857. 45

SAUDI RIYAL (SAR) ₦363. 29

SOUTH AFRICAN RAND (ZAR) ₦82.61

Black Market Rates

US Dollar (USD) Buy ₦1,397 Sell ₦1,405

Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1,587 Sell ₦1, 607

Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦180 Sell ₦200

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 380 Sell ₦2, 460

Central African CFA Buy ₦2, 220 Sell 2,300

Australian Dollar Buy ₦800 Sell ₦900

Business

Airtel launches data calculator to counter depletion complaints

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

Published

4 days ago

June 11, 2026

OCHEFA

60 Views

Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.

Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.

Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.

“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.

The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.

Business

Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

Published

4 days ago

June 11, 2026

OCHEFA

61 Views

Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.

The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.