Business

Banks Comply With Court Ruling Lifting Exparte Mareva Order Against GHL

GHL has thus been left to file multiple cases across borders seeking damages for defamation, libel, and breach of contract.

Published

12 months ago

January 30, 2025

OCHEFA

319 Views

Banks across the board have complied with the ruling of Justice Deinde Dipeolu of the Federal High Court delivered on the 29th of January 2025, lifting the Mareva injunction placed on GHL, its directors, and shareholders.

GHL management, in a statement, said :” The compliance by the banks was effected in the face of false and misleading statements by FBN Chairman Femi Otedola, Managing Director Olusegun Alebiosu, and Lawyers in the press today maliciously and mischievously misinforming the public on the clear and unambiguous ruling by the learned Judge.

This falsehood is the latest in a pattern of deceit and dishonesty from First Bank of Nigeria, which has left the public shocked and disappointed that a supposedly first-rate financial institution in a constitutional democracy like Nigeria would go so low and consciously and willfully disobey the law and continue to spread false information at will and without remorse.

GHL has thus been left to file multiple cases across borders seeking damages for defamation, libel, and breach of contract.

It will be recalled that the Mareva injunction was secured in the first place by First Bank when they suppressed material information and failed to fully disclose a subsisting Judgement of the same Federal High Court in Lagos.

GHL will continue to seek justice worldwide against FirstBank for breach of contract (by obtaining a benefit without complying with its obligations) after restating its financial statements with the critical support of GHL who are now asking the Courts to determine if FirstBank’s Audited Accounts are correct in the face of noncompliance with conditions precedent for those restatements in 2021/2022 where their N306billion loss became N151billion profit as stated in their current Rights Issue. ” ▪︎

Related Topics:Featured First Bank General Hydrocarbons Limited

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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.

Published

19 hours ago

January 16, 2026

OCHEFA

20 Views

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.

Published

20 hours ago

January 16, 2026

OCHEFA

14 Views

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.

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.

Published

2 days ago

January 15, 2026

OCHEFA

23 Views

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.

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.