Business

BREAKING: President Tinubu To Overhaul Multiple Taxes, Other anti- Investments Policies

Published

3 years ago

May 29, 2023

217 Views

‘I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.”

That’s President Bola Ahmed Tinubu, in his inaugural speech today, in Abuja.

Tinubu was sworn in as Nigeria’s 16th President, by the Chief Justice of Nigeria, Kayode Ariwoola, at the Eagle’s Square, Abuja.

Stressing on his administration’s economic thrusts, he said : ” We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.
He also said , ” on the economy, we target a higher GDP growth and to significantly reduce unemployment.

” We intend to accomplish this by taking the following steps:

First, budgetary reform stimulating the economy without engendering inflation will be instituted.

Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.

JOBS

My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.
Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill.
” This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable,” he said.

Tinubu’s Profile
Tinubu started out as a technocrat; a seasoned accountant.

During his sojourn abroad, he worked for American companies Arthur Andersen, Deloitte, Haskins & Sells and GTE Services Corporation.

And upon his return to Nigeria in 1983, he joined Mobil Oil as an auditor.
He rose through the ranks to become an executive of the company.
He began to make inroads into the political Hall of Fame in 1992 when he was elected senator representing Lagos West Senatorial District in the short-lived third National Assembly.

He then joined forces with the National Democratic Coalition (NADECO), a coalition of democrats demanding the military government led by General Sani Abacha to step down for the acclaimed winner of the 12 June 1993 election, the deceased Chief MKO Abiola.

After four years in exile, Tinubu returned to the country in 1998 to contest the governorship election in Lagos – his home state – as Nigeria prepared for a transition to democratic rule.

A two-term governor, Tinubu prides himself as the brain behind the transformation of Lagos from the doldrums to one of the largest economies in Africa.

And so do many of his allies who vigorously campaigned for his presidency based on this accomplishment.
He was behind the creation of the Lagos Free Zone, Ibeju Lekki.

Related Topics:Multiple Taxes Overhaul Tinubu

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Business

MAN woos CBN, MOF for manufacturing refinancing facility

The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.

Published

20 hours ago

January 2, 2026

OCHEFA

48 Views

Cover image: MAN

The Manufacturers Association of Nigeria (MAN) has called on the monetary authorities ( CBN and MOF) to introduce a Manufacturing Refinancing and Rediscounting Facility (MRRF) believing that it can reinvigorate the manufacturing sector in 2026.

The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.

He said that the MRRF is to enable banks to refinance approved manufacturing loans at single-digit rates for up to seven years.

He emphasised that to ensure a more robust manufacturing sector in 2026 , there was need for:

1. Launch a Manufacturing Refinancing and Rediscounting Facility (MRRF) that allows banks to refinance approved manufacturing loans at single-digit rates for up to 7 years.
2. Create a publicly accessible dashboard tracking lending flows, interest rate spreads, loan approvals and sectoral disbursement patterns in real time.

3. Further reduce the benchmark interest rate by at least 200–300 basis points over the next two quarters to make credit affordable for manufacturers.

4. Craft and ensure the effective execution of the implementation strategy for the recently approved Nigeria Industrial Policy.

5. Categorize manufacturers as strategic users of gas to remove the gap between what manufacturers and electricity generation companies pay per cubic foot of gas.

6. Introduce a stable, transparent gas pricing framework for manufacturers and prioritize local gas supply before exports.

Business

Nigeria Revenue Service unveils new logo as FIRS goes to rest

Speaking at the unveiling ceremony in Abuja on Wednesday, the Executive Chairman of the NRS, Zacch Adedeji, said the launch of the logo and accompanying brand elements represents an important milestone in the evolution of Nigeria’s revenue administration framework.

Published

2 days ago

January 1, 2026

OCHEFA

27 Views

The Nigeria Revenue Service (NRS), which has replaced the now-defunct Federal Inland Revenue Service (FIRS), has unveiled its institutional brand identity (logo) as part of efforts to reposition the country’s revenue administration structure.

The agency came into operation following the signing of the Nigeria Revenue Service Establishment Act 2025 by President Bola Tinubu in June 2025, marking a major shift in the legal and operational framework governing tax administration in the country.

Adedeji noted that the new institutional identity “signals continuity of purpose, strengthened institutional capacity, and a forward-looking approach to supporting taxpayers and national development.”

Business

BREAKING: Heirs Energies Acquires 20.07% Stake in Seplat Energy from Maurel & Prom in $496-500 Million Deal

Published

3 days ago

December 31, 2025

Charles Flames

54 Views

In a major shake-up in Nigeria’s oil and gas sector, Heirs Energies Limited, chaired by billionaire Tony Elumelu, has agreed to acquire the entire 20.07% equity stake in Seplat Energy Plc from French oil company Etablissements Maurel & Prom S.A.

The transaction involves the sale of 120.4 million ordinary shares at approximately £3.05 per share, valuing the deal at around $496 million to $500 million.

The binding agreement was signed on December 30, 2025, after market close, marking Maurel & Prom’s exit from its long-held position in Seplat, one of Nigeria’s leading independent energy producers listed on both the London Stock Exchange and the Nigerian Exchange.

Tony Elumelu, Chairman of Heirs Energies and its parent Heirs Holdings, described the acquisition as a “long-term investment in Nigeria’s and Africa’s energy future,” emphasizing its alignment with goals of energy security, industrialization, and shared prosperity.

Maurel & Prom CEO Olivier de Langavant stated that the sale allows the company to monetize its stake and redirect resources toward direct investments in oil and gas assets, while expressing confidence in Heirs Energies as a strong, long-term shareholder for Seplat.

Seplat Energy, a key player in Nigeria’s energy transition with significant oil and gas operations in the Niger Delta, recently bolstered its portfolio through acquisitions, including ExxonMobil’s shallow-water assets.

This deal further consolidates indigenous ownership in Nigeria’s upstream sector, following Heirs Energies’ own growth as a major gas supplier powering domestic electricity generation.

The transaction is subject to customary closing conditions and regulatory approvals.