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Court stops First Bank’s AGM

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Justice Akintayo Aluko of the Federal High Court, Lagos, has restrained First Bank Nigeria (FBN) Holdings Plc from holding, conducting or hosting its 12th Annual General Meeting (AGM) scheduled for August 22, 2024, whether virtually or otherwise, pending the determination of a motion for interlocutory injunction filed by a shareholder, Tohir Folorunsho Ismaila.

He adjourned the case to August 23, 2024.

The court gave the order on August 13, after hearing a motion ex parte filed and moved by Prof Taiwo Osipitan (SAN), with Mrs Olayemi Badewole (SAN) and Adetola Ogunlewe for Ismaila, the petitioner/applicant.

FBN Holdings is the sole respondent in the suit, marked: FHC/L/CP/1428/2024. Justice Aluko held that, “An order of interim injunction restraining the respondent/respondent by itself, its directors, secretary or agents, assigns, servants, privies or any person acting on its behalf from holding/conducting/hosting the 12th Annual General Meeting of the respondent scheduled for 22nd August, 2024, via a virtual medium or howsoever pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction is hereby granted. “

An order of interim injunction restraining the respondent, its agents, servants, privies and/or assigns from taking any steps to pass any special and/or ordinary resolutions at its Annual General Meeting slated for the 22nd of August, 2024, pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction is hereby granted.

“An order of interim injunction restraining the respondent, its directors, secretary, agents, privies or person(s) acting on its behalf from sending out any notice of general meeting of the respondent otherwise howsoever conveying any general meeting of the respondent/respondent pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction is hereby granted.”

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NRS Chair: New tax laws won’t be implemented until January

According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandates…

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•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.

The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.

Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.

Adedeji said that the modalities will be put in place ahead of the implementation.

Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.

According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.

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President Tinubu List Economic Expectations from New Tax Laws

On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

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President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.

President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.

He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.

On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.

He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.

Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.

“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”

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Tinubu signs four Tax Reform Bills to law today

The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.

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President Bola Ahmed Tinubu will today (Thursday) sign into law four tax reform bills set to overhaul Nigeria’s fiscal landscape, streamline tax administration, and boost investor confidence.

The ceremonial signing is scheduled to take place at the State House, Abuja.

In a statement , Bayo Onanuga, Special Adviser to the President on Information and Strategy, said that the four bills are : the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill

The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.

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