Business

FG Pruning Mutiple Taxes To 10 From 52

Published

3 years ago

August 8, 2023

438 Views

The Federal Inland Revenue Service (FIRS)and the states revenue service boards are meeting today to harmonise multiple taxes from the current 52 to ten as well as renaming of the FIRS to Nigeria Revenue Service.

Muhammad Nami, the Chairman of the Joint Tax Board (JTB) / CEO of FIRS, said that multiple taxations have been one of the major challenges of revenue collection in Nigeria, a situation which the federal government is tackling head on to boost collections.

“The economy has been battling with multiple taxations and the meeting today, which has all the 36 states revenue service boards and the FIRS, is targeted at brainstorming and finalizing the harmonisation of these multiple taxes, whether you call it informal or black market taxes, in order to encourage investments and raise adequate revenue.

“The irony of these many taxes is that it doesn’t allow us to collect more revenue. Therefore, we have resolved to have lesser taxes because the lesser taxes, the more revenue as people will be encouraged to pay.

You recall that government announced the constitution of a tax committee recently to achieve this purpose and we have consulted with the NEC and the state governors for their support that they have given us.

“We are confident that with the inauguration of the committee by Mr. President, we will immediately resolve all these issues,” Nami stated.

Speaking on the partnership with the informal sector to bring them to the tax net, the JTB chairman said petty traders and businesses with less than N25 million turnover will be excluded from paying companies income tax (CIT) in line with the Finance Act.

In his presentation, a tax expert and chairman of the Presidential Fiscal Policy and Tax Reform Committee, Mr Taiwo Oyedele, said Nigeria must as a matter of urgency streamline its many taxes.

“The more we impose taxes, the lesser revenue we collect and the lesser taxes, the more revenue which is what we are targeting.

Business

Dangote at IPO Listing, Charges Public,”I don’t want to be called richest man in Africa”

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Published

20 hours ago

September 14, 2026

OCHEFA

23 Views

The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Dangote made the remarks on Monday while sounding the gong at the Nigerian Exchange (NGX) in Lagos to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The billionaire businessman said the IPO provided an opportunity for investors to participate in what he described as a transformational phase for Nigeria and Africa’s economies.

“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.

He urged Nigerians to deepen the capital market and promote wider ownership of wealth.

“Together, let us deepen our capital market. Together, let us create prosperity through ownership. Together, let us build a stronger Nigeria. Together, let us ensure prosperity for Africa,” he said.

Business

Naira Exchange Rates To Dollar, Pound , Euro… September 14

Published

21 hours ago

September 14, 2026

OCHEFA

30 Views

BLACK MARKET

US DOLLAR ₦1385

POUND (GBP) ₦1880

EURO (EUR) ₦1580

CANADIAN DOLLAR (CAD) ₦1000

SOUTH AFRICAN RAND (ZAR) ₦90

UAE DIRHAM (AED) ₦370

CHINESE YUAN (CNY) ₦190

GHANA CEDI (GHS) ₦100

Central Bank of Nigeria Rates

DOLLAR (USD)₦1326.52

POUND (GBP)₦1794.52

EURO (EUR)₦1540.22

SWISS FRANC (CHF)₦1627.83

JAPANESE YEN (JPN)₦8.64

CFA FRANC (XOF)₦2.34

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1811.58

CHINESE YUAN (CNY)₦197.74

SAUDI RIYAL (SAR) ₦353.20

SOUTH AFRICAN RAND (ZAR) ₦82.24

Business

Dangote Refinery’s IPO Officially Opens Today On NGX

Published

23 hours ago

September 14, 2026

OCHEFA

28 Views

Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO) to the investing public.

The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) Limited in Lagos.

The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.

The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.

We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.”