Business

FG Warns Advertisers Against Unapproved Ads on Social Media Platforms

The apex regulatory body had noted that the company had run a social media platform advert of Lung Detox Tea, which, it stated, claims the tea makes smoking healthy.

Published

1 year ago

January 10, 2025

OCHEFA

332 Views

The federal government has called on individuals and organisations to desist from exposing unlawful and unethical advertisements on treatment of a range of ailments on Instagram and Facebook platforms.

The two platforms are owned by Meta Incorporated and represented in Nigeria by Facebook Nigeria Operations Limited.

THISDAY reports that in a statement issued by the Advertising Regulatory Council of Nigeria (ARCON), which was signed by its Director -General, Dr. Olalekan Fadolapo, the government stated that spurious and unsubstantiated claims in advertisements pose serious health risks to Nigerians as they have no clinical or any scientific proof of their efficacies.

The council pointed out that its investigation has revealed that most of the products being exposed illegally are not certified by relevant government agencies and may not be safe for consumption.

It further stated that the the brand owners are taking the loose opportunities offered by online media platforms to expose those unapproved advertisements.

These advertisements with frivolous claims were neither submitted to, nor approved for exposure by the Advertising Standards Panel (ASP) being the statutory Panel established by the Advertising Regulatory Council of Nigeria Act No. 23 of 2022 to ensure that advertisements targeting the Nigerian market conform with advertising ethics as well as the prevailing laws of the Federation,”

Olalekan reveals. ARCON promised to take necessary actions to ensure that the individuals and organizations involved are sanctioned in line with the prevailing laws and the Code of Advertising.

Toward the end of last year, ARCON said it would take all necessary steps to ensure Jols Medix Nigeria Limited was sanctioned for running an online/social media advert, without the authorisation of the council.

The apex regulatory body had noted that the company had run a social media platform advert of Lung Detox Tea, which, it stated, claims the tea makes smoking healthy.

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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

22 hours ago

January 16, 2026

OCHEFA

21 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

23 hours ago

January 16, 2026

OCHEFA

15 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.