Business
MAN Articulates Benefits of Amending FTZs Tax Bill
An example that is not farfetched is the situation in nearby Ghana. Ghana only allows up to 30% of sales into the customs territory subject to payment of duties and taxes, including CIT.

The Manufacturers Association of Nigeria (MAN) said on Tuesday that the National Assembly should go on with the proposed reform of the free-trade zone operations in the country.
The leadership of the MAN expressed their conviction that the amendments will ensure equitable tax treatment for companies operating in the customs territory and those licensed to operate within the free zones with respect to sales into the customs territory, thereby enabling fair competition while protecting the country’s tax base.
In the position statement, signed by the association’s Segun Ajayi-Kadir, Director-General, MAN noted that licensed entities will also enjoy similar incentives available to entities within the customs territory with respect to their sale of goods and services into the Customs Territory, a win-win outcome.
“It is important for us to situate this conversation within the context of what export processing zones and export free trade zones were created to achieve and the value they are purposed to deliver to the economy.
It is clear from the enabling laws and in the 3rd Schedule to the NEPZA Act with the first listed approved activity stated as “manufacturing of goods for export”, while other activities relate to international services, transshipment and services within the zones.
The emphasis here is “within the zones,” he said.
He argued that for instance, banking is listed as an approved activity but it does not mean that a bank can set up in the zone and render banking services across Nigeria without paying taxes, rather it refers to banking within the zone and exports.
So, this should explain how other activities (apart from manufacturing for export) should be viewed.
“The concern of my members and the contention here are obviously pertaining to tax incentives.
In specific terms, Section 8 on exemption from taxes only applies to approved enterprises operating within a Zone.
They are exempted from all Federal, State and Local Government taxes, levies and rates. Sales to the customs territory is neither an approved activity nor is it within the zone.
“However, section 18 permits the sale of goods and services to the customs territory, but this does not confer tax exemption on the sales, but rather a regulatory matter regarding what is permissible.
“Over time, the provisions of sections 8 and 18 have been misinterpreted as not only permitting the sale into the customs territory but also as tax exemption.
“So again, I say this is where the concern of my members and the contention lies: This position is not consistent with the law and it undermines tax-paying entities operating within the customs territory and producing similar goods and services.
Where does the tax exemption enjoyed by the companies operating within the zones, leave my more than 2,500 members who operate outside the zone, in terms of level playing field, competitiveness, fairness and equity?
They find themselves in a disadvantaged position and are rendered less competitive”, he stated.
Ajayi-Kadri said that he believed that the tax reform bill before the National Assembly has actually come to the rescue.
“The bill seeks to bring clarity and equity by stating that sales to the customs territory are taxable, not just for import duties and VAT, but also for CIT purposes.
That is to say that all sellers in the customs territory should be subject to the same tax obligations.
“Subsequently, I don’t think the relevant provisions of the tax reform bill amount to a reversal of the incentives, not at all. It is actually a clarification to align with the intent and letters of the enabling laws.
This is in line with global best practice for free zones. In fact, Nigeria will continue to be more generous even after the proposed amendments.
An example that is not farfetched is the situation in nearby Ghana. Ghana only allows up to 30% of sales into the customs territory subject to payment of duties and taxes, including CIT.
Whereas we allow 100% sales. Exports by a zone entity are tax-free only for 10 years after which up to 8% CIT will apply. Nigeria offers indefinite tax exemption on exports.”
Business
The Untapped Wealth in Inherited Family Lands: Turning Ancestral Property into Profitable Real Estate Investments in Nigeria by Dennis Isong

In Nigeria, we often hear things like: “That land in the village belongs to my grandfather.”
“Our family land has been there since I was a child.” “We just leave it there. Nobody touches it.
“What if I told you that the land you inherited from your father, grandfather, or even great-grandmother might just be sitting on gold — not literal gold, but real estate potential that could start making you money today?
Let’s break it down.
1. The Emotional vs Economic Value of Inherited Land
Many families in Nigeria attach deep emotional and cultural value to ancestral land.
It’s a symbol of roots, heritage, and continuity. But while emotions are valid, leaving valuable property to gather bush and termites does not honor the legacy — it stagnates it.
Ancestral land should not just be a memory bank; it should be a financial engine.
2. Common Myths That Keep Family Lands Idle
Let’s address the biggest myths: “It’s just bush, what can I do with it?” That bush is someone’s dream site for a school, farm, event center, or warehouse.
“We don’t want to sell our heritage.” Who says you must sell it? You can lease, rent, or build and still retain ownership.
“There’s a land dispute in the family.”
Then resolve it. Land conflict delays wealth. Engage a legal mediator and document ownership properly.
“It’s in the village, nobody will rent there.” These days, villages are turning into towns. Many urban workers are relocating to semi-rural areas because of cost and quiet.
People now work in the city and sleep in the village.
3. Real Possibilities:
What You Can Do With Inherited Land
Let’s talk about how to transform that “useless” land into profit:a) Agribusiness Lease
If you don’t have money to farm it yourself, lease the land to an agro-entrepreneur. Nigeria’s food needs are rising, and farmland is gold.b)
Event Center or Open Space Rental
Got family land with space? Flatten it, clear it, fence it, and start renting it out for weddings, parties, and church crusades.
Rural areas love open-air events.c)
Build Low-Cost Housing for Rent
Build a few 1-bedroom bungalows or mini-flats.
People are moving to outskirts like Ikorodu, Mowe, and Ifo. Affordable housing is in demand. d )
Warehouse or Storage Facilities
Urban traders need warehouse space in cheaper locations. Rural lands close to main roads are perfect for this.e)
Instead of leaving the land idle and arguing over it during Christmas family meetings, why not take charge and begin something that creates cash flow?
Partner with Developers
You bring the land, they bring the money. A good joint venture agreement can turn idle land into profit-yielding property while you still retain your rights.
4. Legal Steps You Must Not Ignore Before you do anything, please make sure of the following:
Proper Documentation: Make sure the land has a Deed of Assignment, survey plan, and preferably a Certificate of Occupancy or Governor’s Consent if within a government-acquired zone.
Family Agreement:
If it’s a family land, gather everyone and get a written agreement to avoid “wahala” later.
Registered Company (Optional): Consider registering a business to manage the land, especially if you’re building rentals or leasing. Get a Lawyer: Never cut corners.
A good property lawyer will save you stress, especially for joint ventures or leasing contracts.
5. True-Life Example: From Bush to Blessing.
Mr Tunde inherited a 2-acre land in Ilaro, Ogun State. For 10 years, it was just a yam farm.
In 2022, he cleared it, fenced it with blocks, built a borehole, and put plastic chairs under canopies. He started renting it out as an event ground. Today, every Owambe weekend earns him 100k-200k. All from “just family land.” Imagine that.
6. From Liability to Legacy
Family lands can move from being a burden to being a blessing.
Instead of leaving the land idle and arguing over it during Christmas family meetings, why not take charge and begin something that creates cash flow?
Think of it this way: Instead of telling your children, “This land belongs to your grandfather,”
You can say: “This property feeds our family today, and will feed yours tomorrow.”
7. Final Thoughts
It’s time to change our mindset. Not all real estate investment starts with buying new land. Sometimes, the land has already been given to you — free of charge.
The true investment is in your vision.Don’t wait till that land becomes an illegal dump site or is taken over by “omo onile” drama.
Begin today. Inspect it. Clear it. Value it. Use it. Your next real estate breakthrough might be hiding in your father’s backyard.
And if you ever need someone to help you inspect, plan, or connect you to builders, surveyors, or developers… you know who to call — Me, the real estate preacher with a sprinkle of bush-to-business miracles!
Business
CBN warns BDCs, banks to tighten compliance on anti-money laundering, counter-terrorism regulations

The Central Bank of Nigeria has warned licenced Bureau De Change Operators and financial institutions in the country against violating its anti-money laundering and counter-terrorism financing framework.
The apex bank issued this warning in a circular signed by its director of compliance department, Amonia Opusunju on Thursday.
CBN vowed to impose sanctions on BDC operators who failed to adhere to its regulatory framework.
“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act, 2022; and the Regulatory and Supervisory Guidelines for Bureau de Change Operators in Nigeria, 2024,” CBN said.
“Any other relevant laws, regulations, and guidelines issued by the CBN and Nigerian Financial Intelligence Unit (NFIU).
“All BDCs are advised to ensure that their operations, staff training, transaction monitoring, and customer onboarding procedures are always fully compliant with applicable requirements,” the apex bank said.
Similarly, CBN also urged all financial institutions in Nigeria to tighten compliance with both domestic and international sanction lists, including the United Nations Consolidated Sanctions List and the Nigerian Sanctions List, in line with the Terrorism (Prevention and Prohibition) Act 2022 and others.
“Financial institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to identify and respond promptly to updates or changes across all applicable sanctions lists; prevent the use of their systems and platforms for transactions involving designated individuals or entities; conduct real-time screening of customers, transactions, and beneficial owners; and file appropriate reports with the Nigerian Financial Intelligence Unit and notify the CBN, where necessary,” the circular partly reads.
Recall that on February 27, 2024, the financial regulator approved the sale of foreign exchange (FX) to BDC operators, reversing its decision to halt FX sales to the BDCs in 2021.
Meanwhile, on February 6, 2025, the apex bank introduced new regulations limiting BDC operators to purchasing a maximum of $25,000 per week from a single bank.
Business
For The Record: “I Will Build an “NNPC that’ll be the Pride of Nigerians”- Ojulari
Ojulari said that the NNPC Ltd. under his stewardship aims to attract sectoral investments worth $30 billion by 2027 and $60 billion by 2030; raise crude oil production to over 2 million barrels per day, sustained through 2027, and attain 3 million by 2030.

The new Group Chief Executive Officer of the NNPC Ltd., Mr. Bashir Bayo Ojulari, has pledged to build an NNPCL that will be the pride of all Nigerians.
“We recognize that our greatest asset is our people. Our success will be powered by empowered employees. As such, we are fully committed to creating a workplace where everyone is valued, motivated, and inspired to thrive. Together, we will build a high-performing, globally competitive NNPC Ltd that is proudly Nigerian and proudly world-class,” Ojulari said during a meeting with the staff of the Company, with a vow to pursue the company’s bold ambitions and build an NNPC that will be the pride of all Nigerians.
In a Town Hall meeting held at the NNPC Towers in Abuja, on Thursday, Ojulari said it was a huge honour and responsibility to lead the NNPC Ltd.
He describes the Company as an entity that means a lot to Nigeria and its future.
“We stand at the gateway of a new era—one that demands courage, professionalism, and a relentless drive for excellence.
The task before us is great, yet the opportunity to redefine Nigeria’s energy future is even greater. Now is the time to turn our transformation promise into performance,” Ojulari told thousands of the Company’s staff.
Ojulari said that the NNPC Ltd. under his stewardship aims to attract sectoral investments worth $30 billion by 2027 and $60 billion by 2030; raise crude oil production to over 2 million barrels per day, sustained through 2027, and attain 3 million by 2030; expand refining output to 200kbpd by 2027, and 500kbpd by 2030; grow gas production to 10bcf per day by 2027, and 12bcf by 2030 and deepen energy access and affordability for all Nigerians.
To achieve these targets, the company will be focusing on reconfiguring its business structure for agility and value creation, conducting independent value assessments to inform data-driven decisions, enforcing a robust performance management framework, building transparent, value-aligned partnerships with all stakeholders, and, most critically, taking control of its narrative.
While explaining the criticality of pursuing the Company’s bold ambitions, the Group CEO said the targets are not just metrics, but indicators of hope, jobs, industrial growth, and energy security for millions of Nigerians.
Describing NNPC Ltd. as a renewed, forward-facing, and future-ready organisation that is proudly leading Nigeria’s energy transformation, Ojulari said “it’s time we tell our story—one of innovation, reform, and national pride.”
He charged staff to be proud of NNPC Ltd.’s recent transformation, stressing that the next journey to becoming a fully-fledged limited liability company will require the collective drive towards making NNPC more transparent, profitable, and accountable.
The Group CEO pledged to give all employees the space to be able to outperform competitors.
“We will provide the best combination where the experienced and the young will both thrive towards achieving our set targets,” he assured.
He said his Management will deepen collaboration with the Company’s in-house and national unions to build a stronger, trust-based relationship that reflects shared purpose and mutual respect.
He also called on all staff to lead with integrity and act with urgency while bringing their very best to the table.
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