LIRS: Fake Tax Transactions Face Penalties from 2026
Lagos State Internal Revenue Service warns taxpayers against artificial transactions to reduce tax liabilities under NTAA 2025, with penalties effective January 2026.
Category : Business
Nigeria's African Exports Jump 14% to N4.82 Trillion
Nigeria's exports to African countries increased by 14% year-on-year to N4.82 trillion in the first half of 2025, with West Africa dominating as the primary destination.
Dogara: Nigeria's Economy on Right Track
Former House Speaker Yakubu Dogara asserts Nigeria's economy is progressing under Tinubu's leadership, though citizens may not yet feel the benefits of ongoing reforms.
Nigerian Man's Salary Rises Due to New Tax Reform
A Nigerian cybersecurity analyst shares how the 2026 tax laws increased his monthly salary by N3,500 through tax reduction, sparking mixed reactions online.
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DisCos Question FG's Free Meter Policy Over Cost Concerns
Electricity distribution companies have raised concerns about the federal government's directive for free prepaid meters, highlighting unclear funding for procurement and installation.
Kano Blackout: Businesses Count Losses Amid KEDCO Strike
A strike by KEDCO unions has plunged Kano into darkness, causing severe economic disruption as fish vendors and bakeries report massive losses from spoiled goods.
Naira Falls to N1,421.63/$: Analysts Predict FX Pressure
The Nigerian naira weakened across official and parallel markets as FX demand outstrips supply. Analysts from AIICO Capital and Cowry Assets forecast continued pressure despite rising external reserves.
CBN, NIBSS List 13,417 Fraud Suspects on New Portal
Nigeria's financial regulators intensify anti-fraud efforts with 13,417 individuals listed on central Person of Interest Portal. Fraud losses surged to N52.26 billion in 2024 despite declining cases.
US Private Jet Crash: 8 On Board in Maine Storm
A Bombardier Challenger 650 carrying eight people crashed during takeoff at Bangor International Airport amid heavy winter storm conditions, prompting emergency response and investigation.
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Nigeria's Youngest Billionaires: Fortunes Under 50
Discover Nigeria's youngest billionaires, from tech founders like Iyinoluwa Aboyeji to media giants like Linda Ikeji, with net worths ranging from $1.5 million to $6 billion in 2026.
Private Jet Crashes at Maine Airport in Snowstorm
A Bombardier Challenger 600 private jet carrying eight people crashed during takeoff at Bangor International Airport in Maine amid a severe snowstorm, with emergency services responding to the scene.
Lagos to Recover Unpaid Taxes via Banks, Tenants, Debtors
Lagos State Government implements aggressive tax recovery strategy using 'Power of Substitution' to collect unpaid taxes from third parties including banks, employers, and tenants.
Dogara: Nigeria on Right Track Despite Challenges
Former House Speaker Yakubu Dogara defends President Tinubu's economic reforms, acknowledging public hardship but insisting Nigeria is making progress.
US Snowstorm: 10,000 Flights Cancelled, 5 Dead in NYC
A deadly winter storm sweeping across the United States has resulted in five fatalities in New York City and forced the cancellation of approximately 10,000 flights nationwide, with millions under weather alerts and widespread power outages reported.
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Lagos LIRS to Recover Taxes via Banks, Employers, Others
Lagos State Internal Revenue Service announces enforcement of tax recovery through third parties including banks, employers, and tenants under new tax law provisions.
Best Agriculture Careers in Nigeria: Courses & Opportunities
Discover the most promising agricultural career paths in Nigeria, including agribusiness management, agricultural engineering, and veterinary medicine. Learn which university courses to select for high-demand roles that drive economic growth and innovatio
Trippie App: Shark Tank Rejection to $3.5M Valuation
Trippie airport navigation app was rejected on Shark Tank but grew to cover 120 airports worldwide with $3 million revenue and $3.5 million valuation by 2025.
Nigerian Sisters' Food Business Faces Poor Sales
Two Nigerian sisters who launched a food business together are lamenting poor sales despite significant financial investment, highlighting entrepreneurial challenges.
NGX Ends Week Lower as Market Capitalisation Declines
The Nigerian equities market concluded the trading week on a bearish note, with the All-Share Index and market capitalisation both recording declines. While Financial Services dominated activity, select sectors like Oil & Gas posted gains amid overall mar
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LIRS to Use Banks, Family to Collect Unpaid Taxes
Lagos State Internal Revenue Service will enforce the Nigeria Tax Administration Act 2025, using third parties like banks, employers, and family members to recover tax debts from defaulters.
Naira Slides Despite $46bn Reserves Amid Global Tensions
Nigeria's naira depreciated against the US dollar despite external reserves nearing $46 billion, with analysts citing global trade tensions and investor caution as key pressures.
Petrol, Diesel Prices Rise as Dangote Refinery Faces Challenges
Private depot owners have adjusted petrol and diesel prices across Nigeria, with increases reported in Lagos, Warri, Port Harcourt, and Calabar. This comes as the Dangote refinery faces operational issues, delaying full production capacity.
Dangote Refinery to Shut Down Crude Unit for One Week
Nigeria's Dangote Refinery will temporarily shut down its crude oil distillation unit for operational fine-tuning amid reduced crude deliveries, with regulators assuring minimal fuel supply impact.
Nigeria Hosts Hajj-Umrah Expo 2026 in Abuja
Nigeria announces plans to host the Hajj-Umrah Nigeria Expo 2026 in Abuja from January 28-30, focusing on pilgrim welfare, sector coordination, and investment opportunities.
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Rewane: Naira 11% Undervalued, Fair Rate N1,256.79/$
Nigerian economist Bismarck Rewane states the naira is undervalued by 11% based on PPP, with a fair exchange rate of N1,256.79/$. He shared insights at an ACTN event, highlighting economic factors and treasury strategies.
DisCos Fail to Deliver Promised Electricity Hours Despite Higher Tariffs
Nigerians across major cities accuse electricity distribution companies of failing to meet minimum supply hours mandated by NERC, with customers on higher tariff bands receiving far less electricity than promised.
BUA Cement Signs $240m Deal with Chinese Firm for Sokoto Expansion
BUA Cement has signed a $240 million agreement with Chinese engineering company CBMI to construct a new cement production line at its Sokoto plant, adding 3 million metric tons to annual capacity and strengthening regional supply in Northern Nigeria.
Asian Countries Offer E-Visas to Nigerian Travelers
Multiple Asian countries now provide electronic visa options for Nigerian passport holders, streamlining travel applications and reducing embassy visits. Key destinations include South Korea, Singapore, Malaysia, Thailand, Philippines, Hong Kong, and Indo
Dangote Refinery Petrol Production Hit by RFCC Snag
Dangote Petroleum Refinery faces ongoing technical challenges with its Residual Fluid Catalytic Cracker unit, delaying full gasoline production stabilization until mid-2026 and maintaining reliance on imports.
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PAYE Deadline: 12 Key Tax Rules for Nigerian Employers
As Nigeria's annual PAYE filing deadline approaches, employers must understand new tax laws, electronic filing requirements, penalties for non-compliance, and LIRS support services to avoid fines.
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