Economy
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Otedola lauds Tinubu’s leadership, economic reforms
…as First Bank meets N500bn capital requirement The Chairman of First HoldCo plc, Femi Otedola on Thursday praised President Bola Tinubu for his leadership and economic reforms, stressing that the current administration has shown “remarkable” courage and clarity in steering “our country through difficult but necessary reforms”. He said the president’s bold sense of direction, guided by “a deep understanding…
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Adeosun backs Tinubu’s tax reforms, says data harmonisation will expose evaders
A former Finance Minister, Kemi Adeosun, has praised the President Bola Tinubu administration for pushing data harmonisation across government agencies, describing it as critical to improving tax collection and governance. Speaking as a guest on Channels TV ‘s Insider Sources, Mrs Adeosun said “I was excited when I saw moves to harmonise data. We’ve had TIN, NIN, BVN—too many numbers. Once you…
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Tough reforms necessary for Nigeria’s stability and growth, says Tinubu
By Kunle Sanni – President Bola Tinubu has reiterated that his administration will stay the course on economic reforms despite the challenges, saying the reform process is difficult but unavoidable. In his New Year address to Nigerians on Thursday, the President said, “The path of reform is never easy, but it is necessary,” stressing that meaningful economic progress must be…
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FIRS rebrands as Nigeria Revenue Service, unveils new logo
The Federal Inland Revenue Service (FIRS) has officially changed its name to the Nigeria Revenue Service (NRS) and unveiled a new corporate logo as part of the country’s transition to a revamped tax framework set to take effect on January 1, 2026. The unveiling took place on Wednesday in Abuja, led by NRS Executive Chairman, Zacch Adedeji, following the enactment…
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BREAKING: Nigerian’s equities market gains N36.6trn in 2025
The Nigerian equities market gained N36.6 trillion in 2025, attributable to reforms in the foreign exchange market and impressive corporate earnings by listed companies on the Nigerian Exchange Limited (NGX). As gathered by WESTERNPOST, the equities market closed for trading December 31, 2025 at N99.376 trillion, gaining N36.6 trillion from N62.763 trillion it closed for trading December 31, 2024. Also,…
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Elumelu’s Heirs Energies acquires 20% of Seplat Energy in $500 million deal
Tony Elumelu’s Heirs Energies has completed a $500 million acquisition of a 20.07 percent equity stake in Seplat Energy Plc, previously owned by French oil company Maurel & Prom S.A. The purchase covers 120.4 million ordinary shares at GBP 3.05 per share. The deal follows Heirs Energies’ recent $750 million loan from Afreximbank and underscores the company’s strategy to strengthen…
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Savannah Energy announces relationship agreement with NIPCO
Savannah Energy Plc announced Tuesday it plans to enter into a relationship agreement with its largest shareholder, NIPCO Plc, while terminating a previously approved share buyback program. Under the proposed arrangement, NIPCO intends to increase its stake in Savannah to approximately 25per cent by acquiring 118 million shares that were originally earmarked for the company’s buyback program announced in October. …
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Ahead of January 1 commencement, Anambra, Zamfara domesticate new tax laws
Ekiti, Zamfara and Anambra states have taken steps to domesticate the Nigeria Tax Administration Act, aligning their tax systems with the ongoing national tax reforms scheduled to take effect from January 1, 2026. Ekiti became the first state to domesticate the law after Governor Biodun Oyebanji assented to the Ekiti State Revenue Administration Law, 2025, on December 23. Zamfara followed…
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NUPRC declares N873bn revenue transfer to FAAC in October 2025
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that it remitted N873 billion revenue transfer to Federation Account Allocation Committee (FAAC) in October 2025, representing 17.67 per cent when compared to N741.99 billion in September 2025. The 17.67 per cent increase signalled improved operational performance despite persistent crude oil market volatility. The sources of funds included: Royalty collections, gas…
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Tax reform will lift aviation business, not hurt airlines, FG responds to Air Peace boss
The Presidential Fiscal Policy and Tax Reforms Committee has said the newly introduced tax laws will ease, rather than worsen, the long-standing cost pressures facing Nigeria’s aviation industry. In a statement released on Monday by it’s chairman, Taiwo Oyedele, the committee acknowledged the challenges confronting airlines, particularly the burden of multiple taxes, levies and regulatory charges, and noted that engagements…
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