Business - News Agency Of Nigeria

Philip Daniel Yatai
Mar, Fri, 2025

FCT-IRS seals 3 business premises over unpaid taxes

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By Nana Musa

The Federal Capital Territory Internal Revenue Services (FCT-IRS) on Friday, sealed the business premises of Phase3 Telecom and Cilantro Restaurant in Abuja, for failing to pay their tax obligations.

Mr Festus Tsavsar, acting Director, Legal Services, FCT-IRS, told journalists after the exercise in Abuja, that Phase3 Telecom, located at No 4, Yedseram Street, Maitama, was sealed over unpaid tax obligations.

Tsavsar, who is also the Head of the Enforcement Team, added two of Cilantro business premises were sealed for not filing its annual returns.

One of the premises is Cilantro Village, located inside Sarius Palmetum and Botanical Garden, Babangida Boulevard, Maitama, Abuja, while the other premises is located at Wuse Zone 5.

He explained that the action became necessary after several notices had been served on the defaulting taxpayers, but they refused to pay.

He said that Phase3 Telecom was owing the FCTA huge tax liabilities for three years

He added that the FCT-IRS had sent demand notices to the company several times, for more than three years, yet the company refused to pay.

“We invited them for a meeting, they came, wrote several undertakings but refused to pay the tax liabilities,” said.

For Cilantro, the director said that the company refused to file its tax returns for more than three years despite being served with several notices.

“We have written to them several times and they refused to file their returns; we invited them for a meeting, and they refused to honour the invitation,” he added.

Tsavsar said that to enforce compliance, the FCT-IRS had no choice other than to approach the court for a Court Order to seal off the business premises of defaulting taxpayers.

He assured the affected businesses that the premises would be unsealed once they settle all their tax obligations.

He said that the revenue services had carried out massive sensitisation campaigns, enlightening taxpayers about their tax obligation and encouraging them to pay voluntarily.

According to him, the revenue service will be going after every defaulting taxpayer and closed down business premises that refused to settle their tax obligation.

“We are, therefore, calling on tax defaulters to do the needful or risk the wrath of the law.”

The News Agency of Nigeria (NAN) recalls that the FCT-IRS had given employers of labour Jan. 31 to file their employees’ annual returns for 2024.

The revenue service also gave individuals until the end of March to file their returns. (NAN)

Edited by Philip Yatai

LBS champions initiative to sustain family business ecosystem

Tosin Kolade
Mar, Thu, 2025

Economy/Business

LBS champions initiative to sustain family business ecosystem

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By Rukayat Moisemhe

The Lagos Business School (LBS) has unveiled an initiative aimed at addressing challenges to family businesses.

The aim is to engender lasting business legacies and increase the country’s Gross Domestic Product (GDP).

Dr Okey Nwuke, Director, LBS Family Business Initiative, made this known on Wednesday at a press briefing in Lagos to announce the LBS Family Business Conference.

Nwuke said the journey from a family business to an enduring family institution was a transformative process focused on legacy-building and shaping a brighter future.

He emphasised the need to preserve the legacy of family business, ensure that long-term businesses would be well managed, and prepare the next generation for leadership roles.

The director said that while the importance of family business could not be over-emphasised, efforts to sustain the family business ecosystem was essential for its survival.

Nwuke stated that the family business conference scheduled for March 27 in Lagos would provide essential tools for long-term success in family businesses.

He said that key aspects such as succession planning, governance structures, financial stewardship and technological integration within family enterprises would be addressed.

“Under 30 per cent of family businesses live beyond their founders, and most of the issues that affect family businesses are usually swept under the table.

“At the LBS, through the family business initiative, family members, business successors and everyone important to the ecosystem are brought together to listen to each other, share experiences and bring out better outcomes.

“The theme of the LBS 2025 International Family Business Conference is: “Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses,” he said.

Nwuke said the keynote address at the event would be delivered by Mr Aigboje Aig-Imoukhuede, Co-founder, Tengen Family Office.

According to him. other discussants include the Director of Punch Nigeria Ltd., Mrs Omowunmi Tunde-Obe; the Founder of Coscharis Motors, Dr Cosmas Maduka; and the Managing Director of Coleman Wires, Mr George Onafowokan.

The Chairman of LBS Family Business Advisory Committee, Mr Rasheed Sarumi, said that LBS was committed to institutionalising the yearly activity to discuss family business and family governance in Nigeria.

This, he said, was important to ensure that family businesses would be run properly with the right succession plan to contribute much to GDP, employment and reduction of poverty.

Oreoluwa Adeyinka, Senior Programme Manager of the initiative, emphasised the importance of successful family businesses to the Nigerian economy.

She added that the initiative would help to develop governance structure to drive longevity of family businesses. (NAN)

Edited by Ijeoma Popoola

FCT residents laud Wike for opening Karmo District Market

Philip Daniel Yatai
Feb, Wed, 2025

Metro

FCT residents laud Wike for opening Karmo District Market

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By Joshua Olomu

Residents of the Federal Capital Territory (FCT) have commended Minister of the FCT, Nyesome Wike for opening the newly constructed Karmo District Market for business.

Some of the residents, especially those living around the Karmo district, including traders, spoke with the News Agency of Nigeria (NAN) on the sideline of the official commissioning of the market on Wednesday in Abuja.

The market was built under Public-Private Partnership by the Abuja Investments Company Limited (AICL), Rural Homes and other partners.

According to the residents, opening the market, which took over seven years of construction, is a commendable feat by the Wike-led FCT administration, as it will boost economic activities in the area.

Mr Francis Adamu, a dealer on fabrics, expressed joy that finally, the Karmo market was officially inaugurated.

“This means that more developmental activities will spring up here.

“I think we need to thank the FCT minister for working to ensure that the long wait is over, and other partners, especially the Rural Homes must also be commended,” Adamu said.

A dealer on electronics and furniture, Mr Ike Ekeka, said: “I have bought a shop here because of the uniqueness of the market and proximity to my home.

“There is no doubt that Rural Homes and the AICL have built a world class market here in Karmo, and we are especially grateful to ‘Mr Project’, the FCT minister.”

On her part, Mrs Rahab Isa, a resident in the area, said that Karmo was a developing area, adding that the market would surely boost economic activities here.

“We will no longer have to go to other markets in Wuse and Garki and that is why we are happy that the minister is formally opening the market today,” she said.

While commissioning the market, Minister of State for FCT, Dr Mariya Mahmoud, who represented Wike, said the project was part of the government’s efforts to promote economic growth in the territory.

“This project is a clear demonstration of our administration’s commitment to fostering economic growth, empowering businesses, and creating a conducive environment for trade and commerce in the city of Abuja.

“Markets are the heartbeat of every community, they are not just centres for buying and selling, they represent the strength of our local economy and the resilience of our people.

“This district market is designed to serve as a hub for business activities, providing traders with modern facilities and ensuring the residents have access to quality of goods and services.

“The integration of this market would undoubtedly boost local commerce, creating employment opportunities for our youth, and enhance the livelihood of our people in line with the renewed hope agenda of President Bola Tinubu,” she said.

The minister expressed optimism that the market would contribute significantly to revenue generation for the FCT.

“It’s my conviction that the market will contribute significantly to the revenue generation for the FCT and improve the business environment in the district.

“While we celebrate this achievement, I wish to urge all traders and residents to make proper use of this facility by ensuring cleanliness, orderliness, and mutual respect remains our word,” she said.

Sa’adatu Aliyu, Managing Director of Rural Homes said the market is developed on 9.9 hectares of land, with over 2,500 units of well-organised shops for different categories of goods and services.

She said the market sections include the cold room and meat sections of the farmers’ market, with over 150 stalls and over 100 enclosed units.

“We have duplexes here for offices, including banks, clinics and fire service, and all of these make it a complete business hub.

“The shops here are very affordable because before we started this project, we went around Abuja to see how this market is going to tally with other developments, and we have done that consistently over the period.

“We discovered from our findings that our shops are priced lower than other markets, and there are flexible payment plans available,” she said.(NAN)

Edited by Muhyideen Jimoh

Nigeria secures m loan to boost women-owned businesses

Ismail Abdulaziz
Dec, Fri, 2024

Foreign

Nigeria secures $50m loan to boost women-owned businesses

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By Kamal Tayo Oropo

The Bank of Industry (BoI) has secured a 50 million dollars loan portfolio from the African Guarantee Fund (AGF).

This is in a bid to empower women entrepreneurs and drive economic growth in Nigeria.

This innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) initiative.

The loan, which will be disbursed over a 10-year period, is expected to scale up BoI’s lending to Small and Medium Enterprises (SMEs) in the country, with a focus on women-owned businesses and environmentally sustainable enterprises.

Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, spoke on the sidelines of the Africa Investment Forum, Market Days 2024, which ends on Friday in Rabat, Morocco.

Olusi said that the partnership would propel Nigeria’s industrial sector by providing financial and business support services to enterprises.

“Today, we signify a collaboration that promises to drive inclusive growth, innovation, and sustainable development,” he said.

The News Agency of Nigeria (NAN) reports that the AGF will also provide tailored guarantees and technical assistance toward special SME products offered by BOI, targeting women, youth and green businesses.

This agreement is expected to unlock up to 100 million dollars in financing for SMEs in Nigeria.

According to Olusi, the partnership is a significant step towards promoting economic growth and reducing unemployment in Nigeria.

He said it also aligned with the Renewed Hope agenda of President Bola Tinubu’s administration.

The African Development Bank’s Vice President, Agriculture, Human and Social Development, Dr Beth Dunford, emphasised the bank’s commitment to empowering women entrepreneurs and fostering economic growth in Nigeria.

“This strategic partnership is a beacon of hope and progress for African businesses, particularly those led and owned by women,” she said.(NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

Group seeks solutions to drive investment, economic devt

Ismail Abdulaziz
Oct, Tue, 2024

General News

Group seeks solutions to drive investment, economic devt

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By Lucy Ogalue

The South-East Business and Investment Summit Group (SEBIS) has sought for a credible solution to reawaken industrialisation in the zone.

They also sought for the exploration of the South East Zone as an economic powerhouse to drive business, investment and economic development.

The group’s Executive Secretary, Dr Ifedi Okwenna, made the call on Monday while briefing newsmen in Abuja.

Ifedi decried low business innovations and technology penetrations, low capital inflow and absence of institutions in the zone.

He stated that this has significantly contributed to dwindling businesses, investments and wealth in the region.

He recalled that Eastern Nigeria, which comprised the South East and part of South South, was between 1958 and 1967, the fastest growing economy.

He said it was at above nine per cent Annual Percentage Rate, outperforming countries like Singapore, Bangladesh and Taiwan.

The executive secretary said the economic indices of the South East had since nose-dived comparatively due to many fundamental challenges.

He said this included the three years civil war which ravaged the eastern landscape and increased migration of human and capital resources.

“In major cities of Nigeria and Africa as a whole, they dominate and control trade and commerce. They are the import and export merchants.

“Onitsha and Aba markets in the region were once the largest markets and commercial powerhouses of West Africa.

“(This is) based on geographical size and volume of goods, attracting visitors from parts of West Africa, Central Africa as well as all parts of Nigeria.

“Sadly, the zone may have lost this preeminent rating to other zones, due to the itinerant nature of the South East people.

“The people of South East have human and material capital, but that capital is no longer fully working for them.

“This is because the people find it more attractive to invest in other parts of the country because of enabling environment, infrastructure and skills,” he said.

Ifedi said capital repatriation and remittances from Nigeria diasporas were mainly not invested in the South East States.

According to him, it is not getting appreciable Foreign Direct Investment because of her position in the ease of doing business index.

He said:”many Micro, Small and Medium Enterprises (MSMEs) that managed to sustain their operations beyond the first five-year period were owned by the South Easterners.

“(They) play crucial roles in Nigeria’s economy, driving innovation, job creation and economic growth. ”

Ifedi, however, decried the lack of government support, limited access to finance, high interest rates and absence of financial education.

He added that lack of sustainability structure had remained major impediments to their sustained growth and expansion.

The executive secretary said the group was organising the 2024 South East Business and Investment Summit to tackle these challenges.

He said the summit with the theme “Remaking the South East as Economic Powerhouse” would hold in Enugu from Dec. 11 to Dec. 13.

Ifedi said the summit would feature policy leaders, top government officials, investors, diplomats and entrepreneurs.

He said it would serve as a source of inspiration for transformation of corporate business investment activities.

“The Premium Business Conference Session will run concurrently with the Women in Business Conference and Youth Entrepreneurship Summit.

“These are aimed at carrying all segments of South East Nigeria in the new reality of remaking the zone,” he said.

SEBIS is a public/private sector structured initiative; a partnership driven programme and an annual reunion meeting of government/policy leaders, investors and businesses from diverse sectors.(NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz