Business
Lagos shuts 16 firms over unpaid taxes
Sixteen corporate organisations and hospitality firms in Lagos have come under the hammer of the state internal revenue service over unpaid consumption taxes between 2013 and 2020.
The LIRS said the firmed were shut on Monday during the state-wide tax enforcement.
It said the firms sealed are restaurants, hotels and guest houses.
The affected firms are Café Trance, Maple Cottage, Imperial Chinese Cuisine, New World Inn, Inspiro Galaria, Grace Garden Event, Cristabol Place, Queens Park Event Centre, Axor Suites and Blue Moon Hotel, according to News Agency of Nigeria.
Others are Citi View Hotel, Kamal’s Crib, 7th Heaven and Infinity Platinum Bar and Restaurant.
In March 2021, the LIRS had issued a public notice to clarify definitions of terms hotels, event centres and restaurants in Section 17 of the Hotel Occupancy & Restaurant Consumption (HORC) Law 2009 and the compliance obligations of their owners for consumption tax.
In the same month, it announced March 31 as a deadline for taxpayers in Lagos to clear outstanding tax owed to the state government.
The deadline was extended to April 14 in response to taxpayers’ appeals and as a measure to mitigate the COVID-19 pandemic impact.
The LIRS legal services director, Seyi Alade, said the state tax agency had resolved to wield the stick on defaulters who insist on short-changing the state government, adding that the 16 firms failed to meet up with the March 31 deadline.
“Now, the service has resumed sealing of firms, particularly the hospitality firms; it is committed to continue the exercise until full compliance to tax payment and remittance are achieved,” he said.
“Before LIRS embarks on sealing, it must send two letters to the management of the affected firm, reminding it of tax liabilities.
“Both the demand notice and letter of intention to distrain were sent to the management of the hospitality firms, but they failed to act.
Alade said the LIRS is deploying an aggressive approach to ensure that all taxes are collected to help the state carry out its developmental projects.
He added that the agency was profiling both individuals and corporate entities daily to get more people into the tax net and asked companies to comply by remitting up-to-date tax payments.
Business
Naira drops to N1,665/$ in parallel market
Naira drops to N1,665/$ in parallel market
The Naira yesterday depreciated to N1,665 per dollar in the parallel market from N1,660 per dollar last weekend.
But the Naira appreciated to N1,534.56 per dollar in the official foreign exchange market.
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Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) fell to N1534.56 per dollar from N1,535 per dollar last week Friday, indicating 44 kobo appreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate widened to N130.44 per dollar from N125 per dollar last weekend.
Naira drops to N1,665/$ in parallel market
Business
MaxAir suspends flight operations for five days
MaxAir suspends flight operations for five days
MaxAir Limited has announced a temporary suspension of flight operations from January 4 to January 8, 2025, to conduct scheduled aircraft maintenance.
In a statement issued Sunday, the airline’s management stated, “This necessary maintenance ensures we continue delivering safe, reliable, and efficient services to you.”
The airline noted that some routes might face disruptions or cancellations during the maintenance period. However, MaxAir assured passengers that normal flight schedules would resume by January 9, 2025.
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Passengers impacted by the changes can reschedule their flights at no additional cost.
The announcement comes just weeks after an incident in December 2024, when an engine on a MaxAir aircraft carrying Borno State Deputy Governor, Alhaji Umar Kadafur, and over 100 passengers caught fire shortly after departing Maiduguri International Airport.
The aircraft, en route to Abuja, suffered engine failure caused by a bird strike approximately 10 minutes into the flight. The pilot and crew successfully performed an emergency landing back at Maiduguri Airport, averting a potential disaster.
In a subsequent statement, the airline confirmed the pilot’s decision to return to the airport was prompted by “abnormal engine parameters.”
MaxAir suspends flight operations for five days
Business
8 financial mistakes to avoid in 2025
8 financial mistakes to avoid in 2025
Managing your money is more crucial than ever as 2025 approaches. Although Nigeria’s economy is unpredictable, you might go from barely making ends meet to actually flourishing by avoiding common financial mistakes.
Here are eight financial mistakes to avoid in 2025.
1. Taking unnecessary loans
Although taking out a loan can seem tempting, doing so can eventually make you take on more debt. High interest rates and undisclosed costs are some of the features of loans, which may quickly add up and make repayments difficult. Before taking out a loan, always consider whether it is necessary and make sure it fits with your financial situation. Consider whether you truly need anything before taking out a loan.
2. Mixing personal and business finances
Combining your personal and business money in a single account could lead to confusion. Keep them separate to ensure transparency and accountability. If your business generates your major income, pay yourself a salary and keep separate accounts for personal and business spending. This can help you keep organised and avoid money problems down the road.
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3. Investing without proper understanding
Investing is an intelligent way to build wealth, but putting your money in projects you don’t completely understand might cause harm. Whether it’s stocks, real estate, or mutual funds, take the time to study the dangers and benefits while seeking professional counsel. Do not fall into “get-rich-quick” schemes and instead use technology to enhance your knowledge. And, as you invest carefully, avoid making reckless lifestyle decisions that strain your budget. These decisions have the potential to undermine your progress toward financial stability.
4. Confusing saving with investing
Savings accounts provide security and access to funds, but they typically fail to keep up with inflation. Investing, on the other hand, can help you create wealth through earnings that compound. Distribute funds for suitable investment options, such as equities or mutual funds, for long-term goals like retirement or owning a home. Seek advice from financial professionals to create a diverse portfolio.
5. Neglecting an emergency fund
Without an emergency fund, unexpected expenses such as car maintenance, medical expenses, or sudden job losses may arise. These unforeseen expenses might throw you off if you don’t have an emergency fund. Aim to accumulate 12–18 months’ worth of living costs in liquid funds in a different account. Having this reserve will help you feel more at ease and prevent you from depending on loans when things get hard.
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6. Living pay cheque to pay cheque
If you spend every naira as soon as it arrives, leaving little provision for emergencies or savings, you risk becoming overly reliant on each pay cheque for everyday costs. Identify and reduce nonessential spending, such as eating out or unused subscriptions, and set aside some funds for savings. If possible, search for ways to supplement your income, such as freelancing or converting a pastime into a side hustle.
7. Ignoring budgeting
It’s simple to lose track of your finances without a budget, which can lead to both excessive spending and insufficient savings. Make a thorough budget that breaks down your sources of income so that you can save for fixed costs like your child’s school, a down payment on a home, or retirement while prioritising necessities like rent, food, and medical care. Put your earnings and outlays in writing, then create a strategy that you can follow. Budgeting is about maintaining control, not about limiting oneself.
8. Forgetting about inflation
The money you have now will not purchase as much tomorrow due to inflation. To beat inflation, make sure your money holds its value by investing in assets like stocks or real estate that can grow faster than inflation. Making money work harder is necessary to maintain its worth; simply preserving money is insufficient.
Financial management can be stressful, but avoiding these costly mistakes can help significantly. Financial growth takes time, so be patient with yourself and maintain consistency. In a challenging economy, every wise decision counts. Let 2025 be the year you take control of your finances and begin creating the future you want.
8 financial mistakes to avoid in 2025
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