Business

Lagos’ll implement VAT law despite A’Court’s ruling – Lawmaker

Published

5 years ago

September 14, 2021

A member of the Lagos State House of Assembly, Setonji David, has said the state would proceed with implementation of its recently assented Value Added Tax (VAT) Law nothwithstanding a stay of execution by the Appeal Court in Abuja last Friday.

The lawmaker, who represents Badagry II Constituency in the House, spoke on a television programme monitored in Lagos, yesterday.

Following Rivers State which signed its VAT bill into law last month, Governor Babajide Sanwo-Olu, last Friday, signed the state VAT Bill into law a day after it was passed by the House of Assembly.

On the same day, Lagos asked to be joined as a respondent alongside Rivers State in the appeal filed by the Federal Inland Revenue Service challenging the judgment of the Federal High Court, Port Harcourt which ruled that Rivers should commence VAT collection.

Justice Haruna Tsammani of the Appeal Court had adjourned to September 16 to hear the application by Lagos and asked all parties to “maintain status quo.”

But David said Lagos would continue the implementation of the VAT law pending any order by the Appeal Court ruling otherwise.

“In Lagos State, we have always clamoured for true federalism. This is consumption tax from the people of Lagos and it should be domiciled in Lagos and used for the people of Lagos. There are so many hassles that have to do with federalism that we are practising.

“We generate over 55% of the VAT in Nigeria and we get a paltry sum of 10%. Is that fair for a population of over 24 million. We are happy that the Rivers State Government went to court and the court was very clear that VAT was supposed to be a state affair. We have no choice but to follow suit.”

Asked whether Lagos State would go ahead with the implementation of the law despite the Court of Appeal’s ‘maintain status quo’ ruling, the lawmaker said, “The status quo is that we have enacted the law in Lagos and the law is in existent and I believe strongly that until another judgment is passed by the Court of Appeal to the extent that what we have done is wrong, the law subsists.

“By our own understanding, what subsists in Lagos is our own law, until that law is set aside by the Court of Appeal. So, as far as Lagos is concerned, VAT in Lagos will be collected by the Lagos State Government.”

He lamented that the state does not enjoy special status despite generating over half of the country’s VAT. “Anywhere we can get money to fund the infrastructural development of the state, we won’t hesitate to do it.”

He said that with the implementation of the VAT law in Lagos, the interest of small businesses has been taken care of by the law.

“The Lagos Internal Revenue Service is well-placed, doing excellently well and is well-equipped to collect VAT,” David noted, adding that Lagos assisted FIRS to develop its VAT collection through the deployment of the state personnel to Abuja.

On the prompt passage and enactment of the VAT law in Lagos, David said the bill passed through the normal process though it was passed and signed into the law in less than a week.

“It depends on the exigency of the situation, we have passed bills like that, there is nothing abnormal about it,” he said on the prompt passage of the bill.

Sun Online

Related Topics:A’Court Featured Lagos Lawmaker VAT law

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Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Published

2 days ago

April 3, 2026

Trends Admin

L-R: Deputy Managing Director, Rilwan Oshinusi; Non-Executive Director, Biodun Dosunmu; Betridge; Managing Director, Adeyemo Shobo; Non-Executive Director, Oluwatobiloba Lawal; Fola Tinubu, during a signing ceremony on rights issue of N18.47bn.

Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Lasaco Assurance Plc has unveiled a ₦18.47 billion rights issue, announcing plans to offer 9,236,321,546 ordinary shares as part of efforts to reinforce its capital base and drive future growth.

The announcement was made during a signing ceremony held at the company’s head office in Lagos, following approvals from the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC).

Lasaco Assurance Plc

Prior to this development, the company had secured shareholder backing at an extra general meeting, where investors approved the move to raise fresh capital through a rights issue.

Under the terms of the offer, shares are priced at ₦2.00 per share, with each share having a nominal value of 50 kobo. The rights issue is structured on the basis of five new shares for every six existing shares held by shareholders.

According to details released by the insurer, eligibility is limited to shareholders whose names appeared on the company’s register as of the close of business on February 20, 2026. The acceptance list opened on April 2, 2026, and will close on April 24, 2026.

Auto

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Published

3 days ago

April 2, 2026

Trends Admin

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Rising fuel prices in Nigeria are accelerating interest in electric vehicles (EVs) as households, transport operators, and businesses seek cost-effective alternatives to petrol- and diesel-powered cars. Experts say the spike in petrol costs is no longer just an economic concern but a turning point, pushing electric mobility from a futuristic idea into a practical solution for everyday commuting and commercial use.

At the Abuja Compact on Electric Mobility Roundtable, stakeholders highlighted how increasing transport expenses are reshaping decisions, especially among commercial drivers and small business owners. Rising fuel costs are prompting many Nigerians to see EVs as a survival strategy rather than a luxury option.

Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Ismaeel Ahmed, explained that the removal of fuel subsidies has widened the cost gap between petrol-powered vehicles and EVs. Charging an EV for a 200-kilometre journey costs around ₦4,500, compared to roughly ₦22,500 for petrol vehicles — a difference that offers a “strong economic incentive” influencing consumer choices. Ahmed added that the federal government is pursuing a balanced transition strategy supporting both compressed natural gas (CNG) and electric vehicles to encourage sustainable energy alternatives.

Financial solutions are helping Nigerians overcome the high upfront costs of EVs. Mohammed Abdul, Divisional Head at Alternative Bank, noted that lease-to-own, pay-as-you-go, and partnership schemes are making EVs accessible to drivers in the informal transport sector. These financing models allow gradual adoption while easing financial burdens.

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Business

Rite Foods, BJAN champion consumer safety at Ososa factory tour

Published

3 days ago

April 2, 2026

Trends Admin

Rite Foods, BJAN champion consumer safety at Ososa factory tour

By Daphne Uduneje

To commemorate World Consumer Rights Day 2026, the Brand Journalists’ Association of Nigeria (BJAN) partnered with Rite Foods Limited to host a high-level stakeholder engagement at the company’s ultra-modern manufacturing plant in Ososa, Ogun State.

Under the theme “Safe Products, Confident Consumers,” the event combined rigorous policy discourse with a firsthand look at the cutting-edge technology behind one of Nigeria’s leading indigenous brands.

The journey began at Rite Foods’ Lagos office, transitioning from the city’s urban bustle to the expansive, scenic greenery of the Ososa facility. For the journalists in attendance, the factory’s exterior—a sprawling, sophisticated complex—signalled a facility capable of competing on a global scale.

Inside, the hum of precision machinery served as the backdrop for the day’s discussions. Olufemi Ajileye, General Manager for Operations at Rite Foods, welcomed guests by emphasizing that safety is the bedrock of their market strategy.

Since breaking into the carbonated soft drink sector, Rite Foods has leveraged advanced technology and stringent quality controls—including international laboratory testing for water purity—to earn and maintain public trust.

Despite improvements in legislation, speakers noted a persistent gap in consumer awareness. Sola Salako-Ajulo, founder of the Consumer Advocacy Foundation of Nigeria (CAFON), described consumer confidence as the “oxygen of any market.”

To empower the public, she unveiled the CAFON Consumers Companion (3C), an AI-powered platform designed to educate Nigerians on their rights and provide a roadmap for dispute resolution.

“Consumers often feel powerless,” she noted, “but technology can bridge the gap between grievance and redress.”

The Regulatory Stance

The Federal Competition and Consumer Protection Commission (FCCPC) and NAFDAC reaffirmed their commitment to enforcement:

FCCPC: Executive Vice Chairman Tunji Bello (represented by Olubunmi Dorcas Otti) urged businesses to maintain transparency, noting that economic participation thrives only when safety is guaranteed.

NAFDAC: Director-General Mojisola Adeyeye (represented by Tinuola Akinnubi) reminded attendees that consumer rights are legally enforceable obligations, highlighting the importance of “technological traceability” in the modern market.

BJAN Chairman Daniel Obi emphasized that the association had sustained this initiative for over a decade because consumer protection is a collective burden.

“It is not the responsibility of regulators alone,” Obi stated. “Businesses, media, and civil society must work in harmony.”

The event concluded with a guided tour of the production floor. Journalists observed a seamless, automated “dance” of technology where drinks were corked, labeled, and packaged with surgical precision.

As the delegation departed Ososa, the takeaway was clear: building a “confident consumer” requires more than just marketing—it requires the transparency of the factory floor and the accountability of the boardroom.