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Tag: Tax

  • FG mulls new tax for climate change

    FG mulls new tax for climate change

    The Federal Government has urged relevant stakeholders to embrace carbon tax to help tackle climate change in the country.

    Prof. Romanus Ezeokonkwo, Acting Vice Chancellor, University  of Nigeria, Nsukka, (UNN), said this on Thursday at a stakeholders’ workshop on “Understanding the Incentives and Obstacles to Effective Carbon Tax Regimes in West African Countries.”

    Ezeokonkwo described carbon taxation as a cost charged on the amount of carbon emissions into the space.

    He said that the Federal Government through the development which was introduced by the National Council on Climate Change (NCCC) was developing a framework to determine the amount to be charged based on the quantum of emissions.

    He  said that the Federal Government,  through the NCCC, was devising strategies to implement a robust carbon finance (carbon market framework and carbon tax regime) for the country in line with the Climate Change Act.

    This, he said, followed the ongoing global dialogue on climate change mitigation, which emphasises the necessity of reducing greenhouse gas emissions through practical policy measures such as carbon taxation.

    The Vice Chancellor called on the stakeholders to ensure that they sensitised the public to buy into the government plan.

    “The theme of today’s workshop is timely as the Federal Government, through the NCCC, is devising strategies to implement a robust carbon finance, carbon market framework and carbon tax regime for the country in line with the Climate Change Act.

    “The timing of this workshop is crucial given the ongoing global dialogue on climate change mitigation, which emphasises the necessity of reducing greenhouse gas emissions through practical policy measures such as carbon taxation.

    “Your role as stakeholders is crucial. While effective carbon pricing is acknowledged as a powerful tool in the global battle against climate change, getting public support for environmental policies remains a significant challenge in Africa.

    “This workshop, therefore, seeks your valuable input from pertinent stakeholders in the realms of carbon pricing and fuel subsidy reforms in Nigeria and Ghana” he said.

    In his remarks, Head, Economic Regulation, National Petroleum Authority of  Ghana, Abass  Tasunti,  stated  that Ghana was also on the verge of ensuring that fossil fuel emission was drastically reduced.

    Tasunti said that the country’s target was mainly the industries that emit a large scale carbon.

    He however, said that so far, the country had not arrived at a fixed rate for it.

    “The whole essence of carbon taxation, in my view, is to introduce taxes that move people away from the consumption of fossil fuel.

    “Policymakers are looking for a way to impose taxes on petroleum products and use them to provide the other alternative fuels.

    “If they are done, it will give consumers options because you will agree with me that fossil fuel will not go off immediately.

    “These carbon TAXATION initiatives and cleaner fuel initiatives are supposed to complement the use of fossil fuels” he said.

  • Kenya: 39 killed, many injured in renewed tax protests

    Kenya: 39 killed, many injured in renewed tax protests

    At least 39 people were killed and many injured in the recent anti-tax hike protests across Kenya as youth took to the streets on Tuesday for a new round of protests.

    “Data from our records indicates that 39 people have died and 361 injured in relation to the protests countrywide,” state-funded Kenya National Commission on Human Rights (KNCHR) Chairperson Roseline Odede said in a statement issued in Nairobi, the capital of Kenya, Monday evening.

    The KNCHR said there were 32 cases of involuntary disappearances and 627 instances of arrests of protesters who were demonstrating against a wide range of unpopular tax increases that have now since been withdrawn.

    The national human rights watchdog said the data, which covered the period from June 18 to July 1, show that Nairobi leads the number of fatalities, standing at 17

    Odede, condemned the force that was inflicted on protesters, faulted those who destroyed and burned critical government infrastructure such as Parliament buildings and the National Library, urging them to respect the rule of law.

    “We maintain that the force used against the protesters was excessive and disproportionate,” Odede said.

    The protests led by mostly young Gen-Z protesters began in cities and towns across Kenya and online after the Finance Bill 2024 was introduced in parliament on June 18.

    The protesters expressed outrage over provisions of the bill that would raise taxes on goods and services that many people depend on, such as bread, and mobile money transfers, to meet the government’s revenue targets.

    On June 25, the protesters breached the heavily guarded Parliament premises and destroyed property, a few hours after the lawmakers passed the contentious Finance Bill 2024, seeking to raise an additional 346.7 billion shillings (about 2.67 billion U.S. dollars).

    A section of the building was set ablaze by the angry protesters, many of whom were wearing black clothes and carrying Kenyan flags as they chanted anti-government slogans.

    The incident prompted the security forces to fire live bullets at the protesters, killing at least four of them in the clashes.

    In a televised interview Sunday, President William Ruto reiterated his previous calls for dialogue with young people, noting that he was prepared to do this in a forum of their choice, including the social media of X Spaces, where Gen-Z often gather to discuss issues and strategies.

    The young protesters, however, rejected the call for dialogue and instead organised fresh protests, insisting that the president should first release those who had been detained by the police.

    The protesters occupied roads across the country, including central business districts.

  • After dramatic tax win, Kenyan protesters plot next moves

    After dramatic tax win, Kenyan protesters plot next moves

    After their stunning success in forcing the government to shelve 2.7 billion dollars in tax hikes, young Kenyan activists are setting their sights higher, taking aim at deeply ingrained corruption and misgovernance.

    Protesters say the finance bill President William Ruto abandon on Wednesday was only a symptom of the problems plaguing a country where many young people face dwindling job prospects despite strong economic growth.

    The movement has little precedent in its mass mobilisation of Kenyans across ethnic and regional divisions while rejecting any kind of political leadership.

    Protests in Kenya have historically been led by elites, often ending in power-sharing deals that yielded few tangible benefits for demonstrators.

    Protesters now face the challenge of maintaining unity and momentum while pursuing broader, less immediate goals.

    They will also have to decide how to respond to Ruto’s offer of dialogue, which the president made on Wednesday without offering specifics.

    Writer and activist Nanjala Nyabola said most of those involved in the recent protests were motivated by legitimate, strongly held grievances with the government.

    “Until those grievances are addressed, it’s unlikely that they would be willing to make concessions.”

    How the diffuse and leaderless movement, which is largely organised via social media, pursues its objectives moving forward remains an open question – and a source of internal debate.

    Christine Odera, the co-chair of the Kenya Coalition on Youth, Peace, and Security, a civil society organisation, said there was a need for it to develop more formalised structures to advance the interests of young people and speak to the government.

    “If we go organically then we might lose the whole conversation,” said Odera, who participated in the protests.

    “The president has said we need to have conversations and all of us cannot sit in a stadium and have a conversation.” Others strongly disagree though.

    Ojango Omondi, a member of the Social Justice Centres Working Group, a community activist group in a poor district of Nairobi, said creating formal structures and designating national representatives could let the movement be corrupted by politicians.

    “We don’t need to negotiate anything. All we want is better living conditions,” he said.

    “All we want is the leaders to stop using our resources … to sponsor their lavish lifestyle.”

    Omondi said there was plenty to keep the past week’s protesters engaged – from organising funerals for the nearly two dozen people killed in clashes with police on Tuesday to forcing recall elections against members of parliament.

    Another key moment could be the government’s next bid to pass a finance bill, which is needed to fund expenditures in the upcoming fiscal year.

    Some protesters suspect the government will still try to jam through tax raises.

    In a country where ethnic affinities have traditionally been a key driver of protest, the current youth-driven demonstrations have stood out for building unity around common grievances.

    But cracks are already emerging.

    Even with Ruto’s U-turn on the tax hikes, some protesters called for a planned march on the presidential residence to go ahead on Thursday in an attempt to force the president from power.

    Others rejected the idea as a dangerous gambit.

    In the end, there were protests in several cities, although they were smaller than on Tuesday.

    In Ruto’s hometown and political stronghold of Eldoret, where thousands from different ethnic groups took to the streets on Tuesday, a human rights activist said some tensions were resurfacing since the president withdrew the bill.

    Nicholas Omito, CEO of the Centre for Human Rights and Mediation, said demonstrators from Ruto’s Kalenjin ethnic group were arguing that protests should end now that the bill was dropped.

    Ethnic Kikuyu demonstrators were insisting they should continue until Ruto resigned.

    Nyabola, the writer, conceded that the solidarity on display as Kenyans across all walks of life took to the streets in the bold showdown with their government could not undo the country’s long history of ethnic division.

    “You’re never going to get rid of it completely,” she said, adding: “But for now the class and wealth disparity between politicians and ordinary people has been the focus.”

  • Tax: Protesting Kenyan Youths burn down part of Parliament building

    Tax: Protesting Kenyan Youths burn down part of Parliament building

    Part of the Parliament building in Nairobi was set by fire on Tuesday as anti-tax protests by youths worsened in Kenya.

    It was observed that the fire started to billow in the building few minutes after the protesters broke through police lines and into the building.

    The protesters got in shortly after the legislators voted to pass the bill introducing taxes, forcing ruling party lawmakers who were instrumental to the passing of the bill to flee through a tunnel, while opposition legislators who voted against the bill walked freely out of the besieged building.

    At least five of the protesters were allegedly gunned down by the police, who are reported to have used live ammunition in their desperate bid to stop the invasion of the country’s legislative complex.

    Reports also claimed that two people were reported to have died before the Tuesday incident since the start of the protests, incidentally, on Tuesday last week, June 18.

    Thousands of Kenyans have since been involved in the protests, which started in the capital, Nairobi, and spread to other towns and cities.

    The police have been having a hard time trying to contain the protesters, who turned out in massive numbers.

    It was learned that the direct attack on the parliament came after members passed the controversial Finance Bill from the executive arm of government, which introduced unpopular taxes.

    Protesters have Pro been calling on the members of parliament not to approve the new tax proposals, and after the executive last Thursday dropped some of the contentious proposals, they insisted the entire bill be scrapped.

    However, Kenyan President, William Ruto has defended the tax proposals, saying new taxes are needed to run the country and reduce external borrowing.

    Tax measures in the bill that remained untouched and which prompted the attack on the parliament as the lawmakers passed the bill on Tuesday include a tax on specialised hospitals, which many Kenyans fear could raise healthcare costs and an increase in import tax from 2.5 per cent to 3 per cent of an item’s value, which is seen as likely to soon be a reason for the high cost of imported valuables, among other measures.

    Some observers of the event, however, see the protests as transcending concerns over new taxes. Citizens see the government as having generally failed at providing for them.

     

  • Just In : Tax reform presidential committee proposes N800/$ as customs import duty rate

    Just In : Tax reform presidential committee proposes N800/$ as customs import duty rate

    The presidential committee on fiscal policy and tax reforms says it has asked the federal government to adopt an exchange rate of N800 per dollar for customs import duty.

    Taiwo Oyedele, chairman of the committee, spoke on Thursday while engaging journalists on the activities of the tax panel in Lagos.

    While presenting some recommendations of the committee, the tax expert expressed concern over the import duty rate which constantly changes due to the volatility of the foreign exchange (FX) market.

    This, Oyedele said, does not allow for adequate planning by businesses

    “When we did the budget, we said naira to dollar will be N800, now it is 1,000 something. People need to plan,” he said.

    ”So now, we’re saying dear government can you please sign an order that says for the purpose of paying import duty, we shall use N800… for the rest of the year till December.

    “So, we have proposed N800.”

    In recent times, the import duty rate has witnessed incessant adjustments by The Nigerian Customs Service (NCS).

    On May 27, the customs adjusted the FX rate for tariffs and duties to N1,480 per dollar.

    Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.

    On May 16, Muda Yusuf, the director-general of the Centre for the Promotion of Private Enterprise (CPPE), said the customs should set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.

  • Goodness gracious! Its all tax, no wealth creation – By Pius Mordi

    Goodness gracious! Its all tax, no wealth creation – By Pius Mordi

    By Pius Mordi

    Margaret Thatcher, the late Conservative British Prime Minister, was the archetype exponent of private sector-led management of economies. Against the rigid position of organised labour which believed in state running the commanding heights of the economy, she drove a privatisation process that was not only successful but also caged the enormous powers and influence of labour. In fact, she crushed the labour unions.

    After extensive privatisation of the public sector during Thatcher’s administration, there remained few statutory corporations in the UK. By the time she was done with the privatisation programme in the 1980s, notable organisations affected included the Central Electricity Generating Board, British Rail, and even Royal Mail.

    Yet, she was reported to have made the oft quoted statement that “no nation ever grew more prosperous by taxing its citizens beyond their capacity to pay.” It was a market driven economy with not just a human face but a practical and logical approach.

    Shortly after the knee jerk announcement of the removal fuel subsidy in his inaugural speech, President Bola Ahmed Tinubu effected what he called the floating of the naira. The combination of overnight massive hike in the price of Premium Motor Spirit (petrol) and tanking of the value of the local currency triggered an unprecedented inflationary trend that some observers insist the inflation is out of synch with the market.

    To be fair to Tinubu, he never really articulated his economic policy to Nigerians in the lead up to the presidential election apart from the promise to end fuel subsidy. After the former President Muhammadu Buhari’s regime of borrowing to spend to sustain his officials’ lavish lifestyle, majority of Nigerians had bought into the end subsidy payments mantra. But nobody envisaged the sudden and planless approach Tinubu adopted. The high cost of governance and maintenance of the convoluted bureaucratic machinery is what Nigerians expected to be addressed. Every year, more than 60 percent of yearly budget goes for recurrent expenditure fueled by the high ostentatious lifestyle of top political officials in both the executive and legislative branches.

    From borrowing to spend that characterised Buhari’s administration, Tinubu ordered more cheque books as he took over last May. His first budget, a supplementary budget of N2.17 trillion increased the 2023 expenditure profile to N28.17 trillion. It was devoted to acquiring luxury items and embaking on grandoise projects. The office of the First Lady which has no place in the constitution was allocated N1.9 billion for the acquisition of SUVs!

    Similarly, the federal government earmarked N2.9 billion for the purchase of SUV vehicles for the replacement of “operational pool vehicles”. The quest for luxury living for the new occupants of Aso Rock saw the setting aside of N4 billion for the renovation of residential quarters for the president as well as N2.5 billion for upgrade of Aguda House, the official residence of the vice president.

    The spending spree included N200 million for the “computerisation and digtalisation of the State House”, construction of office complex within State House at N4 billion,

    renovation of Dodan Barracks, official Lagos residence of the president and a corresponding N4 billion for the renovation of official quarters of vice president also in Lagos. The list of projects to provide luxury for top Aso Rock officials is endless.

    The most unimaginative demonstration of the rabid distribution of the people’s common wealth by a few came from Godswill Akpabjo, Senate President on August 9, 2023 when announcing a month long holiday for the senate after they had sat for barely two months after their inauguration. “In order to allow you to enjoy your holiday, the Senate President has sent prayers to your mailboxes to assist you to go on a safe journey and return,” Akpabio announced to his embarrassed colleagues to correct his earlier gaffe on live television that money had been paid to them for the adjournment of plenary.

    The 300 percent increase in tariff for public power supply coming at a time food inflation had risen to 40 percent and general inflation at a new record 33 percent finally jolted organised labour, civil society and students out of lethargy. Unfortunately, the Tinubu administration seems to have lost touch with the crippling poverty in the country and still considered introducing new taxes and enforcement of previously dormant ones. In a memo, the Central Bank of Nigeria (CBN) ordered all commercial banks to impose a 0.5 percent levy on some electronic transactions. The fund is supposed to be transmitted to the Office of the National Security Adviser for the purpose of cyber security. Invariably, ONSA has become a revenue generating agency!

    The Cybersecurity Levy came against the backdrop of a muted proposition to further increase Value Added Tax (VAT) from the present 7.5 percent to a minimum of 10 percent. In fact, the presidential committee on fiscal policy and tax reforms led by Taiwo Oyedele proposed 15 percent as the new rate saying there is a need for the increase to enable the federal government fund its fiscal deficit and debt service obligations.

    All the new taxes and increase are being effected at a time the minimum wage remains N30,000 with Abuja hedging in reaching agreement with the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) on a new minimum wage, high food inflation and general inflation that keeps breaking new grounds. The fixation with generating revenue through the taxing of the people beyond their capacity to pay has triggered a chain reaction of poverty, hunger and abysmal purchasing power. The warehouses of the beleaguered real sector are bristling with unsold goods while production capacity for those still staying in business has dropped to less than 30 percent. Others have quietly opted to relocate to other climes with a more conducive ambience for business.

    It is no rocket science to agree with Margaret Thatcher that people cannot be taxed beyond their capacity. That is the point Nigeria is in now.

    Without a vibrant population with limited capacity to generate disposable income, the poverty level will only deepen. I am not sure acceding to labour proposal of N600,000 minimum wage, a very shot, can change anything. Afterall, how many people are engaged in the public sector and productive private organisations? In the absence of a paradigm shift from taxing to spend to wealth creation, something will have to give sooner than later.

    Postscript

    The other side of pension

    At a recent event in one of the federal universities, a lecturer warned of the impact the uncertainty surrounding pension administration is having on the integrity of the university system. The poverty that comes with retirement due to poor pension and the mode of payment of benefits is compelling lecturers to circumvent the system, he said.

    According to him, lecturers and other workers are inclined to corrupt the system in other to ensure a better future for themselves after retirement.

    “The best way to guarantee a better future is to venture into politics. But how many can do that comfortably? The scourge of age falsification and corruption of public service will deepen as things get tougher”, he warned. To him, what is going on among politicians and the political class is a recipe other people are bidding to copy.

    The scepter of multidimensional poverty is sparing no sector of the Nigerian society.

  • JUST IN: Halt Cybersecurity Levy now, Reps tell FG

    JUST IN: Halt Cybersecurity Levy now, Reps tell FG

    The House of Representatives on Thursday demanded that the Federal Government should halt the Cybersecurity Levy immediately.

    This was sequel to a motion promoted by the House of Representatives Minority caucus leader, Rep Kingsley Chinda where the ambiguity associated with the Central Bank of Nigeria, CBN circular was adequately addressed.

    To this end, the HoR resolved that:

    “The Central Bank of Nigeria should withdraw the ambiguous circular and issue an unequivocal Circular in line with the letters and spirit of the Law.

    Direct the House Committees on Banking Regulations, and Banking and other Ancillary Institutions to guide the Central Bank of Nigeria properly.

    In the motion which was taken under Matter of Urgent Public Importance and tagged:

    ‘URGENT NEED TO HALT AND MODIFY THE PROPOSED IMPLEMENTATION OF THE CYBERSECURITY LEVY IMPOSED BY THE CENTRAL BANK OF NIGERIA’, it was noted that:

    “The Central Bank of Nigeria through a Circular to all Commercial, Merchant, Non-interest and Payment Service Banks; other Financial Institutions, Mobile Money Operators and Payment Service Providers (“CBN Circular”) dated 6th May, 2024 informed Nigerians of a proposed 0.5% levy on electronic transactions in line with Section 44(2)(a) of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024 (“Cybercrimes Act”).

    ” Section 44(2)(a) of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024 provides that “a levy of 0.5% (0.005) equivalent to half percent of all electronic transactions value by business specified in the Second Schedule to this Act” be paid into the Cybersecurity Fund.

    “Businesses which the said Section 44(2)(a) refers to are listed in the Second Schedule to the Cybercrimes Act to be: a) GSM Service Providers and all telecommunication companies; b) Internet Service Providers; c) Banks and Other Financial Institutions; d) Insurance Companies and e) Nigerian Stock Exchange.

    “The CBN circular mandates all Banks, Other Financial Institutions and Payments Service Providers to implement the Cybercrimes Act by applying the levy at the point of electronic transfer origination as “Cybersecurity Levy” and remitting same.

    “The wordings of the CBN Circular leaves the CBN directive to multiple interpretations including that the levy be paid by Bank customers, that is, Nigerians against the letters and spirit of Section 44(2)(a) and the Second Schedule to the Cybercrimes Act, which specifies the businesses that should be levied accordingly.

    “This act has led to apprehension as Civil Society Organisations and Netizens have taken to conventional and social media to call out the Federal Government, give ultimatums for a reversal of the “imposed levy on Nigerians” among other things.

    “Unless immediate pragmatic steps are taken to halt the proposed action of the CBN, the Cybercrimes Act shall be implemented in error at a time when Nigerians are experiencing the aftermath of multiple removal of subsidies from petroleum, electricity and so on and the rising inflation.

  • Transport Taxes: FG, States losing billions to Non-state actors – Experts lament

    Transport Taxes: FG, States losing billions to Non-state actors – Experts lament

    Federal and state governments have been tasked to find lasting solutions to the persistent fleecing of the state in transport tax collection by non-state actors and touts popularly referred to as “agberos.”

    To stem the tide of revenue loss, experts are calling for digitizing road tax collection from commercial vehicles, tricycles, and motorcycles to deter the diversion of billions by individuals and groups.

    The call for governments at all levels to deal with the widespread transport tax scam was made during an anti-corruption radio program, PUBLIC CONSCIENCE, produced by PRIMORG, on Wednesday, 8 May 2024, in Abuja; it follows a recent investigative report published by the International Centre for Investigative Reporting (ICIR) on how Rivers state government is losing about N55 billion transport tax proceeds to touts and officials of the National Union of Road Transport Workers (NURTW).

    Political Economist Olamilekan Adefolarin led the call for government at all levels to swing into action against the continuous defrauding of states by touts and non-state actors who collect transport taxes across the country.

    Adefolarin, while noting that corruption in road tax administration is widespread and an arduous task for the government to address, called on state governments to review concessions of transport tax collection and adopt technology in receiving payments.

    He opined that “patronage between politicians who run for public offices and members of NURTW remains a significant enabler of corruption in transport tax administration, adding that the unfortunate development happens across the country.

    “The issue is that when the money is collected, nobody’s asking for accountability. The problem lies within the non-accountability of this money and the usage of the money because the NURTW sees the money as free money and that free money caters to certain aspects of their individual and group life, particularly when the government says they don’t want to put a human face to tax collection.

    “Political patronage between these non-state actors and political leaders gives rise to this problem. Although it is an arduous task to stop it, it is possible, he stated.

    Adefolarin, while stressing that digitizing the collection of road taxes will reduce corruption massively, noted that public officeholders lack the political will to push for the adoption.

    On his part, the Managing Editor of Nairametrics, Odinaka Anudu, lamented the lacklustre attitude of the Rivers state government frontally addressing the defrauding of the state in road taxes.

    Anudu revealed that the corruption is bolstered because of politics and that politicians who use members of NURTW and touts as electioneering tools.
    The “problem is not only in Rivers state but cuts across all the states, prominently in Lagos, as well as in Abuja, Nigeria’s capital,” he added.

    On the possibility of deploying technology in transport tax collection, Anudu said, “The problem is that the NURTW is already an institution in Rivers State, and collecting funds electronically will translate to them losing money. When it is digitized, the money flow could stop, and these guys are used as political tools during elections, so one needs to be very careful, but anyway, it’s because there’s no political will.”

    He said the investigation uncovered that Rivers State generates a minimum of N55.234 billion from 62,418 commercial vehicles, 24,432 tricycles, and 10,892 motorcycles in road taxes yearly. Still, only 0.41 percent of the money goes into the government coffers.

    She disclosed that the fraud was unravelled through the undercover report, which availed the journalist the opportunity to speak with 24 officials of the National Union of Road Transport Workers (NURTW) in nine local governments of the state, including Port Harcourt, Obio-Akpor, Ahaoda East, Eleme, Ikwerre, Oyigbo, Gokana, Khana and Tai.

    Nigerians who called into the radio program raised concerns over accountability issues of the taxes collected by transport unions and touts on Nigerian roads, asking the government to tackle the corruption going on and block holes of revenue loss.

    Public Conscience is a syndicated weekly anti-corruption radio program PRIMORG uses to draw government and citizens’ attention to corruption and integrity issues in Nigeria.
    The program has the support of the MacArthur Foundation.

  • How Shell paid $1.09bn in taxes, royalties to FG in 2023

    How Shell paid $1.09bn in taxes, royalties to FG in 2023

    Shell says it exclusively paid $1.09 billion in corporate taxes and royalties to the Federal Government in 2023.

    Mrs Abimbola Essien-Nelson, the Media Relations Manager of Shell, made this known in a statement on Tuesday in Lagos.

    Essien-Nelson said that the royalties were paid through the operations of the Shell Petroleum Development Company of Nigeria Ltd. (SPDC) and Shell Nigeria Exploration and Production Company of Nigeria Ltd. (SNEPCo).

    Essien-Nelson said that the figures, announced in the just published 2023 Shell briefing notes, showed that SPDC paid 442 million dollars, while SNEPCo remitted 649 million dollars.

    She said that similar payments made by the two companies in 2022 amounted to 1.36 billion dollars.

    “These payments are Shell exclusive and do not include those made by our partners.

    “Shell companies in Nigeria will continue to contribute to the country’s economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses,” Osagie Okunbor said.

    She said that Shell has invested in Nigeria for more than 60 years.

    Essien-Nelson said that the briefing notes report on the progress of the businesses of Shell companies in Nigeria – SPDC, SNEPCo, Shell Nigeria gas and Daystar Power for 2023.

    “The reports show that the companies continued to power progress, working closely with stakeholders and communities to promote socio-economic development and providing cost-effective and cleaner energy solutions.

    Okunbor added: “It is important to emphasise that Shell is not leaving Nigeria and will remain a major partner of the country’s energy sector through its deep-water and integrated gas businesses.

    “Our collective focus remains on delivery of safe operations and care for our people.

  • BREAKING: FG arraigns Binance executive for tax evasion

    BREAKING: FG arraigns Binance executive for tax evasion

    Binance’s Head of Financial Crime Compliance, Tigran Gambaryan has arrived the Federal High Court in Abuja for arraignment over allegations of tax evasion.

    In the suit marked FHC/ABJ/CR/115/2024, Binance was accused of failing to register with the Federal Inland Revenue Service, FIRS, for the purpose of paying all relevant taxes administered by the service.

    Gambaryan and Nadeem Anjarwalla, Binance’s Regional Manager for Africa, were detained by the Nigerian authorities on February 28.

    Although Anjarwalla has escaped from the custody of the Office of the National Security Adviser, ONSA, both executives, alongside Binance, are expected to be charged in court by the Federal Government for tax evasion and money laundering on Thursday.

    Wearing a black T-shirt on green pants, Gambaryan was brought into the court at about 9:19 am by officials of the Economic and Financial Crimes Commission, EFCC.