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FG vows to recover $7bn bailout funds from commercial banks

•Commences investigations  Godsgift Onyedinefu  The Federal Government said it has commenced investigation into the $7 billion bailout funds given to commercial banks in 2016 by the Central Bank of Nigeria  (CBN) in a bid to recover the money. The Chairman of Special Investigation Panel for the Recovery of Property, Chief Okoi Obono-Obla  disclosed

Again, IMF urges Nigeria to review tax policies

The International Monetary Fund, IMF, yesterday urged Nigeria to urgently review the country's tax policies by widening the tax base and increasing compliance on Value Added Tax, VAT. Speaking at a panel session on 'Leveraging Dom Amine Mati estic Resource Mobilisation for Sustainable Development,' at the 2018 Nigerian Economic Summit, NES,

Buhari signs new Executive Order to collect taxes on foreign assets of Nigerians

The Muhammadu Buhari administration is stepping up the regulations on money laundering and tax evasion by releasing a new Executive Order tagged ‘Voluntary Offshore Assets Regularisation Scheme (VOARS).’ The new Executive Order (008) takes effect from October 8, the day it was signed by President Muhammadu Buhari. According to a spokesperson of

Magu blasts SAN for receiving N1.7bn legal fee

The acting Chairman of the Economic Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, has slammed some Senior Advocates of Nigeria (SAN) for allegedly  frustrating the anti-corruption war by collecting outrageous legal fee from defendants. He said these SANs knowingly supplied the technical know-how and helping in the dispersal of the proceeds

Nigeria, Foreign Countries Share Data on Overseas Bank Accounts

Property Owned by Nigerians Babatunde Abiodun  The Nigerian government and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians. The Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress

VAIDS: Offshore tax havens no longer offer protection –Adeosun

•To crosscheck tax declarations users of Offshore tax havens Jude Johnson  The Minister of Finance, Mrs. Kemi Adeosun, advised Nigerians to review any existing tax planning schemes, including those in offshore tax, havens, in order to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their tax status

All change!!!  Nigeria is not an oil economy

By Kemi Adeosun Descriptions of Nigeria’s economy often include such phrases as ‘Africa’s largest oil producer’ and ‘the oil-rich African nation’ but oil economies are typically characterised by low population densities and abundant oil resources. Saudi Arabia with 10 million barrels of oil per day and 30 million people, Kuwait with 2.7

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