Business Updates: Lagos Tax Filing Deadline, Aviation Stakeholders Meeting

DEADLINE FOR FILING INDIVIDUAL TAX RETURNS

The deadline for filing individual annual income tax returns for taxpayers in Lagos is this week, April 21.

The Lagos State Internal Revenue Service (LIRS) had announced an extension on April 10, noting a surge in usage of its eTax platform following an earlier shift of the deadline to April 14.

The agency said the additional window was granted in response to the overwhelming turnout and to enhance taxpayer convenience, describing the new deadline as the “final extension”.

KEYAMO’S MEETING WITH AVIATION STAKEHOLDERS

Festus Keyamo, the minister of aviation and aerospace development, is set to convene a high-level emergency meeting with industry stakeholders.

The meeting, scheduled for April 22 in Abuja, will bring together key operators and regulatory authorities to address challenges facing the aviation sector and explore sustainable solutions.

The development comes after the Airline Operators of Nigeria (AON) warned that domestic airlines may suspend operations from April 20 over the rising cost of Jet A1 fuel.

The group said the price of Jet A1 increased from N900 per litre as of February 28 to about N3,300 per litre — a rise of over 300 percent.

NPA PENSIONERS THREATEN TO SHUT DOWN PORTS OVER 16 YEARS OF UNPAID BENEFITS

Retirees of the Nigerian Ports Authority (NPA) have threatened to embark on a nationwide protest over more than 16 years of accrued unpaid pension benefits.

In a recent statement, the pensioners, under the aegis of the Nigerian Ports Authority Pensioners Welfare Association, said the protest would commence seven days if their demands are not met.

FG BANS IMPORTATION OF CEMENT, PHARMACEUTICAL PRODUCTS FROM COUNTRIES OUTSIDE ECOWAS

The federal government has banned the importation of poultry foods, cement, pharmaceutical and agricultural products from countries outside the Economic Community of West African States (ECOWAS).

According to a circular by the federal ministry of finance, signed by Wale Edun, the minister of finance, and seen by TheCable, the products are part of 17 items on a revised import prohibition list.

CBN INTRODUCES OVERNIGHT FINANCING RATE TO BOOST TRANSPARENCY IN MONEY MARKET

The Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers Association (FMDA), has introduced the Nigerian overnight financing rate (NOFR) to strengthen transparency in the country’s money market.

In a statement on Friday, the CBN said the NOFR is a standardised benchmark designed to enhance price discovery, improve monetary policy transmission, and deepen Nigeria’s financial markets.

NDIC TO COMPLETE LIQUIDATION OF 89 MICROFINANCE, MORTGAGE BANKS

The Nigeria Deposit Insurance Corporation (NDIC) says it has commenced the process of concluding the liquidation of 89 microfinance banks (MFBs) and primary mortgage banks (PMBs) whose licences were revoked in 2023.

Business Updates

In a statement dated April 8, the corporation said the move follows the successful transfer of the assets and liabilities of the defunct banks to new owners under the purchase and assumption (P&A) model.

The NDIC said the affected institutions were part of the 179 microfinance banks and four primary mortgage banks whose licences were withdrawn by the CBN on May 22 and 23, 2023.

airline operators
Business updates
lagos state
tax filing.

EFCC Arrests Kaduna Businessman Over Multimillion-naira Dud Cheques

Mr Timothy, who is being prosecuted by the Economic and Financial Crime Commission, pleaded not guilty to the charge.

Justice Darius Khobo of the Kaduna State High Court, on Monday, ordered a businessman, Vincent Timothy, to be remanded in prison custody for issuing dud cheques totalling N20 million.

Mr Timothy, who is being prosecuted by the Economic and Financial Crime Commission, pleaded not guilty to the charge.

“The defendant shall be remanded in the correctional centre pending ruling on his bail application,” the judge said.

Mr Khobo thereafter adjourned the case until May 12 for a ruling on the bail application.

Earlier, EFCC’s counsel, E. K. Garba, had told the court that the defendant committed the offence sometime in January.

Mr Garba said the defendant took a N20 million loan from Aires Financial Services Limited, which was to be returned at a later date.

EFCC

The lawyer disclosed that the defendant later issued five dud cheques, each for N4 million, which were all dishonoured due to insufficient funds in his account.

The defence’s lawyer, A. M. Sunday, however, asked the court to grant bail to the defendant.

He said that the defendant had voluntarily reported to the EFCC office on April 3, after being invited by the anti-graft agency.

Oyedepo Declare Divine Judgement On Terrorists, Their Sponsors In Next Seven Days

The founder of Living Faith Church Worldwide, Bishop David Oyedepo, has declared judgment upon bandits and their sponsors.

Mr Oyedepo said this during a church service on Sunday tagged: “Covenant Day of Vengeance.”

Speaking at the church headquarters in Ota, Ogun State, the cleric declared that within seven days, divine retribution would strike those behind k1llings and kidnappings across Nigeria.

“Except I am not sent, in the next seven days, I declare judgment upon those responsible for these disasters and their sponsors in Jesus’ name,” he said.

The cleric added that the coming week would be marked by “testimonies of vengeance” for the nation.

He said that God’s intervention was imminent.

Preaching on pathways to sanctification, Mr Oyedepo urged congregants to resist spiritual laxity, stressing that ungodliness blocks supernatural breakthroughs and stains destiny.

Oyedepo

He explained that ungodliness fuelled shame and reproach, warning that without holiness, believers risked losing access to eternity, which remained the ultimate goal.

He said, “Until the God of vengeance shows up, the wicked will not give up.”