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Economy

FCT-IRS Sets To Impose N500,000 Fine On Annual Tax Return Defaulters

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FCT-IRS

FCT-IRS Sets To Impose N500,000 Fine On Annual Tax Return Defaulters

FCT-IRS sets to impose N500,000 fine on annual tax return defaulters. Mr Ango stated that the law mandates every person, whether in employment or not, to file their annual income tax returns by March 31 every year.

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has threatened to impose a N500,000 minimum penalty on defaulters of annual returns filing in the FCT.

Acting Executive Chairman of the service, Michael Ango, gave the warning in Abuja on Thursday, during the FCT-IRS annual sensitization campaign to mobilise FCT residents for voluntary tax compliance.

Mr Ango said that for persons who did not file their 2024 annual returns in January 2025, the law had set a minimum penalty of N500,000.

He said that the first filing deadline for the year was January 31, 2025, where the employer’s annual returns were due, adding that a reasonable number of companies had filed.

He commended every company that filed their employees’ annual returns, adding that the FCT-IRS would write them a letter of commendation.

He, however, said, “For those who did not file, we are also going to write them a letter but not a letter of commendation. We are sending out penalties’ notification for noncompliance and then giving them a chance to comply.

We have already written to a number of them, informing them of the minimum penalty of N500,000, but that is not just it, we also have the power to prosecute defaulters.’’

He added that another deadline would come up in 30 days for every person, whether in employment or not, to file their annual income tax.

Mr Ango stated that the law mandates every person, whether in employment or not, to file their annual income tax returns by March 31 every year.

“This is one of the things that we hope this road show will be able to achieve. We want to see compliance as high as possible,” he said.

He appealed to law-abiding citizens to pay their taxes voluntarily, adding that payment of tax was a lawful obligation.

According to him, where the law creates an obligation, it also creates penalties and sanctions for noncompliance.

He said, “We believe in voluntary compliance as the best form of compliance, but if you do not comply voluntarily, we’ll have no option than to enforce the law, even if we don’t want to.

The laws mandate us to do so, but we pray, and we hope that it doesn’t get there, but there are also responsibilities expected from the public.

We expect those of you who have not registered to come and register with the FCT-IRS.
We pray that one day we’ll have 100 per cent tax compliance in Abuja and we’ll all be able to sit down and say that I contributed to the building of this great city, Abuja.”

He pointed out that the focus of the current administration for about two years had been on infrastructure, roads, rehabilitation of schools and hospitals, and provision of other social infrastructure.

“The Abuja that we envisage is an Abuja that can compete with any major capital city in the world. That is the FCT Minister Nyesom Wike’s vision, and we believe that that vision is achievable.

FCT-IRS

FCT-IRS

We are out on the road to let Abuja residents know that the FCT-IRS wants to partner with them to build a world-class city where we have good roads, running water, good hospitals, improved security, and where our children can go to good schools.

We want a city where we have streetlights, recreation parks, and all of the other things that make a city lovable,” Mr Ango said.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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