Economy
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
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
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.
Deepwater Development on the Cards as GCEO NNPC Limited Meets NAE MD
Group CEO of NNPC Limited, Engr. Bashir Bayo Ojulari, received in audience the Vice Chairman/Managing Director of Nigerian Agip Exploration Limited (NAE), Mr. Maurizio Pinna, in Abuja recently.
Eereporter.com
Discussions centred on deepwater development with a focus on the work underway on the acreage held by the two companies as well as expected production.
NNPC, NAE
NAE operates the licences converted from OPL 245 together with NNPC Limited and SNEPCo. The acreage holds the Zabazaba and Etan deepwater fields, estimated at 500 MMbbl of reserves.
Eereporter.com
NNPC, EITI Strengthen Cooperation on Deeper Disclosures, Global Standards
The Nigerian National Petroleum Company (NNPC) Limited and the Extractive Industries Transparency Initiative (EITI) have pledged to deepen their cooperation towards deeper disclosures, transparent reporting, and compliance with global EITI standards.
Eereporter.com
The pledge came on the heels of a visit by the EITI Africa Country Director, Gilbert Makore, to the NNPC Towers recently. The visit forms part of the ongoing validation of Nigeria against the 2023 EITI Standard.
Makore particularly commended NNPC Limited’s measurable progress on outstanding validation requirements and with disclosures that now track EITI expectations more closely.
Group CEO of NNPC Limited, Engr. Bashir Bayo Ojulari, who described the EITI as a useful platform for attracting investment and building stakeholder confidence, said it allows the company to show its governance and transparency records.
NNPC
Makore was accompanied on the visit by the EITI Validation Lead, Riley Zecca; the Nigeria Extractive Industries Transparency Initiative (NEITI) Director, Policy, Planning and Strategy, Dieter Bassi; Director, Technical, Sa’ad Balarabe; and Director, Communications and Stakeholder Management, Obiageli Onuorah.
Technical sessions with the NNPC’s Governance, Risk, and Compliance (GRC) Division were held to review the work done to close identified validation gaps.
Eereporter.com
Crime
EFCC Commences Investigations of Suspect, $73,000, £15,957 & 827,800 SAR Intercepted at Kano Airport
EFCC Commences Investigations of Suspect, $73,000, £15,957 & 827,800 SAR Intercepted at Kano Airport
The Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has commenced investigation of a suspect, Haruna Yusuf and multiple undeclared foreign currencies, , $73,000( Seventy Three United States Dollar) £15,957 ( Fifteen Thousand, Nine Hundred and Fifty Seven Pound Sterling) & 827,800 Saudi Riyal intercepted by the Nigeria Customs Service, NCS, at the Mallam Aminu Kano International Airport, MAKIA.
Eereporter.com
The investigation commenced after the handover of the suspect and the undeclared currencies by the Acting Customs Area Comptroller of the Kano/Jigawa Command, Deputy Comptroller U. U. Adamu at the Customs Area Command in Kano.
The intercepted currencies, which exceeded the legally permitted threshold, were discovered during routine primary and secondary screenings of arriving passengers between August 8 and August 12, 2026.
The Acting Zonal Director of the EFCC, Kano Directorate, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received the suspect and the recovered funds on behalf of the Commission.
According to Adamu, the Customs made two separate interceptions.
On August 8, 2026, “at approximately 14:20 hours, officers conducting passenger screening at the baggage seat of MAKIA intercepted an unaccompanied Saudi Air luggage containing 827,800 Saudi Riyals and $53,300 The currencies were found concealed inside a footwear.” Adamu stated.
Similarly, on August 12, 2026 “at approximately 13:50 hours, officers of the Nigerian Custom Service also flagged a luggage belonging to one Mr. Haruna Yusuf, who arrived at MAKIA on board Ethiopian Airlines flight ET941. During secondary screening using Non-Intrusive Inspection Technology, $20,000 USD and £15,957 were found concealed inside sportswear shoes”, he said.
Adamu thereafter formally handed over the suspect, Mr. Haruna Yusuf, alongside all recovered exhibits to Ebelo for further investigation and prosecution. He noted that the handover was in accordance with Section 4(f) of the NCS Act 2023, which empowers the Service to collaborate with other border regulatory agencies.
Adamu further explained that, “these interceptions demonstrate the readiness and vigilance of our officers in detecting cross-border movement of undeclared foreign currencies above the allowed threshold. The Command will continue to deploy technology, professional expertise, and intelligence-driven measures, including inter-agency collaboration to strengthen border controls and protect the integrity of Nigeria’s financial systems.”
Receiving the suspect and exhibits on behalf of the Executive Chairman of the EFCC, Mr. Ola Olukoyede, Ebelo expressed profound gratitude to the Customs Service for its professionalism and cooperation with EFCC officers recently deployed to the airport.
“We must sustain this vigilance at all our entry points to counter the illegal movement of currency. The failure to declare large sums of currency and its equivalent is a violation of the Money Laundering (Prevention and Prohibition) Act, 2022,” he said.
He urged the public to comply with the law, emphasizing that declaring currency attracts no penalty, only the source of undeclared funds may raise legal concerns.
“Once more, we call on the general public: as much as we are Nigerians and we encourage trade in and out of the country, people must adhere to the laws of the land. You must declare the currency you are carrying. If you declare it, nobody will seize your currency,” he said.
EFCC
Ebelo reaffirmed the EFCC’s commitment to thorough investigations and prosecution, stating that the Commission would continue to follow the law diligently
Both Ebelo and Adamu applauded the longstanding synergy between the EFCC and NCS which has been critical to combating financial crimes and illegal cash movement across Nigeria’s borders.
Eereporter.com
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