Author: New Daily Prime

Stakeholders across Nigeria have called for more extensive consultations on the controversial tax reform bills currently under consideration in the National Assembly. This follows growing opposition from the Peoples Democratic Party (PDP), northern lawmakers, and various public figures who have expressed concerns about the potential economic and social impacts of the proposed legislation. The proposed tax reforms, which include the Nigeria Tax Bill 2024, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, aim to overhaul the nation’s tax system. The reforms seek to consolidate existing tax laws, establish clearer frameworks for tax…

Former President Olusegun Obasanjo has expressed his gratitude to General Yakubu Gowon (rtd.) after Gowon revealed that he had personally pleaded with the late General Sani Abacha to spare Obasanjo’s life during the latter’s imprisonment. Gowon made the revelation during the Plateau Interdenominational Unity Christmas Carols and Praise Festival in Jos, where he spoke of his efforts to prevent Obasanjo’s execution. He explained that he wrote a letter to Abacha, appealing for clemency for Obasanjo, who had been incarcerated by the Abacha regime on charges of plotting a coup to overthrow the military dictator. Gowon mentioned that he had sent…

Workers in the Federal Capital Territory (FCT), Cross River, Nasarawa, Ebonyi, Kaduna, and Zamfara states are set to embark on a strike from Monday, December 2, following the failure of state authorities to implement the N70,000 new minimum wage. This strike is a response to the ongoing inability of various state governments to negotiate and finalize the payment of the national minimum wage. The Nigeria Labour Congress (NLC) had earlier directed workers in 14 states, including the FCT, to begin an industrial action, demanding the payment of the new wage. In response, the FCT NLC council had announced an indefinite…

The NASD Over-the-Counter (OTC) Exchange has urged public limited companies to adhere to the Securities and Exchange Commission’s (SEC) regulation mandating that the securities of public unlisted companies be traded exclusively on SEC-registered OTC platforms. Under this rule, the purchase, sale, and transfer of securities for unlisted companies are prohibited outside of a registered stock exchange, to ensure greater transparency in trading. The SEC requires that the securities of public companies be registered with the commission immediately upon creation, and their trading must occur through an SEC-approved OTC Exchange platform. The rule specifies that all securities of unlisted public companies…

The Nigerian Exchange Limited (NGX) ended last week on a negative note, reflecting the stock market’s response to the Central Bank of Nigeria’s (CBN) recent interest rate increase. On the heels of the Monetary Policy Committee (MPC) decision, the CBN raised its benchmark interest rate, the Monetary Policy Rate (MPR), by 25 basis points to 27.5%, up from 27.25%. This marked the sixth consecutive rate hike of the year, bringing the total increase to 875 basis points, compared to 225 basis points in 2023. In line with the rate hike, the NGX All-Share Index (ASI) dropped by 0.3% Week on…

Dozens of people were killed on Sunday, December 1, following violent clashes between football fans at a match in N’Zerekore, Guinea’s second-largest city, hospital sources reported to AFP. The scenes at the local hospital were described as horrific, with bodies filling every available space. “There are bodies lined up as far as the eye can see in the hospital. Others are lying on the floor in the hallways. The morgue is full,” said one doctor, who requested anonymity. Another medical professional confirmed that there were “dozens of dead,” while other reports suggested that around 100 people had lost their lives.…

There is a growing dispute between the Port Harcourt Refining Company (PHRC) and the Petroleum Tanker Drivers (PTD) regarding the loading of petroleum products at the refinery. PHRC has accused tanker drivers of causing delays in loading operations, while PTD, represented by its umbrella body, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has dismissed the claims as misleading. PHRC has expressed frustration over the slow pace of loading at the refinery, attributing the issue to the reluctance of tanker drivers to take on loads. In response, NUPENG’s General Secretary, Afolabi Olawale, has denied the accusation, stating that…

The National Association of University Students (NAUS) National Headquarters has expressed unwavering support for Professor Abayomi Sunday Fashina, the Vice Chancellor of Federal University Oye Ekiti (FUOYE), with a resounding vote of confidence. Comrade Ologe John Oluwatobiloba, the National Director of Campus Interventions for NAUS, praised Professor Fashina as the best Vice Chancellor FUOYE has ever had. He commended Fashina for his remarkable efforts in transforming the university into an internationally recognised institution while prioritising the welfare of both staff and students. NAUS strongly condemned the unfounded allegations and accusations against Professor Fashina, describing those behind them as “enemies of…

Barrister Pelumi Olajengbesi, a renowned human rights activist and legal practitioner in Abuja, on Tuesday, November 26, was awarded the prestigious Prominent People’s Award by Cornerstone Media. The award was presented in recognition of Olajengbesi’s significant contributions to the development of the legal profession in Nigeria. In his address, Mr. Ajibola Afolayan, the Executive Director of Cornerstone Media, praised Olajengbesi for his outstanding work and dedication to the legal sector. Afolayan emphasised the importance of acknowledging individuals who have made substantial strides in their professions, stating that such recognition serves as an inspiration for them to continue their efforts for…

The Deputy Spokesman of the House of Representatives, Philip Agbese, has emphasised that President Bola Tinubu’s proposed tax reform bills will ease the financial burden on Nigeria’s poor and small businesses once enacted into law. The four executive bills, which have sparked widespread debate, have led to tensions between the 36 state governors and the Federal Government. The governors have expressed concerns and called for the withdrawal of the bills in order to allow for more consultation. Despite this, some state leaders are beginning to reconsider their stance. Borno State Governor, Prof Babagana Zulum, remains a staunch critic of the…