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New tax law: Presidential aide vows to die if reforms fail

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The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that he can die for Nigeria as a reformer.

Oyedele, who spoke against the backdrop of the alleged threats he claimed he got over the Nigeria Tax Administration Act (NTAA), 2025, at the Cowry Quarterly Economic Discourse at the Capital Club, Lagos, themed, ‘Nigeria in 2026: Will Politics Trump Economic Reform?’, explained key provisions of Nigeria’s capital gains tax regime and ongoing fiscal reforms.

According to him, the law already provides automatic capital gains tax exemptions for individuals whose total proceeds from asset disposal do not exceed N150 million, provided the gain is not more than N10 million within a 12-month period.

“The law says everyone is entitled to an exemption on capital gains tax. If the proceeds are not more than N150 million and the gain is not more than ?10 million in 12 months, the exemption is automatic; no explanation, no conditions attached,” Oyedele said.

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He further noted that pension fund administrators and real estate investment trusts also enjoy exemptions, subject to reinvestment of proceeds, stressing that the tax regime is structured to encourage long-term investment and market activity.

Oyedele explained that high-net-worth individuals only become liable to capital gains tax when they choose to exit investments permanently without reinvesting.

“This reform cannot fail; we don’t have a scenario for when it fails but how to make it better. President Bola Tinubu is taking the political risk while I am taking the other risk, including from people who are looking for my address to beat up my family. After all, there are Nigerian soldiers who died while protecting the country. I can’t die for Nigeria as a soldier, maybe I should die for Nigeria as a reformer. Mr. President is committed to the reform while those who do not want the reform are cooking up lies. They started fighting it as at the time we were drafting the bill,” he said.

Speaking on the forgery allegation, he said: “They hanged on to alteration and Nigerians were calling for the suspension of the law innocently while the people who started the conspiracy have a different motive. So, we were not moved and we asked them to point out the alteration when they find it. Nigerians have made the sacrifices from fuel subsidy removal, electricity subsidy removal, naira floatation and a lot of pain and sacrifice. The tax reform is coming in the middle of those reforms to help us accelerate on how we transform those outcomes into our micro reality.”

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The Director General, Lagos Chambers of Commerce and Industry (LCCI), Chinyere Almona, noted that while there are positive feelings about 2026, it’s also clear that businesses are still struggling, with the cost of doing business still high.

“Businesses are struggling because of the cost of power, which affects every other thing. We don’t have the right infrastructure in place; so businesses can’t operate to their best capacities.

The Nigeria infrastructure stock today is about 30 per cent of the GDP while the World Bank expects that emerging economy should be about 60-70 per cent and developed countries should be about 80 per cent and above but we are only 30 per cent; which means businesses will have to self-provide for things the state should provide,” Almona stated.

Also speaking, the GMD of Cowry Asset Management Limited, Johnson Chukwu, said there’s a misalignment between macro and micro economies, adding that the micro environment has not caught up with the macro.

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“There’s an increase in government revenue. So, the key thing we should look into is how do we drive improved household consumption? For this reform to be sustained, people must see improvement of their conditions.” (The Guardian, but headline rejigged)

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Court orders unconditional release of Okuama leaders

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The Federal High Court sitting in Warri, Delta State, on Wednesday ordered the unconditional release of Prof. Arthur Ekpekpo and other detained leaders of Okuama community in Ughelli South Local Government Area.

Delivering judgment in a fundamental rights enforcement application, Justice Hyeladzira Nganjiwa granted the order while ruling on a motion filed on May 4, 2026.

The case, Suit No. FHC/WR/CS/42/2024: Prof. Arthur Ekpekpo & Ors v. Federal Government of Nigeria & Ors, also has July 13, 2026, fixed for continuation of hearing on the substantive matter.

The court had earlier ordered that the detained persons be produced before it, a directive which was reportedly not complied with by the military authorities.

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Counsel to the applicants, Dr. Jonathan Ekperusi, appeared alongside Andrew Ubido, Esq., while Magdalene Irorere held brief for the 3rd and 5th respondents during the proceedings.

Following the ruling, members of the Okuama community expressed relief and joy over the court’s decision.

Victor Akemor, speaking on behalf of some community members, described the ruling as a welcome development.

“This is great news. Finally, we have reason to celebrate. The court is indeed the hope of the common man,” he said.

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He also called on the Delta State Government to assist in facilitating the implementation of the court order and commended community leaders and legal representatives for their efforts.

The detained individuals, including Prof. Arthur Ekpekpo, President General of Ewu Kingdom; Chief Belvis Adogbo; Dennis Malaka; and Mabel Owhemu, have been in custody for nearly two years.

One of the detainees, Pa James Oghoroko, reportedly died while in detention.

The Okuama leaders were arrested by military personnel between August 18 and 19, 2024, following the killing of 17 soldiers near the community.

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FG, Ethiopia Finalise Deal To Transfer Over 100 Nigerian Prisoners

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More than 100 Nigerians serving jail terms in Ethiopia may soon be transferred to Nigeria as both countries conclude arrangements for a prisoner transfer agreement.

Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, arrived in Addis Ababa for the signing of the pact alongside the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi.

The Nigerian delegation was received by Ethiopia’s Minister of State for Foreign Affairs and the country’s Chief of Protocol.

According to Odumegwu-Ojukwu, the agreement is scheduled to be signed on Wednesday.

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She disclosed that four Nigerian inmates died during the lengthy process of negotiations, judicial reviews and ratification of the agreement.

“We cannot afford to lose any more precious lives. We are determined to bring home the living,” she stated in a post on her X handle.

The minister identified Kaliti Prison and Aba Samuel Prison as the facilities where the affected Nigerians are being held.

Odumegwu-Ojukwu described the agreement as a product of the longstanding relationship between Nigeria and Ethiopia, anchored on humanitarian considerations, justice and bilateral cooperation.

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She said that while the Nigerian government continues to urge its citizens abroad to obey the laws of their host countries and protect the nation’s image, it remains committed to ensuring that Nigerians facing legal challenges overseas are treated fairly and in accordance with established legal frameworks.

The minister added that the welfare and protection of Nigerians abroad remain a key priority of President Bola Tinubu’s administration.

She also expressed appreciation to the Ethiopian government for its cooperation in bringing the agreement to fruition.

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N33.8b fraud: Court summons ex-minister Mamman’s lawyer over alleged false claim

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A Federal High Court in Abuja yesterday rescheduled further hearing for June 24 in the post-conviction proceedings being conducted in the N33.8 bilion case involving former Power Minister Saleh Mamman.

By the court’s schedule, a lawyer to Mamman, Mohammed Ahmed, is to appear to explain some aspects of an affidavit he filed, in which he made some allegations against the trial judge.

Yesterday’s adjournment was informed by the claim by another lawyer, Suleiman Yakubu that Ahmed was indisposed.

The court had on May 7 convicted Mamman on all 12-count charged on which he was prosecuted and sentenced him to 75 years imprisonment in absentia.

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Upon an order for his arrest and production, the prosecuting agency, the Economic and Financial Crimes Commission (EFCC) apprehended him somewhere in Kaduna and presented him before the court on May 26.

The court directed that he should be committed to the Kuje prison where he is must serve his sentence.

Also on May 26, the prosecution informed the court about its motion for the forfeiture of some recently discovered assets allegedly acquired unlawfully by Mamman.

But, before the application could be heard, lawyer to the defendant exited the court without the notice, a development that informed an adjournment till June 8.

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The recently discovered assets, according to court documents filed by the EFCC, include: Walijam Apartments, located on No.43, Plot 435 Lobito Crescent, Wuse 2, Abuja and Bloom Luxury Suites Nigeria Limited, located at No 5, Amana Crescent, New Estate Unguwan Rimi, Kaduna State.

They include a mansion on No 11, Misratah Street, Wuse 2, Abuja; a mansion on No 13, Misratah Street, Wuse 2, Abuja and A.U.A. Plaza, situated on Plot 734, Kade Street, Wuse 2, Abuja.

On June 8, lawyer to the prosecution, Rotimi Oyedepo, (SAN) reminded the court that the business of the day for hearing of the prosecution’s motion for consequential order to forfeit some properties belonging to the convict (Mamman).

The trial judge, Justice James Omotosho drew Oyedepo’s attention to a counter affidavit filed for the defendant, but which was deposed to by his other lawyer,  Ahmed, who, in the affidavit, allegedly claimed that the judgment delivered on May 7 was done when the judge “became enraged.”

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Oyedepo claimed not to have been served with the affidavit, following which Justice Omotosho ordered, who Yakubu, who appeared for Mamman, to give a copy to the prosecuting lawyer.

Justice Omotosho directed Ahmed, who deposed to the affidavit, should appear before his court on May 10 to provide explanation in relation to some of his averments in the affidavit he deposed to.

Ahmed was absent on May 10. Yakubu, who also appeared for the defendant, claimed Ahmed was ill.

Yakubu, who apologised for the manner he left the court on the previous date, claimed that Ahmed has been ill for some time, saying: “He has been coughing, and we don’t know if it is tuberculosis because the cough has defiled all drugs.”

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He further claimed that Ahmed has gone to his village for treatment and urged the court to adjourn further hearing till the following week.

At that point, Justice Omotosho sought to know how Yakubu came to the conclusion that Ahmed suffered from tuberculosis.

Responding, Yabuku said it was because Ahmed had taken drugs and his ailments persisted, a response, that prompted prosecuting lawyer to express disappointment with the attitude of the defence lawyers.

Oyedepo said: “This is what we kept complaining about. We are counsel in the temple of justice my Lord. I don’t know when I started experiencing a bitter part of my colleagues in this matter.

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“I don’t think this is proper. As it stands now, our motion is ripe for hearing.”

Oyedepo, who accused the defendant of deploying dilatory tactics, said: “these tactics will not work,” following which he agreed to an adjournment.

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