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Access Bank speaks on Herbert Wigwe’s death

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Access Bank Plc has reacted to reports of death of its Group CEO, Herbert Wigwe, in a helicopter crash in California, USA.

Wigwe, who has been feared killed in a helicopter crash was said to be with his wife, son, and a former Group Chairman of the Nigerian Exchange Group Plc, Abimbola Ogunbanjo.

The bank in a statement posted on its X handle on Sunday said it has received numerous inquiries concerning the crash and is working with the US authorities for updates.

“We have received numerous inquiries concerning an airplane crash in the USA. Presently, we lack specific information; however, we are actively collaborating with US authorities who will furnish updates.

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“Your understanding and support are valued, and we commit to keeping you informed promptly as we receive updates on the situation.”

Wigwe, his wife and others onboard the ill-fated helicopter are reported to have been en route to Boulder City, Nevada from Palm Springs, California, on Friday night when it crashed at about 10 pm, near a small town in California’s Mojave Desert.

This development has dashed the hope of many Nigerians who planned to fly to the country to watch the final match.

There has been an outcry over the high airfare to Abidjan, which is less than one hour, 30 minutes from Lagos.

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Nigeria’s Air Peace, Asky and Air Côte d’Ivoire, are few of the airlines flying to Abidjan.

Checks by our correspondent revealed that a one-way ticket from the Murtala Muhammad International Airport (MMIA) costs between N890,000 to N1.2million, while a return ticket costs over N2m, depending on the airline.

Checks on the website of Asky on Saturday indicated that a one-way fare is 1,229,811 for Sunday’s flight when the final match would be played, while the same flight costs N890,000.

On Air Côte d’Ivoire, the flight was priced at $913, which is over N1.3m at N1,450 to a dollar.

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Yesterday, a Professor of Law, Joy Ezeilo, a Senior Advocate of Nigeria (SAN), decried the price of flight ticket to Abidjan, saying she dreamt of watching the AFCON match live but was shocked with the price of the return ticket, which is estimated at over N2.1m.

She wrote, “I am dreaming of watching AFCON 2024 live and I enquired about flights to Abidjan to watch our Super Eagles play in the final. I believed that Ivory Coast, being so close (an hour and 35 minutes) wouldn’t cost me too much. However, my travel agent of over 20 years sent me a price quotation of N2,183,000.00, which was a huge shock. I did the math and realised that I would need to save my five months’ salary as a Professor of Law on the last professional step to buy one return ticket to a West African country.

“This is a sad reflection of our current economic realities. Please refrain from attempting to convert to US dollars, it is extremely depressing and demystifying of a full professor position. This will push the resolve of brilliant young ones we are training and mentoring to take over from us farther away from the classrooms to becoming political aspirants/election delegates.

She, however, pointed out that she had made an alternative plan which includes recharging her DSTV at N19,800, and to buy 20 litres of fuel to generate power because they didn’t have electricity during the semifinal match.

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“The struggle continues! Good luck to our Super Eagles! You are in my thoughts and prayers,” she stated.

However, an aviation management consultant, Babatunde Adeniji, said with the huge demand for flight to Abidjan, the value of a seat on the route also increased.

“Demand and supply of must-watch mean that each seat becomes so much more valuable. The demand and supply principle states that because of this final match, which is coming up just once, the value of your seat has gone up. If you throw a bid now on a 120-seat aircraft for all Nigerians to bid for seats, you know some people would bid much more than this amount you are even talking about, and that’s what is happening with ticketing,” he said.

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Reps Advance Tax Reform Bills Amid Unanimous Support

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…as legislators overcome initial opposition to move key revenue laws forward

…back tax reforms, call for clarity on key provisions

…weigh concerns over VAT, multiple taxation, Economic Impact

 
By Gloria Ikibah
 

The House of Representatives on Wednesday passed through second reading the four tax reform bills submitted by the President, with no opposition from lawmakers.

The proposed laws include the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill.

Originally introduced on October 8, 2024, deliberations on the bills were delayed due to concerns raised by northern leaders and the Nigerian Governors Forum, particularly over the Nigeria Tax Administration Bill, but Speaker Tajudeen Abbas had urged members to consult widely with their constituents before debating the proposals.

Naijablitznews.com reports that ahead of plenary on Wednesday, the four bills were merged into a single document for debate. Despite highlighting potential conflicts with certain constitutional provisions and a few contentious clauses, lawmakers overwhelmingly supported moving the bills forward.

House Minority Leader, Rep. Kingsley Chinda (PDP Rivers, representing minority voices, acknowledged broad support for the reforms but pointed out concerns regarding specific provisions. He emphasized that while the bills aim to restructure the tax system for better revenue generation, the interpretation of certain provisions requires careful review.

He said: “we have all agreed that the spirit behind the four bills is good. But we have issues with some of the letters of the bills. Why we oppose some letters of the bills, we support the spirit and want to assure Nigerians that we will watch those letters and at the appropriate time, we will ensure that the letters are corrected in the interest of Nigerians”.

The House of Representatives, on Wednesday, continued deliberations on the tax reform bills, with lawmakers expressing mixed reactions to various provisions, including proposed changes to Value Added Tax (VAT) and streamlining of multiple taxes.

Leade of the House, Rep. Julius Ihonvbere commended the President for initiating the reforms, and stated that the bills aim to modernize Nigeria’s tax system, eliminate multiple taxation, enhance revenue collection, and boost economic diversification. He acknowledged opposition to the bills but noted that differing perspectives had strengthened the final proposals.

Ihonvbere highlighted key benefits, including incentives for small businesses, improved revenue generation, and the reduction of tax burdens on low-income earners. He revealed that the reform would consolidate over 60 different taxes into just nine, ensuring quicker resolution of tax disputes within 14 days.

Minority Whip, Rep. Ali Isa (PDP, Gombe) raised concerns over Clause 146 of the Nigeria Tax Bill, which proposes a gradual VAT increase from 7.5% to 10% and later 15%, and cautioned that higher VAT could worsen economic hardship and urged the House to address areas requiring adjustments.

Chairman House Committee on Public Accounts, Rep. Bamidele Salam (PDP, Osun), emphasised that while tax reforms can be challenging, they are necessary for national development. He criticized Nigeria’s complex and duplicative tax laws, arguing that they deter investors and hinder economic growth.

Rep. Stanley Olajide (PDP, Oyo) pointed out that the House regularly establishes new agencies that require funding, making tax reform essential for sustaining government institutions.

Deputy Chief Whip, Rep. Isiaka Ibrahim Ayokunle (APC, Ogun) described the bills as a major step toward tax harmonization but stressed the need for penalties not only for taxpayers who default but also for government agencies failing to implement tax laws effectively.

In his submission, Rep. Sada Soli (APC, Katsina) raised constitutional concerns, particularly regarding Section 141 of the Tax Administration Law, which he said conflicts with existing legislation and creates jurisdictional overlaps. He also criticized ambiguities in VAT and fiscal policies that could overburden taxpayers.

Rep. Babajimi Benson (APC, Lagos) praised the bills for promoting fairness and increasing revenue for states. He also backed the decision to retain key agencies like TETFund, NITDA, and NASENI, stating, “I commend the President for having the guts to push these reforms now.”

Rep. Gboyega Nasiru Isiaka (APC, Ogun) reinforced the House’s commitment to reforms, stating, “From day one, we promised Nigerians a tax overhaul. Our system is outdated, and this is the change we need.”

The debate, which lasted over three hours, showcased a broad consensus on the need for tax reform while highlighting critical areas requiring fine-tuning before the final passage.

“Our tax to GDP is the lowest in the entire Africa and we need to enhance our tax return. Our budget is low and deficit is increasing. There she so many underground economies. That we need to reach out to”.

During deliberations on the tax reform bills, Rep. Marian Onuoha (APC, Imo) emphasized that the proposed laws aim to create a fairer tax system by placing a heavier burden on high-income earners.

Rep. Abubakar Hassan Fulata raised concerns over the absence of an interpretation clause in three of the four bills, warning that without clear definitions, the laws could be misapplied or exploited by those enforcing them.

Rep. Ademorin Kuye (APC, Lagos) stressed that Nigeria must reform its tax laws to remain globally competitive, while Rep. Leke Abejide (ADP, Kogi) praised President Tinubu for taking decisive steps to rescue the economy from collapse.

Addressing the derivation principle, which had been a contentious issue, Rep. Ahmed Jaha (APC, Borno) insisted that the law must clearly define the specific type of derivation it refers to in order to avoid ambiguity.

Rep. Donald Ojogo (APC, Ondo) highlighted the importance of integrating modern technology into tax administration to curb revenue leakages and boost collection efficiency.

Former House Leader, Rep. Alhassan Ado Doguwa commended lawmakers for their patriotism and Speaker Abbas Tajudeen for allowing thorough consultations before proceeding with the bills. He also praised the President for respecting the legislative process, particularly in retaining key government agencies.

Former Deputy Speaker Rep. Ahmed Idris Wase recalled how the tax reform debate initially caused divisions within the House but credited the Speaker’s diplomacy for maintaining unity. He welcomed the retention of TETFund, arguing that removing it would have harmed the education sector.

In a unanimous decision, the House passed the bills for second reading via a resounding voice vote, with no opposition. The bills have now been referred to the House Committee on Finance, which will conduct a public hearing for further scrutiny and stakeholder engagement.

 

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HAJJ! Saudi Arabia releases fresh 2025 rules, bars kids, updated visa policies

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By Kayode Sanni-Arewa

Saudi Arabia has announced fresh changes to the 2025 Hajj pilgrimage, including a new restriction barring children from participating.

The Ministry of Hajj and Umrah stated that the move aimed to protect children from potential dangers posed by heavy crowds during the pilgrimage.

The decision is part of broader efforts to ensure a safer and more seamless Hajj experience.

According to the ministry, the large crowds during Hajj pose serious risks to children, making this precautionary measure necessary.

Additionally, priority for the 2025 Hajj will be given to first-time pilgrims to allow more Muslims the opportunity to undertake this religious obligation at least once in their lives.

● Changes in visa regulations

Starting February 1, 2025, Saudi Arabia will issue only single-entry visas for pilgrims from 14 countries, including India, to prevent unauthorized Hajj participation.

Authorities noted that unauthorized pilgrimages had contributed to overcrowding at key sites, making crowd management and safety more challenging.

The updated visa policy aims to improve the overall Hajj experience by controlling the number of attendees.

Saudi authorities continue to refine Hajj regulations to make the pilgrimage safer and more organized.

Pilgrims are encouraged to register through official channels and follow the new guidelines to avoid complications.

Meanwhile, Saudi Arabia had also introduced significant changes to its visa policy, effective February 1, 2025, limiting travellers from 14 countries to single-entry visas.

This move aims to address concerns over unauthorized Hajj pilgrims entering the country on long-term visit visas.

● Affected Countries

The new regulations target travellers from the following nations: Algeria, Bangladesh, Egypt, Ethiopia, India, Indonesia, Iraq, Jordan, Morocco, Nigeria, Pakistan, Sudan, Tunisia, and Yemen. As part of the policy shift, the Saudi government has indefinitely suspended the one-year multiple-entry visas for tourism, business, and family visits from these countries.

●¡Hajj registration and new payment options

Saudi citizens and residents can register for the 2025 Hajj season via the Nusuk app or the official website. Applicants are required to verify their personal details and register their travel companions.

A new instalment-based payment plan has also been introduced for domestic pilgrims. Payments can be made in three stages: a 20% deposit within 72 hours of booking, followed by two 40% instalments due by Ramadan 20 and Shawwal 20. The ministry clarified that reservations will only be confirmed once the final payment is received.

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EFCC drags man to court for refusing to accept naira as legal tender

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By Kayode Sanni-Arewa

The Economic and Financial Crimes Commission (EFCC) on Wednesday, February 5, 2025, arraigned Precious Uzondu on a two-count charge bordering on alleged refusal to accept naira as a legal tender before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos.

One of the counts read: “That you, Precious Chimaobi Uzondu, on the 10th of December 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria’s legal tender) by accepting the sum of $5700 (Five Thousand Seven Hundred USD) as a means of payment for a purchase of a Carter diamond bracelet with serial number (12345678) and you thereby committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”

The defendant pleaded not guilty to the charges.

Given his pleas, prosecution counsel, Hannatu Naisa, prayed the court for a trial date and for the defendant to be remanded in a correctional centre.

Counsel to the defendant, Jennifer Achinuagole, informed the court of a pending bail application and prayed the court to adopt the same as her oral application.

Responding, Naisa informed the court about a counter-affidavit and a written address to the application. She prayed the court to accept the same and discount the application by the defendant.

After listening to both parties, Justice Owoeye admitted the defendant to bail in the sum of N5 million, with two sureties in like sum. The sureties must own landed property in Lagos which must be verified by the court and also swear to an affidavit of means.

The judge also ordered the defendant’s remand in the Ikoyi Correctional Centre and adjourned till April 8, 2025, for the commencement of trial.

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