Armed men, who claimed to come from the Imo State Police Command, Owerri, stormed the family house of the Senior Deputy News Editor of Daily Sun, Mr. Emma Njoku, and abducted his elder brother, Mr. Bennett Njoku and his 16-year-old son, David, in handcuffs.

They were reportedly taken to an unknown destination.

The incident is coming barely 48 hours to the burial of Emma Njoku’s mother, Ezinne Lolo Keziah Njoku, who died on September 15, 2024.

The armed men, about 10 in number, operated in a Gestapo style, shooting sporadically before barging into the family house while they were holding their morning devotion.

They were led by one Godspower Chimaeze who recently returned from abroad.

Prior to the incident this morning, Godspower had, on Monday and Wednesday, stormed the family compound with armed men dressed in mobile police uniforms, who fired several shots in the air while Godspower went about the compound threatening to deal with anyone who dared him.

In a conversation with the head of the village meeting, Godspower further threatened that Mr. Bennett Njoku and his 16-year-old son will not be released until four other of his siblings, including the Senior Deputy News Editor of Daily Sun, Emma Njoku, are in his custody.

Meanwhile, the incident has been reported to the Imo State Police Public Relations Officer (PPRO), Mr. Henry Okoye, who has assured he will step into the matter after he was briefed on the incident by the Daily Sun Deputy News Editor, Emma Njoku.

Source: daily delivery

The Federal Government of Nigeria has officially commenced the implementation of the 2024 Withholding Tax Regulations, a move that marks a significant step toward modernizing the country’s tax system. Approved by President Bola Tinubu in July 2024 and published in the Official Gazette in October, the new regulations became effective on January 1, 2025.

Formally known as the “Deduction of Tax at Source (Withholding) Regulations, 2024,” the updated tax regime aims to streamline compliance, reduce administrative burdens, and address inefficiencies in the system, especially for Small and Medium Enterprises (SMEs), manufacturers, producers, and farmers—sectors critical to Nigeria’s economic stability and growth.

In a statement posted on his official X (formerly Twitter) account on New Year’s Day, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, confirmed the new regulations’ effective date. He highlighted some of the key features of the reforms, such as exempting SMEs from withholding tax compliance. This measure is expected to alleviate financial and administrative pressures on these businesses, fostering growth and innovation in the sector.

The new regulations also include reduced withholding tax rates for businesses with low-profit margins to improve cash flow and reduce operational costs. Manufacturers, producers, and farmers are fully exempted from withholding tax obligations, a move intended to support these vital sectors and ensure their sustainability.

Additionally, the reforms aim to simplify the process of crediting taxes deducted at source, making it easier for businesses to claim and utilize these deductions efficiently. The regulations also address long-standing issues, including ambiguities around the timing of deductions and unclear definitions of key terms, which had previously hindered tax compliance.

These changes are also part of the government’s broader effort to combat tax evasion, enhance transparency, and minimize opportunities for tax avoidance.

Earlier, the Federal Government had unveiled a broader set of tax reforms to reduce the tax burden on the manufacturing sector and small businesses. These reforms, part of the “Deduction of Tax at Source (Withholding) Regulations, 2024,” also seek to simplify the deduction of taxes at the source for taxable entities under multiple tax acts, including the Capital Gains Tax Act, Companies Income Tax Act, Petroleum Profits Tax Act, and the Personal Income Tax Act.

In addition to these reforms, Oyedele recently announced that high-income earners could face an increased monthly PAYE tax burden under new proposed tax laws. These changes aim to address fiscal inequities that have resulted in “fiscal drag” due to inflation, pushing lower-income earners into higher tax brackets.

For instance, individuals earning N400,000 a month currently pay the same top marginal tax rate as those earning N20 million. Under the new tax framework, this discrepancy would be addressed, with high-income earners contributing more while providing relief to low- and middle-income earners.

Oyedele clarified that individuals earning N1.7 million or less per month would see reduced PAYE tax obligations under the proposed system, with more than 90% of workers in the public and private sectors benefiting from lower taxes. Meanwhile, top earners would face a slight increase in taxes, with rates reaching up to 25% for those earning over N50 million annually.

These reforms are designed to simplify the tax system, reduce the tax burden for most Nigerians, and address the disparity between personal and corporate tax regimes. Oyedele emphasized that while high-income earners would pay a greater share, the majority of Nigerians would benefit from tax reductions.

Ex- President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote in 2007 to manage the Port Harcourt and Kaduna refineries.

In an interview, Obasanjo explained that Dangote’s team was ready to enter into a Public-Private Partnership (PPP) to revitalize the refineries, but NNPC turned down the offer.

Obasanjo claimed that over $2 billion has been squandered since then, and the refineries are still not functional.