Dangote Petroleum Refinery Reorganisation: Commitment to Safety, Integrity and Workers’ Rights

The Manufacturers Association of Nigeria has cautioned the Federal Government against the proposed introduction of a Tax Stamp System for excisable products, warning that the policy would increase production costs, harm consumers, and contravene the Nigeria Tax Act 2025.
In a statement by the Director-General of MAN, Segun Ajayi-Kadir, said the association appreciated the government’s drive to modernise tax administration, but the proposed measure “risks clawing back the reliefs granted under the 2025 Tax Act.”
Ajayi-Kadir said, “The introduction of a tax stamp system amounts to giving with one hand and taking back with the other. It would impose a hidden tax on industries under the guise of compliance, with small and medium-sized industries bearing disproportionate burdens.”
He stated that the measure would increase compliance costs that producers and importers would ultimately pass on to consumers, thereby worsening inflationary pressures.
Ajayi-Kadir observed that introducing a Tax Stamp System for excisable products could push households toward cheaper illicit products and erode the competitiveness of Nigerian manufacturers under the African Continental Free Trade Area.
DG noted that international experience had shown that tax stamps deliver limited revenue gains while creating heavy compliance and operational bottlenecks. He pointed to studies in Ghana and Uganda which found that stamp systems imposed significant cost burdens without curbing illicit trade.
Ajayi-Kadir stressed, “Paper-based tax stamps are prone to falsification, making it difficult for consumers and retailers to distinguish between genuine and counterfeit goods. Digital stamps, on the other hand, cut productivity by up to 40 per cent and have not reduced illicit trade.
He also argued that Nigeria already had home-grown digital tools such as the Customs’ B’Odogwu Automated Excise Register System and the Federal Inland Revenue Service’s e-invoicing platform, which provide real-time visibility of excise operations. “These tools already give the government the visibility that tax stamps claim to provide, without adding redundant layers,” he said.
MAN warned that introducing tax stamps would undermine the government’s efforts to promote local manufacturing and job creation. The association listed risks including increased circulation of counterfeit goods, reduced consumer demand, potential job losses, and deterrence of new investment in the sector.
Ajayi-Kadir added, “At a time when operators are grappling with rising excise rates, high energy prices, inadequate power supply, and high inflation, the additional burden of implementing tax stamps is a serious threat to industrial sustainability.”
He urged the government to reject any persuasion to roll out the system “in whatever guise or form” until a comprehensive stakeholder engagement and impact assessment were conducted.
Instead, MAN called on the government to strengthen existing digital fiscal tools and border enforcement, while adopting smarter, cost-effective alternatives such as targeted audits and risk-based compliance checks.
Ajayi-Kadir concluded, “Tax stamps often hinder local industry, erode gains in tax simplification, and yield limited revenue impact. The government should strengthen existing systems rather than impose undue burdens on manufacturers and consumers
The Jigawa State House of Assembly has passed a N58 billion supplementary estimate for the 2025 fiscal year.
The legislation followed the adoption of a report by the House Committee on Appropriations at the plenary on Thursday.
Chairman of the committee, Ibrahim Hamza-Adamu, said the supplementary budget arose from expected additional revenue accruing to the state from the federation account.
“The 2025 Appropriation Law appropriated the sum of N698,300,000,000 only for the recurrent and capital expenditure programme of the state during the 2025 fiscal year.
“With additional N58,000,000,000 of the supplementary appropriation budget, the total appropriation for the year will now be N756,300,000,000 only,” he said.
Hamza-Ibrahim urged the House to adopt effective oversight to ensure utilisation of the allocated funds in the approved areas.
The deputy speaker, Sani Isiyaku, who presided over the plenary, put the motion to a vote, and it was adopted unanimously by the members.
The News Agency of Nigeria (NAN) reports that the House approved the N689.3 billion Appropriation Bill for 2025 on December 31, 2024.
The budget tagged “Budget of Innovation and Transformation for Greater Jigawa” is made up of N90.7 billion personnel cost, N70 billion recurrent expenditure, and N537 billion in capital expenditure.
The lawmakers also approved N17 billion for the 27 local government areas of the state
The Dawanau Grains Market Association in Kano State has called for stronger collaboration with the Kano Electricity Distribution Company to improve power supply to the market.
A statement on Thursday by KEDCO’s Head of Corporate Communications, Sani Bala, said the association’s president, Muttaka Isa, appealed when he led a delegation on a courtesy visit to the company’s Managing Director, Dr Abubakar Jimeta, on Wednesday.
According to the statement, the visit was aimed at enhancing electricity supply for the operational efficiency of the Dawanau Grains Market, described as one of West Africa’s largest grain hubs.
Isa said the partnership would ensure all stakeholders benefit from ongoing and future projects.
He said, “We sincerely appreciate the efforts of KEDCO’s core investor, Future Energies Africa, its board of directors, and management in supporting the market’s development.
Reliable electricity is crucial to our operations, and we believe that with closer collaboration, we can unlock even more value for our members and the region’s economy.
“We wish to collaborate more with KEDCO, especially in expanding energy access within and around the market, and work out modalities to ensure that energy users in the market use it in an authorised manner.”
In his response, Jimeta reaffirmed KEDCO’s commitment to working closely with key economic clusters such as the Dawanau Market, acknowledging their strategic role in the region’s agro-economic landscape.
He also pledged to explore innovative solutions to meet the market’s energy needs.
Four of Nigeria’s leading financial institutions—United Bank for Africa, Zenith Bank, Guaranty Trust Holding Company, and Stanbic IBTC Holdings—have rewarded their shareholders with interim dividends amounting to about N135.49bn for the half-year ended June 30, 2025.
The dividend payment, detailed in their financial reports filed with the Nigerian Exchange Limited, provided relief to investors who had expressed concerns that lenders might hold back on payouts amid regulatory pressures and macroeconomic uncertainties.
Stanbic IBTC Holdings emerged as the highest interim dividend payer, declaring N2.50 per ordinary share of 50 kobo each. This translates to a total interim dividend of N39.75bn, subject to appropriate withholding tax and regulatory approvals.
The bank stated that shareholders whose names appear in its register of members as of Monday, October 6, 2025, would benefit from the payout. Analysts noted that Stanbic’s decision underlined its strong earnings capacity and commitment to shareholder value despite a challenging operating environment.
Zenith Bank, the country’s largest lender by market capitalisation, followed closely, approving an interim dividend of N1.25 per share across its 41,069,830,001 issued shares. This amounts to about N51.34bn.
In its interim report, Zenith explained that the dividend, subject to ratification by shareholders, would be paid from its retained earnings. The bank emphasised that the move reflected its robust financial position and resilience in navigating Nigeria’s evolving banking landscape.
Guaranty Trust Holding Company also announced a significant payout, rewarding shareholders with N1 per share, amounting to N34.14bn for the half-year period. GTCO’s decision reassured investors who had been worried that regulatory tightening might impact dividend payments across the sector.
Meanwhile, the board of United Bank for Africa proposed an interim dividend of N0.25 per share, translating into a dividend yield of 1.4 per cent and a payout ratio of 7.83 per cent. Though comparatively modest, UBA’s payout reinforced its track record of balancing profitability, regional expansion, and shareholder reward.
Collectively, these four institutions provided their investors with much-needed returns, boosting confidence in the financial sector. While these banks brightened investor sentiment, some financial institutions have struggled to meet regulatory deadlines for filing their half-year reports.
Access Holdings recently secured approval from the NGX to extend the publication of its half-year report from September 29 to October 22, 2025. The lender explained that the delay was to allow sufficient time to obtain clearance from the Central Bank of Nigeria.
Similarly, Fidelity Bank attributed its delay in releasing results to ongoing reviews of its audited financial statements. The bank assured investors that once the review process was completed and the CBN granted approval, the results would be published in line with NGX rules and other relevant regulations.
Other lenders, including First HoldCo, Sterling Financial Holding Company, Wema Bank, and FCMB Group, have already released their half-year results. However, none of them declared interim dividends, citing regulatory directives and capital management considerations.
The mixed pattern of dividend announcements across the banking sector follows a recent circular by the Central Bank of Nigeria. The apex bank ordered banks operating under regulatory forbearance to suspend dividend payments, defer executive bonuses, and halt offshore investments.
The directive, signed by the CBN’s Director of Banking Supervision, Olubukola Akinwunmi, was part of ongoing reforms to strengthen the resilience and stability of the Nigerian banking sector.
The CBN said it had reviewed the capital adequacy and provisioning levels of banks under regulatory forbearance—particularly those with significant credit exposures and breaches of single obligor limits—before issuing the directive.
Affected banks have since assured their shareholders that they are working to resolve exposures that necessitated the forbearance and would soon return to normal dividend payments. According to investment bank Renaissance Capital Africa, six Nigerian banks collectively hold about $3.52bn in forbearance loans.
However, optimism grew following the most recent Monetary Policy Committee meeting, where the CBN disclosed that the forbearance measures had been successfully wound down.
“The committee further noted the successful termination of forbearance measures and waivers on single obligors, which have helped to promote transparency, risk management, and long-term financial stability in the banking system,” the MPC said in its communique.
The MPC reassured investors and the public that the impact of the removal of forbearance would be temporary and would not compromise the soundness and stability of the banking system.
Analysts believe that the N135.49bn interim dividend payments by UBA, Zenith Bank, GTCO, and Stanbic IBTC will help restore investor confidence, particularly at a time when many shareholders had resigned themselves to reduced or suspended payouts.
The move is also seen as an indication of the resilience of Nigeria’s top-tier banks and their ability to navigate regulatory and macroeconomic headwinds while still rewarding investors.
With regulatory uncertainties gradually easing and forbearance measures lifted, industry stakeholders expect more banks to resume dividend payouts in the coming quarters, further strengthening investor confidence in the Nigerian banking sector.
The Nigerian Exchange reversed previous losses on Thursday, closing the trading session with a gain of N279bn in market capitalisation as investors returned to the equities market.
At the close of trading, the market capitalisation of listed equities rose to N89.4tn from the N89.1tn recorded in the previous session. The Index advanced by 432.94 points, or 0.31 per cent, to close at 141,149.04 points.
The performance lifted the market to a positive close after days of mixed sentiment, with analysts attributing the rebound to renewed bargain-hunting in large- and mid-cap stocks, particularly in the banking and oil and gas sectors.
Market data showed that a total of 781.7m shares valued at N19.5bn were traded in 20,382 deals, reflecting a 77 per cent improvement in volume, a 15 per cent increase in turnover, but a six per cent decline in the number of deals compared with the previous day’s trading.
In terms of price movement, MeCure Industries led the gainers’ chart with a 9.89 per cent appreciation to close at N26.10 per share, followed by Oando, which rose 9.5 per cent to end at N49.00 per share. McNichols gained 9.31 per cent to close at N3.64, while Chams rose 9.24 per cent to finish at N3.43 per share.
On the losers’ side, Eterna recorded the highest decline, shedding 10 per cent to close at N27.90 per share. Sovereign Trust Insurance dipped 4.84 per cent to N2.95, The Initiates lost 3.84 per cent to N12.02, while Caverton Offshore Support Group dropped 3.76 per cent to N6.40 per share.
Consolidated Hallmark Holdings emerged as the most actively traded stock with 333.2m units worth N1.25bn, followed by Sterling Bank, which exchanged 104.9m shares valued at N771.8m. Zenith Bank recorded 45.5m shares worth N3.14bn, while Fidelity Bank traded 26.1m units valued at N535.3m.
In terms of value, MTN Nigeria led with N5.01bn in transactions from 12.1m shares, followed by Zenith Bank at N3.14bn, Presco with N2.44bn, Consolidated Hallmark Holdings with N1.25bn, and UBA with N924.7m.
Sectoral performance was largely positive. The Banking Index rose 1.02 per cent, while the NGX Oil and Gas Index gained 0.74 per cent. The Consumer Goods Index appreciated 0.31 per cent, and the Pension Index advanced 0.37 per cent.
Overall, the market has posted a year-to-date return of 37.14 per cent despite recording a one-week loss of 0.78 per cent.
Analysts noted that the renewed buying interest suggests investors are positioning ahead of expected third-quarter earnings reports while also taking advantage of price corrections in key stocks.
First HoldCo Plc has notified the Nigerian Exchange Limited of insider dealings involving its Chairman, Olufemi Otedola, and his affiliated company, Calvados Global Services Limited, who jointly acquired 64.8m shares of the group valued at over N2bn.
In a regulatory filing dated September 24, the company disclosed that Otedola directly purchased 39,313,379 ordinary shares of First HoldCo at N31 per share. In addition, Calvados Global Services Limited, a company related to the billionaire investor, bought 25,565,289 ordinary shares at the same price.
The combined transaction amounted to 64,878,668 shares, translating to an investment worth about N2.01bn at the stated unit price.
According to the filing, the deals were executed on September 23, 2025, on the floor of the Nigerian Exchange in Lagos.
The disclosure, signed by the company’s board, emphasised compliance with regulatory requirements on insider dealings and transparency in shareholding transactions.
With this acquisition, Otedola, who already holds a significant stake in First HoldCo, further consolidates his position as a major shareholder in the financial services group.
Last year, The PUNCH reported that the Chairman of FBNHoldings, Otedola, has increased his stake in the business, as he acquired 2,029,376,358 units of shares valued at N18.95bn on Thursday.
Otedola acquired 316,506,776 units of FBNHoldings shares directly at N21.91 per unit. This brings the deal to about N6.93bn.
Also, in July, shares of First HoldCo climbed to a 52-week high of N36.45 per unit last week, according to data from the Nigerian Exchange Limited. This follows significant share divestments by firms linked to businessman Oba Otudeko and a former FirstBank chairman, Tunde Hassan-Odukale, in off-market transactions.