Business
Ogun Police Arrest Security Guard for Alleged Theft of Company Spare Parts
BY SUNDAY SAMUEL—Operatives of Owode-Egba Division of the Ogun State Police Command have arrested a 32-year-old security guard, Friday Ayuba, for allegedly stealing motor spare parts belonging to his employer at Ita-Asu Village, via Owode-Egba.
The arrest followed a report received at the Division on 30th May 2026 at about 6:00pm from the manager of the affected company, who informed the police that the suspect had earlier been apprehended by operatives of the Quick Response Squad (QRS), Ogun State Command, at the Sagamu Interchange axis along the Lagos-Ibadan Expressway while allegedly attempting to move company property without authorization.
Preliminary investigation revealed that the suspect, an employee of the company, was found in possession of several motor spare parts suspected to have been unlawfully removed from the company’s premises. The recovered items include four air controls, two air boosters, two engine seats, and two fuel pumps, all identified as property of the company.
During the course of investigation, the suspect reportedly admitted to the theft. Detectives promptly visited the scene for further investigation and documentation, while the recovered items were secured as exhibits.
The suspect remains in police custody as investigations continue. He will be charged to court upon the conclusion of the investigation.
The Commissioner of Police, Ogun State Command, CP Bode Ojajuni, psc, FCSS, MNIPR, commended the vigilance of the company management and the swift, coordinated response of the Quick Response Squad and officers of Owode-Egba Division, which led to the successful recovery of the stolen property and the apprehension of the suspect.
The CP reiterated the Command’s commitment to protecting businesses, critical assets, and residents across the State through intelligence-led policing and proactive crime prevention strategies. He further urged employers and members of the public to remain security conscious and promptly report suspicious activities to the nearest police formation or through the Ogun State Police Command emergency lines: Gateway Shield (Toll-Free): 0800 000 9111; Emergency Lines: 0906 283 7609, 0912 014 1706, 0915 102 7369, 0708 497 2994.
The post Ogun Police Arrest Security Guard for Alleged Theft of Company Spare Parts appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
READ ALSO: NRS launches Rev360 to ease tax compliance
Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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