Business
Ogun Police Arrest Two Over Illegal Firearm Possession in Ifo
BY SUNDAY SAMUEL—Operatives of Ifo Division, Ogun State Police Command, on Monday arrested two suspects, Adeola Mathew ‘M’ aged 47 years and Rasheed Omoniyi ‘M’ aged 48 years, over conspiracy and unlawful possession of firearm, following a credible intelligence-led operation at a criminal hideout in Ifo area of Ogun State.
The arrest was effected on Friday, 9th May 2026, at about 6:30 a.m., when detectives attached to Ifo Division acted on credible intelligence and stormed a criminal hideout along Ibogun Road, NITEL Area, Ifo.
During the operation, Adeola Mathew was apprehended at the scene, while a search conducted at the hideout led to the recovery of one locally made pistol concealed within the premises.
Preliminary investigation revealed that the recovered firearm was allegedly handed over to the suspect by Rasheed Omoniyi, who was subsequently tracked and arrested by the operatives.
The recovered locally made pistol has been secured as exhibit, while investigation is ongoing to ascertain the source of the firearm and the suspects’ possible involvement in other criminal activities.
The case will be transferred to the State Criminal Investigation Department (SCIID), Eleweran, Abeokuta, for further discreet investigation and prosecution.
The Commissioner of Police, Ogun State Command, CP Bode Ojajuni, psc, FCSS, MNIPR, commends the operatives for their swift response and reiterates the Command’s commitment to combating crime and ensuring the safety of residents across the State.
Members of the public are encouraged to remain vigilant and report suspicious activities 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 Two Over Illegal Firearm Possession in Ifo 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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