Business

Old Tax Laws Made Nigerians Poor — Tinubu Defends New Reforms

Published

7 months ago

April 15, 2026

President Bola Ahmed Tinubu has said that outdated, colonial-era tax laws contributed significantly to economic hardship and poverty among Nigerians.

The President made the remark during the commissioning of the 16-storey headquarters of the Nigeria Revenue Service (NRS) in Abuja, according to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.

Tinubu noted that the tax reforms introduced by his administration are aimed at replacing obsolete structures with a more inclusive and growth-driven system.

“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope,” he said. “I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity.”

According to the President, the new tax system, which became fully operational in January, is designed to strengthen the country’s fiscal foundation while promoting long-term economic growth.

He described the reforms as a deliberate effort to build a transparent, efficient, and people-centred revenue system capable of restoring public trust and supporting national development.

Addressing public concerns, Tinubu said the new framework would simplify taxation, eliminate distortions, and promote fairness, while also protecting vulnerable citizens.

“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment,” he stated. “Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people.”

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Business

Fidelity Bank Plc redeems $400m eurobond at maturity

Published

5 hours ago

October 28, 2026

PlateauReports

Fidelity Bank Plc has redeemed its 5-year $400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting investor obligations and reinforcing its track record in the international debt capital markets.

Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.

The redemption was funded from internally generated liquidity as part of the bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.

Commenting on the development, Fidelity Bank Plc’s Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, said the successful redemption reflected the bank’s disciplined approach to financial management and its commitment to delivering on its obligations.

“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Mrs Onyeali-Ikpe said.

The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, in which the bank raised $300 million and $400 million, respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the bank’s international debt offering.

READ ALSO: World Bank projects 23% rise in global commodity prices in 2026

The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The bank’s capital-raising efforts increased its eligible regulatory capital to approximately N533 billion, exceeding the N500 billion minimum capital requirement for banks with international authorisation.

The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.

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Business

Coronation Insurance Seeks SEC Approval for Proposed Share Acquisition Scheme

Published

13 hours ago

October 28, 2026

PlateauReports

BY NKECHI NAECHE-ESEZOBOR—Coronation Insurance Plc has resubmitted its application to the Securities and Exchange Commission (SEC) for formal approval of a proposed scheme of arrangement that would allow its core shareholders to acquire the shares held by other shareholders in the company.

According to the notice to Nigeria Exchange Limited, shareholders and the investing public, the company said it submitted the application on October 16, 2026, following the resolution of outstanding matters that had previously prevented the SEC from reviewing the proposal.

The proposed scheme follows a court-ordered meeting held on December 22, 2023, where shareholders considered and approved the arrangement between the company and holders of its fully paid ordinary shares.

The proposal was initiated by Coronation Capital (Mauritius) Limited and its related parties, collectively referred to as the core shareholders, to acquire the shares of other shareholders in Coronation Insurance.

The company applied to the SEC for formal approval on December 27, 2023. However, the commission was unable to proceed with its review because of certain pending matters.

According to the notification, those matters have now been resolved. Coronation Insurance subsequently wrote to the SEC on September 22, 2026, informing the commission of the development and requesting formal approval of the scheme.

The SEC acknowledged the conclusion of the outstanding matters in an email dated October 7, 2026, and requested that the company submit a formal application accompanied by all required documents. Coronation Insurance said it complied with the request on October 16, 2026.

The company also disclosed that it had informed the core shareholders of the developments, adding that they had confirmed their continued interest in proceeding with the scheme, provided its implementation complies with applicable laws, regulations, market rules and precedents.

Under the proposed arrangement, the consideration payable for the shares will be based on the highest trading price recorded for the company shares on NGX during the six months preceding the date of the notification.

The company stated that the consideration price remains subject to the receipt of all required regulatory approvals.

The notice added that the company said several steps remain before the scheme can be completed.

These include obtaining the SEC’s formal approval, securing an order from the Federal High Court sanctioning the scheme, and filing a certified true copy of the court order with the Corporate Affairs Commission.

The company will also be required to pay the scheme consideration to minority shareholders, apply to the NGX for the delisting of its shares and complete the delisting process.

Completion of the scheme remains subject to SEC approval, the sanction of the Federal High Court and the filing of the certified true copy of the court order with the Corporate Affairs Commission.

The company said it would continue to update shareholders and the investing public on further developments.

It also advised shareholders and investors to exercise caution when dealing in its shares until further announcements are made.

The post Coronation Insurance Seeks SEC Approval for Proposed Share Acquisition Scheme appeared first on Business Today NG.