Business
Senate Clears Customs of ₦62.2BN Under-remittance Allegation
BY JAMES OBIOMA—The Senate Public Accounts Committee (SPAC) has officially cleared the Nigeria Customs Service (NCS) of a N62.2 billion under-remittance allegation originally raised by the Office of the Auditor-General of the Federation in its 2019 audit report.
The clearance followed an investigative session on Tuesday, 16 June 2026, during which the Comptroller-General of Customs, Adewale Adeniyi, successfully defended the Service by proving that the alleged shortfall was a misclassification of revenue by auditors.
The original query, read by a representative of the Auditor-General under the direction of SPAC Chairman, Senator Ibrahim Dankwambo, had alleged that out of N691.242 billion generated by Customs in 2017, only N629.23 billion reached the Federation Account, leaving a balance of N62.2 billion.
Defending the Service’s financial integrity, CG Adeniyi explained that the multi-billion naira deficit was completely non-existent.
“The under-remittance of N62.2 billion levelled against Customs in the 2019 audit report was wrongly arrived at through misclassification of levies collected,” Adeniyi stated. “While most of the levies are to be collected and remitted into the federation account, others like the ones on local production of wheat, textiles and wines, etc do not go into the federation account, the totality of which accounted for the alleged unremitted N62.2 billion.”
Following identical, convincing clarifications on the first three major queries, a member of the committee, Senator Babangida Hussaini, wondered why the issues had not been ironed out sooner. He noted that as a former civil servant, such straightforward technicalities should have been resolved at the preliminary audit level rather than escalating to a full Senate investigation.
The post Senate Clears Customs of ₦62.2BN Under-remittance Allegation appeared first on Business Today NG.
Polaris Bank Limited has debunked reports claiming that over 34 persons died in a fire incident at its Broad Street branch in Lagos, describing the claims as false and misleading.
The bank issued the disclaimer in a post on X on Thursday, insisting that there were no casualties or fatalities in the fire incident.
A fire broke out on Thursday afternoon at a multi-storey building housing a Polaris Bank branch on Broad Street, Lagos Island.
The bank said the fire incident, which originated from a customer’s vehicle parked on the third-floor car park, was contained following the activation of its emergency response procedures and the prompt intervention of firefighters.
“A fire incident occurred today at the car park of our Broad Street Branch, Lagos, originating from a customer’s vehicle parked on the 3rd-floor car park.
“The fire was swiftly contained following the activation of our emergency response procedures and the prompt intervention of firefighters,” the bank stated.
READ ALSO: CBN, Polaris Bank refute liquidation rumors
Polaris Bank said it has commenced investigations to determine the cause of the fire incident, noting that reports claiming that over 34 persons were feared dead are false and misleading.
“We confirm that there were no casualties or fatalities. Reports claiming that over 34 persons were feared dead are false and misleading.
“Investigations into the incident are ongoing. We thank emergency responders, our staff, customers, and stakeholders for their support,” the bank said.
Polaris Bank urged the public to rely only on credible news platforms and its official channels for accurate information and to disregard false reports circulating online.
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.
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