Here are the seven top business stories you need to track this week — August 4 to August 8.
NNPC CEO’S FATE HANGS IN THE BALANCE OVER DEALS WITH ATIKU’S SON-IN-LAW
The days of Bashir Bayo Ojulari as the group CEO of the Nigerian National Petroleum Corporation (NNPC) Limited are numbered, TheCable has been informed.
Although there are reports that he has resigned, TheCable learnt from insiders that he has not thrown in the towel yet, “but only a miracle will keep him in office at this stage”.
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The NNPC GCEO has been a subject of money laundering investigations following the alleged transfer of millions of dollars to the account of AA&R Investment Group, a company with interests in energy, agribusiness, logistics, and information communication technology.
FIRS STOPS ISSUANCE OF TAX EXEMPTION CERTIFICATES TO PIONEER FIRMS, NGOS, FREE ZONE ENTITIES
The Federal Inland Revenue Service (FIRS) says it has discontinued the issuance of tax exemption certificates to all categories of taxpayers, including pioneer status companies, non-governmental organisations (NGOs), and entities operating in free trade zones.
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In a public notice issued by the FIRS, the tax authority said the decision is part of ongoing efforts to ensure transparency and adherence to existing tax laws.
The agency said exemption certificates that have already been issued remain valid until their expiry dates.
However, the tax body said no renewals will be granted once they expire.
AfDB FLAGS OFF SAPZ PROJECT IN OYO — FIRST IN SOUTH-WEST
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The African Development Bank (AfDB), in collaboration with the federal government and other partners, has flagged off a special agro-industrial processing zone (SAPZ) project in Ijaiye, Akinyele local government area (LGA), Oyo.
The groundbreaking ceremony took place in the state on Saturday.
In a post on X, the AfDB said the project is the first in the south-west, aimed at transforming agriculture and driving economic growth in the region.
KEYAMO UNVEILS PLANS TO REVAMP LAGOS AIRPORT, SAYS SUBSIDY GAINS WILL FUND PROJECT
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Festus Keyamo, minister of aviation, has unveiled plans to revamp terminal one of the Murtala Muhammed International Airport (MMIA) in Lagos, promising that Nigerians will be proud of the transformation.
Keyamo had said the Lagos airport rehabilitation would cost N712.25 billion.
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Clarifying the approvals secured from the FEC, the minister said terminal one will be renovated, while terminal two will be expanded.
NIMC WARNS NIGERIANS AGAINST SELLING NIN DATA
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The National Identity Management Commission (NIMC) has warned Nigerians against selling their personal information, including their national identification number (NIN), to third parties.
Kayode Adegoke, head of corporate communications at NIMC, said the commission is deeply concerned by a recent disclosure from the Economic and Financial Crimes Commission (EFCC) that some Nigerians are engaging in the illegal sale of personal information.
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The EFCC, in a post on X, raised concern over a growing fraudulent scheme devised by scammers to swindle Nigerians of their hard-earned money, warning the public to be cautious of widespread ticket discount promos by foreign airlines.
‘NNPC WON’T SELL PORT HARCOURT REFINERY’
The Nigerian National Petroleum Company Limited (NNPC) says it has no plans to sell off the Port Harcourt Refining Company (PHRC), reaffirming its commitment to completing the high-grade rehabilitation and retention of the plant.
Bayo Ojulari, the group chief executive officer (GCEO) of the NNPC, announced the organisation’s decision during a company-wide townhall meeting at the national oil firm’s headquarters in Abuja.
Ojulari said the position of the national oil company is not a shift, but informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
NEW TAX LAW INTRODUCES RENT RELIEF CAPPED AT N500K FOR NIGERIANS
The federal government has abolished the longstanding consolidated relief allowance and personal relief for individuals under Nigeria’s personal income tax system, replacing it with a rent-based deduction mechanism as contained in the newly enacted tax Act.
According to the Act, the total income of an individual for any year of assessment is to be computed as “the taxable income less total deduction”.
Under the new provisions, taxable income includes “assessable profits from trade, business, profession or vocation, employment income, investment income, profits or income from any other source, and chargeable gains from the disposal of chargeable assets”.
From 2026, individuals can claim rent relief equivalent to 20 percent of the annual rent paid, capped at N500,000, whichever is lower.
