Economy
FG Under Pressure to Extend VAIDS Deadline
By Modupe Gbadeyanka
With less than three weeks to the expiry of the Voluntary Asset and Income Declaration Scheme (VAIDS), pressure is beginning to mount on the Federal Government to extend the tax amnesty programme, Punch is reporting.
Investigations by our correspondent revealed that some former governors, top politicians, high profile individuals, business owners and professional bodies were among those seeking an extension of the scheme.
The VAIDS offers a grace period from July 1, 2017 to March 31, 2018 for tax defaulters to voluntarily pay back to the government what they owe.
In exchange for full and honest declaration, the government promises to waive penalties that should have been levied and the interest that should have been paid on overdue taxes.
Also, those who declare their tax obligations honestly will not be subjected to any investigation or tax audit after the nine-month grace period.
But sources in government confided in our correspondent on Monday that there had been pressure on the Presidency in the last few days to grant an extension of the programme.
It was gathered that many of the politicians, high net-worth individuals and business owners were stunned by the huge evidences the government was showing them about what they owned and where the assets were being kept.
It was further gathered that the government was able to get the assets of many of the high profile individuals through its data mining programme.
Findings revealed that through the data mining programme called ‘Project Lighthouse’, the Federal Government had been tracking the assets of high net-worth individuals.
It was learnt that many tax defaulters had been identified and contacted by the VAIDS office following transaction data obtained from agencies of government such as the Corporate Affairs Commission (CAC), the Nigeria Customs Service (NCS) and the Nigerian Communications Commission (NCC).
Through payment platforms such as the Government Integrated Financial and Management Information System and Remita, the government is able to get more evidences on tax-defaulting companies.
Officials told our correspondent that the Federal Government had extended its searchlight to property owners in highbrow areas across the country.
The search, according to a senior government official, is being done with the support of some state governors.
The official said that the Federal Government, through Project Lighthouse, had received documents on property owners from state governments.
The first set of property owners under scrutiny for tax compliance, according to the source, are owners of properties in Lagos and Abuja.
It was learnt that in the Federal Capital Territory, the properties under scrutiny included those located in choice locations such as Maitama, Asokoro, Garki and Wuse.
In Lagos State, it was gathered that properties in areas such as Banana Island and environs, Magodo, Lekki, Ikoyi, and Victoria Island, among others, were under scrutiny.
The government will also be extending the searchlight to the North, South-East and South-South states, according to the senior government official.
It was learnt that tax records and bank account details of the property owners were being reviewed by the Project Lighthouse team.
The source stated, “You will recall that the government in July last year commenced VAIDS and we have about three weeks to the end of that tax amnesty scheme. The state governments have now realised that the bulk of the revenue from VAIDS will go to them as many of these taxpayers reside in the various states.
“So, the governors are now collaborating with the Federal Government to provide data of property owners in choice areas to determine their tax status. It has been observed that most of the taxpayers’ lifestyles do not reflect in their tax payment.
“The extension of the searchlight on these property owners is not unconnected with illicit financial flows to property owners not paying taxes.”
The source added that some state governments, in their collaboration with the Federal Government, had provided electronic searchable database for both individual and corporate property owners.
Some of the pieces of information contained in the electronic searchable database are the name of the property owner, plot number, location of the property and Certificate of Occupancy number.
Minister of Finance, Mrs Kemi Adeosun, last week said the government would name, shame and prosecute tax evaders who failed to take advantage of the amnesty programme under the VIADS to regularise their tax profiles.
Mrs Adeosun stated that the Federal Government had the political will to prosecute tax evaders once the amnesty programme was over by March 31, 2018.
She said, “The Federal Government has the political will and data to go after tax evaders who fail to take advantage of the tax amnesty programme. Many Nigerians cannot explain their lifestyles or match their lifestyles, assets and incomes with their tax payment.
“We will close VAIDS at the expiry of the programme on March 31, 2018. And once the programme is closed, we will name and shame and prosecute tax evaders.”
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
