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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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' 20 million active businesses pay taxes regularly '


By Akinola Ajibade



No fewer than 20 million out of 68 million active businesses in Nigeria are paying taxes as at when due, the Executive Chairman, Federal Inland Revenue Services ( FIRS), Muhammed Nani has said.
Nani, who spoke during a presentation on webinar, lamented that the development is not good enoúgh for the country, in view of the fact that Nigeria requires huge funds to manage its economy. 
He said that the figure, as released by the National Bureau of Statistics ( NBS) is not encouraging, a development, which has made to the two tax agencies to combine forces together in order to enable defaulters pay their taxes promptly.
Communicating the resolve to made  defaulters pay up their taxes  in a public notice, titled: “Post-VAIDS Enforcement and Prosecution Exercise,” Nami, who doubles as the  Chairman JTB, urged  tax payers across the country to  pay up their dues , in order to move the country forward.
Still on taxes,  he said that JTB and FIRS are embarking on what he describes as full-scale enforcement exercise, adding that the issues include prosecution of defaulting taxpayers who did not take advantage of the Scheme (VAIDS) would happen soon.

“The Joint Tax Board (JTB) in conjunction with the Federal Inland Revenue Service (FIRS), is embarking on a full scale Enforcement Exercise, including prosecution of those defaulting taxable persons who did not take advantage of the scheme.The defaulting taxpayers will be assessed to tax in accordance with the relevant provisions of the tax laws.” he said.

Similarly, the Special Assistant to the Executive Chairman, FIRS, on Media and Communication,  Johannes Wojuola, in a statement,said that taxpayers who had outstanding tax liabilities which had previousl declared under the Scheme were encouraged to pay up their outstanding liabilities immediately to avoid having the reliefs granted by the scheme withdrawn.

Recall that the Voluntary Assets and Income Declaration Scheme (VAIDS), Executive Order No. 004 of 2017, provided an opportunity for taxpayers who were in default to voluntarily declare their assets and income, and pay taxes due on them, and in return obtain amnesty from prosecution among other benefits for a 12 month period from the 1st of July, 2017.

The scheme had also provided that upon taking advantage of the amnesty, tax reliefs such as immunity from prosecution for tax offences, immunity from tax audit, waiver of interest, waiver of penalties and the option of spreading payment of outstanding liabilities over a maximum period of three (3) years would be available.

The Executive Order, had however stated that the consequence of failure to comply with the scheme would be met with liabilities for the offending taxpayer, including liability to pay in full the principal sum, as well as to pay all penalties and interests that have arisen.

This also included a comprehensive tax audit for the taxpayer and withdrawal of reliefs granted.

This Post-VAIDS Enforcement and Prosecution Exercise is coming on the heels of a Post-VAIDS Stakeholders’ Webinar held on 6th June, 2022 and organised by the FIRS.

During the Webinar the Service used the opportunity to explain to stakeholders including consultants and taxpayers the background and successes of the scheme.

Muhammad Nami, during the webinar noted that according to data from the National Bureau of Statistics, over 68 million businesses were active in Nigeria, while less than 20 million of these were active taxpayers.


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