Business
Briscoe Motors in huge N1.9BN tax debt as FIRS shuts down premises
The enforcement unit of the Federal Inland Revenue Services (FIRS), on Friday, 13th May, 2016, continued its closure of big companies in Lagos and across the country for non-payment of a variety of taxes. In Lagos, FIRS officials the shut down the premises of RT Briscoe Nigeria PLC, Sinopec Nigeria, an oil and exploration company in Ikoyi, over failure to remit their taxes.
The Lagos enforcement team, led by Emeka Obiagwu, sealed up Briscoe Motors located on Fatai Atere Way, Mushin, over the company’s failure to remit N1.9 billion in taxes. The team ordered the staff out of their offices and locked up the building.
A top management staff of the company made efforts to pacify FIRS officials, saying the company had N150million to the FIRS. Obiagwu, however maintained that until the company remits a minimum of 50% of the total amount owed in taxes, its premises will remain shut.
“My mandate is to get at least 50% percent of the total amount owed by the company, anything less than that will not be acceptable,” Obiagwu said.
At Sinopec Nigeria, the company which owes $15million, the enforcement team had no trouble shutting down the office premises and staff quarters
In Abuja, the FIRS sealed the offices of the Talevaras Group , owned by billionaire businessman, Igho Sanomi.
The Warrant of Distraint presented to the company by the leader of the enforcement team, Miss Ruth Mandeun, indicated that the international energy firm was in default of payment of N745,204,389.45 million tax arrears for five years.
The tax liability was made up of unpaid/unremitted Company Income Tax, Education Tax, Withholding Tax and Value Added Tax from 2010 to 2015. The company offices in Maitaima and Wuse 2 areas of Federal Capital Territory were sealed by the FIRS team.
Aliu Jimeta, the company’s Head of Finance, told the FIRS team that the company has an arrangement to defray its tax liabilities with the local office of FIRS and has already paid N500 million.
However, he could not produce evidence of the payment. Miss Madeun insisted on sealing off the company unless it was ready to defray the liabilities within an hour.
“Whatever arrangement you’ve made in the past does affect what we are doing here. Your liability as at when due is what is written here,” Miss Mandeun replied, flashing the Distraint Warrant.
After waiting for about two hours without the company making any attempt at payment, the FIRS team asked all the workers of the company to vacate the premises while they proceeded to seal off the building.
The team then proceeded to also seal the Wuse 2 office of the energy firm.
Jimeta, however, promised to look for funds to pay the outstanding tax liabilities.
The first company visited by the enforcement team, Hammoud and Saidi International, is located at Wuse Zone 5 Area of Abuja.
The company is owing N5.9 million tax liability for the 2012. Only one official of the company who simply identified himself as Tony was available to at the time of the enforcement’s team’s arrival.
He could not present any evidence of payment to the enforcement team. Consequently, the office of the company was shut. Also on Friday, the FIRS team in Aba, Abia State, shut down the premises of Dan Dollars Limited and D.E Okafor and Sons Limited for non-remittance of taxes.
It will be recalled that the FIRS team, on Thursday, shut the Imo Transport Company and Hotels & Tours Ltd in Owerri. Imo State.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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