Business
‘NNPC owes us N16Billion’ – Capital Oil reveals amidst arrest of CEO, Ifeanyi Ubah
Capital Oil and Gas Industries Limited, owned by businessman, Ifeanyi Ubah has alleged that the Nigeria National Petroleum Corporation (NNPC) owes it N16 billion.
The company stated this in reaction to the arrest and detention of its chairman, Ubah by the Department of State Security (DSS) for what the agency said was based on his involvement in alleged stealing, diversion and illegal sale of petroleum products stored in his tank farm.
But in a statement released on Monday, the management of the company denied the accusation, adding, that it is an attempt to criminalise a commercial dispute between the company and the NNPC.
While it was widely reported that Capital Oil and Gas was unable to return 82 million litres of petrol, valued at N11 billion, out of over 100 million litres which the NNPC kept with it, the company said rather, it was the NNPC that owes it N16 billion.
According to the company, it is owed “$5,540,000 (N2.2billion) – unpaid berthing fees for NNPC vessels that called at our Jetty, $2,952,555 (N1billion) – invoice for chartered vessels to carryout STS operations Lagos offshore to ferry product (PMS) to storage at the request of NNPC since 2015, N1.170billion – amount owed to Capital Oil & Gas Industries Limited for throughput services from March to October 2016, N3.146billion – payment made to NNPC for 26,820million litres of PMS vide Pro-forma Invoice No. 53598 which is yet to be delivered to us”.
It listed other debts to include, N2.0billion – Payment to NNPC in April to facilitate the release of the Managing Director and engender reconciliation which NNPC reneged on. N6.266billion – N0.80k and N0.40 Jetty Throughput charge on over 7 billion liters dispensed for NNPC by us”.
In the statement, the company also narrated the events that led to the arrest of Ubah, a one-time governorship candidate in Anambra state. “The incarceration of our Chairman by DSS is unlawful, a disregard for the rule of law and a breach of Dr. Ubah’s fundamental right to liberty, freedom of movement and association.
“A similar invitation was extended to Dr. Ubah on the 24th of March 2017, which he honoured as a law-abiding citizen only to be detained in DSS offices in Abuja for almost a month.
“During that period a Fundamental Rights Enforcement Application was brought on behalf of Dr. Ubah at the Federal High Court Lagos as Suit No. FHC/L/C/487/2017.
“Although an order was made for his production in court in that action, rather than obey the order, officers DSS, using a combination of coercion and cajoling, constrained him to discontinue that action upon an understanding that he would be immediately released. He was not released until over two weeks after he had complied and completely discontinued that action.
“Upon his release on the 13th of April 2017, it was now discovered that during his incarceration he had been coerced into executing various documents committing the company to make certain payments and pledge some assets to NNPC Retail Limited. He was also made to execute a document in favour of the Asset Management Corporation of Nigeria (AMCON).
“As soon as his doctors permitted access to him an action was brought at the Lagos Division of the Federal High Court seeking, inter alia, an order to restrain DSS and others from further inviting, arresting or threatening to arrest or detain him in regard to the NNPC/NNPC Retail Ltd matters.
“The processes originating the new action filed as Suit No. FHC/L/CS/644/2017, were served on the DSS on the 28th of April 2017.
“Dr. Ubah’s lawyers wrote to the DSS pointing out that any preemption of the judicial intervention during the pendency of the new action is totally irregular, a disregard of the rule of law, the constitutional guarantees of separation of powers and breach of the doctrine of Lis Pendens.
“Rather than respect its constitutional and statutory limits the DSS has brazenly abducted Dr. Ubah and commenced a media blitz to justify their illegality”, the company stated.
Meanwhile, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has advised on dialogue to settle the lingering crisis brewing between the government, the DSS and the Management of Capital Oil over the alleged illegal sale of petroleum products stored in their tank farm by the NNPC.
The union stressed its displeasure over the illegal diversion and sale of the petroleum products by Capital Oil, but that it was of the opinion that the Federal Government cannot sit down and watch workers lose their jobs, as in the case of Capital Oil, where over 2,000 workers are presently idle.
It added that the global practice is for government to secure and create jobs.
NUPENG made this known in a statement signed by the President, Comrade Igwe Achese. The Union also stated that workers have the right to protest the non-payment of their salaries and allowances and that the Federal Government should secure the jobs of those working in the sector.
NUPENG also mentioned the case of Seawolf Oil Services that was taken over by the Assets Management Corporation of Nigeria (AMCON) where the workers have still not been paid their backlog of salaries and entitlements for over five years now.
NUPENG believed that the job creation mantra of the government should be allowed to play, rather than paving way for job losses as it is the case of Capital Oil closure now.
It called on the government to allow the workers to resume work at the depot and load products so that their salaries can be paid instead of throwing them into unemployment market for no fault of theirs.
Business
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com
“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”
In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.
At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.
This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.
The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.
At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.
Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.
The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.
This widespread non-compliance stems from multiple sources:
A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.
A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.
An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.
Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.
The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.
Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.
Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.
In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.
Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.
Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.
Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”
Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”
These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.
Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.
The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”
The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.
Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.
When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.
In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.
The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.
Business
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
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