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New Tax Laws will bring prosperity, says Tinubu in New Year Message

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President Bola Tinubu
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• We’ll deepen collaboration with U.S., others to battle insecurity

• 10 million jobs empowerment for Nigerians

President Bola Ahmed Tinubu yesterday assured Nigerians that the new tax regime being rolled out by his administration will lay the foundation for shared prosperity, sustainable growth and long-term economic stability.

In his New Year goodwill message to Nigerians, the President said: “The new year marks a critical phase in implementing our tax reforms, designed to build a fair, competitive, and robust fiscal foundation for Nigeria.

“By harmonising our tax system, we aim to raise revenue sustainably, address fiscal distortions and strengthen our capacity to finance infrastructure and social investments that will deliver shared prosperity.”

He reiterated that the reforms were not aimed at overburdening citizens but at harmonising the tax system, eliminating multiple taxation and raising revenue sustainably.

“I commend states that have aligned with the national tax harmonisation agenda by adopting harmonised tax laws to reduce the excessive burden of taxes, levies and fees on our people,” he said.

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President Tinubu added that a streamlined tax system would strengthen the country’s capacity to finance infrastructure and social investments.

The new tax regime begins today.

He said the difficult reforms undertaken in 2025 were already yielding measurable gains, despite global economic headwinds.

The President expressed confidence that the benefits would increasingly be felt by ordinary citizens in the new year.

He unveiled an ambitious, inclusive growth agenda that will bring at least 10 million Nigerians into productive economic activity.

He explained that the initiative would empower at least 1,000 people in each of the country’s 8,809 wards through agriculture, trade, food processing and mining.

He said: “The new year marks the beginning of a more robust phase of economic growth, with tangible improvements in the lives of our people.

“We will accelerate the implementation of the Renewed Hope Ward Development Programme, aiming to bring at least 10 million Nigerians into productive economic activity by empowering at least 1,000 people in each of the 8,809 wards across the country.”

Welcoming Nigerians to 2026, President Tinubu said his administration remained focused on consolidating economic gains recorded in the past year and building a resilient, inclusive and growth-oriented economy.

He noted that the fiscal reset initiated by his government had begun to restore confidence and stability across key sectors.

He said: “A few days ago, I presented the 2026 Appropriation Bill to the National Assembly.

“In that address, I emphasised that our administration has implemented critical reforms that are laying a solid foundation for long-term stability and prosperity.

“With patience, fiscal discipline, and unity of purpose, Nigeria will emerge in 2026 stronger and better positioned for sustained growth.”

According to the President, Nigeria closed 2025 on a strong economic note, recording robust GDP growth in every quarter, with annualised growth projected to exceed four per cent.

He added that the country maintained trade surpluses, achieved greater exchange-rate stability and steadily reduced inflation, which fell below 15 per cent in line with government targets.

He further highlighted the performance of the Nigerian Stock Exchange, which, he said, outperformed its peers with a 48.12 per cent gain in 2025, consolidating a bullish run that began in the second half of 2023.

President Tinubu also said Nigeria’s foreign reserves stood at $45.4 billion as of December 29, 2025, providing a strong buffer against external shocks and strengthening confidence in the naira.

On foreign investment, the President said investor confidence was returning, as foreign direct investment rose sharply to $720 million in the third quarter of 2025 from $90 million in the preceding quarter.

He said global credit rating agencies, including Moody’s, Fitch and Standard & Poor’s, had consistently affirmed and applauded Nigeria’s economic direction.

On security, the President acknowledged that economic progress must go hand in hand with peace and stability, noting that Nigeria continued to face threats from criminal and terrorist elements.

He noted that in collaboration with international partners, including the United States, decisive actions were taken against terrorist targets in parts of the North-west on December 24, with sustained military operations continuing across the Northwest and Northeast.

President Tinubu pledged that in 2026, Nigeria’s security and intelligence agencies would deepen cooperation with regional and global partners to eliminate all threats to national security.

He reaffirmed his commitment to protecting lives, property and the territorial integrity of the country, while restating his belief in decentralised policing, complemented by properly regulated forest guards, as part of the solution to insecurity.

President Tinubu said his administration would continue to invest in modernising critical infrastructure, including roads, power, ports, railways, airports, pipelines, healthcare, education and agriculture, stressing that all ongoing projects would continue without interruption.

In a call for national unity, the President urged Nigerians to see nation-building as a shared responsibility, emphasising the need for patriotism, integrity and collective purpose in achieving the country’s goals.

“To achieve our objectives in 2026, we must all play our part,” he said. “Let us resolve to be better citizens, better neighbours and better stewards of our nation.”

He wished Nigerians a peaceful, productive and prosperous New Year, while praying for divine protection for the country and its armed forces, and the defeat of all forces threatening national peace and stability.
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UBA Commences Contempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order

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Mr. Lewis Tung and his brother Robert Tung
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The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.

The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.

The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.

In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.

He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.

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The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.

Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.

The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).

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$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others

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Monarch, four others remanded for arson
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A Lagos State High Court has granted interim preservative orders, including a Mareva injunction, in favour of United Bank for Africa (UBA) Plc in a dispute involving the alleged diversion of petroleum products valued at $242 million.

The orders, granted last Thursday by Justice K. A. Jose, followed allegations by UBA that Vitol SA, a Switzerland-based energy trading company, wrongfully released cargoes of petroleum products consigned to the bank in the bills of lading.

UBA’s lead counsel, Bode Olanipekun, SAN, urged the court to grant the interim orders to preserve assets and prevent the dissipation of funds pending the determination of the substantive dispute.

In her ruling, Justice Jose granted three of the prayers sought by the bank, including requests to restrain dealings with assets and funds up to the disputed amount.

“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

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The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.

In the substantive proceedings, UBA is seeking to establish the liability of Vitol SA and the owners of the vessels over alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.

The bank also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.

In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank had issued a letter of credit in favour of Vitol SA to facilitate petroleum products transactions.

According to the affidavit, the cargoes were transported to Nigeria, and the masters of the vessels issued several bills of lading.

UBA alleged that Vitol subsequently endorsed the bills of lading “to the order of” the bank and handed over the original documents to it.

The bank maintained that the endorsement entitled it to take possession of the cargoes upon completion of the voyages.

However, Chilaka stated that UBA had not received the gasoil despite the completion of the voyages.

“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.

UBA alleged that the cargoes were instead diverted for the use of another party, arguing that the failure to deliver the products amounted to conversion and negligence.

The bank further contended that the respondents had obligations arising from the transactions and the endorsement of the shipping documents but failed to fulfil them.

UBA also alleged that cargoes linked to the transactions were diverted to other parties after the completion of their voyages rather than delivered to the bank as stipulated in the shipping documents.

The allegations are expected to be determined in the substantive proceedings.

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Enugu CP Warns Officers Against Extortion, Degrading Treatment of Citizens

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Enugu CP Bitrus Mamman Giwa
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The Commissioner of Police in Enugu State, Mr Mamman Giwa, has warned police officers against degrading treatment of citizens, extortion and other forms of unprofessional conduct.

Giwa gave the warning on Wednesday during an emergency conference with senior officers at the Senior Police Officers’ Mess, Agbani Road, Enugu.

He also directed senior and supervisory officers to strengthen oversight of personnel and improve security management for political and election-related activities ahead of the 2027 General Elections.

The commissioner said the conference followed directives issued by the Inspector-General of Police, Mr Olatunji Disu, during a virtual strategic meeting with senior officers on October 20.

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According to him, the I-G emphasised professionalism, compliance with the Nigeria Police Force’s social media policies, adapting policing to contemporary realities, respectful treatment of citizens, and effective management of political activities and election security.

“It is clear that officers cannot effectively discharge their policing responsibilities without treating citizens with respect and conducting their duties in accordance with extant laws and established professional standards,” Giwa said.

He charged senior officers to take responsibility for the conduct of personnel under their supervision, warning that any officer found engaging in misconduct would face the consequences.

The conference also featured a health talk on the Ebola virus, focusing on its symptoms and preventive measures.

Those in attendance included Deputy and Assistant Commissioners of Police, Area Commanders, Divisional Police Officers, heads of formations, tactical and operational units, and heads of various sections of the Enugu State Police Command.

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