Business and Economy
See why you should not partake in online fraud
Nigeria Senate on Thursday considered a bill to provide enabling framework that would legalize all forms of electronic transactions undertaken in Nigeria.
The bill, if passed and signed into law, will prohibit and criminalize online fraud, and also make it legally possible to admit evidence of electronic transactions between parties in court during proceedings. googlesyndication.com/pagead/js/adsbygoogle.js">
Sponsor of the bill, Senator Ibikunle Amosun (APC – Ogun Central), said the online transactions in the United States reached three trillion dollars in 2014 alone.
According to the lawmaker, online transactions account for well over ten trillion dollars in sales of goods and service globally.
Explaining the importance of enacting the necessary regime for electronic transaction in Nigeria, Amosun said that the European Union in the year 2000 approved a directive on electronic commerce which required member-states to implement same.
He added, “The United Kingdom passed the Electronic Communication Act 2000. Even our African neighbour, South Africa passed the Electronic Communications and Transactions Act, 25 of 2002.
“All the developed countries, including Malaysia, China, India, Brazil, Singapore, Japan, etc. have laws on electronic contract, and this has resulted into remarkable increase in their business transactions.
The lawmaker, however, lamented that Nigeria’s extant laws provide inadequate protection for e-commerce businesses and consumers in the country.
“Every day, we are involved in electronic contracting, either through the use of the Automated Teller Machine (ATM) to transact business or when we book our flight tickets online.
“These electronic transactions, which are the ones we can manage now, are not covered by our legal regime.
“How can we now talk of contracts running into billions of dollars between two machines programmed to process sales and purchase orders? Such complex transactions cannot be contemplated in our present circumstances.
“Yet, if we must tap into the global market, we must move with the trend of the market, we must move with time and have in place a legal framework that will deal with issues such as this,” Amosun said.
The lawmaker said that when the bill eventually becomes law, all challenges arising from jurisdiction and authentication in matters dealing wit contracts will be accordingly resolved.
“How can the contract be authenticated? How do we guarantee the integrity, non-repudiation, confidentiality, writing and signature within the electronic commerce environment?
“All these issues need to be resolved by legislation to boost our economy, encourage foreign investment and ease transactions.
“This Bill is aim to resolve these legal challenges by removing barriers to electronic commerce, while validating and effectuating electronic records and signatures,” Amosun explained.
Reeling out the benefits of the bill, the lawmaker said the piece of legislation when enacted, will among others, provide legal assistance to the consumers on their rights and legal remedies to all those who may be short-changed in electronic transactions.
He stated that it would also specifically provide for the prohibition and punishment of electronic crimes and fraud; and facilitate the use of all electronically generated information in the court of law for all civil transactions and validate the use of such information in contract and at the trial of cases in courts.
The bill, which scaled second reading during plenary, was referred by the Senate President, Ahmad Lawan, to the Committee on Banking, Insurance and Financial Institutions for further legislative work.
The Committee is chaired by Senator Uba Sani (APC – Kaduna Central) and is expected to submit its report in four weeks.
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Business and Economy
Revenue Service Tasks Kogi Assembly On Domestication Of Nigeria Tax Act
From Joseph Amedu, Lokoja
Kogi State Internal Revenue Service (KGIRS) has asked the State House of Assembly to domesticate the Nigeria Tax Act and Nigeria Tax Administration Act, for easy implementation in the state.
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The Executive Chairman of the Service, Dr Salihu Enehe who led his team to the Assembly Complex in Lokoja said the awareness meeting with the Assembly has become imperative.
He described the Nigeria Tax Act as a compressed compendium of various tax laws hitherto operating in the country into a single document with a view to addressing issues of multiple taxation and promotion of transparency in tax administration in the country.
He commended President Bola Ahmed Tinubu for taking the bold step on embarking on the tax reforms to enable harmony in the tax ecosystem.
Enehe said that implementation of the new tax laws, scheduled to take effect from January, 2026, would enhance transparency in administration and transactions, investments and proffer measures against tax evasions.
“On 26th of June this year, the President of the Republic of Nigeria signed four laws, and these four laws have caused disruptions going forward into the future, in terms of tax and Administration”, he said.
“With these disruptions come a great opportunity and great threat. A great opportunity for those who are ready and prepared to abide and adhere to the laws but a great threat for those want to remain in the past and resistant to change.”
According to him, the four laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Joint Revenue Board Establishment Act, and the Nigeria Revenue Service Establishment Act.
He noted that implementation of the Nigeria Tax Act and the Nigeria Tax Administration Act operational at states level would be fair to low income earners, reduction for middle level and tough on high income earners.
The Executive Chairman pointed out that under the new tax laws, which would be operational from January, 2026, people earning gross annual income of less than N1.3 million would be exempted from tax while middle level earners of between N1.3 million and N3 million would have their taxes reduced.
He further explained that higher gross annual income above N3 million, would attract higher taxes meaning that “Big men” and business organisations would pay more.
A Consultant with the KGIRS, Barrister Henry Ojuola in his remark, urged the House not bother with making new laws on the matter even though the Acts provides that they could enact or implement.
Barrister Ojuola, a former member of the Assembly however advised the Assembly and the Service to rely on the Acts in their implementation saying Chapter 5 of the Tax Administration Act has specified many offences as well as punishments for the Tax Tribunal to handle.
“Ensure your Tax Tribunal is effective by ensuring that “Unpurchaseable persons” are members. Ensure that the people you send to collect taxes are not dishonest Nigerians’, Legal Practitioner advised.
In his closing remarks, Chairman of the House standing Committee on Finance, Hon. Akus Lawal appreciate the KGIRS Chairman and his team for initiating the engagement.
The Lawmaker expressed optimism that in no time Kogi would be rated as the number three state among the 19 Northern states After Kano, Kaduna, Kogi State and number one in North-Central in terms of Internally Generated Revenue drive.
Hon. Lawal, representing Ankpa I Constituency, said the legislators were now better informed on the issue of revenue and tax administration in Nigeria and are looking forward to receiving the two tax laws to “do the needful”.
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Business and Economy
Ododo Unveils N820.49 Billion 2026 Draft Budget
From Joseph Amedu, Lokoja
Governor Ahmed Usman Ododo of Kogi statte has unveiled the 2026 draft budget, titled “Budget of Shared Prosperity,” totaling N820.49 billion. The announcement was made following a meeting of the State Executive Council in Lokoja.
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The budget represents a 35.7% increase over the 2025 revised budget, signaling the state government’s focus on sustainable growth, inclusive development, and enhanced service delivery.
Commissioner for Finance, Budget, and Economic Planning, Asiwaju Asiru Idris, briefed journalists after the council meeting, highlighting that the 2026 budget is designed to strengthen internal revenue, improve debt recovery, foster a business-friendly environment, and deepen public-private partnerships.
“The 2026 budget proposals reflect a robust and balanced financial strategy emphasizing enhanced revenue generation, strategic expenditure control, and a strong commitment to capital investment,” Idris said.
He added that the significant rise in both recurrent and capital expenditure underscores the government’s determination to expand infrastructure and improve public service delivery. The total estimated revenue and expenditure for the 2026 draft budget is N820,490,585,443, reflecting a fully balanced fiscal plan.
The meeting also addressed other critical issues, including access to clean water, road safety, and land administration reforms. Commissioner for Information and Communication, Kingsley Fanwo, noted that Governor Ododo directed all commissioners to sink three boreholes each in their respective local government areas and tasked the council with taking over land consent authority to curb fraudulent transactions.
The inclusive meeting, which included former commissioners, reflected Governor Ododo’s commitment to unity and collective progress. Former Commissioner Hon. Salisu Sani Ogu praised the governor’s leadership style, saying, “He has shown a desire to carry everyone along and build on the foundation laid since 2016.”
The 2026 draft budget aligns with the state government’s long-term goals of infrastructure expansion, improved public services, and economic diversification, aiming to create a more prosperous environment for Kogi residents.
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Business and Economy
Kogi Govt Opens Bids for Livestock Market Rehabilitation Project
From Joseph Amedu, Lokoja
The Kogi State Government has embarked on a major initiative to rehabilitate nine livestock markets across the three senatorial districts of the state.
The bid opening ceremony for the project took place over the weekend, at Kogi State Livestock Productivity and Resilience Support (Kogi L-PRES) Project office in Lokoja.
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The Project Coordinator, Mr Abdulkabir Onoruoyiza Otaru, highlighted the importance of the initiative and assured of a transparent process.
Otaru described the market rehabilitation project as a new dawn in Kogi State’s livestock value chain, and commended Gov. Ahmed Ododo for fully supporting the project.
He revealed that the World Bank had approved the project, with nine livestock markets to be rehabilitated in the first phase across the state’s nine Federal Constituencies.
“We’ve secured World Bank approval for the rehabilitation of one livestock market in each of Kogi State’s nine Federal Constituencies.
“We’ve engaged stakeholders to ensure a smooth bidding process and successful project execution.
“I urge the winning contractor to deliver high-quality work within the timeframe.
“Governor Ahmed Ododo’s support for L-PRES has been instrumental in improving livestock farmers’ livelihoods and the state’s economy,” Otaru said.
He emphasised that the rehabilitation of the nine livestock markets is expected to enhance livestock productivity and value chain in the state, improving the livelihoods of farmers and the economy,” Otaru said.
The Commissioner for Livestock Development, Dr Olufemi Bolarin, said the rehabilitation project aims to enhance the livestock sector, crucial to the state’s economy and food security.
“The modernisation of the markets will improve trading conditions, boost the livelihoods of farmers and traders, and create hygienic and efficient market spaces that meet international standards,” Bolarin said.
Represented by the Ministry’s Director of Livestock, Mr Ali Peter, the commissioner emphasised the need for a transparent and competitive bidding process.
The commissioner urged participants to adhere strictly to the guidelines.
The ministry’s Permanent Secretary,, Dr Abdulsalam Hadi, commended the governor for his commitment to transforming livestock development in the state.
He expressed confidence that the project would be a success, contributing significantly to the growth of the state.
The Kogi L-PRES Procurement Officer, Mr Adeolu Oshadare, disclosed that five companies submitted bidding documents with prices ranging from N1.22 billion to N2.12 billion.
According to him, the project bid was advertised on September 12, 2025, and five companies submitted bids by October 10, 2025.
According to him, the bid prices are: Nuelika Infinity Ltd (N1.54 billion), Izyprecs Ltd (N1.55 billion), Emmanuel-NIK and Gold Ltd (N1.47 billion), RSA Global Investment Ltd (N1.22 billion), and Numora Integrated Ltd (N2.12 billion).
Adeolu noted that the next stage would be the evaluation of bids by the evaluation committee within the next week.
In his remarks, Prof Usman Omeiza, Chairman of the Chartered Institute of Purchasing and Supply, Kogi State Branch, commended the Kogi State Livestock Ministry, L-PRES, and other stakeholders for ensuring a seamless and transparent bidding process.
He urged them to maintain this transparency throughout the project.
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