Business
Lagos Seals 30 Coys Over Tax Evasion
Thirty companies were sealed in July by the Lagos State Internal Revenue Service (LIRS) over tax evasion.
The Head of the enforcement team, Mrs Afolashade Afolayan, made the disclosure in an interview with the newsmen recently in Lagos.
She said that the companies’ tax liability at the time of their sealing stood at over N289.9 million.
Afolayan said that companies normally refused to comply with directives to remit tax liabilities to the State Government even after deducting such money from staff salaries.
She said that tax liabilities owed by the companies varied from one another since they were recorded from 2000 to 2008.
“Several notices and correspondences had been sent to the companies asking them to pay their outstanding taxes but to no avail,” she said.
Afolayan said that some companies deliberately refused to remit their tax outstanding to the state’s coffers in spite of efforts by the state in ensuring that due process and enlightenment carried out.
“It is a criminal offence to evade taxes, henceforth anybody found guilty of this will face the law.
”Several notices and invitations have been duly served to intimate them of their tax liabilities before embarking on sealing off of their offices but they refused to yield to any on it,” she said.
She said that if tax payers refused to remit voluntarily, the enforcement team would have no option than to seal off the premises of such defaulting companies.
She, however, commended some companies for complying with the state’s tax laws.
Afolayan advised tax payer, both corporate organisations and individuals, to pay up their outstanding taxes on time to avoid being sealed.
She cited Section 40 sub-section 1 and 2 of the Lagos State Revenue Administration Law which backed the actions of the tax authourity.
“The Internal Revenue Service or other relevant revenue authority may for the purpose of enforcing payment of the amount due, distrain upon the goods, chattels or other properties movable or immovable, of the person liable to pay the tax outstanding; and upon all machinery, plant, tools, vehicles, animals and effects in the possession, use or found on the premises or on the land of the person.”
It would be recalls that in May 2010, the Lagos State Government said it recovered about N20 billion un-remitted taxes from defaulters last year.
Mr Babatunde Fowler, the Chairman, Lagos State Internal Revenue Service (LIRS) at a presentation said the government closed about 250 companies last year, following a breakdown in discussions over tax.
Fowler disclosed that government also resolved out of court, many cases of tax evasion and non-remittance, while some defaulters were prosecuted.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
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