Home Blog Page 39

FIRS to Unveil Nigeria’s New Tax Reform Acts on November 10

0

The Federal Inland Revenue Service (FIRS) will officially unveil the Nigeria Tax Reform Acts on Monday, November 10, in a high-level stakeholder engagement session aimed at clarifying the scope and implications of the newly introduced tax laws.

The engagement, which will bring together policymakers, private sector leaders, financial experts, and development partners, is expected to provide a comprehensive breakdown of how the reforms will impact businesses, government revenue plans, and Nigeria’s broader fiscal direction.

According to officials, the reforms are designed to modernize Nigeria’s tax framework, improve compliance efficiency, widen the tax net, and strengthen revenue collection to support national development priorities.

The discussions will cover:

  • Adjustments to corporate and individual tax obligations
  • New incentives for investment and production
  • Measures to reduce bottlenecks and administrative challenges
  • Strategies to enhance transparency and digital tax operations

Economic analysts note that the unveiling comes at a crucial time, as the Federal Government pushes to diversify revenue sources and reduce dependence on crude oil, in line with the medium-term fiscal sustainability plan.

The engagement is expected to outline how the reforms align with Nigeria’s long-term goals of enhancing tax fairness, improving the business environment, and building a stronger, more resilient economy.

Further details from the event are anticipated to shape both public understanding and strategic planning among businesses and investors in the months ahead.

Nestoil Drags Eight Banks and Afreximbank to Court to Halt Receivership Proceedings

0

Oil and gas engineering firm Nestoil Limited has instituted legal action against eight Nigerian banks and the African Export-Import Bank (Afreximbank) at the Federal High Court in Abuja, seeking restraining orders to stop ongoing receivership steps initiated against the company over alleged loan defaults.

The suit came before Justice Mohammed Umar on Wednesday, with legal representatives of Nestoil and the involved financial institutions — including Access Bank and FBNQuest Merchant Bank Limited — present in court.

This development follows a recent enforcement move in Lagos where armed operatives of the Nigeria Police Force (NPF) sealed off the company’s headquarters in Victoria Island. The action was carried out pursuant to a Federal High Court order that froze Nestoil’s bank accounts, shares, and other assets in connection with an alleged $1.01 billion and N430 billion debt owed to FBNQuest Merchant Bank Limited and First Trustees Limited, both subsidiaries of First Bank of Nigeria Limited.

Background to the Dispute

The financial disagreement stems from what the creditor banks describe as loan repayment defaults under syndicated financing arrangements. The lenders had issued a Notice of Default, a formal legal step that typically precedes asset takeover, receivership, or liquidation processes.

However, Nestoil maintains that the enforcement actions were premature and unlawful, arguing that:

  • The loan terms are still under dispute
  • Negotiation and restructuring discussions were ongoing
  • The company remains solvent and operational

Based on these claims, the firm is seeking injunctive relief to stop the banks from executing receivership or enforcing asset takeover until the court resolves the underlying commercial disagreements.

What Happens Next

Justice Mohammed Umar has directed all parties to file necessary processes, with further hearings expected in the coming days. The outcome is being closely watched in both banking and oil and gas circles due to the scale of the debt and the reputational stakes involved.

Nestoil is one of Nigeria’s major indigenous engineering, procurement, and construction (EPC) players in the oil and gas sector, and the case has potential implications for:

  • Credit market stability
  • Corporate debt restructuring practices
  • Investor perception of Nigeria’s energy services sector

More updates are expected as proceedings continue.

NNPC Targets $60 Billion Investment by 2030 to Drive Africa’s Energy Transition

0

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a bold target to attract between $30 billion and $60 billion in new investments by 2030 through strategic international partnerships aimed at redefining Africa’s energy landscape.

The Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made the disclosure on Tuesday during the “Energy Talk” session at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) holding in Abu Dhabi, United Arab Emirates.

Speaking during an interactive session moderated by acclaimed energy author and Pulitzer Prize winner, Daniel Yergin, the GCEO highlighted Nigeria’s central role in Africa’s evolving energy ecosystem, stressing that NNPC Ltd remains the key national driver for sustainable energy growth, supply stability, and regional energy security.

Ojulari noted that Nigeria possesses some of the continent’s most significant oil and gas reserves, alongside strong renewable energy potential. He said under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the nation is shifting from a predominantly extractive model to a diversified and investment-driven energy economy.

“Africa’s energy future must be built on pragmatism, partnerships, and purpose,” Ojulari stated.

“At NNPC Limited, we are not just participating in the energy transition, we are shaping it from an African perspective. Our focus is pragmatic: grow production, monetize gas, deepen partnerships, and deliver value to Nigerians and global partners alike.”

Production Output on the Rise

Ojulari disclosed that Nigeria’s oil production has been restored to 1.7 million barrels per day following targeted interventions, with further plans to increase output to 2 million barrels per day by 2027, and eventually 3 million barrels per day in the long term.

He attributed the progress to improved cooperation with International Oil Companies (IOCs), indigenous producers, and a renewed commercial framework that addresses legacy operational challenges.

Policy Reforms Driving Investor Confidence

The GCEO further explained that recent government incentives, designed to complement the Petroleum Industry Act (PIA), are attracting renewed foreign interest across:

  • Deepwater exploration projects
  • Gas development and monetization plans
  • Cost efficiency and operational optimization initiatives

Strengthened Regional and Global Partnerships

Ojulari emphasized that NNPC Ltd is actively collaborating with:

  • OPEC member partners
  • African national oil companies (NOCs)
  • International financial and investment institutions

to secure long-term funding and drive sustainable development within the region’s energy value chain.

He underscored that the next decade is critical for Africa in determining how it balances energy access, affordability, and sustainability.

NNPC Ltd is positioning itself at the forefront of Africa’s energy transition — not only as a national oil company but as a central player in the continent’s future energy architecture.

‘How Depression Saved My Life’ — Memoir by Chude Jideonwo officially released, now in stores and on Amazon

0
Media entrepreneur and host of the viral talk show #WithChude, Chude Jideonwo, has officially released his deeply personal memoir, How Depression Saved My Life. The book is now available in bookshops across Nigeria, on NarrativeLandscape.com, and globally on Amazon.
The striking yellow‑covered memoir, first announced and unveiled in March 2025, tells an extraordinary story of pain, purpose, and transformation. It traces ten years of Jideonwo’s life, from the dizzying professional highs of running major presidential campaigns to the depths of depression, and finally to building one of Africa’s most influential storytelling platforms.
Published by Narrative Landscape Press, the same publishing house behind recent works by Chimamanda Ngozi Adichie and Femi Otedola, How Depression Saved My Life is a groundbreaking Nigerian memoir that merges politics and personal healing, faith and psychology, public triumph and private despair.
“It tells the story of how after the high of the Buhari campaign in 2015 and the Akufo- Addo campaign in 2016, I was diagnosed with clinical depression and then Tourette’s syndrome, contemplated suicide in the middle of incredible pain, quit my job as CEO of RED, decided to relocate to America, changed my mind on relocation and returned to Nigeria, and three years after, emerged from the wilderness with #WithChude,” Jideonwo said in a post announcing the book’s release.
Structured across ten chapters and over three hundred pages, the memoir spans 2014 to 2024, offering a rare window into the mind of a man who helped shape public narratives in Africa before turning inward to confront his own. It begins with his time leading one of Nigeria’s most influential media and communication firms, RED, and culminates in the founding of #WithChude,  the talk show and movement that has become synonymous with vulnerability, empathy, and emotional truth in African storytelling.
Through research, philosophy, faith teaching, and intimate recollections, Jideonwo explores the relationship between personal struggle and creative purpose. The book weaves together his own mental‑health journey with lessons from conversations with global thinkers and African icons who have appeared on his platforms. It is, as he describes it, “a practical, vulnerable guide to how I took the biggest adversities in my life and turned them into the greatest joy.”
“If you’re going through a terrible, difficult or confusing moment in your life, and you don’t know how to survive it, this book will teach not only how to survive it, but also show you exactly how to transform it into joy,” he adds.
The book situates Jideonwo’s personal transformation within Nigeria’s contemporary history capturing the intensity of working at the center of politics, fame, and media, and the eventual breakdown that forced him to redefine success. His journey through depression and diagnosis is told with a rare openness in Nigerian public life, where such conversations remain taboo.
From the euphoria of helping elect a president, to sleepless nights of fear and anxiety, to sitting across from some of Africa’s most beloved cultural figures on #WithChude, Jideonwo chronicles the unpredictable road from burnout to meaning. In doing so, he bridges the gap between personal healing and social storytelling, demonstrating that emotional honesty can be a form of public service.
How Depression Saved My Life is part confessional, part manual for resilience, and part chronicle of a generation’s struggle to make sense of success, failure, and faith in a chaotic time. It touches on therapy, medication, spirituality, and the human capacity for renewal. Written in clear, unsentimental prose, it speaks directly to Nigerians and Africans navigating uncertainty, loss, and reinvention.
Jideonwo’s journey, marked by deep self‑inquiry, ultimately gave birth to a new mission: to build platforms that help others find healing and meaning through story. The result is #WithChude, #WithChude Live, and the larger ecosystem of work around emotional well‑being and storytelling that he has since become known for.
In a landscape where conversations around mental health, emotions and purpose are still emerging, How Depression Saved My Life stands as a landmark contribution to Nigerian literature, one that connects the political, the spiritual, and the profoundly personal.
The book invites readers not only to witness one man’s redemption but also to reflect on their own, offering hope that even in the darkest times, transformation is possible.
About the Author
Chude Jideonwo is host of #WithChude, one of Africa’s most watched talk shows and #WithChudeLive, Africa’s biggest talk concert. A lawyer, filmmaker and media entrepreneur, he is co-founder and former chief executive of African media companies RED | For Africa, Joy, Inc. and YNaija – working across 21 African countries and advising presidents and presidential elections in Nigeria, Ghana, Kenya, Liberia, Senegal and Sierra Leone.
He has been a Forbes 30 Under 30 honoree, CNBC Young Business Leader of the Year, an Archbishop Desmond Tutu Fellow, a World Fellow at Yale University and Creative-In-Residence at the London School of Economics. In 2020, he launched #WithChude, a viral podcast and multi-platform talk show featuring intimate, transformative conversations with African leaders and celebrities.
Syndicated on three Pan-African networks, streamed on withChude.com, with tens of millions of views on YouTube, it has become one of the continent’s largest IP libraries for stories of healing, resilience and growth. In 2025, he announced the Fourthmainland Fund, with which he is personally investing $500,000 in African creators as the future of independent media on the continent.
His writing and work have been featured in The New York Times, The Guardian, BBC, CNN, Al Jazeera, The Huffington Post, and The Financial Times. His latest book, ‘How Depression Saved My Life’ is published by Narrative Landscape.

President Donald J. Trump Stop posturing and start reading history.

0

President Donald J. Trump Stop posturing and start reading history.

By
Sa’adiyyah Adebisi Hassan

Your latest rant threatening to cut off aid and to “go into that now disgraced country, ‘guns-a-blazing’ ” to “wipe out” militants is reckless, ignorant, and dangerous. You’re not saving anyone with bravado. You are insulting 220 million Nigerians, undermining diplomacy, and reminding the world why heavy-handed interventions leave ruin in their wake. Your post is not leadership it’s an invitation to chaos.

Here are the facts you either ignored or willfully twisted:

1. Nigeria is not a monolith of villains it’s a battered state where Christians and Muslims are both victims.
The violence in Nigeria is complex: jihadist groups, armed bandits, communal militias and criminal gangs operate across fault lines of poverty, governance failure and local grievance. Many reports show that Muslims in the north have borne enormous losses as well this is not a simple “Islamists vs Christians” picture you portray. Treating it as such is intellectually lazy and strategically dangerous.

2. “Disgraced country” is an insult and an inaccurate one. Nigeria is messy and its government has grievous failings. But calling a sovereign nation “disgraced” while offering a military grandstanding line without proposing credible, lawful, cooperative measures is the rhetoric of a bully, not a partner. If you want to help, stop humiliating the people you claim to protect.

3. History shows that foreign “liberation” by force often destroys far more than it saves. Look at the long record: the Iraq invasion was premised on false or overstated intelligence about WMDs and left a shattered state and a decade of chaos. NATO’s 2011 intervention in Libya toppled a dictator but helped create a failed state that exported violence across the Sahel. If your instinct is “bomb first, ask later,” study those disasters before you make them Nigeria’s fate.

4. You don’t have a blank check to send U.S. forces into another country at whim. The U.S. Constitution vests the power to declare war in Congress, the War Powers Resolution constrains unilateral presidential military action and requires congressional notification and limits on troop commitments. Threatening invasion as a social-media soundbite doesn’t change this legal reality it only increases the risk of an unconstitutional escalation and global backlash.

5. Help matters but not when it’s packaged as humiliation or theatrical threats. If the United States genuinely wants to reduce killings and protect communities, there are constructive, lawful tools far more effective than bluster: intelligence sharing, targeted sanctions on financiers and corrupt officials, training and logistics support for Nigerian forces, satellite surveillance assistance, and transparent humanitarian aid. Threats of unilateral invasion push Abuja into defensive posturing, erode cooperation, and drive the very partners you need to fight extremists into retreat.

6. Your rhetoric fuels the very extremism you claim to oppose. When an outsider lashes out in terms of “wipe out” and “guns-a-blazing,” local leaders exploit that language to rally recruits: “See foreigners will attack us, come join us.” Heavy-handed threats validate the extremist narrative that the West is at war with Islam. That is not a theoretical risk, it is a proven recruitment tool. Do not pretend you don’t know that. (See Libya/Iraq aftermath )

What you should do instead of tweeting saber-rattling

If you are serious about protecting Christians (and all civilians) in Nigeria, demand and deliver the following and do it publicly:

• Intelligence, not indignation. Offer verified intelligence support to help Nigerian forces target militant leadership and logistics, with strict oversight and shared objectives.

• Targeted risk-based sanctions. Freeze assets of militia financiers, corrupt officials and trafficking networks not blanket cuts that punish civilians.

• Capacity, not conquest. Fund and fast-track airliftable medical teams, de-mining, aerial surveillance and body-worn cameras for troops tools that save lives without destabilising states.

• Rule of law. Condition any assistance on transparent investigations, prosecutions and safeguards that prevent human-rights abuses by security forces.

• Regional solutions. Coordinate with ECOWAS, the AU, and neighbouring states unilateral military action is neither legal nor effective in the long run.

Mr. President you can posture for your base with a few lines of menace. Or you can prevent more graves with measured, expert, accountable action. The two are not the same.And if you actually care about Nigerians Christian, Muslim, or otherwise stop the insults. Stop the performative war talk. Stop treating sovereign states like stage props for your headlines.

If your goal is to help, act like it: bring intelligence, money, and training not humiliation, empty threats, or another half-remembered “humanitarian” intervention that collapses a country and creates decades of suffering.

History keeps score. The Iraqs and Libyas of the world are a warning, not a template. Read it. Learn it. Lead differently.

Beyond the Runway: Nyakim Gatwech’s Influence on Identity, Colorism, and Global Fashion

0

SPOTLIGHT FEATURE | RANKS AFRICA

Nyakim Gatwech: The Queen of Dark Beauty Shaping Global Narratives

In this edition of Ranks Africa Spotlight, we highlight Nyakim Gatwech, the South Sudanese model and cultural advocate whose rise to international acclaim has sparked vital conversations on identity, representation, and the evolving standards of beauty.

Born in South Sudan and raised across refugee communities before settling in the United States, Nyakim’s story is one marked by resilience, courage, and the reclamation of self-worth. Her strikingly deep, luminous skin tone now celebrated across global fashion platformswas once the reason she endured bullying, cultural misunderstanding, and persistent pressure to lighten her complexion. Instead of yielding, Nyakim chose to embrace her identity fully, transforming what others viewed as a challenge into her most powerful asset.

Today, she is widely recognized as the “Queen of Dark”—a title that honors not only the richness of her complexion but the confidence, dignity, and purpose with which she wears it. Nyakim’s presence on international runways, magazine covers, and brand campaigns is unmistakable. She has become a defining voice challenging long-standing beauty norms while affirming the prestige and depth of African identity on the global stage.

Beyond modelling, Nyakim has emerged as a leading advocate against colorism, a pervasive issue affecting communities across Africa and the diaspora. Through public speaking, mentorship, and her influential digital platforms, she encourages people to embrace their natural features, celebrate their heritage, and reject standards designed to diminish their worth.

Her impact extends into entrepreneurship and cultural branding. With an estimated net worth of $9 million, Nyakim has strategically positioned herself as both a global cultural figure and a formidable brand, leveraging partnerships and storytelling to build a legacy rooted not in visibility alone, but in influence and purpose.

Nyakim Gatwech is more than a model.

She is a movement.

A symbol of pride, identity, and the enduring brilliance of African beauty.

In a world still learning to recognize and honor the full spectrum of human beauty, Nyakim stands boldly at the forefront radiant, powerful, and unapologetically herself.

Ranks Africa Magazine.

Movie Review: The Weekend

0

🎬 Movie Review: The Weekend

By Joy Charles Ekong

Runtime: 1hr 56mins 34secs

Now Streaming on: KavaTV

Cast: Bucci Franklin, Gloria Young, Uzoamaka Power, Keppy Ekpeyong, and others

⚠️ SPOILERS AHEAD

In The Weekend, director and writer take viewers on a haunting psychological journey through love, family secrets, and survival. The film follows Nikiya (Uzoamaka Power), an orphan newly engaged to Luke (Bucci Franklin), who insists on meeting his family despite his 15-year estrangement. What begins as a romantic gesture quickly unravels into a nightmarish homecoming when they arrive at his family’s rural hometown, Kwasa, for his parents’ anniversary celebration.

The initial warmth of the reunion soon turns chilling, exposing layers of deceit, dread, and disturbing family traditions. As curiosity leads Nikiya down a dark path, the audience is reminded that some secrets are better left buried — and that love doesn’t always conquer all.

🤯 Key Observations

  1. A Disturbing Breath of Fresh Air
    For audiences fatigued by predictable online thrillers, The Weekend delivers something bolder and far more unsettling. Its narrative is unnervingly original, the pacing sharp, and the tension sustained until the final scene.
  2. Age Mysteries and Timelines
    The film leaves a few intriguing gaps — such as Omicha’s claim of being married for 50 years. Luke’s age becomes a puzzle: is he in his late 40s or early 50s? The lack of clarity adds to the eerie ambiguity that defines the story’s tone.
  3. Unsettling Silences
    When Zeido disappears, the characters’ muted reactions heighten the suspense. Nikiya’s failure to question what she sees makes the viewer squirm — the stillness becomes a character of its own.
  4. Secrets That Could’ve Saved Lives
    Much of the horror stems from Luke’s silence. His refusal to confront or explain his family’s past is the film’s emotional fault line — one that turns love into tragedy.
  5. Motive and Morality
    Luke’s final act — risking everything to help Nikiya escape — raises questions. Was he rebelling against the family’s cannibalistic rituals, or seeking redemption? His cryptic mention of “different boxes for different families” leaves audiences guessing long after the credits roll.
  6. A Cast That Commands Attention
    Keppy Ekpeyong and Gloria Young deliver powerhouse performances, anchoring the film with depth and conviction. Uzoamaka Power’s portrayal of Nikiya is both fragile and fierce — a standout in a cast with no weak link.
  7. The Question of Guilt
    The morality of survival becomes blurred. If Nikiya unwittingly eats human flesh, is she complicit? The film wrestles with these unsettling ethical edges, forcing viewers to confront their own discomfort.

📝 Lessons

  1. Family Isn’t Always What It Seems — Sometimes distance is protection, not abandonment.
  2. Don’t Force Reconciliation — When someone cuts ties with family, there may be a reason darker than you imagine.
  3. Know Where You’re Going — Before marriage, learn about your partner’s background, family history, and community. Love should never be blind.

🔚 Final Verdict

The Weekend is a bold, atmospheric thriller that lingers long after it ends. It’s dark, tense, and thought-provoking — a chilling meditation on love, loyalty, and the horrors that dwell behind closed doors.

Rating: ⭐️⭐️⭐️⭐️⭐️⭐️⭐️⭐️ (8/10)

Verdict: A disturbing gem that proves Nigerian thrillers are evolving — sharper, deeper, and daringly unpredictable.

Now streaming on KavaTV.

— Ranks Africa Entertainment Desk

Mali to Emerge as Africa’s Second-Largest Lithium Producer by 2025

0

Mali is poised to become Africa’s second-largest lithium producer in 2025, trailing only Zimbabwe, as the West African nation ramps up investments in its fast-growing mining sector.

According to industry projections, Mali is expected to contribute 14% of the continent’s total mined lithium output next year, reflecting the country’s accelerating drive to diversify its mineral economy and tap into the global demand for critical energy transition minerals.

In a major boost to this ambition, President General Assimi Goïta has officially inaugurated Mali’s second-largest lithium refinery, a milestone project aimed at enhancing local value addition, job creation, and export capacity.

The facility is part of Mali’s broader strategy to move beyond raw material exports by refining and processing lithium domestically—positioning the country as a key player in the global electric vehicle and battery supply chain.

Zimbabwe currently leads Africa’s lithium production, hosting some of the continent’s largest deposits and operating several active mines. Mali’s rapid emergence signals an expanding regional footprint for Africa in the global lithium market, as governments across the continent seek to capitalize on the growing demand for green energy minerals.

🇲🇱✊🏽

— Ranks Africa Energy & Mining Desk

Federal Government FG Unveils 50 New Tax Exemptions and Reliefs for Low-Income Earners, Small Businesses

0

 

Abuja, Nigeria — The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has announced a broad package of 50 tax exemptions and relief measures targeted at easing the financial burden on low-income earners, average taxpayers, and small businesses. The new framework forms part of Nigeria’s ongoing tax reform agenda and is set to take effect from January 1, 2026.

In a statement shared on his official handle on X (formerly Twitter), Oyedele described the initiative as “one of the most people-focused tax reforms in Nigeria’s recent history,” stressing that it aims to make the fiscal system fairer, simpler, and more inclusive.

According to him, the reforms are structured to reduce the tax load on vulnerable groups and boost compliance, while improving the ease of doing business for micro, small, and medium enterprises (MSMEs).

“From 1 January 2026, the new tax laws will provide many reliefs and exemptions for low-income earners, average taxpayers, and small businesses,” Oyedele stated.

The relief package is expected to address long-standing concerns over Nigeria’s complex and burdensome tax structure, which has often discouraged investment and limited economic productivity.

Sources within the committee suggest that the forthcoming measures will cover areas such as personal income tax adjustments, value-added tax (VAT) reliefs on basic goods and services, and reduced compliance costs for small enterprises.

The reform initiative aligns with President Bola Ahmed Tinubu’s broader fiscal policy roadmap, which seeks to enhance equity within the tax system, improve government revenue efficiency, and create a more enabling environment for economic growth.

Analysts have welcomed the announcement, noting that targeted exemptions could help stimulate consumption, protect disposable income, and revive small business activity amid ongoing inflationary pressures.

— Ranks Africa Business Desk