Category: Business Day

The Ogun State Government has debunked alleged complicity over a dead body found in Arakanga River suspected to be a pupil of Ilugun High School located in Elega Area of Abeokuta North Local Government.

A lifeless body of a teenager suspected to be a pupil of Ilugun High School (Junior) was found in Arakanga River at the weekend as rumour was rife that the victim and others were chased away by the School Principal (Junior) with the support of local security agents, prompting their resolve to swim through the river located at the back of the School.

Reports have it that one of them was unlucky as he was swept away by the rising river tides. The dead body of the victim was later found some days later, causing people in the area to concoct different versions of a story that led to the death of the pupil.

But, speaking at a Press Conference held in Abeokuta on Tuesday, Abayomi Arigbabu, Professor and Commissioner for Education, Science and Technology, confirmed that the principal engaged in illegal collection of fees against the Government’s directive, but disowned the victim as one of the pupils of the School. He said, ‘Preliminary investigations reveal that the young man who lost his life was not a bonafide student of the school, with evidence pointing to an illegal enrolment.

‘The deceased was found to have been using three different names; Babalola Ayornide, Salako Jimoh and Afolabi Babalola. None of which appeared in the State’s Education Database, OGSERA.

‘In addition, we also discovered that the Principal of Ilugun High School (Junior) had been involved in the collection of illegal fees. In light of these findings, Government has decided to place both the Junior (Alaba Olukoga) and Senior (Temitope Ladipo) Principals of Ilugun High School on suspension while we conduct a thorough investigation into the immediate and remote causes of this unfortunate incident.

‘Let me assure the good people of Ogun State that the Administration of His Excellency, Prince Dapo Abiodun, CON remains unshaken in its commitment to provide free education for every school-age child in this State, irrespective of where they live, their gender, economic status, religious belief, or political affiliation’.

Nigerians who are abroad, working remotely in the country, or who serve as influencers, are going to be taxed as part of a broader measure to ensure all and sundry are brought into the tax net, according to Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

‘If you are a remote worker, you are a worker. You work for a company, which may be American or European, and you earn a salary; you will self-declare it because if that company were to be in Nigeria, it would deduct and pay on your behalf. The obligation falls on you to self-declare,’ Oyedele said at an event.

‘If you now refuse to declare, the government will see the movement of the money, and they will deem it as your income, charge you tax on it, add a penalty, and interest for the late payment. The same thing applies to influencers.’ Nigeria has embarked on an overhaul of its many tax laws and harmonised them into four in a move to widen its revenue base, increase its share as a percentage of gross domestic product to 18 percent within three years, and provide succor for low-income households whose spending power has been eroded.

In less than four months to the kick-off of the tax laws, clarity on how the new rules will impact the citizens and corporates has led to widespread controversies, which the Oyedele-led committee is making efforts to broaden public enlightenment ahead of January 1. According to the tax boss, dual citizens who are living abroad are taxable if they spend six months in Nigeria, adding that the new laws make provisions for unilateral tax credits to avoid diasporans being double-taxed. ‘If you spend 183 days here in Nigeria, that’s about six months in a year in Nigeria, physically, our laws say you’re tax resident here. You must pay tax on the income you earn from anywhere in the world in Nigeria. When you get back to the other country and they want to collect tax, ask them to give you a credit for the tax you paid in Nigeria,’ Oyede said.

‘If you spend four months in Nigeria and the remaining eight months you’re in America, you’re not tax resident here. But if you have a house here and you rent it out, we’ll collect tax on that house,’ he added. The tax chief also stated that anyone rendering a service, including sex workers, will be taxed from January 2026 as long as an income is received, emphasising that the new tax laws don’t differentiate between what’s legitimate or not.

On capital gains, Oyedele said if what an individual sells at the capital market in a year is not more than N150 million and the gain is not more than N10 million, no tax will be paid, stressing that the new rules were intentionally designed to be progressive in all manners.

‘The current system of capital gains will charge you at 10 percent. Those gains are isolated regardless of your losses. Under the new regime, we net off first, so gains less losses. When you end up with a net gain, we then have a conversation about whether you should pay tax. If those gains still make you a low-income earner, you will not pay anything – zero percent,’ he said.

‘We have a very robust new law on crypto. The old law says when you make gains on crypto, you pay tax on it, but people also make losses on crypto, and the law totally ignores it, and that’s not fair. Under the new regime, we take your net, gain minus losses, so you pay tax like anybody will pay tax on their income. But you have to self-declare to the authorities.’

Veritasi Homes and Properties Plc, one of Africa’s fastest-growing real estate firms, and Cooperative Investment and Thrift Society Limited (COOPLAG), on Saturday, held the official groundbreaking of Allied Towers, a luxury residential development in Ikoyi, Lagos.

The project is part of a multi-million dollar partnership deal between Veritasi Homes and COOPLAG.

The 11-floor project, sitting on a 1,431 sqm prime plot on McGregor Street, will feature 26 luxury apartments and penthouses designed to redefine urban living in one of Lagos’ most prestigious neighborhoods.

Bordered by Ikoyi Golf Club, Microsoft Head Office and the new U.S. Consulate General, Allied Towers blends cutting-edge architecture with premium amenities.

According to the real estate firm, residents will enjoy premium amenities, including a gym, relaxation area, dedicated recreational floor, landscaped grounds and secure parking for residents.

Speaking at the event, Nola Adetola, chief executive officer of Veritasi Homes and Properties Plc, described the project as a bold new chapter in Lagos’ skyline.

‘Today, as we break ground on Allied Towers, we are declaring possibility and our determination to do something meaningful with it. Together with COOPLAG, we begin a new chapter in Lagos’ skyline, in Nigeria’s housing story, and in Veritasi’s journey.’

Reflecting on Veritasi’s journey, Adetola added ‘Eight years ago, we looked at Nigeria’s real estate market and asked: Can we do better? That question gave birth to Veritasi Homes.

‘Guided by integrity, innovation, and customer-centricity, we began in 2017 with a small team and a big vision: to create developments that deliver value as reliably as they deliver shelter.

‘We envision a Veritasi that spans continents, a brand so trusted that wherever you see ‘Veritasi,’ you expect quality, innovation, and integrity. COOPLAG, we are honored to have you walk this journey with us. To our investors and future homeowners, this is your opportunity to own a share of Lagos,’ he said.

In his words, Mr. Francis Adeoye, president of COOPLAG, underscored the significance of the project and the vision behind it.

According to him ‘Today, we are not just breaking ground, we are breaking barriers. We are laying the foundation for a future where cooperative strength meets architectural excellence, where innovation meets legacy, and where our members and stakeholders can aspire to live in spaces that reflect their values, ambitions, and achievements. ‘This is the realization of a shared dream, a dream to redefine urban living and empower our members.

‘For over three decades, our society, COOPLAG, has stood as a beacon of cooperative strength, financial empowerment, and community development.

‘Allied Towers, situated in the heart of Ikoyi, is more than a luxury high-rise. It is a symbol of what is possible when two visionary organizations come together with a shared commitment to quality, sustainability, and community.

‘I want to express our profound appreciation to Veritasi Homes, led by the dynamic Mr. Nola Adetola, for their partnership, professionalism, and shared vision. Veritasi’s reputation for delivering premium developments and driving innovation in Nigeria’s real estate sector makes them the ideal partner for this ambitious endeavour.

‘Together, we are responding to the evolving needs of our members and the market. We are creating homes that offer security, prestige, and value. Homes that will stand the test of time and serve as a legacy for generations to come,’ he noted.

In his remarks, Tobi Yusuff, partner at Veritasi Homes, highlighted the groundbreaking as a reflection of Veritasi’s growth journey and its ability to earn the confidence of institutional partners like COOPLAG.

The development is being supported by a consortium of leading financial institutions, including Nova Bank, Providus Bank, Lotus Bank, Stanbic IBTC, Sterling Bank, and FirstBank. Managing directors and senior officials of these banks, who attended the event, pledged their full support, affirming the project’s significance for Nigeria’s housing and investment landscape.

Subscribers and prospective homeowners also praised the project, reiterating their confidence in Veritasi Homes and COOPLAG to deliver Allied Towers as promised, both on time and to the highest standard of excellence.

Temitope Runsewe, Chief Executive Officer of Dutum Construction, whose firm serves as the project’s construction partner, stressed that safety and engineering excellence will guide every stage of Allied Towers.

Veritasi Homes has continued to set the pace in Africa’s real estate sector through its innovative and value-driven approach.

Recognised by the Financial Times as one of the continent’s fastest-growing businesses, Veritasi remains the only Nigerian real estate firm to earn a place on the prestigious list.

In just seven years, the company has delivered over 1,000 homes, launched 12 landmark projects across Lagos and Abuja-including the celebrated Camberwall Advantage series-and served more than 2,500 clients, many from the diaspora. The company also holds double ratings from DataPro and GCR, a milestone that highlights its credibility, financial strength, and unwavering commitment to delivering world-class properties.