A Federal High Court in Lagos has issued a warrant of arrest against Ezekiel Onyedikachukwu, the manager of popular gospel singer Mercy Chinwo.

Justice Alexander Owoeye granted the order on Thursday, January 16, after an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC).

During the hearing, EFCC counsel Mrs Bilikisu Buhari informed the court of an application made under the provisions of the 1999 Constitution and the Administration of Criminal Justice Act, 2015. The motion sought an arrest warrant to compel the manager’s appearance in court to face allegations of criminal misconduct.

In support of the application, an affidavit deposed by EFCC investigator Michael Idoko stated that the commission received a petition from Chinwo against her manager. The gospel singer alleged that Onyedikachukwu had been collecting royalties from her digital platforms and events without proper disclosure. According to the affidavit, the manager is accused of diverting $345,000 without remitting her share.

The EFCC counsel noted that prior efforts to arrest the manager had been unsuccessful, prompting the application for the warrant. She further stated that the commission would issue a public summons if the manager could not be located. The court granted the EFCC’s application and adjourned the case to January 24 for the manager’s arraignment.

Nigeria Governors’ Forum (NGF) has rejected the move to increase Value Added Tax (VAT).

The forum made this known in a communiqué released after its meeting in Abuja on Thursday, Jan. 16.

The governors expressed support for the ongoing legislative process of the Tax Reform Bills currently before the National Assembly.

However they opposed the Federal Government’s proposal for an increase of VAT from 7.5% to 10% in one of the tax reform bills.

They said the move is untimely.

In the communique signed by the NGF Chairman and Governor of Kwara State, Abdulrahman Abdulrazaq, the forum proposed an equitable sharing formula for Value-Added Tax.

The governors said the revised VAT sharing formula must ensure equitable distribution of resources of 50% based on equality, 30% based on derivation, and 20% based on population.

“Members agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time, to maintain economic stability. The Forum advocated for the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and promote agricultural productivity,” the communique reads in part.

“We, members of the Nigeria Governors’ Forum (NGF) and presidential tax reform committee, convened on the 16th of January 2025 to deliberate on critical national issues, including the reform of Nigeria’s fiscal policies and tax system, and arrived at the following resolutions:

“The Forum reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws. Members acknowledged the importance of modernizing the tax system to enhance fiscal stability and align with global best practices.

“The Forum endorsed a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources: 50% based on equality, 30% based on derivation, and 20% based on population.

“The meeting recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills.

“The meeting supports the continuation of the legislative process at the National Assembly that will culminate in. the eventual passage of the Tax Reform Bills,” the Nigerian Governor’s Forum (NGF) said.

Nigeria’s inflation rate surged to 34.80 percent in December 2024 from 34.60 percent in November according to the latest Consumer Price Index and inflation data released on Wednesday, January 15 by the National Bureau of Statistics, NBS.

The December inflation data showed that the country’s inflation further rose marginally by 0.20 percent due to heightened demand for goods and services during the festive season.

On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92 percent in December 2023.

“On a year-on-year basis, the headline inflation rate was 5.87 percent higher than the rate recorded in December 2023 (28.92 percent). This shows that the headline inflation rate (on a year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023),” NBS stated.

Meanwhile, NBS said Nigeria’s food inflation dropped marginally to 39.83 percent in December 2024 from 39.93 percent in November on a year-on-year basis.

While the country’s inflation continues to rise, the Centre for the Promotion of Private Enterprise, CPPE, has stated how Nigeria’s inflation rate can drop.

Reacting to the report, CPPE highlighted that Nigeria’s inflation can moderate on pause of the monetary tightening policy by the Central Bank of Nigeria, reducing fiscal risks.

“To ensure a further moderation in inflationary pressures, CPPE recommends as follows: “Pause on monetary policy tightening and interest rate hikes by the CBN to reduce business operating costs.

“Reduction in fiscal risks to macroeconomic stability through a reduction in fiscal deficit and deceleration in growth of public debt,” the CPPE stated.