:: Cover Story...

Tuesday, December 23, 2014.

Ben Peters, Walter Wagbatsoma, Wale Tinubu, Ayo Oritsejafor, Bola Shagaya, Femi Otedola, Others Escape Govt Hammer As Increased Charges Is Fixed On New Private Jets, Yatchs & Abuja Mansions.

Lovers of affluence, with mansions in the nation’s capital valued at N300M and above as well as exorbitant luxury play things such as Yatchs and expensive travel machine that screen of prying glares, private jets et al are penned to pay increased charges on their acquisitions.

Same fate befalls all who enthral in the pleasure of champagnes and related high end products- a pastime of the moneyed class.

The increased charges which comes in the form of taxation, specifically import subcharge.

Faced with dwindled revenue as result of shortfall in price of Oil, the Federal

Femi Otedola

Government is looking at realising some N10.65B projected revenues from process.

But contrary to widespread expectations, the increased charges only affect new owners.


The impression about town was that the introduced taxes would include current holders of such high end luxury in order to increase government revenue.


And amongst wealthy individuals credited with ownership of the targeted luxury acquisitions are  rich woman with penchant of in grating herself with wives of Presidents- Bola Shagaya, emerging oil baron widely acknowledged as latest man Friday, Petroleum

Wale Tinubu Walter Wagbatsoma
minister – Ben Peters and his friend currently undergoing prosecution for subsidy fraud, Walter Wagbatsoma, bouncing back to reckoning king of business Femi Otedola, Striving to keep afloat life changing deal boss at Oando Wale Tinubu,  the President’s favourite preacher Ayo Oristejafor and others of their ilk.


Information floating in revealed, they moneyed class virtually all with roots of their successes traced to government businesses or officials lobbied hard to limit the taxations to ’just new owners’.


And the success of the campaign enhanced based on reality, some of the key decision makers fall into the category of the about to be affected. They own the about to be taxed luxury properties as private individuals.


‘it was a concerted effort between the wealthy in the system and outside that limited the scope of the introduced increased charges’


A breakdown of the projected revenue from the increased taxation revealed, new private jets would attract a 10% subcharge with an estimated N3.7billion yearly.


Luxury yachts are pegged at 39% with an earmarked N1.6billion yearly.


High end cars are fixed at 5% with a targeted N2.6b per annum.


A Mansion in Abuja valued at N300m and above is primed to attract 1%  FCT (Federal Capital Territory) Mansion Tax and is expected to yield a turnover of N360M.


The listed wealthy such as Ben Peters, Watgbasoma and Otedola fall into the category of that already own all the listed tax targeted acquisitions.

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