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Linkage Assurance appoints 2 non-executive directors with NAICOM approval

by Administrator
written by Administrator
LAGOS – The National Insurance Commission (NAICOM) has approved the appointment of Mr Anthony Katchy and Mr Suaye Banigo as Non-Executive Directors of Linkage Assurance Plc.
Linkage Assurance disclosed this in a corporate disclosure through the Nigerian Exchange Ltd. (NGX) and signed by the company’s Secretary, Mr Moses Omorogbe.
According to the company, the appointments took effect from Jan. 20, 2026.
Mr Katchy holds a Bachelor of Science degree in Economics from the University of Ibadan and a Master of Business Administration from the University of Benin.
He is a registered stockbroker and the Chief Executive Officer of Tokacy Investment Services Ltd., with over 30 years’ experience as a stockbroker and financial adviser.
Mr Banigo holds a Bachelor of Arts degree in Economics with a minor in Japanese from Vassar College, New York, and an MBA from IESE Business School, Spain.
He has more than 15 years’ experience in leading digital transformation and innovation for high-growth organisations and currently serves as a principal consultant at Karma Advisory, New York.
The company noted that the new directors were expected to bring their wealth of experience to the board and management of Linkage Assurance Plc. (NAN)
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US–Nigeria Talks on CPC Designation Reveal Fresh Details on Christian Genocide Claims

by Arabella Zikora
written by Arabella Zikora

US President Donald Trump has designated Nigeria as a CPC over alleged violation of religious freedom, especially against Christians.

In a joint statement issued on Thursday after the meeting, the Nigerian and US governments said the first session of the US-Nigeria Joint Working Group was held in Abuja on Thursday, January 22, 2026.

The Working Group was set up after Trump designated Nigeria a CPC under the International Religious Freedom Act.

According to the statement, the Working Group aims to “reduce violence against vulnerable groups in Nigeria, particularly Christians, and to create a conducive atmosphere for all Nigerians to freely practice their faith unimpeded by terrorists, separatists, bandits, and criminal militias”.

Nigeria’s delegation was led by the National Security Adviser, Nuhu Ribadu, and included representatives of 10 ministries and agencies, while the US team was headed by Under Secretary of State Allison Hooker, alongside officials from eight federal agencies.

The two sides held what they described as “strategic discussions” on how deeper US-Nigeria cooperation could improve religious freedom and strengthen security nationwide”.

They also reaffirmed the long-standing bilateral relationship between both countries, which they said is “grounded in shared values of pluralism, respect for the rule of law, and sovereignty”.

The US delegation welcomed Nigeria’s recent steps to tackle insecurity, particularly in the North-Central states, where attacks on farming and Christian communities have been frequent.

Both governments, the statement said, reiterated their “strong and unflinching commitment to upholding the principles of religious freedom” and agreed on the need for “joint, active, and sustained measures to promote and protect freedom of religion or belief for all, in line with the Constitution of the Federal Republic of Nigeria.”

Participants further stressed the need to protect civilians, “particularly members of vulnerable Christian communities,” while ensuring that perpetrators of violence are held accountable.

On security cooperation, both sides agreed to strengthen counter-terrorism efforts through “operational cooperation, access to technology, anti-money laundering measures, countering the financing of terrorism, and building law enforcement and investigative capacity”.

The US delegation also commended Nigeria for what it described as “urgent actions to strengthen security for at-risk Christian communities and Nigerians of all faiths whose safety is threatened by violence and terrorism”.

It was agreed that the next meeting of the Joint Working Group would be held in the United States at a date to be determined through diplomatic channels.

Recall that on October 31, US President Donald Trump designated Nigeria a Country of Particular Concern, citing allegations of widespread violence and what some advocacy groups describe as a “Christian genocide” in parts of the country.

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MEMAN seeks PIA-driven reforms to boost downstream

by Administrator
written by Administrator

LAGOS – The Major Energies Marketers Association of Nigeria (MEMAN) has urged the Federal Government to fast-track policy and structural reforms in the downstream petroleum sector.

Mr Clement Isong, Executive Secretary, MEMAN, said in an interview with newsmen on Thursday in Lagos that this would unlock investment, deepen competition and stabilise fuel distribution.

He said that this would also align policies strictly with the Petroleum Industry Act (PIA) would deliver a transparent, efficient and investor-friendly market.

Isong said MEMAN was pushing for reforms that guarantee a level playing field for all operators, strengthen efficiency across the value chain and entrench global best-practice health, safety and environmental standards.

He stressed that clear timelines and predictable regulatory oversight were essential to restoring investor confidence and improving the resilience of Nigeria’s energy distribution system.

“PIA-consistent policy outcomes are critical if Nigeria is to attract long-term investment and protect end users.

“Certainty, transparency and coordination are the foundations of a downstream market that works for both investors and consumers,” Isong said.

He said this year, MEMAN’s priorities would centre on stronger stakeholder coordination, deliberate management of ongoing sector transitions and full operationalisation of the PIA.

According to him, key actions include clarifying leadership and coordination roles, sequencing reforms to minimise disruptions and ensuring affordability for consumers during the transition.

He said effective implementation of the PIA must translate into a predictable market environment that supports sustainable investment while safeguarding consumer interests.

Reflecting on 2025, Isong identified the convergence of multiple transitions across the downstream value chain as the sector’s biggest challenge.

He explained that regulators, government institutions, operators and consumers were adjusting simultaneously, creating uncertainty and uneven reform outcomes.

“This has been a steep learning curve for the industry,” he said.

Isong added that MEMAN members responded by intensifying stakeholder engagement, making targeted operational adjustments and consistently advocating coordinated and predictable reform implementation.

He expressed optimism that sustained collaboration and policy clarity would position Nigeria’s downstream petroleum sector to emerge stronger, more efficient and better equipped to meet the country’s long-term energy needs.(NAN)

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FG targets N900bn in January bonds offer

by Administrator
written by Administrator

ABUJA – The Federal Government, through the Debt Management Office (DMO), has offered three FGN bonds, valued at N900 billion for subscription at N1,000 per unit.

According to a release by the DMO, the first offer is a Feb. 2031 FGN bond (seven-year re-opening), valued at N300 billion, at 18.50 per cent interest rate per annum.

The second offer is a Feb. 2034 FGN bond (10-year re-opening), valued at N400 billion at 19.00 interest rate per annum.

The third offer is a Feb. 2035 FGN bond (10-year re-opening), valued at N200 billion at interest rate of 22.70 per cent per annum.

The office said that for re-opening of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest in the instrument.

“Interest in payable annually, while bullet repayment (principal sum) is on maturity date, ” it said.

The DMO said that FGN bonds are backed by the full faith and credit of the Federal Government and are charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustees Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act and Personal income Tax Act for tax exemption for pension funds amongst other investors,” it said.

It said that they are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange, and qualify as liquid assets for liquidity ratio calculation for banks. (NAN)

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₦1.54tn Gone in Nine Months as Nigerians Increase Spending on Beer, Others

by Arabella Zikora
written by Arabella Zikora

Major listed brewers in Nigeria generated a combined revenue of over N1.54tn from the sale of beer and other non-alcoholic drinks in the first nine months of 2025, indicating the estimated amount spent by Nigerians on brewery products during the review period, an analysis by The PUNCH shows.

According to the unaudited financial statements of Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the nine months ended September 30, 2025, the companies collectively recorded strong top-line performance driven largely by beer sales.

Nigerian Breweries Plc, the largest brewer in the country, recorded net revenue of N1.05tn for the period, up from N710.87bn in the corresponding period of 2024. Cost of sales stood at N631.23bn, resulting in a gross profit of N415.15bn.

After accounting for selling and distribution expenses of N193.85bn, administrative expenses of N59.58bn, finance costs of N39.15bn, and other charges, the company posted a profit after tax of N85.51bn, compared with a loss of N149.50bn in 2024. Basic earnings per share rose to 275 kobo from a loss of 1,455 kobo in the previous year.

In March, Nigerian Breweries Plc announced a return to profitability in the first quarter of 2025, reporting a 186 per cent increase in net profit compared to the same period in 2024. The unaudited financial results released on the Nigerian Exchange Limited showed that revenue for the period ended March 31, 2025, rose to N383.6bn, representing a 68.9 per cent increase from N227.1bn recorded in the first quarter of 2024.

International Breweries Plc, which operates in Nigeria and other West African markets, generated revenue of N472.57bn for the nine months ended September 30, 2025, up from N343.45bn in the same period of 2024.

The company reported a profit after tax of N57.83bn, reversing a loss of N112.81bn in 2024. Cost of sales increased to N311.64bn from N248.58bn, while administrative, marketing, and distribution expenses rose to N92.09bn from N72.68bn.

The PUNCH earlier reported that International Breweries Plc posted a profit of N11.9bn for the second quarter ended June 30, 2025, marking a turnaround from a loss of N47.3bn in the same period last year. The company’s unaudited financial statements showed revenue increased to N167.4bn in Q2 2025 from N120bn in Q2 2024, while gross profit rose to N61.9bn from N33.8bn.

Champion Breweries Plc recorded revenue of N21.44bn for the nine months ended September 30, 2025, up from N14.02bn in the same period of 2024. The company posted a profit after tax of N2.05bn, compared with N21.50m in 2024. Cost of sales rose to N11.14bn from N8.13bn, while selling and distribution expenses increased to N4.24bn from N3.25bn.

Overall, the combined revenue of the three companies amounted to N1.54tn, with Nigerian Breweries Plc accounting for the bulk of sales.

Analysts say the figures highlight the resilience of Nigeria’s beer market, which continues to benefit from strong brand loyalty and distribution networks despite rising production costs and broader macroeconomic pressures.

Commenting on consumer behaviour, the Head of Financial Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, said the market is experiencing a gradual shift in spending patterns, with some consumers reducing beer consumption, a trend influencing how breweries adjust their strategies.

“Following AB InBev’s acquisition of International Breweries, the company invested in new breweries and production facilities to expand capacity. This indicates that firms are prioritising scaling operations and improving efficiency to meet rising demand and strengthen their market position,” Olubunmi said.

On the broader economic impact, the Chief Executive Officer of Economic Associates, Ayo Teriba, cautioned that strong sales figures do not necessarily translate into greater economic contribution.

“The point is that bigger isn’t necessarily better. Sales may be boosted by size, but if that size reflects purchases from other companies rather than actual value added, the contribution to the economy is limited. What really matters is net output, what value the company is actually creating. GDP, after all, is the sum of value created, not just total sales figures,” Teriba said.

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Senegal Withdraws Oil Licence Held by Nigerian Billionaire Arthur Eze

by Arabella Zikora
written by Arabella Zikora

According to Business Insider, the decision reflects Senegal’s drive to strengthen regulation of its energy sector and accelerate the commercial development of its hydrocarbon resources.

The license was withdrawn after the company failed to meet key operational and financial obligations attached to the asset.

The government revoked the Cayar Offshore Shallow exploration license after determining that Atlas Oranto had not provided the required bank guarantees and had carried out only limited exploration work since the block was awarded in 2008, despite several deadline extensions.

The offshore block, which spans about 3,600 square kilometers north of the Dakar peninsula, is regarded as oil-prospective but remains largely underexplored. While seismic surveys identified several potential leads, no exploratory wells were drilled throughout the license period.

Under the oversight of Energy and Petroleum Minister Birame Souleye Diop, the ministry formally terminated the license in September 2025, citing repeated failures by the company to fulfill contractual and financial requirements. Industry sources referenced in early 2026 also confirmed that there was little meaningful seismic or drilling activity on the block.

Senegal has since taken back control of the acreage, describing the move as part of a broader effort by President Bassirou Diomaye Faye’s administration to enforce compliance and apply stricter screening standards to petroleum license holders.

The decision places Senegal among a growing number of African oil-producing countries reassessing legacy exploration contracts signed during earlier licensing rounds. Across the continent, governments are facing increasing pressure to ensure that oil and gas rights result in tangible investment, drilling, and production, rather than being held for speculative purposes.

The revocation has also renewed scrutiny of Atlas Oranto’s wider regional operations. In Liberia, the company secured four offshore production-sharing contracts in September 2025, covering Blocks LB-15, LB-16, LB-22, and LB-24 in the Liberian Basin. Those agreements reportedly included a signature bonus of between $12 million and $15 million, with proposed investments exceeding $200 million per block.

Liberian authorities described the deals as an attempt to revitalize a petroleum sector that has seen minimal activity for more than a decade. However, Atlas Oranto has yet to issue an official response to Senegal’s decision at the time of filing this report.

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Oghene commends President Tinubu for advancing food security, easing food prices

by Administrator
written by Administrator

LAGOS – Mr Oghene Egoh, a former lawmaker, who  represented Amuwo-Odofin federal constituency, has commended President Bola Tinubu for the significant strides recorded by his administration in ensuring food security and reducing the prices of essential food items.

Egoh made the commendation during an interview with newsmen in Lagos, on Tuesday.

According to him, food prices were extremely high when the Tinubu administration assumed office, but have dropped substantially following policy reforms and increased agricultural output.

“For instance, a basket of tomatoes that sold for about ₦18,000 previously now goes for as low as ₦5,000 in many markets, providing relief to households.

“Similarly, the price of a bag of rice, which hovered around ₦150,000 before, has fallen to between ₦45,000 and ₦55,000 in several parts of the country.

“Other staples have also recorded price reductions, as the price of garri has  dropped from about ₦60,000 to ₦30,000, while palm oil prices have equally declined.

“The development has been widely attributed to improved food production and supply, driven by federal government interventions in the agricultural sector, ” he said.

He said that the decline in prices had triggered concerns among farmers, many of whom now complain that prices of agricultural produce have fallen below production costs, affecting profitability.

Egoh described Tinubu as a listening leader, and that he would respond to  the concerns of farmers.

“Reports from farming communities in Plateau, Adamawa, Gombe and Benue states indicate that some farmers are apprehensive about returning to farming due to fears of losses.

“Despite these concerns, stakeholders say Nigerians should commend the President for responding to long-standing complaints about high food prices.Consumers can now afford many food items,”he said.

He said the government had pledged to urgently support farmers through incentives, including free farming equipment, subsidised fertilisers and other interventions to sustain production.

The ex-lawmaker  said he had no doubt that Tinubu would listen to cries of farmers  and provide them with the necessary support to improve production in order to make more profit.

“The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, recently  said the government would step in where food prices fall below farmers’ costs to encourage continued investment in agriculture,” he said.

The former lawmaker encouraged farmers to export  surplus agricultural produce for profit making.

He noted that Ghana export  yam ,worth millions of dollars,to support its economy.

“Nigeria can do same too by exporting  some of their agricultural produce  to  support the economy,” he said.(NAN).

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33 ships laden with petroleum, other commodities, to arrive Lagos ports

by Administrator
written by Administrator

LAGOS- No fewer than 33 ships laden with petroleum products, commodities and other goods are expected to arrive Apapa, Tin-Can Island and Lekki Deep Sea Ports in Lagos from Jan. 30 to Jan. 31.

The Nigerian Ports Authority (NPA) stated this in its publication – `Shipping Position’, – a copy of which was made available to newsmen on Tuesday in Lagos.
The authority explained that 22 of the expected ships carried containers of different goods, while other ships contained condensate, crude oil, bulk bitumen, gasoline, general cargo, containers, diesel and petrol.
It noted that 10 ships and tanker vessels had arrived the three ports, waiting to berth with diesel, crude oil, bulk urea, general cargoes, containers, petrol, empty containers, and bulk sugar.
NPA also said that 21 ships currently discharging bulk pallets, general cargoes, fresh fish, containers, bulk salt, bulk sugar,  diesel and aviation fuel.
(NAN)
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IMF projects global growth to remain resilient at 3.3% in 2026

by Administrator
written by Administrator

ABUJA – The International Monetary Fund(IMF) has projected that global growth will remain resilient at 3.3 per cent in 2026 and at 3.2 per cent in 2027.

The projection is contained in the fund’s latest World  Economic Outlook (WEO) update for January released on Monday.5

The report said that the forecast marked a small upward revision for 2026 and no change for 2027 compared with that in the October 2025 WEO.

According to the report, this steady performance on the surface results from the balancing of divergent forces.

“Headwinds from shifting trade policies are offset by tailwinds from surging investment related to technology, including artificial intelligence (AI), more so in North America and Asia than in other regions.”

The report also cited monetary support, broadly accommodative financial conditions, and adaptability of the private sector.”

It said that global headline inflation was expected to decline from an estimated 4.1 per cent in 2025 to 3.8 per cent in 2026 and further to 3.4 per cent in 2027.

“The inflation projections are also broadly unchanged from those in October and envisage inflation returning to target more gradually in the United States than in other large economies.”

The report said that among advanced economies, growth was projected to be 1.8 per cent in 2026 and 1.7 per cent in 2027.

For emerging markets and developing economies, it projected growth to continue to hover just above 4.0 per cent in 2026 and 2027.

It projected growth in the Middle East and Central Asia to accelerate from 3.7 per cent in 2025 to 3.9 per cent in 2026.

The report projected 4.0 per cent accelerated growth in 2027, supported by higher oil output, resilient local demand and ongoing reforms.

The report said that for Sub-Saharan Africa, growth was expected to also accelerate from 4.4 per cent in 2025 to 4.6 per cent in 2026 and 2027.

It said the growth in the region would be supported by macroeconomic stabilisation and reform efforts in key economies.

For Nigeria, the report said growth was projected at 4.4 per cent in 2026 and would drop to 4.1 per cent  in 2027.

“In Latin America and the Caribbean,  growth is expected to moderate to 2.2 per cent in 2026 and bounce to 2.7 per cent in 2027 as countries in the region approach potential from different cyclical positions.

“In emerging and developing Europe , a sharp slowdown in 2025 to a growth rate of 2.0 per cent is expected to reverse.

“Economies in the region will expand at an average rate of 2.3 per cent in 2026 and 2.4 per cent in 2027,” it said.

The report said that risks to the outlook remained tilted to the downside, which were revaluation of technology expectations and escalation of geopolitical tensions.

On the upside, the report said that activity could be further lifted by AI-related investment and eventually transform into sustainable growth if faster AI adoption translates into strong  productivity gains and increased business dynamism.

“Activity could also be supported by a sustained easing in trade tensions.”

The reports recommended that policymakers should restore fiscal buffers, preserve price and financial stability, reduce uncertainty, and implement structural reforms without further delay.(NAN)

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FG welcomes European Commission’s removal of Nigeria from AML/CFT high-risk list

by Joy Chinelo
written by Joy Chinelo

The Federal Government has welcomed the decision of the European Commission to remove Nigeria from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

The decision, contained in a European Commission Delegated Regulation released this week amending Delegated Regulation (EU) 2016/1675, follows Nigeria’s earlier removal from the Financial Action Task Force (FATF) list of Jurisdictions under Increased Monitoring in October 2025, after the successful completion of its FATF Action Plan.According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in a statement Thursday night, this important milestone was only possible due to the extraordinary leadership, unwavering political will, and clear reform vision of President Bola Tinubu, under whose administration AML/CFT reforms were prioritised as a core component of Nigeria’s economic governance and financial system stability agenda.

He said President Tinubu’s decisive leadership ensured strong inter-agency coordination, sustained engagement with international partners, and the full implementation of critical legal, regulatory, and institutional reforms required to address the strategic deficiencies previously identified in Nigeria’s AML/CFT framework.

The European Commission, in its assessment, concluded that Nigeria has significantly strengthened the effectiveness of its AML/CFT regime and satisfactorily addressed the technical and strategic deficiencies highlighted by the FATF. As a result, Nigeria has been removed from the EU list of high-risk third countries, alongside other jurisdictions that have demonstrated similar progress.

The minister said this development represents another major boost to Nigeria’s global financial credibility. It is expected to ease enhanced due diligence requirements for Nigerian individuals, businesses, and financial institutions transacting with European counterparts, improve correspondent banking relationships, enhance investor confidence, and further integrate Nigeria into the international financial system.

He commended the collective efforts of all stakeholders involved in this achievement, including financial sector regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, supervisory authorities, the judiciary, and private sector operators, whose professionalism and commitment were instrumental to the successful reform outcomes.

While welcoming this decision, Mr. Edun reaffirmed Nigeria’s commitment to sustaining and deepening AML/CFT reforms. Nigeria will continue to work closely with the FATF, the European Union, and other international partners to ensure that its financial system remains resilient, transparent, and aligned with global best practices.

The removal of Nigeria from both the FATF grey list and the European Union’s high-risk list sends a clear and positive signal to the global community that Nigeria is firmly on the path of reform, transparency, and economic renewal under the leadership of President Bola Ahmed Tinubu.

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ASUU Strikes: FG, Union Agree New Pay Structure for Lecturers

by Joy Chinelo
written by Joy Chinelo

The Federal Government and the Academic Staff Union of Universities (ASUU) have reached a renegotiated agreement aimed at ending recurring strike actions and stabilising Nigeria’s university system.

The agreement, concluded in 2025 as a review of the 2009 FGN–ASUU pact, was unveiled on Wednesday at the TETFund headquarters in Abuja.

Key Highlights of the New Agreement

Speaking at the unveiling, Minister of Education, Dr. Tunji Alausa, said the deal prioritises improved welfare, academic productivity, and industrial harmony.

A major highlight is the approval of a new Professorial Cadre Allowance for senior academics.

New Professorial Cadre Allowance

  • Professors: ₦1,740,000 per annum (₦140,000 monthly)

  • Readers: ₦840,000 per annum (₦70,000 monthly)

The allowance applies strictly to full-time Professors and Readers in tertiary institutions.

According to Alausa, the allowance recognises the heavy administrative, scholarly, research, and leadership responsibilities borne by senior academics.

40% Salary Review From January 2026

The minister also announced a 40% upward review of university academic salaries, effective January 1, 2026, as approved by the National Salaries, Incomes and Wages Commission (NSIWC).

Under the new structure:

  • Salaries will comprise CONUASS (Consolidated University Academic Staff Salary) and

  • CATA (Consolidated Academic Tools Allowance)

CATA will cover:

  • Journal publications

  • Conference participation

  • Internet access

  • Learned society membership

  • Book and research tools

The aim, Alausa said, is to boost morale, reverse brain drain, and enhance global competitiveness of Nigerian universities.

Earned Academic Allowances Restructured

Nine Earned Academic Allowances have been restructured and tied strictly to duties performed, including:

  • Postgraduate supervision

  • Fieldwork and clinical duties

  • Examination and moderation

  • Leadership responsibilities

The minister described the agreement as “structural, practical, and transformative.”

ASUU Welcomes Deal, Raises Concerns

ASUU President, Prof. Chris Piwuna, described the agreement as the product of a renegotiation process that began in 2017, but warned that university autonomy remains under threat.

He criticised:

  • Arbitrary dissolution of governing councils

  • Political interference in vice-chancellor appointments

  • Imposition of candidates over merit-based selections

According to him, such practices erode meritocracy and fuel instability within universities.

Research Funding and NRC Bill

ASUU also confirmed that the agreement includes provisions for research and development funding, including plans to forward the National Research Council (NRC) Bill to the National Assembly.

The proposed bill seeks to allocate at least 1% of GDP annually to research, innovation, and development.

ASUU urged the Senate President and Speaker of the House of Representatives to fast-track the bill.

FG, NASS Assure Implementation

Minister of Labour and Employment, Muhammadu Maigari Dingyadi, assured that the Federal Government remains committed to dialogue to prevent future strikes.

Similarly, Chairman, Senate Committee on Tertiary Institutions and TETFund, Senator Mohammed Muntari Dandutse, pledged continued legislative support to strengthen Nigeria’s education sector.

Culled from: Blueprint Newspapers

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FG Orders Banks, Fintechs to Remit VAT on Service Fees From Jan 19

by Joy Chinelo
written by Joy Chinelo

The Federal Government has directed banks and financial technology (fintech) companies to begin collecting and remitting 7.5 per cent Value Added Tax (VAT) on selected electronic banking services, effective Monday, January 19, 2026.

The directive was communicated to customers through email notices issued by payment platforms, including Moniepoint, on Wednesday.

Services Affected

According to the notice, VAT will apply strictly to banking service charges, not the amount being transferred.

Services affected include:

  • Mobile banking transfer fees

  • USSD transaction charges

  • Card issuance fees

For example, where a bank charges ₦100 as a transfer fee, ₦7.50 VAT will be added to the service charge alone.

What the Platforms Said

In its notice to customers, Moniepoint stated:

“From Monday, January 19, 2026, we are required to collect a 7.5 per cent VAT, to be remitted to the Nigerian Revenue Service (NRS), formerly known as the Federal Inland Revenue Service.”

The fintech company emphasised that the charge does not represent a price increase, but a statutory tax obligation.

“Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service,” the company added.

Other banks and fintech operators are expected to issue similar notifications in the coming days.

Services Exempted

Certain banking services will remain VAT-exempt, including:

  • Interest earned on savings and deposit accounts

Customers will therefore not pay VAT on returns from their savings or fixed deposits.

Compliance Deadline

The Nigerian Revenue Service (NRS) has directed all:

  • Commercial banks

  • Microfinance banks

  • Electronic money operators

to comply fully with the VAT collection and remittance requirement.

The agency is enforcing uniform VAT compliance across digital financial platforms as part of broader efforts to strengthen revenue generation in Nigeria’s expanding digital economy.

VAT Breakdown to Be Shown

Customers have been assured that VAT deductions will be clearly itemised, with the tax displayed separately on transaction statements and reports.

Stamp Duty Reminder

The development follows recent notifications by banks on the enforcement of the ₦50 stamp duty on electronic transfers of ₦10,000 and above, in line with provisions of the new Tax Act.

The charge, previously referred to as the Electronic Money Transfer Levy (EMTL), has now been formally reclassified as stamp duty and applies as a one-off fee on qualifying transactions.

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Experts hail FG on increased external reserves

by Administrator
written by Administrator

LAGOS – An economist, Prof. Ken Ife says Nigeria’s growing external reserves are boosting the economy by strengthening the Naira, calming the foreign exchange market and creating new opportunities for investment-led growth.

Ife, President of the Institute of Professional Economists and Policy Management made this known in an interview with newsmen in Lagos on Thursday, following the rise in the country’s external reserves to $45.24 billion.

Ife said the stronger reserve position was boosting confidence in the foreign exchange market and positioning the Naira for improved stability.

The analyst noted that the outlook remained positive as reforms and investments gained momentum across key sectors.

He pointed to rising output from the Dangote Petroleum Refinery as a major source of future foreign exchange inflows, particularly from fertiliser, polypropylene, aviation fuel and gas.

“Dangote Petroleum Refinery alone is increasing output from fertiliser, polypropylene, as well as aviation fuel and gas.

“This could enable the company to earn about $20 billion from exports to the global market,” he said.

Ife added that the expected listing of the refinery on the capital market would unlock significant domestic and diaspora investments.

“This means Nigerians at home and in the diaspora could buy shares in the quoted company, and hundreds of billions of dollars could be mobilised locally.

“It will also reduce government foreign borrowing and further stabilise the foreign exchange market,” the professor said.

He urged the Federal Government to sustain the reserve build-up while channeling investments into critical sectors to raise productivity and living standards.

Ife also said the improving reserve position should create room for lower lending rates to stimulate growth in the productive sectors of the economy.

Similarly, Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), commended the government for strengthening the country’s external reserves.

He said the development was already supporting exchange rate stability and easing inflationary pressures.

“This is one of the reasons the exchange rate is getting stronger, and it is also helping to slow inflation,” Yusuf said.

He urged the government to sustain the momentum by boosting oil production and strengthening non-oil foreign exchange inflows, particularly diaspora remittances.

Reports that Nigeria’s external reserves rose to $45.24 billion on Dec. 23, 2025, from $42.17 billion recorded a month earlier, according to data released by the Central Bank of Nigeria (CBN).

The data showed a 7.28 per cent month-on-month increase, representing a gain of about $3.1 billion.(NAN)

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Banks, Fintechs Face New VAT Obligation as FG Issues Directive

by Arabella Zikora
written by Arabella Zikora

The Federal Government has directed all banks and fintechs to collect and remit 7.5 per cent value-added tax on certain electronic banking services, effective Monday, January 19, 2026, according to an email notice issued by payment platforms.

The VAT will apply to electronic banking charges, including mobile money transfers, USSD transaction fees, and card issuance fees, according to an email notice on Wednesday shared with customers by Moniepoint.

For example, if a bank charges N100 to make a transfer, the 7.5 per cent VAT will be applied to that service fee, not the money being sent.

“From Monday, January 19, 2026, we are required to collect a 7.5 per cent VAT, to be remitted to the Nigerian Revenue Service (formerly known as the Federal Inland Revenue Service).

“VAT will apply to certain banking services that include electronic banking charges such as mobile banking fees (transfers), USSD transaction fees, and card issuance fees,” the email read.

Other operators are expected to issue similar notices to their customers in the coming days. Services that will remain exempt include interest earned on deposits and savings, meaning customers will not pay tax on the returns from their accounts.

The NRS, formerly known as the Federal Inland Revenue Service, has set the deadline to ensure that all commercial banks, microfinance banks, and electronic money operators comply with the collection and remittance requirement.

Moniepoint stressed that this is not a price increase but a statutory obligation. “Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service,” the company said in a statement.

The move is part of the government’s broader efforts to standardise VAT collection on digital financial services and expand revenue generation amid Nigeria’s growing digital economy. VAT on banking transactions is not entirely new; the NRS is now enforcing uniform collection rules across all platforms, ensuring compliance across the sector.

Customers have been assured that the new tax will be clearly itemised, with the VAT shown separately on transaction statements and reports.

In December, several commercial banks informed customers that the N50 stamp duty would be deducted on electronic transfers of N10,000 and above, following the commencement of provisions of the new Tax Act.

The charge, previously known as the EMTL, has now been formally reclassified as stamp duty and will be applied as a one-off fee on qualifying electronic transfers.

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Business

TotalEnergies sells 10% interest in onshore Nigerian assets

by Joy Chinelo
written by Joy Chinelo

TotalEnergies has signed an agreement to sell its 10 per cent non-operated stake in the Nigerian onshore oil asset SPDC, renamed as Renaissance JV, to Vaaris, it said on Wednesday, after a failed sale last year to Mauritius-based Chappal Energies.

The deal includes stakes in three other licences producing mainly gas for Nigeria LNG, in which Total will retain full economic interest.

Company registrations show Vaaris Resources JV CO Limited was incorporated in Nigeria on December 22, 2025. Total offered no further information on the new buyer.

Last year, Nigerian regulators blocked Total’s inital $860 million deal with Chappal Energies for the SPDC stakes, due to the buyer’s inability to stump up the funds — dealing a blow to the French firm’s efforts to sell off mature, polluting assets and pay down debt.

SPDC has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high profile lawsuits.

Last year Shell sold its 30 per cent stake in SPDC to a consortium of five mostly local companies for up to $2.4 billion.

The Nigerian National Petroleum Corporation (NNPC) holds 55 per cent of the joint venture, while Italy’s Eni has five per cent.

The deal is subject to approval by Nigerian regulators.

The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corporation Ltd (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (five per cent), which holds 18 licenses in the Niger Delta.

Under the agreement signed with Vaaris TotalEnergies EP Nigeria will sell to Vaaris its 10% participating interest and all its rights and obligations in 15 licenses of Renaissance JV, which are producing mainly oil.
Production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025. TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licenses of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77).

Meanwhile TotalEnergies said it will retain full economic interest in these licenses which currently account for 50 per cent of Nigeria LNG gas supply. The deal is noted to be subject to customary conditions, including regulatory approvals.

Last year, Nigerian regulators blocked Total’s initial $860 million deal with Chappal Energies for the SPDC stakes, due to the buyer’s inability to stump up the funds — dealing a blow to the French firm’s efforts to sell off mature, polluting assets and pay down debt.

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BusinessNews

World Bank Forecasts 4.4% Growth for Nigerian Economy Driven by Tax and Policy Reforms

by Arabella Zikora
written by Arabella Zikora

The bank disclosed this in its Global Economic Prospects report released in January 2026.

It described the projected growth rate in Nigeria as the country’s fastest growth pace in over a decade.

The projection by the World Bank is an upgrade from its earlier 3.7 percent forecast stated in its June 2025 Global Economic Prospects report.

“Economic reforms, including the tax system, along with continued prudent monetary policy, are expected to continue supporting activity.

“Improve investor sentiment and reduce inflation further. Higher oil output is expected to offset lower international oil prices this year, helping to boost fiscal revenues and strengthen the external balance,” the World Bank stated.

This comes as Nigeria’s Gross Domestic Product (GDP) grew by 3.98 percent year-on-year in real terms during the third quarter of 2025, according to recent data by the National Bureau of Statistics (NBS).

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