Business

FG Grants Three-year Tax Relief To 33 Companies, Bars 10 Firms

Published

4 years ago

April 4, 2022

The Federal Government approved the application of 33 companies seeking pioneer status under the Industrial Development Income Tax Act in 2021.

This was contained in the quarterly PSI reports released by the Nigeria Investment Promotion Commission.

The reports also revealed that investments made by the 33 companies during the year amounted to N543.88bn.

It also noted that the government declined the applications submitted by 10 investing firms including the popular FinTech, Flutterwave, during the review period.

The pioneer status is an incentive offered by the Federal Government, which exempts companies from paying income tax for a certain period. This tax exemption can be full or partial.

The incentive is generally regarded as an industrial measure aimed at stimulating investments in the economy.

The products or companies eligible for this pioneer status are products or industries that do not already exist in the country.

An analysis of the first quarter PSI report showed that while the requests of 10 firms were denied, three companies had their applications approved in principle, while six firms were granted PSI for a three-year period.

The report also revealed that 33 firms were benefitting from the tax incentive scheme in Q1, while the requests of 132 companies were still pending.

As at March 31, 2021, the firms granted tax reliefs invested a total of N45.5bn in the Nigerian economy.

In July, Flutterwave was one of the ten companies denied PSI in Q1 2021.

Flutterwave had in February 2022, disclosed that its valuation rose to $3bn, after it was able to raise $250m from a Series D funding round.

At $3bn, using an exchange rate of N570 to one dollar, it means Flutterwave’s valuation is approximately N1.71tn.

A cursory look at the second quarter PSI report for the year 2021 showed that the government granted tax holidays to eight firms who invested an aggregate of N12.8bn.

Seven firms got approval in principle while no application was denied in Q2, the NIPC said.

The report also revealed that 31 firms were benefitting from the tax incentive scheme, while the requests of 160 companies were still pending.

In the third quarter of last year, eight firms were granted PSI while the requests of two companies were rejected.

The firms offered tax holidays invested a whopping N328.5bn into the economy during the review period, the NIPC report said.

The NIPC also revealed that the government granted approval in principle to 16 firms, 168 applications were pending and 35 companies were benefitting from the government’s tax incentive in Q3.

Meanwhile, the latest PSI report from the NIPC revealed that in the last quarter of the year, six companies were granted tax reliefs for a three-year period.

The companies are First Independent Power Company, Cormart Nigeria Limited, Premium Agro Chemicals Limited, West African Soy Industries Limited, Prudent Energy and Services Limited, and Checkers Africa Limited.

These companies contributed N157.08bn to total investments in Q4 2021.

Further analysis of the Q4 report revealed that, during the period, 13 companies had their applications approved in principle while the application of one company was denied.

As at the end of 2021, 46 companies were benefiting from the tax incentive scheme while the requests of 186 companies were still pending.

The Acting Executive Secretary, NIPC, Emeka Offor, had in an interview with The PUNCH assured stakeholders that the commission would , this year, partner with local and global stakeholders to boost Foreign Direct Investments into the country.

Emeka had said, “I can assure you that already, we have been getting greater response and inquiries from potential investors, within the country and across the globe.

“We plan to hold more stakeholder engagements in 2022.”

PUNCH

Business

NNPCL Raises Fuel Price

Published

2 days ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

4 days ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

6 days ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.