Business

FG May Consider Reduction In Withholding Tax For Telcos

Published

2 years ago

March 14, 2024

President Bola Tinubu has said the Federal Inland Revenue Service will review a request to reduce the withholding tax for telecommunications companies operating in the country.

Tinubu hinted this in response to a request from a delegation of the American Tower Corporation (Nigeria), who paid him a courtesy visit at the Aso Rock Villa, Abuja, on Thursday.

ATC had opined that such a move would stimulate telecommunications and broadband infrastructure investments.

According to a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President said the FIRS would “review the matter and provide a solution that is in the best interest of both the investors and the Nigerian people.

“Every citizen, whether at the corporate or individual level, fights tax. Let us work with the FIRS and see how we can slice the cake.

“If the country has a good path of growth, it is a greater opportunity for you to invest.”

The statement is titled, ‘President Tinubu directs prioritization of digital infrastructure investments to enhance business efficiency and productivity.’

Tinubu also directed the Federal Ministry of Communications, Innovation, and Digital Economy, the FIRS, and the Federal Ministry of Environment to align regulations and tax frameworks to facilitate investment expansion in telecommunications and broadband infrastructure nationwide.

He expressed dissatisfaction with the bureaucratic pace in permit issuance processing for companies operating in the digital infrastructure sector.

The Chief Executive Officer of ATC Africa, Mr Marek Busfy, had expressed ATC Nigeria’s commitment to expanding its investments in the country, which have already surpassed $2.19bn since its commencement of Nigerian operations in 2015.

Busfy also emphasized ATC’s commitment to delivering value to subscribers while reducing greenhouse gas emissions associated with its operations.

Responding, President Tinubu commended ATC Nigeria for its significant contributions and investments in the country’s ICT sector, highlighting the importance of innovative solutions to bridge the digital divide.

The President lauded the ongoing efforts of the Federal Ministry of Communications, Innovation, and Digital Economy to promote digital connectivity across the nation, particularly the 3 Million Technical Talent programme that functions to upskill three million Nigerian youths in digital literacy and innovation through innovation incubators nationwide.

He outlined ongoing initiatives to establish broadband connectivity in all 774 local government secretariats within six months, leveraging existing infrastructure, such as NIGCOMSAT and Galaxy Backbone’s fibre optic network.

”In the area of ease of doing business, no nation can make progress without paying attention to the opportunities that are right in front of them. We have a vibrant youth population that has successfully innovated without much government support.

“What now happens in this era when we are providing massive support to their digital economic activities? They will do very well. You are investing in the right place at the right time.

”Considering our population and land mass, we need your investments to ensure that we are ready for a higher level of digital penetration in the telecommunications sector and the specific type of digital education that is needed in the competitive, knowledge-based global economy of the 21st century,” the President said.

Addressing concerns raised by the delegation regarding the ease of doing business in Nigeria, President Tinubu assured them of his administration’s commitment to implementing reforms that will eliminate bureaucratic constraints.

In his remarks, the CEO of ATC Africa reiterated the company’s readiness to invest further in Nigeria’s ICT infrastructure to meet the market’s growing demand for data while lauding the clarity of strategy demonstrated by the administration, particularly praising the roadmap and efforts of the Honourable Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani.

”Mr. President, what has struck me in Nigeria is the clarity of strategy by your administration, particularly in the ICT sector, and the administration’s 3MTT programme.

“In the last year, we have invested over $200 million in growing our infrastructure in Nigeria and are ready to do significantly more. We have employed several hundred people in Nigeria and 25,000 more indirectly. We have paid about $400 million in direct and indirect taxes.

“As an American company, we are often asked about our experience in Africa and Nigeria, and we want to stress that we are very ethical in our approach to business,” Mr. Busfy said.

Business

NNPCL Raises Fuel Price

Published

2 weeks 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

2 weeks 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

2 weeks 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.