Business

Moniepoint and a number of other Nigerian banks have notified customers that a 7.5 per cent Value Added Tax (VAT) will now be charged on bank transfers and Unstructured Supplementary Service Data (USSD) transactions. A customer notice obtained on Wednesday revealed that the new VAT charge will take effect from January 19, in line with a directive from the Nigeria Revenue Service (NRS). The banks explained that the move is part of a government-approved adjustment to VAT collection on financial transactions. According to the notice, “From Monday, January 19, 2026, we are required to apply a 7.5 per cent VAT, which will be remitted to the Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service.” Customers were also informed that the VAT is separate from...

The World Health Organisation (WHO) has called on governments around the world to significantly increase taxes on sugary drinks and alcohol, warning that these products are too cheap and too accessible — and are quietly driving serious health crises. According to WHO, easy access to sugary beverages and alcohol is fuelling obesity, diabetes, cancer, injuries and other preventable diseases, while putting enormous pressure on already stretched health systems. “Health taxes have been shown to reduce consumption of these harmful products,” WHO Director-General, Dr Tedros Ghebreyesus, said. “They also generate revenue that governments can invest in health, education and social protection,” Punch reported. WHO revealed that at least 116 countries currently tax sugary drinks, but man...

The Lagos High Court at TBS has awarded $25,000 in damages in favour of Mr. Femi Falana (SAN) in his $5 million lawsuit against Meta Platforms Inc., the US-based technology company owned by Mark Zuckerberg, over the alleged invasion of his privacy. Early in 2025, a video was published on Facebook claiming that Falana was suffering from a terminal illness, which prompted the suit Delivering judgment on Tuesday, January 13, Justice Olalekan Oresanya held that a global technology company such as Meta, which hosts pages for commercial benefit, owes a duty of care to persons affected by content disseminated on its platform. Falana, through his lawyer, Mr. Olumide Babalola, accused Meta of publishing motion images and voice captions titled “AfriCare Health Centre” on its...

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has revealed that his involvement in Nigeria’s sweeping tax reforms has exposed him to serious threats to his personal safety. Oyedele made the disclosure on Tuesday in Abuja at a governance colloquium organised to mark the 50th birthday of Hajiya Hadiza Bala Usman, the Special Adviser to the President on Policy and Coordination. Addressing participants at the event, Oyedele underscored the complexity and risks associated with reforming entrenched systems, particularly those that challenge powerful interests. “Reforms are hard, and tax reforms are even harder. You need courage. I receive threats simply for trying to fix a broken system,” he said. He noted that the reform agenda is confro...

The World Bank has projected that Nigeria’s economy will expand by 4.4 per cent in 2026 and 2027, marking the country’s fastest growth rate in more than ten years. The forecast, contained in the Bank’s January 2026 Global Economic Prospects report, represents an upgrade from its earlier 2026 estimate of 3.7 per cent. The institution attributed the improved outlook to sustained growth in the services sector, a rebound in agriculture, and gradual expansion in non-oil industries. According to the World Bank, ongoing economic reforms, improved macroeconomic stability, and prudent monetary policy are expected to support growth, boost investor confidence, and help curb inflation. Higher oil output is also projected to offset lower global oil prices, strengthening government revenue and ext...

President Bola Ahmed Tinubu has announced the signing of a Comprehensive Economic Partnership Agreement between Nigeria and the United Arab Emirates in Abu Dhabi that would open duty-free access for thousands of Nigerian products into the Arab country. Nigerian Beauty Tips In a statement shared on his X handle on Tuesday, January 13, President Tinubu disclosed that the agreement was signed while attending Abu Dhabi Sustainability Week at the invitation of UAE President Sheikh Mohamed bin Zayed Al Nahyan. He stated that asides granting duty-free access for thousands of Nigerian products into the UAE market, the agreement will expand opportunities for exporters, manufacturers, and service providers, and provides clearer investment confidence for UAE investors in Nigeria’s produc...

he Nigeria Customs Service (NCS) has commenced the implementation of a new Standard Operating Procedure (SOP) for courier companies operating under the Delivered Duty Paid (DDP) Incoterm. According to an official statement, the new framework regulates registration, manifest submission, declaration, valuation, clearance, delivery and compliance monitoring, and is designed to align with international standards. Nigerian Fashion Updates “The Nigeria Customs Service (NCS) announces the commencement of a new Standard Operating Procedure (SOP) for regulating courier companies operating under the Delivered Duty Paid (DDP) Incoterm. This implementation provides a unified framework for registration, manifest submission, declaration, valuation, clearance, delivery and compliance monitoring,...

The Nigerian stock market began the week on a strong note on Monday, with investors recording a gain of N745 billion as equities extended their bullish momentum. Nigerian Exchange Limited capitalization rose by 0.58 percent to close at N104.52 trillion, up from N103.78 trillion recorded at the previous session, reflecting renewed appetite for equities across key sectors. The rally was driven by sustained demand for stocks, including Etranzact, Red Star Express, McNicholas, RT Briscoe, and Deap Capital Management, alongside 45 other advancing equities. Similarly, the All-Share Index appreciated by 946.61 points, or 0.58 percent, to settle at 163,244.69, compared with 162,298.08 at the close of the previous trading session. Market breadth closed firmly positive, with 50 gainers o...

A Libyan phone dealer has finally received a shipment of Nokia mobile phones he ordered back in 2010 — a full 16 years after placing the order. The phones reportedly got stuck in warehouses after Libya’s civil war broke out in 2011, which crippled logistics, disrupted customs operations, and created long-term security challenges across the country. Due to the prolonged instability, the shipment remained stranded for years as supply chains collapsed and recovery efforts stalled.

Nigeria’s spending on imported refined petroleum products has dropped sharply by 54 per cent over the past two years, declining from $14.58bn in the first nine months of 2023 to $6.71bn in the same period of 2025, according to figures from the Central Bank of Nigeria’s Balance of Payments (BoP) report. Data from the CBN show that fuel import expenditure fell from $14.58bn between January and September 2023 to $11.38bn during the corresponding period in 2024, before plunging further to $6.71bn within the first nine months of 2025. The figures are based on a comparative review of the full-year 2023 and 2024 BoP data, as well as the third-quarter 2025 BoP presentation released by the apex bank and analysed by The PUNCH on Monday. Overall, the data indicate a sustained slowdown in fue...