Business

Festus Keyamo has reaffirmed that Nigeria’s airports will transition fully to a cashless payment system, saying the federal government has no plans to reverse the policy despite the temporary use of a hybrid payment arrangement. Nigerian Travel Guide The minister made the remarks during an on-the-spot assessment of the hybrid payment system at the Nnamdi Azikiwe International Airport tollgate in Abuja. Keyamo explained that the current hybrid system, which allows both cash and electronic payments, is only a temporary measure while authorities prepare to move to a fully automated platform. He emphasised that the government’s goal is to eliminate cash transactions at airport revenue points and directed the Federal Airports Authority of Nigeria (FAAN) to ensure digital payment...

The National Orientation Agency (NOA) has urged Nigerians to meet their tax obligations before demanding accountability from the government, noting that paying taxes gives citizens both the moral and legal right to question how public funds are spent. A Programme Officer at the agency, Abiodun Olayeni-Ali, made this known on Thursday during an interactive session at the maiden edition of Civic Talks organised by the Centre for Inclusive Social Development in Abuja. She explained that citizens who do not contribute to government revenue through taxes may find it difficult to legitimately demand accountability from public officials. “You have to pay your tax before you can hold the government accountable. If you are not paying taxes, it becomes difficult to question what the governm...

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to create and maintain a temporary watchlist for Bank Verification Number (BVN) linked to suspected fraudulent transactions. In a circular dated March 12, 2026, and signed by the Director of the Payments System Policy Department, Musa I. Jimoh, the apex bank stated that any BVN flagged for suspicious activity may remain on the temporary watchlist for a maximum of 24 hours. During this period, the BVN holder will be contacted to provide clarification regarding the flagged transaction. “A BVN may remain on this temporary watchlist for a maximum period of twenty-four (24) hours. Within this time, the BVN owner will be contacted to explain the identified transaction(s),” the circular stated. The d...

The Dangote Petrochemical Refinery has raised the ex-depot price of Premium Motor Spirit to N1,175 per litre, reversing an earlier reduction of N100 announced earlier in the week, as a fresh surge in global crude oil prices pushes up refining costs. A senior official who spoke with our correspondent anonymously because he was not authorised to speak, confirmed on Friday that the refinery adjusted the price upward after briefly reducing the ex-depot price to N1,075 per litre on March 10, 2026, a move that had triggered increased buying activity among depot operators. The official confirmed the latest adjustment during a telephone conversation. “Yes, it is true,” the official said when asked about the upward price review. Checks on Petroleumprice.ng also confirmed the develop...

The Central Bank of Nigeria (CBN) has directed commercial banks to restrict large borrowers who have defaulted on loans from accessing additional credit facilities. Naija News gathered that the apex bank disclosed this in a circular issued to banks across the country. According to the CBN, the directive is aimed at strengthening the stability of the financial system, safeguarding depositors’ funds, and improving compliance with banking regulations. Part of the circular reads: “In furtherance of its mandate to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector, the Central Bank of Nigeria (CBN) hereby directs all banks to restrict non-performing large ticket obligors, whose activities pose systemic risk to the financial...

South Korea has announced the introduction of a fuel price cap aimed at easing pressure on its energy supply as the war involving Iran continues to disrupt global oil markets. The measure, which took effect from midnight on Thursday, March 12, was confirmed in a statement by the country’s energy ministry. Officials said the decision was taken to limit the sharp rise in domestic fuel prices triggered by instability in the Middle East. South Korea, Asia’s fourth-largest economy, is heavily dependent on imported energy, with a large portion of its oil shipments passing through the Strait of Hormuz. The government has therefore begun exploring alternative supply sources to secure its energy needs. The price ceiling applies specifically to supply prices charged by refiners to distr...

As at today, 12th March 2026, 30 banks out of the 35 banks operating in the country have met the recapitalisation requirement of the Central Bank of Nigeria, CBN, according to findings by Vanguard. The remaining five banks have 19 more days to meet the recapitalisation deadline which ends on 31st March 2026. However, two are already in merger arrangements, and with that they met the recapitalisation requirement. The banks are Union Bank and Unity Bank. Advertisement It will be recalled that the recapitalisation programme was announced in November 2023 and formalized in CBN directives published on March 28, 2024. The recapitalisation requires each bank category to hold capital proportional to its operational scope. International commercial banks must raise their capital f...

The company described the claims circulating on social media and online platforms as false and misleading, insisting that its offices remain open and fully operational. Financial technology company OPay Digital Services Limited has dismissed reports claiming its offices in Lagos and Abuja were sealed by the Nigeria Revenue Service over alleged tax non-compliance. The company described the claims circulating on social media and online platforms as false and misleading, insisting that its offices remain open and fully operational. The reports had alleged that the Nigeria Revenue Service sealed OPay’s offices for failing to comply with Value Added Tax (VAT) and Company Income Tax obligations under the Nigeria Tax Act 2025. However, in a statement issued on ...

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol at its retail outlets to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja. The new prices, which took effect on Wednesday, mark a drop of ₦100 from the previous ₦1,230 per litre in Lagos and ₦95 from ₦1,260 per litre in Abuja. Checks revealed that the revised rates were already displayed at several NNPC filling stations across Lagos, including outlets along Isheri Oshun Road, Apple Junction, and Ago Palace Way. Motorists in Abuja also confirmed seeing the new price of ₦1,165 per litre at NNPC stations in areas such as Jabi and Wuse. The price adjustment provides modest relief for consumers who have experienced several petrol price hikes in recent months. The reduction comes ev...

The Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Abideen Akande, has disclosed why filing an annual tax return is compulsory for every Lagos resident. He also revealed penalties for defaulters and the intent of the tax reform. In an interview with Helen Oji for Guardian Nigeria, Akande said: "Filing of returns allows the tax authority to know how much you have earned in the preceding year and how much tax, if any, you have already paid in advance. Nigeria operates a self-assessment tax system. This means that you voluntarily declare your income for a defined period."He continued: "Filing of returns by individuals involves disclosing the income you earned in the previous year because that year has already ended. "The inter...