Nigeria Revenue Service faults VAT charges report 

NRS Dismisses Claims Of New VAT On Banking Services, Says Tax Has Always  Existed - TheNigeriaLawyer

The Nigeria Revenue Service (NRS) has dispelled misinformation doing the rounds on the imposition of Value-Added Tax (VAT) on banking services, including electronic money transfer, fees and commission, describing the reports as incorrect and misleading.

In a statement on Thursday, NRS said VAT has always applied to banking services and is not newly introduced under the new tax law, the Nigeria Tax Act.

The statement signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, said, “The Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.

“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.

“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.

The Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.

“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information.”

The statement also included a list of Frequently Asked Questions (FAQs) on VAT as it relates to the tax law to provide further clarity on other areas of concern to Nigerians.

FREQUENTLY ASKED QUESTIONS ON VAT
To further address public concerns and prevent misunderstanding, the Nigeria Revenue Service (NRS) provides the following clarifications.

Q1: Is VAT charged on banking services?

Yes, where a fee or commission is charged for a service.
VAT applies to commissions, fees, and charges for services rendered by banks and other financial institutions, such as transfer fees, USSD charges, card issuance fees, account maintenance fees, and similar service charges.

This has always been the position under Nigerian VAT law, and was not introduced by the Nigeria Tax Act.

Q2: Does VAT apply to the money I transfer or withdraw?
No. VAT is not charged on the amount of money transferred or withdrawn.

It applies only to the service charge or commission imposed by the bank. For example, if a bank charges ₦10 for a transfer, VAT of 7.5% (₦0.75) applies to that ₦10 charge—not to the amount being transferred.

Q3: Is VAT charged on savings account interest or interest on bank deposits?
No. Interest earned on savings accounts, fixed deposits, and similar deposit accounts is not subject to VAT. Interest income is not a supply of goods or services and therefore does not attract VAT under the Nigeria Tax Act, 2025 .

Q4: Are basic food items and essential goods subject to VAT?
No. The Nigeria Tax Act expressly exempts basic food items and essential goods from VAT in order to protect consumers and reduce the cost of living. These exemptions are clearly listed under the VAT exemption provisions of the Act .

Q5: Are medical and pharmaceutical products vatable?
No. Essential medical services and pharmaceutical products are VAT-exempt under the Nigeria Tax Act, consistent with longstanding policy to ensure access to healthcare.

Q6: Are educational services subject to VAT?
No. Tuition and core educational services provided by recognised educational institutions are exempt from VAT under the Act.

Q7: What exactly changed recently if VAT is not new?
What changed is compliance and enforcement, not the law. Financial institutions are being reminded of their existing obligation to remit VAT already charged and collected from customers, in line with the Nigeria Tax Act.

Q8: Did the Nigeria Tax Act introduce any new VAT burden on ordinary Nigerians?
No. The Act did not introduce VAT on savings, basic food, medical care, education, or essential consumption. Claims suggesting otherwise are misleading and incorrect.

Lagos 2027: Seyi Tinubu’s guber ambition face obstacle as power brokers consider Ambode return

As the 2027 general election gathers momentum in Lagos State, former governor Akinwunmi Ambode is re-emerging in political calculations, with party power brokers said to be working to defer Seyi Tinubu’s governorship ambition to 2031.

The contest is shaping up to be one of the most competitive in recent history, with several high-profile aspirants, emerging power blocs, and an increasingly vocal electorate weighing in on the state’s future leadership.

Seyi, 40, who is the son of President Bola Tinubu is being touted by several youth and diaspora groups as a potential contender for the Lagos State governorship.

Last year, there were endorsements from organisations such as the Coalition of Nigerian Youth Leaders, The Future Platform and segments of Nigerian communities in the diaspora who urged him to declare his interest in the race.

The development reportedly threw the Governance Advisory Council (GAC) into a dilemma, as Seyi has neither formally declared his ambition nor received any public endorsement or comment from his father on the matter.

By 2027, Lagos State is expected to have a new governor, as Babajide Sanwo-Olu would be completing his second and constitutionally permitted term in office.

However, there are feelers that the power brokers in the state are considering Ambode to return and complete his second tenure to pave way for Seyi Tinubu in 2031.

Recall that Ambode fell out with Tinubu and Lagos APC leaders ahead of the 2019 election and was denied the APC ticket, losing the party’s primary to Babajide Sanwo-Olu, who went on to win the governorship poll.

Sources said the GAC members are now reportedly working to delay Seyi Tinubu’s governorship bid, moving it to 2031, citing a need for party continuity and strategic planning.

The source told our reporter that although Seyi Tinubu was interested earlier in the governorship race, he was advised to keep a low profile to concentrate on his father’s bid for a second term.

“The party leadership viewed his ambition as a potential distraction to his father’s second-term dream, given the growing opposition to the current government,” Segun Badejo, an APC chieftain in Gbagada, told our reporter.

The GAC, a powerful 30-member political body established by President Bola Ahmed Tinubu during his tenure as Lagos State governor in 1999, led by Prince Tajudeen Olusi, comprises former governors and deputy governors, past speakers of the Lagos State House of Assembly, former and serving senators, as well as respected elder statesmen and women.

The GAC played a decisive role in the emergence of former governors Babatunde Fashola and Akinwunmi Ambode, and later Governor Babajide Sanwo-Olu.

According to a reliable insider, if President Tinubu is re-elected in 2027, he would complete his tenure by 2031, and to sustain his political legacy, Seyi Tinubu is expected to step into the Lagos governorship race by then.

Another source attributed the reason to the anger in the Epe district over the circumstances that led to Ambode’s ouster from office.

Administratively, Lagos State is divided into five districts, collectively referred to as IBILE: Ikorodu, Badagry, Ikeja, Lagos Island and Epe.

Notably, past Lagos governors, Tinubu, Fashola and Sanwo-Olu, all hail from Lagos Island and completed their two terms, while only Ambode, from Epe, was denied a second term.

This has sparked discontent among stakeholders in Epe, who are unhappy with the manner in which their native son, Ambode, was removed from office.

Although Tinubu later rewarded Epe with the appointment of Tunji Alausa as Health Minister and later, Education Minister, the people are still demanding that the zone should be allowed to complete its term.

Stakeholders are claiming that Epe has been politically marginalised and insisted that either Alausa or Ambode should succeed the current Governor Babajide Sanwo-Olu in 2027.

A senior APC stakeholder in Ogba, Ikeja, who requested anonymity while speaking with DAILY POS said, “The idea is not to sideline Seyi Tinubu but to ensure he has a more stable runway.

“The party does not want a repeat of what happened in 2023 when the Labour Party defeated Tinubu in the state.

“Seyi needs to concentrate and mobilize the youth front for his father.

“Going for governorship would divide attention and that would also lead to public outcry.

“You know Nigeria is a very funny country, they may not stand the father as a president and his son as a governor. Right now, the consensus is that Ambode or Alausa has a better chance of carrying the party in 2027,” the source added.

DAILY POST observed that the 2027 field is already crowded in Lagos, with heavyweights including Chief of Staff to President Bola Ahmed Tinubu, Hon. Femi Gbajabiamila, the state assembly speaker, Mudashiru Obasa, Tokunbo Abiru and Abdul-Azeez Adediran, popularly known as Jandor, among others, being touted for the number one seat.

A community leader, who identified himself as Olumide Balogun, told DAILY POST, “We have watched as other regions monopolised power. It’s time for Epe people to be heard. Either Tunji Alausa or Ambode should be our next governor.”

An observer, Edafe Oghenebrume, warned that if the Lagos APC fails to field a governorship candidate from the Lagos West Senatorial District, it would be a disaster.

He warned, “If Lagos APC fails to field a governorship candidate from Lagos West Senatorial district, there might be electoral challenges because since the emergence of democratic rule in 1999, West has been marginalized as regards the governorship seat.”

Meanwhile, only Jandor, a former PDP aspirant who defected to APC in October 2025, has publicly declared his ambition for the governorship.

“I believe Lagosians deserve a fresh vision, one that blends experience with innovation,” Jandor said in an interview with Channels Television.

“Having observed governance from both sides of the aisle, I am ready to offer solutions that reflect the people’s needs if I have a solid backing of Mr President and the party in Lagos State. It will be a walkover,” he added.

Public sentiment and voter perspective 

Residents and electorate across Lagos have been closely watching the political maneuvering, with many expressing a mix of excitement, skepticism and cautious optimism.

A shop owner in Ikeja, Mrs Funke Adeyemi, said, “It doesn’t matter who the party chooses. What we want is someone who will bring development, improve our roads, and secure jobs. Lagosians are tired of promises without action.”

Another resident, Tunde Olanrewaju, emphasised continuity and stability.

“Ambode has governance experience, and Tinubu has political lineage. But we need practical policies, not just the spectacle of politics,” he said.

Younger voters appear keen to see a more inclusive process. A university student, Chidera Nwosu, said, “We need a leader who listens to ordinary people, not just party elders. The next governor must have a vision that goes beyond political calculations.”

The road to 2027

A political consultant familiar with the party’s strategy in Kirikiri Town, Taiwo Akorede stated, “The party must reconcile all interests while projecting a candidate capable of winning in a competitive general election.”

As Lagos gears up for the 2027 governorship election, the race is shaping up to be one of the most closely watched and fiercely contested in recent memory.

One thing is certain, the countdown to 2027 has begun, and Lagosians are watching closely.

2027: INEC reaffirms commitment to credible elections in Zamfara

The Independent National Electoral Commission, INEC, in Zamfara State has reaffirmed its commitment to upholding the highest standards of integrity, transparency and fairness ahead of the 2027 general elections.

Zamfara Resident Electoral Commissioner, REC, Dr Mahmud Isah, gave the assurance during a stakeholders’ meeting on the resumption of the second phase of the Continuous Voter Registration, CVR, exercise in the state.

Isah said the success of the CVR exercise and future elections depends on the collective efforts of all stakeholders, stressing that INEC, as an electoral umpire, cannot deliver a credible process on its own.

“I urge all stakeholders to join hands with the commission to ensure a credible election in 2027,” he said.

The REC emphasised that it is the civic responsibility of all eligible Nigerians to register with INEC and obtain their Permanent Voter Cards (PVCs) in order to participate in electoral activities.

He disclosed that the commission has approved the nationwide resumption of the CVR, with online pre-registration continuing, while physical registration at INEC local government offices is scheduled to commence on January 5, 2026.

The meeting was attended by the Emirs of Gusau and Maru, as well as representatives of political parties including the All Progressives Congress, APC, Peoples Democratic Party, PDP, African Democratic Congress, ADC, Peoples Redemption Party, PRP, Social Democratic Party, SDP, and the New Nigeria People’s Party, NNPP.

Also present were members of the Inter-Party Advisory Council, IPAC, security agencies and media organisations.

$9m contract: You can’t fix insecurity with PR – Criminologist, experts tell Nigerian govt

A criminologist and security expert, Dr. Sulaiman Ishak Muhamad of the Department of Criminology and Security Studies, Federal University, Dutse, has warned that the Federal Government’s reported $9 million lobbying contract in the United States could expose Nigeria’s security framework and weaken the country’s sovereignty.
Dr. Muhammad made the remarks while commenting on reports that the Nigerian government hired a U.S.-based lobbying firm to communicate its protective strategies for Christian communities in Nigeria.

According to him, the contract was signed on December 17, 2025, through Oscar Legal Firm in Kaduna, acting on behalf of the Office of the National Security Adviser (NSA).

He said the lobbying firm, identified as DCI Group, was contracted for six months at a cost of $9 million, with the agreement said to be automatically renewable.

He disclosed that the Nigerian government had already paid $4.5 million upfront, while the firm is also to receive $750,000 monthly as part of the agreement.

“The essence of this contract is to deny claims that Christian communities in Nigeria are being neglected, isolated, exploited, or killed,” Muhammad said during an exclusive interview with DAILYPOST.

“The government wants to communicate that this does not go on in Nigeria and that it is committed to protecting Christian communities.”

He explained that the deal is meant to project Nigeria as safer and more protective of its citizens.

He added that the lobbying effort is expected to improve Nigeria’s diplomatic image globally, especially with the United States.

According to him, there are positive implications to the contract.

“Globally, Nigeria may be accepted as a key economic player in trade, exportation, and international financial institutions like the World Bank and the IMF,” he said.

“Socially, Nigeria’s image may improve, and politically, the country may be seen and acknowledged as a democratic state.”

However, Dr. Muhammad warned that the agreement also carries serious negative consequences, particularly for national security.

“This deal may expose what Nigeria does internally in the name of protection. The United States is a key player, and its motive may go beyond protecting Christian communities.”

He cautioned that the arrangement could open Nigeria to foreign political and economic pressure.

He also noted that powerful countries often pursue broader interests under the guise of support.

“There are economic interests involved, such as oil, lithium, gold, and other natural resources. Nigeria has long been a country of interest, especially because of its resources.”

Dr. Muhammad further warned that once global powers begin to raise red flags against a country, “they do not stop.”

They continue to threaten every aspect of your system. The more Nigeria turns towards these threats, the more vulnerable it becomes in terms of security and defence.”

He also expressed concern that allowing foreign access to Nigeria’s security systems, even under the pretext of assistance, could weaken national independence.

“When a country gains access to your security framework in the name of aid, it often uses that opportunity to understand your system fully,” he said.

He described this as another process of neocolonisation.

“We are now a sovereign nation and when we are asked to do, and not to do, and protect claim by another country who is also a sovereign country, then it shows that we have lost and we are losing our leverage, liberty as a nation, losing our sovereignty as a nation to the United State of America.”

According to him, history shows that countries where foreign powers intervene under religious or humanitarian claims often lose peace and stability.

“Many of these countries have ceased to be peaceful nations because the relationships between stronger countries and lower ones are usually exploitative in nature,” he said.

Dr. Mohamad added that Nigeria’s growing economic capacity, including its oil production and refinery strength, could also attract external pressure.

“Nigerian refineries is a common interest because now Nigeria produces oil that it can feed its population and even give to the global world. Nigeria in the African nation has the largest oil refinery today and this is a threat to the United States and its allies and they may try to bend Nigeria towards their interest and this may affect many things.

“Many key players will be affected but the Nigerian government must be very sensitive, must be very agile and must stand firm in protecting the leverage, the sovereignty of the Nigerian society against foreign interest and foreign threats.

“These are foreign interests, these are foreign threats, possibly these interests, they are interests that might bring Nigeria a lot of damage because these interests don’t stop and history has shown that.

“So Nigerian government must be committed towards understanding what kind of relationship it goes into, what kind of treaties it signs with the United State of America,” he said.

He warned that Nigeria must act with caution, as such pressure could weaken the country’s security balance and also threaten internal stability.

According to him, Christian and Muslim communities in Nigeria currently coexist peacefully; politically, socially and economically with mutual respect.

However, he said claims pushed by the international community could deepen divisions and pose a risk to national unity.

He noted that Nigeria’s deep diversity, with over 500 languages and more than 350 ethnic groups, makes it especially vulnerable to narratives that raise alarm, whether true or not, as such perceptions can influence how citizens view their society and each other.

$9 million contract: You cannot fix insecurity with PR – Security Analyst slams FG

Similarly, a Nigerian security analyst, Abdullahi Bokaji Adamu, has criticised the Federal Government’s reported $9 million lobbying contract in the United States, warning that public relations efforts abroad cannot replace real security action at home.

Adamu, who spoke in an exclusive interview with DAILYPOST on Wednesday, said the move reflects a deeper strategic problem in Nigeria’s approach to insecurity.

“As a Nigerian, a Muslim, and a security analyst, I see this lobbying contract as a symptom of a deeper problem, not a solution,” he said.

The analyst was reacting to reports that the Federal Government hired a lobbying firm to help communicate its efforts at protecting Christians in Nigeria to the United States government.

From a security standpoint, Adamu said no amount of international lobbying can solve Nigeria’s worsening insecurity, stressing that violence affects Christians, Muslims, and traditional communities alike.

“Insecurity in Nigeria is real and it cuts across all religious and ethnic lines. Framing it narrowly as a ‘Christian protection’ issue for foreign audiences oversimplifies a complex crisis.”

According to him, Nigeria’s security challenges are driven by terrorism, banditry, weak policing, poor intelligence coordination, and governance failures, not religious persecution.

“As a Muslim, I reject any suggestion that the Nigerian state tolerates religious persecution. This is not a religious war. It is a failure of security institutions and the justice system.”

He warned that selling a counter-narrative abroad without fixing visible problems at home could damage Nigeria’s credibility internationally.

“You cannot fix insecurity with public relations.”

While noting that governments around the world sometimes hire lobbying firms, Adamu stressed that credibility in security diplomacy comes from results, not contracts.

“International lobbying is not unusual. But credibility is earned through measurable improvements in civilian protection, stronger police capacity, intelligence-led operations, and accountability.”

He added that the most effective message to the United States and the international community would be visible progress in tackling insecurity, rather than spending millions of dollars on lobbying.

“The most effective message to Washington and the world would be measurable improvements in civilian protection, police capacity, intelligence-led operations, and accountability not expensive lobbying. In summary, fixing Nigeria’s security challenges at home will speak louder globally than any lobbyist ever can,” he said.

Lobbying over insecurity an admission of failure – Mahdi Shehu

Also speaking, public affairs analyst Mahdi Shehu criticised the Federal Government’s reported $9 million lobbying contract in the United States, describing it as an admission that the government has failed to tackle insecurity at home.

Shehu made this known in an exclusive interview with DAILYPOST.

“Engaging consultants or lobby groups to sell so-called efforts on insecurity is simply admitting that the claim is true,” Shehu said.

“Action speaks louder than noise.”

He questioned why the government would spend about N16 billion on consultancy and lobbying if it had concrete achievements to show.

“Why would you require N16 billion just to communicate what actions you have taken?” he asked.

“If real work is being done on the ground, there would be no need for panic diplomacy.”

According to him, the expenditure is reckless and shows poor judgment at a time many Nigerians are struggling with hunger, unemployment, and insecurity.

“This N16 billion consultancy is unnecessary and wasteful. It reflects how imprudent this government is and how desperate it has become to cling to power.”

Shehu argued that the money could have been used to directly improve the lives of ordinary Nigerians.

He said the funds could have supported thousands of small businesses and reduced unemployment.

“With N16 billion, about 64,000 Nigerians could receive N250,000 each as seed capital. The multiplier effect could save over 640,000 people from idleness and unemployment.”

He also accused the government of nepotism, alleging that the contract was awarded to a law firm linked to the President’s ethnic group.

“Simply put, this money has been handed to Tinubu’s tribesmen’s legal chamber,” he alleged, describing the move as “open nepotism.”

“Consultancy contracts are supposed to comply with procurement laws. But what we are seeing is handpicking, awarding, disbursing, and ignoring what Nigerians feel.

“Every day is for the thief, one day is for the owner,” Shehu said.

FG vs ASUU agreement great achievement on both sides – Union president

The President of the Academic Staff Union of Universities, ASUU, Prof Chris Piwuna, says the agreement signed by the Federal Government and ASUU is a great achievement on both sides.

Prof Piwuna said this on Wednesday while fielding questions in an interview on Arise Television monitored by DAILY POST.

He said that the government has shown commitment; from the 1st of January this year, the agreement took off.

“We have not been at this point for a very long time, 16 years. And so it may be, it will even appear new to us and to assess how sincere government would be considering the failures of previous governments and ministers to get us to this point.

“But that we have arrived at this point, we’ve signed an agreement, the government have agreed to it, it’s a great achievement for both sides- for the government and for our union and all those who have contributed to ensuring that we get to this point.

“The government has shown commitment. I’m sure you saw the minister brandishing the circular from salaries and wages, stating that from 1st of January this year, this agreement will come into force.
“There are a few things that are still outstanding. We hope that it will not get to any situation that will disagree. Our members at the Lagos State University, about five of them have still been dismissed. We have included it as part of our demands to ensure that that matter is resolved.

“We have about 108 members that have been dismissed from the Kogi State University by the previous administration of Kogi State. We still have our members being victimized at the Federal University of Technology, Owerri, FUTO. So, these are the issues,” he said.

Alleged N33.2b fraud:  How funds flowed from ONSA account to private individuals – Witness

The First Prosecution Witness, PW1, Dr. Michael Adariku in the trial of a former National Security Adviser, Colonel Sambo Dasuki, retd, and four others before Justice C.O. Agbaza of the FCT High Court, Maitama, Abuja on Wednesday, January 14, 2026 continued his evidence-in-chief with a further breakdown of the flow of funds from the Office of the National Security Adviser, ONSA to private beneficiaries.

Led in his testimony by prosecution counsel, Rotimi Jacobs, SAN, the witness, an investigator with the Economic and Financial Crimes Commission, EFCC, disclosed that the funds from ONSA were deposited in a United Bank of Africa, UBA, account of Acacia Holdings Limited with account number 1017330319.

According to him, “From our analysis of Acacia Holdings Limited UBA account number 1017330319, we discovered that on May 15, 2015, there was a transfer of N119, 687.50 (One Hundred and Nineteen Thousand Six Hundred and Eighty Seven Naira Fifty Kobo) to IBB Golf Club and three payments of various amounts to Abuja Geographic Information Systems, AGIS for ground rent.”

He also disclosed that there was a transfer of N800, 000 to Aravcaria Farms Ltd on May 28 2015, and a transfer of N2, 500,000 made to  Mohammed Zaharadeen Baba Kusa, son of the second defendant, Aminu Baba Kusa, a former General Manager of the Nigerian National Petroleum Corporation, NNPC.

The witness also disclosed that N600 million and additional N200 million was sent to Acacia Holdings Limited UBA account and that N750 million was sent to Reliance Referral Hospital Limited’s, First Bank account, and N650 million sent to Acacia Holdings Limited Eco Bank account, totalling N2.2 billion, all of which were drawn from N5 billion transferred from Central Bank of Nigeria, CBN Signature Bonus account number 00000040022524 to ONSA account number 1014199287 domiciled in Zenith Bank in April 2015.

The purpose of the transfer from the CBN, the witness disclosed, was to enable the NSA to put up adequate security for the gubernatorial and state houses of assembly elections in 2015.

The witness, however, disclosed that “From investigation, the money was never used for the purpose for which it was intended, rather the money was wired to various individuals and companies of personal interest and businesses of the second defendant.”

Further in his evidence, the witness disclosed that intelligence was received and letters were written to CBN to trace the source of the funds into Acacia Holdings Limited Ecobank account, which revealed that the document showing transfer of funds to Acacia Holdings Limited Ecobank account came with the payment mandate from ONSA, duly signed by the first defendant, the former NSA and S.A. Salisu, Director Finance and Administration.

The documents were tendered and admitted as Exhibit F and G1 to G20.

The witness also told the court that Exhibit F was the funds transfer mandate from the ONSA and that the first three payments were those of N600 million to Acacia Holdings UBA, N650 million to Acacia Holdings Limited Ecobank account and N750 million to Reliance Referral Hospital Limited First Bank account.

“These three payments are part of the N5 billion that came from CBN to the Zenith Bank account of ONSA for the purpose of providing security for gubernatorial and state houses of assembly elections,” he said.

Morning Recap: AFCON heartbreak for Nigeria, US visa shock, FG–ASUU deal, other top stories

Nigeria end historic AFCON scoring streakNigeria woke up on Thursday to a mix of sports disappointment, major policy decisions, and international developments with far-reaching implications.

From the Super Eagles’ narrow miss at the AFCON semi-finals to a long-awaited agreement between the Federal Government and Academic Staff Union of Universities, as well as fresh concerns over US immigration policy, these are the top stories making headlines this morning, Thursday, January 15, 2026.

Here are the top stories:

1. Nigeria miss out on AFCON final as Morocco advance

Nigeria’s Super Eagles failed to secure a place in the final of the 2025 Africa Cup of Nations after losing 4–2 on penalties to Morocco following a goalless draw in regulation and extra time.

Morocco will now face Senegal in the final of the tournament.

Meanwhile, fans have continued to criticise the officiating in Nigeria–Morocco clash.

Following the semi-final defeat, Nigerian fans expressed dissatisfaction with the performance of referee, Daniel Nii Laryea, citing concerns over officiating decisions during the match.

The complaints centred on perceived inconsistencies and missed calls.

2. FG, ASUU unveil agreement to end strikes

The Federal Government and the Academic Staff Union of Universities unveiled a new agreement aimed at ending recurring industrial actions and prolonged university closures.

The deal follows years of negotiations over the 2009 FGN-ASUU agreement and is expected to improve lecturers’ welfare and funding for federal universities.

3. FG orders banks, fintechs to remit VAT on service fees

The Federal Government has directed banks and financial technology companies to remit Value Added Tax (VAT) on service fees.

The directive is part of efforts to enhance revenue collection and ensure compliance with existing tax laws in the financial sector.

4. US visa shockwave hits intending Nigerian immigrants

A new U.S. policy directive under former President Donald Trump may delay visa processing for about 5,000 intending Nigerian immigrants.

In a related development, the United States has suspended immigrant visa processing for Nigeria, Ghana, and 73 other countries, according to an official list released by U.S. authorities.

5. FG confers national honours on fallen hero Uba, other soldiers

The Federal Government has conferred national honours on fallen soldier Brigadier General Musa Uba and other military personnel in recognition of their service to the nation.

These honours were awarded during activities marking the Armed Forces Remembrance Day in Abuja.

The government said the gesture was to acknowledge the sacrifices of officers and men of the Nigerian Armed Forces who paid the supreme price in the defence of the country.

FG bars signature bonus refund as oil reforms continue

Heineken Lokpobiri 2The Federal Government has warned prospective investors in the 2025 oil licensing round that any errors, miscalculations, or disappointments arising from the bidding process will be borne entirely by the companies involved, stressing that there will be no refunds of signature bonuses or exchanges of oil assets under any circumstances.

The warning was issued by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, at the 2025 Nigerian Upstream Petroleum Regulatory Commission pre-bid conference held in Lagos on Wednesday. The conference, which attracted a large turnout both physically and online, was aimed at educating prospective bidders on available assets, the legal framework, and the risks involved in the licensing process.

Lokpobiri said the era when oil licences were acquired for speculation, prestige or resale was over, adding that licences are government assets that must be actively developed.

“I’ve had obligations to solve so many problems following the 2020 bid round. The government received several representations from people who won those bids; some of them came for refunds of their bidding fees. It is clearly stated that if you go for any bid round, the registration fee is not refundable. But some people came to my office demanding a refund of the bidding fees,” he said.

The minister also recounted how some bidders complained that the assets awarded to them did not meet their expectations and demanded alternative acreages.

“A few of these bidders have also come to say they should be given other acreages and that the one they bid for was not good enough, ‘so give us another one’. I want to state very clearly that the PIA does not provide for asset exchanges or refunds on these grounds,” Lokpobiri said.

According to him, once a bid is completed and an award is made in line with the law, the technical and commercial risks rest entirely with the bidder.

“The government under any law has no obligation to refund your bidding fees or your signature bonuses because you find out that eventually you didn’t see oil or you only found gas,” he declared.

Lokpobiri warned against holding oil blocks without development, describing licences as instruments of value creation rather than personal trophies.

“What I’ve discovered in my over two years at the ministry is that some people have had licences for 20 years, and they are very proud, going around the world with the nicest suits and saying, ‘Look, I have a licence.’ What value have you added to yourself?” he asked.

The minister emphasised that the 2025 licensing round is firmly anchored on the Petroleum Industry Act, noting that Sections 73 and 74 of the law require petroleum prospecting licences and petroleum mining leases to be awarded through transparent, competitive, and non-discriminatory processes based on financial, technical, and work programme parameters.

He urged companies without sufficient capital to collaborate with credible partners to ensure the viability of their bids, adding that hydrocarbons would remain central to global energy supply for decades.

“Fossil fuel resources will never go away. They will constitute over 50 per cent of global energy sources for the foreseeable future,” Lokpobiri said.

Echoing the minister’s position, the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, said reforms introduced under the Petroleum Industry Act have eliminated practices that previously encouraged asset hoarding.

“Hitherto, the PIA, we had instruments that supported block sitting. With the advent of the PIA, if you do not work your blocks, it will be taken from you. And many of the assets on offer today are recovered as fallow fields,” she said.

Eyesan also announced a revision of the signature bonus approved by President Bola Tinubu to reduce entry barriers, alongside adjustments to other fees payable before first oil. She added that the commission plans to commence the 2026 bid round almost immediately, running preliminary processes alongside the 2025 round to ensure continuity.

Beyond licensing, Eyesan unveiled a sweeping reform agenda aimed at accelerating oil production, improving regulatory efficiency, and tightening hydrocarbon accountability, as the Federal Government targets crude oil output of three million barrels per day by 2030.

At a separate stakeholder engagement in Lagos, she disclosed that the commission had commenced a 90-day programme to fast-track approvals for near-ready Field Development Plans, well interventions, rig mobilisation, and other “quick-win” opportunities capable of delivering early barrels.

“The commission, going forward, will issue quarterly progress reports. Let us therefore bring all high-impact shut-in fields for approval,” she said, noting that a long shut-in asset had recently been brought back on stream.

Eyesan said her vision for the upstream sector rests on three pillars: production optimisation and revenue expansion; regulatory predictability and speed; and safe, governed, and sustainable operations. She added that the agenda aligns with President Bola Tinubu’s Renewed Hope Agenda to raise production to two million barrels per day by 2027 and three million barrels per day by 2030.

According to her, the commission will publish Service Level Agreements outlining approval timelines, deploy digital workflows for permitting and data submissions, and run regulation “like a service” through transparent, time-bound decisions.

She urged operators with mature opportunities to submit projects before the end of the first quarter of 2026 and announced the creation of a monthly CCE–Operators Leadership Forum involving NNPC, OPTS, IPPG, and emerging producers.

“Going forward, the commission will be measured by faster and more predictable approvals, higher and more secure production, credible licensing, disciplined acreage performance, world-class health, safety, and environment outcomes, and trusted data integrity,” Eyesan said.

Dangote refinery begins 24-hour petrol loading operations

DANGOTE REFINERYThe Dangote Petroleum Refinery has commenced night-time loading operations as it intensifies efforts to sustain a daily supply of more than 50 million litres of Premium Motor Spirit (petrol) across Nigeria, signalling a major shift to full 24-hour operations at Africa’s largest refinery.

The move comes as the refinery continues to ramp up production, stabilise logistics, and strengthen fuel security, while countering speculation around maintenance activities and supply disruptions. Originally designed for daytime evacuation, the facility has now expanded loading to night hours to ensure that rising output is matched with uninterrupted offtake.

Speaking during a press briefing at the refinery on Wednesday, the Managing Director, David Bird, said the transition to round-the-clock loading had become necessary to meet market demand and improve turnaround time for product evacuation.

According to him, the refinery is now meeting the 50 million litres daily petrol requirement in both production and evacuation.

“What I’m incredibly proud of is that, in the second half of 2025, while we were still ramping up capacity of our conversion units and downstream units, we were still able to deliver 50 million litres a day, more frankly than 52 million litres on some occasions,” Bird said.

He added, “We’re already doing nighttime loading. So it’s a 24-hour operation. We have celebrated over 50 million litres of offtake as well, which means over a thousand trucks progressing through the gate and through the gantry. Really learning and continuously improving our logistics and our turnaround time of getting those trucks through.”

Bird emphasised that sustaining high output is not only about production but also efficient offtake. “It’s volatile. We see a dip on weekends and so forth. It all depends on demand and available stocks; if not, we can export. But for me, the primary objective is to demonstrate that we can continue to produce over 50 million litres a day and then see where true market demand in Nigeria lies.”

He linked stable supply to economic activity, noting, “Having a lower price and an abundance of supplies will stimulate demand, which is a good thing. That will continue to stimulate economic activity by having stable, affordable, clean fuels available. I do expect the demand to increase as a result of this stability and abundance of our product.”

Bird also highlighted the refinery’s operational flexibility, explaining that it can maintain output even during planned maintenance. “We have continued to deliver 50 million litres a day. We have built this flexibility into our system so that individual units can be taken out for maintenance and still meet finished product demand,” he said.

The MD described the Dangote refinery as a highly flexible merchant refinery, capable of producing petrol through multiple routes, including crude processing, intermediate feedstocks, and blending components.

“This is not just a single crude processing plant. It is a very flexible, resilient production process where we can make our finished product from crude, from intermediates through our conversion and treatment units, or by bringing in blending components,” Bird said.

This flexibility, he added, allows the refinery to supply the Nigerian market consistently while maintaining export capability, a requirement for operating on a global merchant refining scale.

“We have the requirement to be able to always export our finished product. By definition, that means we have to make world-quality fuels and ensure that we can land our product competitively anywhere in the world. We must make sure our production is compliant with Euro-5 gasoline and diesel,” he said.

Bird also credited the refinery with transforming Nigeria’s fuel market. “Nigeria has gone from fuel scarcity to fuel abundance. Beyond volume, we are supplying cleaner, Euro V-compliant fuels, ending West Africa’s long-standing reputation as a dumping ground for substandard petroleum products.”

NGX lists 3.16 billion UBA shares

NGX_Exchange_Identity

The Nigerian Exchange Limited has officially listed an additional 3,156,869,665 ordinary shares of United Bank for Africa Plc on its Daily Official List, marking a step in strengthening the bank’s capital base and deepening liquidity in the Nigerian capital market.

The listing follows the successful conclusion of UBA’s recent rights issue exercise, which offered shareholders one new ordinary share for every thirteen ordinary shares held at a price of N50.00 per share.

The NGX confirmed the formal listing in a letter dated 12 January 2026, addressed to UBA and signed by Godstime Iwenkehai, Head of the Issuer Regulation Department at NGX.

In the letter, Iwenkehai stated, “Following the submission of all post-approval documents, please be informed that United Bank for Africa Plc’s Rights Issue of 3,156,869,665 ordinary shares of 50 kobo each at N50.00 per share on the basis of one new ordinary share for every thirteen ordinary shares held was formally listed on the Daily Official List of Nigerian Exchange Limited on Monday, 12 January 2026.”

The listing of these shares increases UBA’s total outstanding shares on NGX from 41,039,305,642 ordinary shares to 44,196,175,307 ordinary shares. This injection of additional shares represents a substantial enhancement of UBA’s market capitalisation and is expected to significantly improve liquidity in the trading of the bank’s stock.

UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, welcomed the confirmation, describing it as a clear demonstration of investor confidence in the bank.

“We welcome the formal confirmation from NGX on the listing of our rights issue shares. This successful transaction reflects strong investor confidence in UBA’s financial strength, governance, and growth strategy,” Alawuba said. He added, “Needless to say, the additional capital will further support our Pan-African and global expansion and enhance our capacity to deliver sustainable value to all stakeholders.”

The recently concluded rights issue raised N158bn for UBA, which, when combined with the N239bn raised in November 2024, has increased the bank’s total capital base to N513bn. This latest capital infusion ensures that UBA’s qualifying capital now comfortably surpasses the N500bn minimum requirement set by the Central Bank of Nigeria for banks with international authorisation, solidifying its position as one of Nigeria’s leading financial institutions.