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Fintechs Electronic Money Transfer N50 levy starts today

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In compliance with the Federal Inland Revenue Service (FIRS) regulations, Opay, Kuda, Moniepoint and  the other fintechs will begin charging customers a N50 levy on electronic transfers of N10,000 and above paid into their accounts from September 9, 2024.

The fintech revealed this in a message to customers titled ‘FGN Electronic Money Transfer levy’, which started making rounds on Saturday.

The company said, “Please be informed that starting September 9th 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account. The fintech noted that it would not benefit from this charge as it is directly paid to the Federal Government.

The fintech already charges customers N10 after their third transfer to other banks in a day.

EMTL, introduced in the Finance Act 2020, was an amendment to the Stamp Duty Act to tap into the growth of electronic transfers.

It is a one-off charge of N50 on electronic receipt or transfer of money deposited in any deposit bank or financial institution on any type of account for sums of N10,000 and above.

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Business

Tanker Owners Accuse NUPENG of Extortion, Excessive Levies

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… As PTD Passes Vote of No Confidence on NUPENG Leaders

The Association of Distributors and Transporters of Petroleum Products (ADITOP) has levelled serious allegations against the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), accusing it of extortion and excessive levy collections within the downstream petroleum sector.

In a statement released on Monday in Abuja, ADITOP’s National President, Alhaji Lawal Dan-zaki, strongly dissociated the association from the purported strike action by NUPENG, declaring that ADITOP was originally established to counter what he described as the “excesses” of NUPENG, Petroleum Tanker Drivers (PTD), and other groups allegedly collecting illegal levies under NUPENG’s cover.

Dan-zaki alleged that for the past five years, ADITOP had submitted several petitions to top government agencies—including the Office of the National Security Adviser, the Department of State Services, the Inspector-General of Police, and the Secretary to the Government of the Federation—accusing NUPENG of extortion and illegal financial practices.

According to him, NUPENG and its affiliates impose unauthorized levies on petroleum product distributors, including a charge of ₦1 per litre on every product loaded at depots, and an additional ₦1 per litre by marketers, alongside loading fees ranging between ₦80,000 and ₦100,000 per truck.

“This is outright extortion and economic sabotage by NUPENG, PTD, and their affiliated unions and associations,” Dan-zaki stated.

The allegations surfaced just days after the Lagos Zone of the Petroleum Tanker Drivers (PTD) branch of NUPENG passed a vote of no confidence on the union’s national leadership. The vote targeted NUPENG National President, Comrade (Prince) Williams Akporeha, and General Secretary, Comrade Afolabi Olawale, accusing them of “greed, impunity, manipulation, and gross incompetence.”

The internal dissent follows rising tensions over reported resistance by Dangote Refinery and MRS Holdings Limited to unionize their drivers and the rollout of 4,000 Compressed Natural Gas (CNG)-powered trucks for nationwide fuel distribution.

Dan-zaki concluded that while NUPENG continues to feed off these alleged illegal levies, it remits no tax revenue to the federal government, further exacerbating challenges in the downstream sector.

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New Seme Customs Chief Pledges Improved Trade Flow

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The Nigeria Customs Service has appointed Comptroller Wale Adenuga as the new Area Controller for the Seme Command, following the redeployment of Dr. Benedict Oramalugo, who was recently promoted to Assistant Comptroller General.

The development was announced in a statement issued by the Command’s Public Relations Officer, CSC Isah Sulaiman, on Tuesday in Lagos.

Speaking during the official handover, Comptroller Adenuga commended his predecessor for laying a solid foundation and pledged to focus his leadership on trade facilitation, enhanced security collaboration, and improved stakeholder engagement.

“Trade facilitation is my keyword,” he said. “With accurate declarations from stakeholders, cargo clearance can happen quickly. When trade flows smoothly, we boost revenue and reduce smuggling activities.”

Adenuga also assured that the Command would intensify collaboration with key government agencies including the DSS, Police, Immigration, NDLEA, NAFDAC, and the military to strengthen border security and foster a more conducive environment for legitimate trade.

He emphasized the importance of stakeholder relationships, pledging open lines of communication with traditional leaders, youth groups in Badagry, and the media. He also reaffirmed his commitment to discipline and professionalism within the service.

“My doors are open. I will lead by example to ensure that officers stay focused, disciplined, and committed. Together, we will uphold the values of the Nigeria Customs Service and make the Comptroller General, Mr. Adewale Adeniyi, proud,” he stated.

Adenuga praised CGC Adewale Adeniyi, who also serves as the President of the World Customs Organisation Council, describing him as an exemplary leader whose standards will guide the Seme Command’s operations.

In his farewell address, Dr. Oramalugo expressed appreciation for the opportunity to serve at the Seme border, calling the handover a moment of “mixed emotions”—relief at a successful tenure and sadness at leaving a team he had grown fond of.

He listed some of his key achievements, including:

  • Effective suppression of smuggling with major seizures
  • Improved revenue collection
  • Smoother trade processes for legitimate businesses
  • Stronger ties with security and regulatory agencies

Oramalugo also thanked the Customs management and stakeholders for their support and encouraged continued cooperation with the new controller.

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Crime

Police Investigate Body Discovered in Vehicle at National Assembly Complex

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The Federal Capital Territory (FCT) Police Command has begun an investigation following the discovery of a lifeless body inside a vehicle at the National Assembly Complex in Abuja.

Preliminary reports suggest the deceased may be a 55-year-old construction worker identified as Gaddafi Iwar, although police have not officially confirmed his identity. Sources indicate the vehicle had been parked in the same location for several days before the body was found.

In a statement issued on Monday by the Command’s spokesperson, SP Josephine Adeh, the police confirmed that the body was discovered around 9:00 a.m. on Sunday inside a red Peugeot 406 parked at a construction site within the complex.

“On September 7, 2025, at about 09:00 hours, the FCT Police Command received a distress call reporting the discovery of an unidentified male, suspected to be a labourer, found lifeless at a construction site within the National Assembly Complex,” the statement read.

Officers from the National Assembly Police Division responded to the scene and found the body inside the vehicle, which bore the registration number BWR-577 BF. The body was evacuated to Asokoro General Hospital, where medical personnel confirmed it was already in an advanced state of decomposition.

The Commissioner of Police, Ajao Adewale, has directed a discreet investigation into the circumstances surrounding the incident and has instructed that efforts be intensified to identify the deceased.

Further updates are expected as the investigation progresses.

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