Business
FMDQ Projects N50bn Earnings from Cybercrime levy by CBN

The Head of Research, FMDQ Group Plc, Vincent Nwani, has projected that the Central Bank of Nigeria will generate approximately N50 billion by the end of 2024 from the newly introduced 0.005 per cent cybersecurity levy on electronic transactions this year.
He said that the data from the Nigeria Inter-Bank Settlement System reveals that electronic payments reached a combined total of N987 trillion between 2022 and 2023.
” Applying the 0.005 per cent levy to this total results in an estimated revenue of approximately N49.35bn,” he said .
He added that in 2022, electronic payments totalled N387tn, generating N19.35bn from the levy, while in 2023, with transactions soaring to N600tn, the revenue from the levy reached N30bn.
“For instance, we saw a remarkable 55 per cent surge in the total electronic payments, from N387tn in 2022 to N600tn in 2023 and the 2024 figure is projected at N999.9tn.
At 0.005 per cent cyber security fees, the Nigerian government will earn N19.5bn for 2022, N30bn for 2023; 2024 will be equivalent to N50bn [projected figure] from its citizens,” he expounded.
Nwani also highlighted an increase in point-of-sale transactions, which surged by 27.85 per cent from N8.39tn in 2022 to N10.73tn in 2023, noting that PoS transactions cost Nigerians N214.6bn in 2023 due to the N100 fee on every N5,000 withdrawal.
On the other hand, in 2023, the total value of PoS transactions surged to N10.73tn, up from N8.39tn in 2022, marking a notable 27.85 per cent increase. Additionally, a fee of N100 is charged for every N5,000 withdrawn via PoS, equating to two per cent of the withdrawal amount.
“POS transactions cost Nigerians a total of N214.6bn in 2023 and N167.8bn in 2022. This growing reliance on PoS and the associated charges reflect the broader economic effects of the cashless policy on the population,” the economist stated.
Business
Dangote Refinery: Workers Union Membership is Personal Choices
It urged NUPENG to focus on resolving its internal dispute with the Petrol Tanker Drivers unit rather than “embroiling the refinery in its conflicts.

Dangote Petroleum Refinery has said membership of trade unions by its employees remains voluntary and not compulsory, in line with the Nigerian Constitution and International Labour Organisation conventions.
In a statement made available to Ohibaba.com, the company accused what it described as “distortions of facts” by the Nigeria Union of Petroleum and Natural Gas Workers concerning its trade relations with workers.
The refinery stressed that it does not interfere with or restrict employees’ right to freely join legally recognised unions.
“It is therefore misplaced to attribute responsibility to Dangote Petroleum Refinery for the personal choices made by drivers regarding union affiliation,” the company stated.
Dangote dismissed allegations that it forced drivers to sign contracts barring union membership, describing the claim as unfounded.
It urged NUPENG to focus on resolving its internal dispute with the Petrol Tanker Drivers unit rather than “embroiling the refinery in its conflicts.
”The company added that accusations of union suppression formed part of a broader attempt to undermine private sector progress.
Business
NUPENG Dangote Union Memberships Agreement Collapses: What Happened Again?
Akporeha alleged that within 48 hours, Dantata ordered drivers to strip NUPENG stickers from their vehicles and forcefully enter the refinery in violation of union loading procedures.

The agreement between the Nigerian Union of Petroleum and Natural Gas Workers and the Dangote Petroleum Refinery has collapsed, and here’s why.
The confrontation follows allegations by NUPENG that the Dangote Group reneged on a Memorandum of Understanding signed earlier this week, under which the refinery agreed to allow tanker drivers and other workers to freely unionise.
On Thursday, NUPENG’s National President, Williams Akporeha, accused Sayyu Aliu Dantata, a cousin of Aliko Dangote and key player in the refinery’s trucking operations, of defying the resolution reached on September 9 at the Department of State Services headquarters in Abuja.
The meeting, mediated by the Minister of Labour and Employment, Muhammadu Dingyadi, affirmed the rights of Petroleum Tanker Drivers under NUPENG to unionise. Representatives of the Nigeria Labour Congress, Trade Union Congress, DSS, and other agencies witnessed the signing of the MoU.
But Akporeha alleged that within 48 hours, Dantata ordered drivers to strip NUPENG stickers from their vehicles and forcefully enter the refinery in violation of union loading procedures.
“Alhaji Sayyu Aliu Dantata flew over them several times with his helicopter and then called the navy of the Federal Republic to come over ostensibly to crush the union officials. Our members are waiting for him and his agents to run them over,” Akporeha said in a statement.
The union condemned what it described as Dantata’s “impunity” and warned the Federal Government not to allow security agencies funded by taxpayers to be used against workers.
Business
Facebook, Others Pay Nigerian Govt N600bn VAT
The Special Adviser on Tax Policy to the Chairman of the Tax Reforms Committee, Mr Mathew Osanekwu, disclosed this during a workshop for media practitioners in Abuja on Wednesday.

Global digital service providers like Facebook, Amazon, and Netflix paid more than N600 billion Value Added Tax to the Nigerian government.
The Special Adviser on Tax Policy to the Chairman of the Tax Reforms Committee, Mr Mathew Osanekwu, disclosed this during a workshop for media practitioners in Abuja on Wednesday.
He explained that amendments to the VAT Act had empowered the Federal Inland Revenue Service to bring non-resident companies offering services in Nigeria into the tax net.
“These are not Nigerian entities, but they are now paying VAT under Section 10 of the VAT Act.
They are registered in Nigeria and are also appointed as agents of collection,” Osanekwu stated during a workshop for media practitioners in Abuja on Wednesday.
He stressed that the move aligns with global best practices and ensures Nigeria benefits from taxes on services consumed locally but delivered by foreign companies.
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