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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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BREAKING: Fire guts Fresh FM office in Ibadan

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A fire outbreak has been reported at a popular Ibadan radio station, Fresh FM, at Felele area in Ibadan South-West local government area of the Oyo State capital on Friday.

The incident, which started a few hours ago, has disrupted other related activities at the station.

A staff member of the station, @Arugboboisi, confirmed the incident on Friday evening in a post on his X handle.

He appealed to the Fire Service to respond without delay and urged the public to help spread the word and notify the nearest fire station.

“Fresh FM is currently on fire! We urgently need the Fire Service to respond immediately. Please retweet, spread the word and alert the nearest station,” he posted.

In another post, he shared the fire raging with “What a night” as the caption.

It is unclear what caused the fire, whether it has been put out or the extent of the damage.

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APC Declares Canadian IAD Reports False

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Felix Morka, the National Publicity Secretary
All Progressives Congress (APC) on Friday urged the Party faithful, supporters and all Nigerians to disregard the report labelling the party as a terrorist organisation by the Canadian Immigration Appeal Division [IAD), saying its false and misleading.

Morka, in a statement on Friday, stated categorically that the Canadian court did not declare APC as a terrorist organisation, contrary to highly erroneous media reports in circulation.

He clarified:

“As reported, the declaration was allegedly made in the case of Douglas Egharevba and the Minister of Public Safety and Emergency Preparedness, in which the Applicant (Douglas Egharevba) sought judicial review of a decision by ] which determined that the Applicant was inadmissible in Canada under its Immigration and Refugee Protection Act (IRPA).

In a decision in the matter dated June 17, 2025, Judge Phuong T.V. Ngo dismissed the application for judicial review on the ground that the Applicant was a member of the Peoples Democratic Party (PDP) and that the PDP was an organization engaged in acts of subversion under paragraph 34(1)(b.1) of the IRPA making him inadmissible in Canada.

In his analysis, the Judge stated, “As such, applying the reasonableness standard of review, I cannot find the IAD’s conclusion that the Elections in question constituted a democratic process or institution and that the PDP, its members and supporters engaged in subversive acts committed against the electoral process for the improper purpose of maintaining political power to be unreasonable.”

To be clear, the only reference to APC in the entire 16-paged decision was in the introductory “Background”, Paragraph 4, where the court referenced a “Background Declaration Form in which the Applicant stated that “he was a member of the People’s Democratic Party [PDP] of Nigeria from December 1999 until December 2007, and a member of All Progressives Congress [APC] party of Nigeria from December 2007 until May 2017.”

For the record, APC was not in existence as of 2007.

The Party was registered in 2013. The Applicant’s claim of membership of APC as of 2007 is evidently false, as he could not have been a member of APC, which didn’t exist then.

For the avoidance of doubt, we dare to state that the court never made any determination on the question of terrorism in its decision. In the Judge’s own words:

“Having found that the IAD’s analysis on subversion was reasonable, this is sufficient to dismiss the application for review. I will therefore refrain from analysing the IAD’s findings on terrorism.”

Clearly, reports that the APC was declared a terrorist organisation by the Canadian court in this matter are patently erroneous, if not mischievous.

The court did not make such a declaration, and could not have done so, as that would be an unjustifiable overreach and a major breach of fair hearing, among other due process rights, given that APC was not a party to the proceedings.

Such a decision would also have been of absolute irrelevance as being made without jurisdiction, and of no extraterritorial applicability or significance. “

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Okonjo-Iweala Says Nigerian Economy now stable under Tinubu

“The reforms have been in the right direction. The next step is growth, and alongside that, building social safety nets so those feeling the pinch of reforms can get support.”

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THE Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, declared that President Bola Tinubu and his team have worked hard to stabilize the economy.

“You cannot really improve an economy unless it’s stable,” said Okonjo-Iweala during a meeting today with President Tinubu at the Presidential Villa, Abuja.

“The reforms have been in the right direction. The next step is growth, and alongside that, building social safety nets so those feeling the pinch of reforms can get support,” she said.

She added that growth, job creation, and income expansion must go hand-in-hand with measures to cushion the impact of ongoing reforms on vulnerable Nigerians.

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