E-Financial
Tinubu’s 15% Fuel Duty: Taxing Pain in a Broken Economy
By Blaise Udunze
When a nation is bleeding economically, with inflation at historic highs and citizens gasping for survival, one expects government policy to offer relief, not suffocation. Yet, President Bola Ahmed Tinubu’s approval of a 15 per cent import duty on petrol and diesel does the exact opposite for it taxing pain in a broken economy.
According to a presidential letter dated October 21, 2025, and addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Tinubu directed the immediate implementation of the new import tariff as part of what the government described as a “market responsive import tariff framework.”
Signed by his Private Secretary, Damilotun Aderemi, the memo followed a proposal by the Executive Chairman of the FIRS, Zacch Adedeji, who claimed the measure was part of “ongoing reforms to boost local refining, ensure price stability, and strengthen the naira-based oil economy” in line with the so-called Renewed Hope Agenda.
In theory, it sounds noble with the aim to protect local refineries, promote energy security, and build a self-sustaining oil economy. But in practice, this policy is another dagger in the heart of Nigerians already crushed by the triple burden of fuel inflation, currency collapse, and dwindling purchasing power.
Because let’s face it, you cannot tax your way out of poverty when the people are already too poor to pay for survival.
The New Tariff: A Policy with Pain Written All Over It
Under the directive, importers will now pay a 15 per cent ad-valorem duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel. The government argues that this will “align import costs with domestic market realities” and “protect local producers from unfair pricing.”
But industry data reveal what this truly means at current CIF levels, the new tariff will raise the landing cost of petrol by about N99.72 per litre. In other words, the already painful pump price hovering around N920 per litre in many parts of Nigeria could easily surpass N1,000 per litre within weeks.
This isn’t speculation, it is arithmetic. Depot operators have already sounded the alarm.
“As it is, the price of fuel may go above N1,000 per litre. I don’t know why the government will be adding more to people’s suffering,” one operator lamented in an interview.
Another industry source added, “Some of the importers are working in alignment with Dangote, which is why the last price increase was general. All players raised their prices at once. Without a clear framework to stabilise market forces, this import duty will worsen the hardship faced by consumers.”
So, while the government insists the duty “won’t choke supply or inflate prices beyond sustainable thresholds,” market realities tell a different story. The moment you tax importation of essential energy products in a country that barely refines any petrol domestically, you are effectively taxing the daily lives of millions who depend on that fuel to move, work, and eat.
An Economy Already in Free Fall
Nigeria’s economy today stands on the brink. The naira has lost nearly half its value since mid-2023, driving annual inflation above 34 percent, while food inflation hovers at 40 percent, according to the National Bureau of Statistics (NBS). In one of the world’s largest oil producing nations, fuel prices quintupled, increasing more than 514 percent from N175 in May 2023 to N900, transportation costs have skyrocketed with the “agbuero” extortion compounding issues, small businesses are collapsing, and households are cutting meals to survive.
When fuel prices rise, everything else follows, from food to transportation, rent, and the cost of living. The import duty therefore becomes a multiplier of misery, cascading through the economy in ways the government either underestimates or deliberately ignores.
Manufacturers who depend on diesel to power their factories will pass the extra cost to consumers. Transporters will raise fares. Traders will hike prices. Schools, hospitals, and logistics companies will all adjust their rates upward.
Within a few months, the 15 percent duty will translate into another round of inflationary spiral, deepening poverty and eroding the value of wages even further.
According to the National Bureau of Statistics, over 133 million Nigerians already live-in multidimensional poverty. While the World Bank’s 139 million estimate translates to roughly six in 10 Nigerians living below poverty line. This new tax could easily push millions more into deeper deprivation.
Protecting Local Refineries or Creating a Monopoly?
The government justifies this new tariff as a way to “protect local refineries.” But this explanation exposes the deeper structural danger that Nigeria may be walking straight into a private monopoly in the petroleum sector with Dangote Refinery as the ultimate winner.
While protecting local industry is a legitimate policy goal, doing so without ensuring fair competition is economic suicide. The reality today is that Dangote Refinery dominates the refining landscape both in size and political influence.
Most of the smaller modular refineries in the Niger Delta are struggling to start production due to lack of crude supply, high financing costs, and regulatory uncertainty. The government’s import duty, therefore, does not create a level playing field; it simply tilts the market decisively in favour of Dangote.
If importers are taxed heavily while one giant refinery backed by political access and incentives controls the supply chain, the result is a monopoly, not a free market. And when one player dominates fuel production and pricing in a country of over 200 million people, the economy is at his mercy.
Dangote could dictate wholesale prices, influence market supply, and quietly shape government policy, all under the banner of “local protection.” Already, marketers allege that the last round of price increases was coordinated across the board, hinting at a shadow monopoly forming in plain sight.
This is dangerous for any economy, but for Nigeria where corruption and patronage distort every policy, it is catastrophic.
Energy Security Built on Fragile Foundations
The FIRS memo to the President claimed that the new tariff aims to “strengthen local refining capacity and ensure affordable supply.” But local refining remains largely aspirational.
As of today, Nigeria still imports nearly all its petrol, despite having four state owned refineries that are perpetually moribund. The Dangote Refinery, although a technical marvel, is still struggling to achieve full-scale petrol output and relies on imported crude for much of its operations.
The modular refineries, which were supposed to fill the gap, are barely surviving. Without access to crude oil feedstock often monopolised by larger operators, they cannot compete.
So, who exactly is being protected by this policy?
Certainly not the small modular refineries in Edo, Bayelsa, or Rivers. Not the ordinary Nigerian who will now pay N1,000 for a litre of fuel. Not even the struggling logistics sector, already crippled by high energy costs.
The only entity that benefits is a dominant private player who can withstand the short-term shock and then profit massively once competitors are priced out.
Policy Contradictions and Economic Disconnect
The tragedy of this decision lies not only in its cruelty but in its confusion. The same administration that preaches “ease of doing business” and “market freedom” is imposing tariffs that stifle competition and hurt consumers.
When President Tinubu removed fuel subsidy in May 2023, he promised that “subsidy is gone” and that market forces would drive fair pricing. But over a year later, Nigerians have learned that what replaced subsidy is not a free market but it is a managed monopoly, backed by selective protectionism and opaque pricing.
The contradiction is stark. You cannot remove subsidies on one hand and then impose punitive tariffs on the other. You cannot preach deregulation while protecting a single dominant player.
This isn’t market reform; it is economic confusion disguised as policy innovation.
The Human Cost: Everyday Nigerians Paying the Price
For the ordinary Nigerians, the macroeconomics of import tariffs mean little. What matters is survival.
A family man who spends N2,000 daily on transport now faces N3,000. A small business owner running a diesel generator must now budget twice as much for power. Food vendors, farmers, delivery riders, all are trapped in a cycle of rising costs and shrinking incomes.
Each increase in fuel price is another wound to the working class. And when government justifies it with lofty phrases like “energy security” and “local capacity protection,” it insults the intelligence of citizens who know that their suffering funds elite comfort.
The average Nigerian no longer trusts policy announcements because they have learned that every “reform” means more hardship.
Inflationary Tsunami Ahead
Economic experts have already warned that this new import duty could ignite a fresh wave of inflation. Since transportation is a key cost component in nearly every sector, a 15 percent increase in fuel import costs will ripple through the entire economy.
Analysts at SBM Intelligence estimate that transport fares could rise by another 25–30 percent, while food inflation could easily cross 45 percent by early 2026 if the policy is not reversed.
This isn’t mere speculation. We have been here before. After subsidy removal in 2023, inflation jumped from 22 percent to 34 percent within months. The difference now is that citizens have exhausted their coping mechanisms.
When people can no longer eat, they revolt. The Nigerian state risks pushing its citizens to that breaking point.
Killing Local Competition Before It is Born
Ironically, while the government claims to be “protecting local refining,” this policy will likely kill smaller refineries before they gain traction.
Most modular refineries were financed by private capital at high interest rates. They need steady cash flow and competitive margins to survive. But when the government grants one mega-refinery privileged protection and imposes heavy duties on imports, it destroys the business case for smaller players.
No investor will finance modular refineries if the regulatory environment favours one company. And when competition dies, innovation dies with it.
Nigeria could have built a diversified refining ecosystem, with multiple regional players supplying local markets and driving down costs. Instead, it is creating a single industrial empire whose influence will dwarf even that of the Nigerian National Petroleum Company (NNPC).
That is not industrial policy. It is economic feudalism.
A Mirage of Regional Price Comparisons
The government argues that even with the new tariff, Nigeria’s pump prices would remain below regional averages: N964 per litre compared to Senegal’s $1.76, Côte d’Ivoire’s $1.52, and Ghana’s $1.37.
But this comparison is disingenuous. Those countries have stable power grids, working public transportation, and better social safety nets. Nigerians don’t.
In a nation where fuel directly powers homes, businesses, and schools due to epileptic electricity supply, any increase in fuel price hits far harder. Comparing Nigeria to Senegal or Ghana ignores the structural poverty and infrastructure decay that amplify every price shock.
It is like comparing a man who walks barefoot to another who drives a car and both are on the road, but one feels every stone.
Taxing Misery in the Name of Reform
Policies like this expose the moral blindness of governance in Nigeria. They treat citizens as economic statistics, not human beings.
The government sees fuel as a fiscal problem to be taxed, not a lifeline that millions depend on. It assumes that raising revenue justifies raising suffering.
But no reform can succeed if it crushes the very people it is meant to uplift.
Even from a fiscal standpoint, this duty will not deliver the revenue the government expects. Higher pump prices will reduce demand, encourage smuggling, and fuel black-market trading. The result will be less revenue, more inflation, and higher corruption.
Policy Alternatives That Make Sense
If the goal is truly to strengthen local refining and energy security, there are better, smarter paths to take.
- Provide access to crude oil for modular refineries under transparent, fair terms.
- Offer tax incentives for local refiners, not punitive import tariffs that hurt consumers.
- Encourage competition through regulatory equity, not protectionism.
- Invest in energy infrastructure, including pipelines, storage, and distribution to reduce logistics costs.
- Reform the power sector so that industries are not forced to rely on diesel for survival.
Nigeria doesn’t need more taxes; it needs intelligent policies that balance protection with affordability.
The Politics of Pain
Let’s be clear, this 15 percent duty is as political as it is economic. It serves powerful business interests cloaked in nationalist rhetoric.
Tinubu’s government has consistently framed hardship as “sacrifice” for a better future. But when sacrifice becomes perpetual, it ceases to be patriotic, it becomes exploitation.
The political cost of this decision could be severe. Nigerians who tolerated subsidy removal with the promise of reform may not tolerate another shock that pushes them into darkness.
Already, discontent is growing. Labour unions are preparing for protests, civil society groups are calling for reversal, and the opposition is mobilising public anger.
If unchecked, this could become the defining crisis of the Tinubu presidency as a symbol of reform gone wrong.
The Road Not Taken
There was an opportunity to rebuild Nigeria’s energy sector through inclusive, transparent reforms. The government could have used the subsidy savings to fix refineries, support modular operators, and invest in renewables.
Instead, it has chosen the easy route by taxing more, explaining less, and hoping for miracles.
But the laws of economics are unforgiving. You cannot squeeze revenue from an economy that is shrinking. You cannot build energy security on policies that destroy purchasing power. You cannot claim to protect the poor by enriching monopolies.
A Nation at the Crossroads
President Tinubu’s 15 percent fuel import duty is not just a fiscal measure, it is a moral test of governance.
It asks whether the Nigerian state still sees its people as citizens or merely as consumers to be taxed. Whether “Renewed Hope” means renewed hardship. Whether government policy can still reflect empathy, not elitism.
As petrol edges beyond N1,000 per litre and diesel costs strangle businesses, Nigerians are once again left to bear the consequences of decisions they did not make and cannot afford.
History will judge this administration not by its slogans, but by how it handled the suffering of its people.
And if the story of this fuel duty becomes the story of another failed reform of monopolies masquerading as markets, and citizens sacrificed for profit, then “Renewed Hope” will be remembered not as a promise, but as a warning.
Blaise, a journalist and PR professional writes from Lagos, can be reached via: [email protected]
Access Bank Plc has been awarded the prestigious Financial Inclusion Impact Award (Unified) at Nexus 2025, Qore’s flagship customer experience and financial infrastructure summit, in recognition of its groundbreaking digital innovations that have expanded financial access to millions across Africa.
The annual Nexus event, widely regarded as a leading platform for showcasing transformative financial technology on the continent, celebrated institutions driving measurable impact through digital transformation.
Access Bank stood out for its suite of innovative digital banking platforms that have successfully reached underserved communities, enabling financial participation for individuals and small businesses previously excluded from traditional banking services.
This latest accolade adds to Access Bank’s growing list of Nexus honors, having previously secured the Purpose Award in 2023 and the Best Commercial Bank in Technology Adoption Across Africa in 2024.
Speaking on the recognition, Ms. Chizoba Iheme, group head DSA and Beta Proposition, said, “We are truly honored to receive the Nexus Award for Financial Inclusion Impact (Unified). This recognition reinforces Access Bank’s long-standing commitment to breaking barriers and expanding financial access for individuals and businesses across Nigeria and beyond.
“At Access Bank, financial inclusion is more than a mandate, as it is a responsibility we proudly uphold as we continue to design innovative solutions that empower underserved communities. This award strengthens our resolve to keep driving sustainable impact and to ensure that no one is left behind in the financial ecosystem.”
Emeka Emetarom, chief executive officer of Qore, said, “At Qore, we are proud to power the infrastructure that enables real, scalable financial inclusion across Africa. Our partnership with Access Bank continues to demonstrate what is possible when bold vision, technology, and flawless execution come together.”
The recent event, hosted by Qore, brought together stakeholders across the financial services ecosystem, including commercial banks, microfinance banks, fintech companies, regulatory bodies, and government officials. Nexus 2025 provided a platform for industry leaders to discuss building the rails for Africa’s credit revolution and the critical role seamless digital banking must play in shaping this future.
By Blaise Udunze
On December 2, 2025, the Central Bank of Nigeria (CBN) announced a policy that significantly departs from the cash-restriction measures Nigerians have faced lately. The apex bank abolished restrictions on cash deposits. Increased the weekly cash withdrawal limits to N500,000 for individuals and N5 million for corporates while substituting the earlier monthly limits of N5 million and N10 million respectively. These modifications, which will be effective from January 1, 2026, represent what the CBN describes as the necessity to “streamline provisions to reflect present-day realities.”
CBN
Authorized by the Director of Financial Policy & Regulation, Dr. Rita I. Sike, the policy overhaul aims to lower cash-management expenses, improve security, and lessen money-laundering threats related to Nigeria’s significant dependence on physical cash. Daily ATM withdrawal limits stay fixed at N100,000 and count toward the total cap. Withdrawals exceeding the limits incur charges of three percent for individuals and five percent for companies, with the revenues divided: 40 percent to the CBN and 60 percent to the banks.
This update comes three years following the disputed 2022-2023 cash redesign crisis at a time characterized by extreme cash deficits, extended lines at banks, and devastating impacts on the informal economy. Consequently, the newest order generates responses: praise from individuals who consider it delayed aid, disapproval from those perceiving it as a bewildering backtrack, and concern from those apprehensive about potential enduring hazards.
Experts Applaud a More Realistic Modification
For economists, in a publication by Nairametrics showed that the action taken by the CBN signifies much-needed practicality. Dr. Salisu Ahmed, an economist based in Abuja, refers to the updated limits as “a step,” praising the CBN for gaining a clearer insight into “cash management practices in a predominantly informal economy.”
He stated that the changes will alleviate the difficulties faced by families and small enterprises due to restrictions. Rigid withdrawal caps had limited transactions, made small-scale commerce more difficult, and caused numerous businesses to experience cash-flow problems. “This adjustment signifies a response from the CBN recognizing the challenges Nigerians face daily and easing rules that previously hindered commerce and individual management,” he clarified.
Banking analyst, David Omale, echoes this view, seeing the CBN’s action as a sign of responsiveness. He points out that higher limits could “enhance liquidity for firms facing challenges from inflation, supply-chain issues and unpredictable cash flows.”
In an economy in which over 60 percent of trade is informal and where the adoption of digital payments varies across different socio-economic groups, experts suggest the updated limits correspond more accurately to real-world conditions. These limits offer businesses flexibility to reinstate transactional liberty and may help recover public confidence diminished by previous cash shortages.
Critics Caution About Continuing Disparities and New Threats
However, the praise is not universally shared. Numerous specialists and industry participants contend that the modifications, although appreciated, are inadequate or might even be detrimental.
Financial strategist Nnenna Okafor contends that the updated limits are insufficient for traders and micro-businesses that depend largely on cash to sustain their operations amid challenges. Due to increasing product prices, logistical difficulties, and unreliable digital banking services in regions, she asserts that numerous Nigerians will still need more liquidity than the new thresholds to stay viable.
Within PoS operators’ players, in Nigeria’s payment system, the response is notably divided.
PoS Operators Split
Certain PoS agents appreciate the modifications, anticipating that they will:
– Reduce friction with banks over “flagged” transactions
– Facilitate processes for clients requiring withdrawals
– Rebuild trust after months of cash shortages
Others convey concern. A PoS operator in Lagos cautions that greater cash availability could hinder the adoption of payments. “While easier access to cash can address problems, it may also decrease dependence on PoS terminals and other digital payment solutions that provide long-term security and efficiency,” she remarked.
She argues that if the CBN does not combine the policy with targeted incentives to encourage payment uptake, Nigeria runs the risk of regressing into deep-rooted reliance on cash.
Another operator in Abuja points out a different issue that has to do with unstable cash supply at numerous commercial banks. He insists that simply boosting withdrawal limits does not automatically fix supply shortages. “If banks cannot consistently provide cash, raising limits fails to solve the issue,” he stated.
Other operators also caution that the new setting might push fintech firms out of the market, which possibly allows monopolies to form since only big payment firms can endure the transition back to increased cash usage.
Experts in Security Alert to Increasing Threats, from Crime
Apart from operational issues, security experts have expressed concerns about the dangers linked to greater cash flow.
Abas Ogendengbe, a security expert at Anold Consulting Ltd., warns that increased access to amounts without strict controls “opens up risks for theft, fraud and money laundering.” He contends that without improvements in surveillance transaction tracking and reporting frameworks by banks, criminal groups might take advantage of the restrictions.
Nigeria continues to confront:
– High rates of petty theft
– Organised criminal cash-for-goods networks
– Ransom-based criminality
– Fraudulent cash-flow manipulation
He contends that a policy boosting the amount of currency in circulation should consequently be accompanied by enhanced institutional protections, rather than diminished ones.
Advantages of the New Policy: Relief, Liquidity, and Business Freedom
Although it has faced criticism, the CBN’s decision carries benefits:
1. Increased Liquidity for the Informal Sector
Small-scale merchants, farm producers, haulers, craftsmen, and market participants relying significantly on cash will experience ease in transferring money, purchasing stock, and expanding their businesses.
2. Reduced Transaction Friction
Companies that once faced limiting restrictions now recover agility, enhancing business continuity and lowering administrative challenges.
3. Restoration of Public Trust
After the trauma of the cash scarcity era, easing restrictions may slowly rebuild confidence in the banking system and encourage more people to save and transact through formal channels.
4. Policy Simplicity
The updated limits, while still restricted, are more straightforward and less administrative compared to the special-authorization system.
The Disadvantages: Policy Volatility, Inflationary Risks, and Stunted Digitalisation
Nonetheless, the policy change is also accompanied by drawbacks:
1. Weakening of Monetary Policy Credibility
Regular significant reversals indicate instability and undermine confidence. A central bank needs to be consistent and foreseeable; Nigeria’s policy environment has shifted in the contrary.
2. Potential for More Money Laundering
Unlimited cash deposits and increased withdrawal limits are inconsistent with standards for preventing illegal financial transactions.
3. Undermining Digital Payment Growth
The increase in fintech was expedited amidst cash availability. A return to reliance on cash might hinder innovation. Dampen the use of safer trackable digital methods.
4. Increased Risk of Robbery and Cash-Based Crime
An increased amount of cash in use results in tangible currency to be stolen additional opportunities for criminals and amplified operational difficulties for the police.
5. Higher Costs of Cash Management
The processes of currency production, circulation, and safeguarding place financial strains on the banking sector and the CBN.
Policy Details and Operational Complexities
The CBN’s circular offers instructions for operations:
– Excess withdrawal charges:
3 percent for individuals
5 percent for corporates
– Revenue sharing:
40 percent to CBN, 60 percent to banks
– Withdrawals from ATMs and PoS terminals contribute to the limit, highlighting the importance for customers to monitor where their withdrawals originate.
– ATMs can now be loaded with all denominations, although third-party cheque cashing is still limited to N100,000.
– Exemptions are maintained for government revenue accounts, microfinance banks, and primary mortgage banks.
– The removal of exemptions for embassies and donor agencies is a move that some parties consider diplomatically risky.
The CBN frames this policy change as a balance, boosting liquidity while still maintaining the nation’s goal of a cashless economy. Nevertheless, its effectiveness depends on the ability of the government and financial institutions to encourage payments while addressing the security challenges posed by greater cash circulation.
A Relief Today, a Question Mark Tomorrow
The CBN’s updated cash-policy structure provides support for families, small enterprises, and the informal sector. It addresses some of the severe effects of previous policies and shows a readiness, though delayed, to adjust to practical realities.
However, the enduring consequences are complex. The policy creates openings, as money laundering hampers progress in payments, increases security threats, and shows a regulatory environment grappling with achieving stability and trustworthiness.
Nigeria is at an intersection. While cash can relieve hardships, it cannot shape the future economic landscape. The current task is to apply this policy without hindering progress, undermining financial integrity, or jeopardizing monetary stability.
The question of whether this constitutes a liberalisation or an expensive withdrawal will in the end hinge on a single element, the CBN’s ability to pair increased liquidity with stronger oversight, steadfast policy direction, and sustained digital-payment incentives.
Only then can Nigeria avoid sliding backward and instead build a financial system that truly reflects the realities of its people, its economy, and its future.
Blaise, a journalist and PR professional, writes from Lagos, can be reached via: [email protected]
Senate on Thursday began debate on a bill seeking to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 to empower the Central Bank of Nigeria (CBN) to designate and supervise systemically important non-bank financial institutions, particularly major fintech operators whose activities now constitute critical national infrastructure.
Leading the debate, Tokunbo Abiru, sponsor of the bill and chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, said the amendment had become urgent due to the rapid transformation of Nigeria’s financial ecosystem and the emergence of large technology-enabled service providers operating at a scale previously unseen in the country.
Abiru noted that fintechs such as mobile money operators, payment service banks, wallet providers, digital lenders and switching companies now serve tens of millions of Nigerians, process huge daily transaction volumes and hold vast pools of sensitive financial data, yet operate within a regulatory framework that has not fully evolved to match their systemic importance.
“The reality today is that a non-bank institution, because of its market dominance, data concentration, customer reach or technological capacity, may pose risks equal to or even greater than those posed by a traditional bank,” Abiru said.
“We are therefore confronted with a regulatory gap that leaves critical parts of the financial system operating outside the highest tier of statutory oversight. This bill seeks to correct that mischief.”
He warned that without modernising BOFIA, the country risked exposing itself to data insecurity, foreign control of sensitive financial infrastructure and vulnerabilities that could undermine national security.
The senator stressed that many fintechs operate across foreign-owned networks, store customer data offshore, or use cloud systems outside regulatory reach, raising concerns around data sovereignty.
“Today, we cannot say with certainty where all the financial and behavioural data processed by some of these institutions is stored, who has access to it, or which foreign jurisdictions may lay claim to it,” he said.
Abiru recalled the temporary CBN restriction on fintech onboarding in April 2024, following issues around KYC compliance, money-laundering red flags and suspicious transactions, a development that, he said, demonstrated the limitations of existing regulatory tools.
The amendment bill proposes five key objectives, including establishing a statutory framework for designating systemically important institutions, creating a national registry of fintechs, empowering the CBN to impose enhanced supervisory requirements, strengthening data sovereignty, and improving consumer protection.
He dismissed suggestions that a new regulatory agency should be created for fintech oversight, arguing that such duplication would fragment regulation and undermine efficiency.
“Fintech regulation is deeply intertwined with monetary policy, payments oversight, prudential supervision, and systemic-risk monitoring, functions that already reside naturally within the Central Bank,” he said.
“International best practice overwhelmingly favours integrating fintech oversight within existing regulators, not creating new bureaucracies.”
Abiru urged the Senate to support the bill, which carries no financial implications under Senate rules.
Contributing to the debate, Adams Oshiomhole, former president of the Nigerian Labour Congress (NLC), shared the experience of how his accounts were once hacked, disclosing that the hackers accessed him through one of the Fintech banks.
Oshiomhole also said the identities of most of the key owners of online operators were not known and might not be held accountable for infractions since there was no law binding them to any commitments.
“I know the directors of our regular banks, but I can’t say the same of these Fintech banks.
“I don’t know the directors of MoniePoint, Opay and all others”, he added.
Oshiomhole further argued that when properly regulated through an enabling law, the operations of online financial institutions would better serve the interest of Nigerians.
Senators unanimously passed the bill for second reading and referred it to its Committee on Banking, Insurance and Other Financial Institutions for more legislative work.
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