General News
FG Watches as Foreign Courier Firms Wreak Havoc
Nigeria loses twice as much in illicit financial outflows as it seeks to attract foreign direct investment in the postal and courier sub-sector, according to Nigeria CommunicationsWeek investigations.
Much of the wealth from the industry estimated at some N350billion annually fails to flow to local and registered operators because of the activities of the foreign firms.
These unregistered foreign courier companies which outnumber registered ones, operate freely from their comfort zones where they receive or forward the illegal goods with ease.
Some of the foreign companies, often supported by some highly placed Nigerians and dishonest officials, exploit the lax regulation in the sector to maximize their profits.
There are reports of unethical practices including; breaches of agreement, non-payment of cost of clearance and delivery of shipments, transacting courier business with other courier companies without recourse to contractual agreement despite the fact that the franchise agreement is exclusive and non-transferable, among other issues.
Nigeria CommunicationsWeek gathered that some Nigerians benefitting from the illegal activities have also intensified efforts to stall the passage of the Bill for an Act to establish the Nigerian Postal Service Commission and Other Related Matters; A set of all important documents touted as transformative for the postal industry.
Dr. Simon Emeje, assistant postmaster general of the federation and head of Courier Regulatory Department (CRD) of NIPOST, decried the growing trend.
Emeje told Nigeria CommunicationsWeek that the CRD is stepping up efforts to track and clamp down on the illegal operators.
Nodding in agreement, Captain John Okpaku, managing director, ABX World, courier company and former country representatives of Aramex International Limited, one of the recently banned international courier firms, narrated how ABX World was shortchanged leading to lose of about $600 million in eight years.
Captain Okpaku alleged that Aramex was rnning underground businesses without ABX knowledge as the authorized representatives. He said ABX World had entered into franchise with Aramex International as a member of Global Distribution Alliance (GDA), but over time, realized that Aramex did not keep to its part of the agreement.
“We reported to NIPOST on several occasions on our plight. The truth of the matter is that we need an independent regulator to defend the territorial integrity of Nigeria as far as courier business is concerned. He added, “Most of the fraudsters parading themselves as international courier firms have no respect for Nigeria and the business partners. In fact, they were bragging that they will continue to send parcels to Nigeria, probably through unscrupulous means, claiming they got their backs covered by some individuals in the country. It is a joint task for us to show them that we cannot be taken for granted.”
Nigerian National Petroleum Company (NNPC) Limited, state-owned oil company, has suspended plans for a potential public listing, confirming it will remain entirely government-owned for the foreseeable future.
Bayo Ojulari, group managing director, NNPC,
Bayo Ojulari, group managing director, NNPC, stated this on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025).
This stance contrasts with earlier statements suggesting that a partial stock market listing might follow the company’s 2021 transformation under the Petroleum Industry Act, which converted NNPC into a commercial entity governed by corporate law—a step widely seen as preparation for eventual privatization.
In recent years, NNPC Ltd has sought to improve transparency by publishing monthly performance reports and adopting stricter accounting standards.
The company also aims to increase its stake in the Dangote Refinery, Africa’s largest, while working with technical partners to revive its three state-owned refineries in Port Harcourt, Warri, and Kaduna.
No official explanation was provided for pausing the IPO discussions.
Management only emphasized the company’s current focus on internal consolidation and operational performance.
For now, NNPC Ltd has set no timeline for a public offering, signaling that the company’s priority remains strengthening credibility and profitability before revisiting t
The Federal Inland Revenue Service (FIRS) has announced plans to officially unveil the Nigeria Tax Reform Acts on Monday, November 10, during a high-level Strategic Stakeholder Engagement Session at the Congress Hall, Transcorp Hilton Hotel, Abuja.
Themed “Impact of the New Tax Laws,” the event represents a major step in Nigeria’s ongoing fiscal reform efforts and reaffirms the government’s commitment to creating a simpler, fairer, and more efficient tax system that enhances compliance, encourages investment, and supports sustainable economic growth.
The engagement will bring together senior government officials, policy experts, development partners, and private sector representatives to deliberate on the implementation strategies and wider implications of the newly enacted tax laws.
According to the FIRS, the session will feature keynote and technical presentations from leading experts, including Taiwo Oyedele, Chairman, Presidential Committee on Fiscal Policy and Tax Reforms; Ifueko Omoigui-Okauru, CEO, Compliance Professionals and former Executive Chairman, FIRS; Matthew Gbonjubola, Coordinating Director, FIRS; and Tayo Koleoso, Chief of Staff, FIRS.
In addition, a high-level panel discussion will be led by senior FIRS management members Amina Ado, Kabir Abba, and Matthew Gbonjubola, alongside Michael Ango, Executive Chairman of the FCT-IRS, and Olumide Esan, Partner at Deloitte.
Speaking ahead of the event, the Director of Taxpayer Services, Dr. Lovette Ononuga, said the engagement is designed to “strengthen public understanding of the reforms and promote collaboration among stakeholders to ensure effective implementation of the new laws.”
While physical attendance will be strictly by invitation, the FIRS confirmed that the session will be streamed live via YouTube and Zoom, with virtual participation links to be shared two days before the event through its official communication channels.
Banking in Nigeria has changed and PalmPay is at the center of it. Whether it’s sending money to family, saving for a rainy day, or paying bills in seconds, PalmPay is showing millions of Nigerians that banking doesn’t have to be stressful.
So, if you’ve ever wondered how best you can use your PalmPay app, here are five smart ways people are using it to make everyday life easier and more rewarding.
1. Sending Money Without Charges
A typical Nigerian carries out dozens of transactions weekly, and those bank charges can quietly add up over time. With PalmPay, users enjoy unlimited free transfers to any bank, and transactions are instant. You can send and receive funds to any bank account or PalmPay wallet in seconds; no delays, no hidden fees.
Smart tip: Once you type the first few digits of an account number, PalmPay automatically suggests the recipient, saving you time and making future transfers even faster.
2. Reliable Transfers, Always
PalmPay users enjoy fast, dependable transfers thanks to the platform’s 99.9% transaction success rate powered by its own payment infrastructure. It’s smooth, reliable, and eliminates the classic “Oya refresh your app” moment we all know too well.
Smart tip: PalmPay notifies you of the recipient’s network status before completing a transfer which helps users avoid failed transactions.
3. Paying Bills Without Stress
From electricity and data to cable TV and other essential bills, PalmPay makes payments simple. Everything you need is right there in one app, no queues or multiple logins. And the best part? You earn cashback and PalmPoints every time you pay.
Smart tip: Get up to 3% cashback on certain bill payments and transactions. Check the app for ongoing promos.
4. Saving More
PalmPay isn’t just for spending, it’s built for building wealth too. With multiple savings products like CashBox, Spend and Save, Target Savings, and Fixed Savings, users can set money aside automatically and earn up to 20% interest annually.
Whether you’re saving for rent, a trip, or to grow your business, PalmPay helps you stay consistent and intentional.
Smart tip: Name your savings goals “House Rent” or “Emergency Fund” to stay motivated.
5. Getting Rewarded for Everyday Transactions
Who says banking has to be boring? PalmPay gives users rewards through cashback and PalmPoints for everyday actions like buying airtime, paying bills, and referring friends. It’s simple; the more you use it, the more you earn.
Smart tip: Check the app to track your PalmPoints, trial cash, and other reward offers.
The Smarter Way to Bank
PalmPay is licensed by the CBN and insured by NDIC, so users’ money stays protected. With features like night guard, transaction guard, PIN, and fraud monitoring, users enjoy secure and stress-free banking.
From students to business owners, more Nigerians are choosing PalmPay for fast, secure, and rewarding transactions, just the way banking should be.
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