News
FG says NIN Registration to Determine Success of War Against Insecurity

President Muhammadu Buhari yesterday, said that the success of would determine the success of the ongoing linking of SIMs to National Identification Numbers, NIN, would determine the success of the ongoing war against insecurity.

President Buhari stated this at the launch of the National Policy for the Promotion of Indigenous Content in Nigerian Telecoms Sector and Revised National Identity Policy for SIM Cards registration, held at the Presidential Villa, Abuja.
The President in a statement issued by his Special Adviser on Media and Publicity, Chief Femi Adesina, said proper identification of all Nigerians and legal residents in the country and the ability to conveniently access a database will provide the impetus for more effective planning and security oversight.
He called on Nigerians to fully participate in the ongoing synchronization of the NIN with SIM cards across the country, adding that would provide a digital framework for improving security and strengthening the economy.
The statement quoted President Buhari as saying, “The NIN will cover one of the weaknesses in our security structure. We will be able to easily identify and know the personality of Nigerians. We will identify people easily, including the crooks.”
He said the launch of the Revised National Digital Identity Policy for SIM Card Registration was quite timely and will support efforts to enhance security and develop the economy.
According to him, “The National Identification Number is the foundational digital ID for the country; both Nigerian citizens and legal residents are expected to obtain the NIN. It will provide access to government services and will give government useful insights that will enable us to utilize scarce resources in a more efficient way.”
President Buhari noted that the first National SIM Policy was launched in February 2020, and the revised policies were in full alignment with the objectives of the administration in the areas of economic development, security, and anti-corruption.
He said, “The Digital Economy sector has made significant progress and recorded a number of unprecedented achievements since we expanded the mandate of the Ministry of Communications to include the digital economy mandate.
“The Information and Communications Technology sector was the fastest growing sector in both the fourth quarter of 2020 and the entire year 2020, based on the Report by the National Bureau of Statistics.
“The sector’s 14.70 per cent double-digit growth rate played a principal role in supporting our country to exit the recession triggered by the COVID-19 pandemic. The growth rate of the sector exceeded four times the next fastest-growing sector of Q4 2020, ICT Sector which had a growth rate of 3.42 per cent. This is truly commendable.”
The President further stated that the digital economy sector provided online options for activities that were hitherto restricted to offline channels while minimizing the disruption to activities of both public and private sectors and reducing the cost of meetings.
He explained that the National Policy for Indigenous Content in the Nigerian Telecommunications Sector was in line with the administration’s commitment towards ensuring that Nigerians become active participants in the different sectors of the economy, including the telecommunications sector.
He said, “The Federal Government embraced institutionalizing online meetings through the approval of the National Policy on Virtual Engagements in Federal Public Institutions.
“As a result of this, we now have virtual Federal Executive Council, virtual Council of State, and virtual National Economic Council meetings, among others, even though this development was triggered by COVID-19.
“As a country, our desire to produce what we eat, and consume what we produce is not limited to the literal meaning; rather we want to work towards being self-sufficient in every sector of the economy.
For the telecom sector, we want Nigerians to play a major role in the design and manufacture of devices, in meeting the manpower requirements, and in becoming an active part of the telecommunications ecosystem of the country.
“The policy aims to achieve this and I have earlier directed the Honourable Minister of Communications and Digital Economy, Dr Isa Ali Pantami, to develop the structure for its implementation and forward this to the Nigerian Communications Commission to implement. We are confident that the execution of the Policy will further enhance our economy and lead to the creation of jobs.”
President Buhari said there had been many futile attempts to promote the use of digital identity in the past: “Previous attempts have been unsuccessful due to a number of reasons, including sabotage. Our focused approach shows that this administration is dedicated to ensuring that we derive the benefits of a secure and robust digital identity system.’’
He assured that his administration was fully committed to the safety of Nigerians and linking the SIM to NIN will significantly enhance security, aid in national planning and budget preparations.
In his remarks, Dr. Isa Pantami the Minister of Communications and Digital Economy, appreciated the President for the continuous support to the telecoms sector, including regulators and operators, thanking him for the keen interest in ensuring that the security sector gets a boost with more information on Nigerians and legal residents.
The minister noted that the NIN Registration had recorded a huge success with 54 million Nigerians already captured in the process, adding, “within six months over 12 million enrolled.’’
He said it was possible to have virtual ID cards that can be used in various transactions, assuring that the NIN and Sim card registration for Nigerians and legal residents will cover 99.9 per cent.
He said the buoyancy of the telecoms sector had given Nigeria many leadership roles in international organisations, listing the impact on education, training, health, and welfare of many, including the establishment of 600 computer centres, and a world-class sim card manufacturing company in the country.
News
NGX Unveils Net-Zero Plan for Greener Capital Market

Nigerian Exchange Limited (NGX) has launched the NGX Net-Zero Programme to guide listed companies toward clear carbon reduction pathways and enhanced climate disclosures aligned with global investor standards.

NGX
The high-level launch engaged chief executives of quoted firms alongside development partners including German Investment Corporation KfW, DEG, and African Foresight Group (AFG), NGX’s implementation partner. Issuers and investors discussed financing decarbonisation, sustainability practices, and attracting climate-aligned capital.
NGX Group Chairman Dr Umaru Kwairanga described the initiative as concrete climate action, commending partners for two years of groundwork. “Today marks leadership and decisive action. Climate change has become a core business imperative, with capital markets mobilising capital and setting standards,” Kwairanga said.
He positioned NGX Net-Zero to support emissions measurement, disclosure, capacity building, and sustainable finance access, urging CEOs to embrace it strategically rather than as compliance. Kwairanga reaffirmed NGX’s goal to make Nigeria’s capital market Africa’s green finance hub.
Group CEO Temi Popoola called climate action a business imperative, noting sustainability-embedded firms attract capital, manage risks, and stay competitive. DEG Management Board Member Monika Beck highlighted partnerships scaling impactful, commercially viable climate solutions.
The event closed with a ceremonial gong marking the programme launch and send-off for outgoing DEG Regional Director Bernd Telemann.
News
Nigeria Off EU High-Risk Money Laundering List in Major Financial Win

Nigerian Financial Intelligence Unit (NFIU) has hailed Nigeria’s removal from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) as a landmark achievement endorsing the nation’s reform efforts.

Nigerian Financial Intelligence Unit (NFIU)
NFIU CEO Hafsat Abubakar Bakari said the delisting, contained in European Commission Delegated Regulation (EU) C (2025) 8460 adopted December 4, 2025 and effective January 29, 2026, affirms sustained AML/CFT and Counter Proliferation Financing (CPF) reforms.
The move follows Nigeria’s exit from the FATF Jurisdictions under Increased Monitoring after addressing strategic deficiencies, alongside Burkina Faso, Mali, Mozambique, South Africa and Tanzania.
Bakari noted the European Commission recognised Nigeria’s strengthened AML/CFT effectiveness, closed technical gaps, and fulfilled FATF Action Plan commitments leading to grey list removal in June and October 2025.
The delisting eliminates enhanced due diligence requirements for EU financial transactions, easing compliance, boosting cross-border flows, and enhancing Nigeria’s appeal for European trade, investment and partnerships.
The NFIU attributed success to President Bola Ahmed Tinubu’s political will and collaboration among National Assembly, law enforcement, regulators, judiciary, private sector and development partners.
The agency reaffirmed commitment to ongoing FATF, GIABA, EU engagement and domestic framework resilience to maintain international confidence in Nigeria’s financial system.
News
FG Directs Banks, Fintechs to Remit VAT on Service Fees

The Federal Government has directed all banks and fintechs to collect and remit 7.5 per cent value-added tax on certain electronic banking services, effective Monday, January 19, 2026, according to an email notice issued by payment platforms.

The VAT will apply to electronic banking charges, including mobile money transfers, USSD transaction fees, and card issuance fees, according to an email notice on Wednesday shared with customers by Moniepoint.
For example, if a bank charges N100 to make a transfer, the 7.5 per cent VAT will be applied to that service fee, not the money being sent.
“From Monday, January 19, 2026, we are required to collect a 7.5 per cent VAT, to be remitted to the Nigerian Revenue Service (formerly known as the Federal Inland Revenue Service).
“VAT will apply to certain banking services that include electronic banking charges such as mobile banking fees (transfers), USSD transaction fees, and card issuance fees,” the email read.
Other operators are expected to issue similar notices to their customers in the coming days. Services that will remain exempt include interest earned on deposits and savings, meaning customers will not pay tax on the returns from their accounts.
The NRS, formerly known as the Federal Inland Revenue Service, has set the deadline to ensure that all commercial banks, microfinance banks, and electronic money operators comply with the collection and remittance requirement.
Moniepoint stressed that this is not a price increase but a statutory obligation. “Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service,” the company said in a statement.
The move is part of the government’s broader efforts to standardise VAT collection on digital financial services and expand revenue generation amid Nigeria’s growing digital economy. VAT on banking transactions is not entirely new; the NRS is now enforcing uniform collection rules across all platforms, ensuring compliance across the sector.
Customers have been assured that the new tax will be clearly itemised, with the VAT shown separately on transaction statements and reports.
In December, several commercial banks informed customers that the N50 stamp duty would be deducted on electronic transfers of N10,000 and above, following the commencement of provisions of the new Tax Act.
The charge, previously known as the EMTL, has now been formally reclassified as stamp duty and will be applied as a one-off fee on qualifying electronic transfers.
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