News
Lai Mohammed’s Loyalist Appointed NBC Board Chairman

Alhaji Lateef Bolarinwa, Chairman of the Kwara State All Progressives Congress (APC) faction loyal to Alhaji Lai Mohammed, Minister of Information and Culture, has emerged Chairman of the Board of the National Broadcasting Commission (NBC). His appointment was announced on Wednesday in a statement conveying President Muhammadu Buhari’s approval of the reconstitution of the NBC Board, following the expiration of the tenure of the former board.

Bolarinwa, a former member of the House of Representatives representing Lagos Mainland, was the Caretaker Committee Chairman, but was removed following the disagreement between Governor Abdulrazak Abdulrahaman of Kwara State and Mohammed over the control of party in the state.
During the state congress of the party, Mohammed’s faction held its parallel congress where Bolarinwa emerged Chairman.
However, the party’s Caretaker Extraordinary Convention Planning Committee (CECPC) recognized declined to recognize the congress held by Mohammed’s faction, but that of the one headed by the governor.
Other members appointed to represent various interests as prescribed by the NBC Act include Mr. Wada Asab Ibrahim, Mr. Iheanyichukwu Azubike Dike, Mrs. Adesola Oyinloye Ndu and Mr. Olaniyan Olatunji Badmus.
Also on the board are Mr. Bashir Ibrahim, Mr. Obiora Ilo, Mr, Ahmad Sajo, Engr. Bayo Erikitola, who is representing the State Security Service; a representative of the Federal Ministry of Information and Culture as well as the Director-General of the Commission. The board has a three-year tenure.
The previous NBC Board and the Minister fell out two years ago over the 6th National Broadcasting Code (NB Code), which the Minister presented on 26 March, 2020 at the L’eola Hotel in Lagos.
. At a press conference in Abuja, the former Board declared the code presented by the Minister as illegal and unfit to be used for the regulation of broadcasting in the country. It explained that the code had been publicly presented in 2019 in Kano and alleged that the Minister had, afterwards, unilaterally carried out a review without input of other stakeholders.
At the press conference, Alhaji Ika Aliyu Bilbis, then Chairman of the Board, and his colleagues stated that 55 institutions and stakeholders, including the Broadcasting Organisations of Nigeria (BON), Independent Broadcast Association of Nigeria (IBAN), private media outfits, broadcasters, notable media Intellectuals, communication experts and Nobel laureate, Professor Wole Soyinka, separately wrote to the Board to express their rejection of the code.
‘’The Board of the NBC wishes to make it quite clear that as long as it is in place, the only NB Code that we recognise and which we shall work with in the setting of operating policies and standards for the NBC is the 6th edition of the NB Code, which was launched in 2019 in Kano. Any other purported review has no board endorsement and therefore cannot be utilised in regulating broadcasting in Nigeria.
‘’The danger of allowing the unilateral amendment of the NB Code to stand is that investors in the industry will lose confidence in the stability the broadcast ecosystem has enjoyed till date before the advent of the current Minister of Information.
‘’Our President and his team have worked so hard to galvanise local and foreign investment in Nigeria. Allowing obnoxious policies to take root in our Investment Culture will spell doom for creativity, enterprise, diversity and the general development of broadcasting in Nigeria’’, the NBC board said.
The Board noted that a review of the code is undertaken every four years and involves NBC staff, former DGs, retired NBC Directors and other relevant industry stakeholders.
’These, according to the Board, include Broadcasting Organisations of Nigeria (BON), Independent Broadcast Association of Nigeria (IBAN), Private Media outfits, Broadcasters, notable media Intellectuals, Communication experts, Digiteam and the academia.
‘’From the history, traditions and the convention of the NBC, no Honourable Minister of Information has ever interfered in any NB Code review.
‘’After the 2019 presentation of the 6th code (which is the present one), the Honourable Minister has acted alone with just a handful of his loyalists who have written a new NB Code that has created uproar in the industry, threatening to destroy investments and lead to job losses.
‘’The Honourable Minister has constantly dropped the name of President Muhammadu Buhari as having approved his own version of the code review. The NB Code is a regulatory framework put together jointly by stakeholders to guide their operations in the industry’’, the Board explained.
It further stated that the Minister’s version was at variance with every known criterion of due process and inclusiveness of stakeholders.
‘’The Director overseeing the office of the DG of the NBC has equally made insinuations that the Board endorsed the amendments culminating in its ‘public presentation’ on 26th March, 2020 at the L’eola Hotel in Lagos. Nothing can be farther from the truth.
‘’The ‘public presentation’ was actually attended by serving directors in the NBC, one former DG of the NBC, a member representing the Ministry of Information and only four (4) selected stakeholders. When compared with over sixty (60) stakeholders that attended the 2019 presentation in Kano, there is a wide gap in industry representation.’’
The board further noted that the version of the Code presented by the Minister contains disturbing provisions that had attracted critical comments with threats of litigation from organisations and individuals.
The board explained that those amendments were inserted to destroy the hard work of others and appropriate their intellectual property by new entrants into the industry.
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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