E-Financial
MAN Says Tax Stamps Will Hurt Consumers, Economy
Manufacturers Association of Nigeria (MAN) has expressed strong reservations about the proposed introduction of a Tax Stamp System for excisable goods in Nigeria.
So-called tax stamps are used to collect taxes and other fees and are usually issued by local or national governments.
MAN stated that the system would impose significant compliance costs, create operational bottlenecks, and yield limited incremental revenue.
Segun Ajayi-Kadir, director-general of MAN, acknowledged the Nigerian government’s commitment to modernising and harmonising tax administration through the Nigeria Tax Act 2025.
He highlighted that the act had received positive feedback from association members for simplifying the tax framework and offering substantial relief, particularly to small and medium-sized industries (SMIs).
However, he expressed the need for cautious consideration regarding the Tax Stamp System, stating, “While the intention to combat smuggling, counterfeiting, and enhance transparency is commendable, it’s crucial to examine the broader implications of such a proposal.”
Ajayi-Kadir recalled that the concept of tax stamps was previously suggested in 2018 but ultimately not adopted, and he hopes that this updated proposal would not lead to unintended consequences or undermine the progress made with the new tax act.
He pointed out that the act had already simplified taxation, providing necessary support to businesses, and introducing a tax stamp system could inadvertently add to the financial challenges faced by industries and complicate compliance.
MAN stated that imposing tax stamps could unintentionally encourage illicit trade, as the added costs might deter compliance and adversely affect both government revenue and legitimate businesses.
“We believe that producers and importers might increase prices to cover these compliance costs, putting additional strain on consumers and potentially driving them towards cheaper, illicit alternatives,” Ajayi-Kadir explained.
MAN also recognised the government’s investments in robust digital systems, such as the B’Odogwu Automated Excise Register System (ERS) by the Nigeria Customs Service and e-invoicing by the Federal Inland Revenue Service (FIRS), which already provide the transparency that the tax stamps intend to achieve without imposing further compliance burdens.
According to Ajayi-Kadir, as Nigerian manufacturers compete with imported goods in regional markets, the association emphasises that any additional costs from a tax stamp system could jeopardise the competitiveness of local products, especially in an environment where consumer demand is already affected by inflation.
This could lead to a shift in consumer preferences toward less expensive imports, posing challenges for local manufacturers.
“Research has shown that while tax stamp systems may superficially boost reported revenue, the compliance costs often outweigh their benefits. Historical data suggests that such systems can adversely impact small businesses’ profitability and tax compliance.”
Ajayi-Kadir referenced experiences in other African nations, including Kenya, Uganda, and Ghana, noting that tax stamps can be effective only under specific conditions where strong enforcement and government support are present. In many emerging markets, these systems can raise costs, shrink formal markets, and promote illicit alternatives.
MAN DG implored the government not to succumb to the proposal to introduce Tax Stamps; instead, the government should strengthen existing digital fiscal tools and border controls to achieve compliance without imposing undue burdens on industry.
Proparco and Ecobank Group have signed a €10m trade finance guarantee for Small and Medium-sized Enterprises (SMEs) in Africa
The €10m trade finance guarantee facility was signed for Ecobank Chad to facilitate imports of raw materials essential for creating added value in the country.
The programme addresses supply needs not covered by the local market and is part of the Food & Agriculture Resilience Mission (FARM) initiative launched in 2022 by France, together with the European Union, the G7, and the African Union.
Its objective is to strengthen food security in the most vulnerable countries.
This guarantee is also part of the Choose Africa programme run by the AFD Group (Agence Française de Développement, Proparco, and Expertise France), which provides financing solutions to small African businesses, start-ups, micro-enterprises, and MSMEs, supporting them through the various stages of their growth via local partners backed by the AFD Group.
Speaking on the agreement, Jeremy Awori, group chief executive officer, Ecobank, said, “This renewed partnership with Proparco reflects our shared commitment to strengthening the economic resilience of Chad and the wider region, contributing to the implementation of Chad’s new National Development Plan.
“By facilitating access to essential raw materials, we are supporting local industrialisation, food security, and value creation on the continent. Using the combined expertise of our pan-African network and Ecobank International in France, we will continue to support our customers by facilitating trade and strengthening risk management to build sustainable growth.”
Djalal Khimdjee, deputy chief executive officer, Proparco, commented, “We are very pleased to welcome Ecobank Chad to the Trade Finance programme that we have co-developed with the Ecobank Group since 2018.
This new partnership will benefit local businesses, enabling them to import raw materials and become part of the international value chain to better meet the needs of local communities.
This transaction brings the total volume of trade finance guarantees granted to the Ecobank Group since 2018 to €125m.
Nigeria Deposit Insurance Corporation (NDIC) has advised Nigerians to seek clarification from the corporation on status of suspicious financial institutions and report banking-related infractions to secure their funds.
Thompson Sunday, managing director/chief executive, NDIC, gave the advice on Tuesday at an event to mark NDIC special day at the ongoing Lagos International Trade Fair.
Sunday who was represented by Wale Sule, director of the Claims Resolution Department, said one of the mandates of NDIC is banking supervision.
He added that, the corporation is available to handle any bank customer’s complaints unresolved by banks within two week.
He explained that the mandate of NDIC is to guarantee depositors funds, supervise banks, resolve distressed insured institutions and liquidate failed banks.
He also explained the collaborative role with the Central Bank of Nigeria (CBN) to maintain banking sector stability, enforce regulatory compliance and ensure effective oversight taking institutions
The NDIC boss urged depositors to escalate unresolved complaints to NDIC through its official channels, social media handles, help lines, website, email, offices nationwide, among others.
e also advised the public to watch out for NDIC protection logo towards escaping gimmicks of wonder banks.
“A Wonder Bank cannot have a logo that says protected by NDIC,” he said.
He said if any bank is soliciting for funds, customers should walk into any NDIC offices to complain or verify their authenticity through all NDIC official help lines.
He said the theme of the 2025 fair: “Connecting Business, Creating Value”aligned closely with the public policy objectives and mandate of NDIC.
Sunday said that the fair provided a valuable platform to showcase the ingenuity of the nation’s entrepreneurs, capacity of manufacturers and the creativity of small, medium, and micro enterprises (SMEs).
He added that the fair also highlighted the critical role of the organisation’s financial system as a vehicle that connects economic activities for sustainability and growth
Mastercard has launched a new suite of premium lifestyle benefits dubbed The Mastercard Collection, aimed at enhancing the experiences of its high-tier cardholders across Eastern Europe, the Middle East, and Africa (EEMEA).
The offering, which complements existing bank-issued rewards, is available to holders of World, World Elite, and the newly introduced World Legend and World Legend Exclusive Mastercards — the company’s most exclusive credit card tiers to date.
Speaking on the launch, Prakriti Singh, Executive Vice President, Core Payments, EEMEA, Mastercard, said the initiative is designed to transform everyday transactions into memorable experiences.
“Consumers today don’t just want access to benefits; they want moments that make memories,” Singh said. “Through this launch we are turning everyday payments into extraordinary possibilities.”
The Mastercard Collection includes priority access to curated dining, entertainment, and travel experiences in over 45 destinations. Cardholders can enjoy exclusive menus at top restaurants such as Aelia, Andaliman, and La Dame de Pic in Dubai and Istanbul, among others.
In partnership with Live Nation, Mastercard is also offering pre-sale tickets, premium seating, and VIP access to over 75 concerts annually in the region and more than 2,500 events globally.
Travel benefits include complimentary access to 1,350 airport lounges worldwide, discounts on terminal services, and fast-track security lanes at over 30 airports — including an exclusive lane at Istanbul Airport.
Ahmed Abdel-Karim Hussein, Executive Vice President, Integrated Marketing and Communications, EEMEA, Mastercard, said the initiative reflects the company’s commitment to connecting people to their passions.
“Our research shows that nearly 75 per cent of cardholders feel their best when pursuing passions like culinary exploration and cultural immersion,” Hussein said.
The World Legend Mastercard is currently available to banks in the region and will be rolled out to cardholders in the UAE, Saudi Arabia, and Türkiye in Q4 2025.
Eligible cardholders can access the benefits via priceless.com/themastercardcollection.
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