By Blaise Udunze

Nigeria’s national mood is tense. The country is facing economic hardship, insecurity, public distrust in institutions, and an increasingly widening gap between citizens and their government. Yet, in the midst of this fragility, a quiet administrative action by the Federal Inland Revenue Service (FIRS) has sparked a storm of public concern, political accusations, and renewed debate over who truly controls Nigeria’s revenue system.

FIRS

The controversy began when the FIRS quietly announced the appointment of Xpress Payment Solutions Limited, a fast-rising Nigerian fintech company, as a Treasury Single Account (TSA) collecting agent, effectively giving the company authority to process federal government tax payments through the TaxPro Max platform. With this appointment, taxpayers can now remit Company Income Tax, Value Added Tax, Withholding Tax, and other federal payments using XpressPay or the company’s in-branch e-Cashier platform.

At first glance, the move appears technical and harmless, perhaps even a necessary step to modernize Nigeria’s digital tax infrastructure. But almost immediately, outrage erupted across political, civil society, and economic circles. And within hours, the debate had escalated into what is now being framed as a national question: Is Nigeria witnessing the quiet re-emergence of a revenue cartel, this time on a federal scale?

A Tax Gatekeeper Emerges Silently

Xpress Payments is not an unfamiliar name in Nigeria’s fintech landscape. Incorporated in 2016, the company has grown steadily, offering secure payment gateways, switching services, and enterprise financial solutions. Its Acting Managing Director, Wale Olayisade, expressed delight at the appointment, describing it as a major milestone, “We are honoured to be selected by FIRS. Our systems are built to ensure ease, speed, and security for every transaction.”

He insisted that taxpayers would enjoy a seamless, transparent, and reliable experience.

Ordinarily, such remarks should settle nerves. But the public response was anything but calm. Citizens and political stakeholders immediately raised a torrent of questions:

–       Why was this appointment announced quietly, without public consultation?

–       What new value does Xpress Payments add that existing TSA channels, such as Remita, do not already provide?

–       Were there competitive bids?

–       What are the contract terms, and who benefits financially?

–       Why concentrate such a sensitive national function in private hands at a time when transparency is already strained?

The silence from government circles only deepened the suspicion. In governance, especially around revenue, silence is not neutrality; it is oxygen for mistrust.

Atiku Abubakar Explodes: “This Is Lagos-Style State Capture”

The loudest reaction came from former Vice President Atiku Abubakar, who issued one of his most forceful statements in recent years. Atiku accused the Federal Government of attempting to replicate the same at a national scale. The controversial Lagos revenue model was dominated for years by Alpha Beta, a private firm accused of enjoying a monopoly over the state’s revenue pipeline.

In his words, “This is the resurrection of the Alpha Beta revenue cartel. What we are witnessing now is an attempt to nationalise that template.”

Atiku warned that the move could concentrate power around politically connected private actors, enabling them to sit at the centre of federal revenue flows. He questioned the timing, calling it insensitive given the nationwide grief over insecurity, “When a nation is mourning, leadership should show empathy, not expand private revenue pipelines.”

He issued five demands:

1. Immediate suspension of the Xpress Payments appointment

2. Full disclosure of contract terms and beneficiaries

3. A comprehensive audit of TSA operations

4. A legal framework preventing private proxies from controlling public revenue

5. A shift in national priorities toward security and transparent governance

His final warning was blunt, “Nigeria’s revenues are not political spoils. They are the lifeblood of our national survival.”

The Ghost of Alphabeta: Why Nigerians Are Worried

For many Nigerians, this controversy triggers painful memories of earlier private-sector dominance over public revenue. The “Alphabeta era” in Lagos is widely remembered, fairly or unfairly, as a time when a single private company appeared to dominate the state’s tax collection landscape, shrouded in secrecy and controversy.

Nigeria’s fear is simple:

–       If revenue collection becomes controlled by one or two private companies, transparency dies, and corruption flourishes.

–       Allowing private entities to sit between taxpayers and government can create:

·       Monopoly power

·       Inflated service fees

·       Data privacy concerns

·       Political weaponization of revenue information

·       Institutional dependency

·       Centralization of sensitive national data

Each of these risks has real consequences for economic stability.

FIRS’ Defence: “It Is Only an Additional Option”

To be fair, the FIRS insists that Xpress Payments is only one of several available channels, not the exclusive gatekeeper. Remita and other payment service providers remain operational.

According to FIRS, the move is part of a broader effort to modernize and expand taxpayer options within the TSA. In a functional environment, this would be welcomed as healthy competition. But Nigerians are not reacting to the announcement; they are reacting to the pattern:

–       Sudden appointments

–       Lack of transparency

–       Political undertones

–       Private-sector centralization of public revenue

–       Timing that coincides with widespread economic strain

The concern is not the company itself; it is the impenetrability surrounding how such decisions are made.

The Big Tax Picture: Major Reforms Coming in January 2026

While the Xpress Payments controversy rages, Nigeria is simultaneously preparing for the most ambitious tax reform in decades, one that may change how individuals and businesses perceive taxation entirely.

The reforms, spearheaded by the Presidential Fiscal Policy and Tax Reforms Committee, chaired by Mr. Taiwo Oyedele, will take effect in January 2026, and they promise sweeping changes.

1. Drastic Reduction of Tax Burden on 98 percent of Nigerians

Oyedele has repeatedly emphasized, “You will pay less or no tax if you are in the bottom 98 percent of income earners.” Under the new regime:

–       Workers earning below N800,000 annually pay zero personal income tax.

–       Basic food, healthcare, education, and public transport become VAT-exempt, lowering living costs.

–       Small companies (turnover ≤ N100m) will pay zero corporate tax, zero capital gains tax, and be exempt from the new 4 percent development levy.

2. Consolidation of Multiple Tax Laws

The reform merges numerous existing laws, CITA, PITA, VAT Act, CGT Act, into a unified tax code. This eliminates duplication, confusion, and overlapping mandates that have plagued Nigeria for decades.

3. Increased CGT for Companies, Fairer Rates for Individuals

–       Companies now pay 30 percent CGT.

–       Individuals pay CGT based on their income band.

4. Tax on Digital and Virtual Asset Profits

The reforms modernize the tax base to include digital transactions and virtual assets.

5. Export Incentives

Profits from goods exported will now be income tax-free, provided proceeds are repatriated legally.

6. Stronger Tax Institutions

A new Nigeria Revenue Service (NRS) will become the sole federal tax collector, while the Tax Ombudsman will resolve disputes.

7. President Tinubu Sets Up an Implementation Committee

To ensure smooth rollout, President Tinubu has approved the National Tax Policy Implementation Committee (NTPIC) chaired by Joseph Tegbe and supervised by Minister of Finance, Wale Edun.

The goal:

Improve compliance, reduce leakages, and reinforce fiscal sustainability.

So, Why Are Nigerians Still Worried?

Because reform alone does not guarantee trust. Nigerians welcome the promise of lower taxes, simpler laws, and less harassment. But they fear that while the tax burden may be reduced, the control over tax collection may be quietly shifting into private hands.

The unsettling question persists:

–       How can a nation modernize its tax system while simultaneously outsourcing its revenue gateways?

–       What Exactly Is the Risk?

1. Over-Centralization of Revenue Gateways

Even if Xpress Payments is “an option,” such appointments can slowly evolve into de facto monopolies, especially in Nigeria, where political influence often determines market dominance.

2. Data Privacy and National Security

Tax data is deeply sensitive. It reveals income patterns, business operations, sectoral flows, and strategic economic information. Consolidating such data under private firms raises major cybersecurity concerns.

3. Potential for Political Capture

The fear is not that Xpress Payments lacks capacity; the company is reputable, but that future actors may exploit such arrangements for political financing or influence.

4. Risk of Middlemen Profiting from Public Revenue

If service fees or transaction charges apply, taxpayers may indirectly fund private intermediaries for basic access to government services.

5. Erosion of Public Trust

A tax system must be trusted to function. When people sense secrecy, they resist compliance.

What Nigeria Needs Now: Full Transparency, Not Silence

To rebuild confidence, the federal government must take immediate steps:

1. Publish All Contract Details

Service fees, revenue-sharing models, data access permissions, contracts’ duration, and ownership disclosures must be made public.

2. Conduct an Independent Audit of TSA Payment Providers

This should include Remita, Xpress Payments, and all other agents.

3. Prevent Monopolies in Revenue Collection

No single company should control more than 30 percent of federal tax traffic.

4. Strengthen FIRS Capacity

Modern digital tax administration should rely primarily on state capacity, not outsourcing.

5. Establish a Legal Framework for Digital Tax Contractors

To regulate:

–       Data usage

–       Infrastructure standards

–       Profit margins

–       Conflict-of-interest rules

Without such laws, Nigeria remains vulnerable.

A Nation at a Revenue Intersection

Nigeria stands at a defining moment. The 2026 tax reforms promise hope: lower taxes, simpler rules, better compliance, and reduced harassment. They present an opportunity to reset the social contract around taxation.

But that promise is threatened by the unsettling perception that tax collection is quietly being privatized, again. The public narrative is now locked in a dangerous contradiction; the government promises tax relief, while citizens fear revenue capture.

Until transparency is restored, the controversy surrounding Xpress Payments will not disappear. It has grown beyond a payment gateway issue. It has become a test of Nigeria’s commitment to:

–       Accountability

–       Institutional integrity

–       Democratic oversight

–       And the protection of national revenue

A country cannot modernize its tax system while leaving its revenue gateways in the shadows. Nigerians want answers. They want openness. And they want assurance that the era of revenue cartels, real or perceived, will never return. Anything short of full disclosure leaves the nation with a painful question: Who is truly controlling Nigeria’s money?

Blaise, a journalist and PR professional, writes from Lagos, can be reached via: [email protected]

Corporate Affairs Commission (CAC) has announced that all unregistered Point-of-Sale (PoS) operators across Nigeria will be shut down effective Jan. 1, 2026.

PoS

In a statement issued on Saturday, the Commission described the proliferation of unregistered PoS terminals as a “reckless practice” that violates the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) agent banking regulations.

According to the CAC, security agencies will enforce compliance nationwide, while unregistered PoS terminals will be seized or shut down.

The Commission further disclosed that financial technology (fintech) firms enabling illegal transactions are now under strict surveillance, with violators to be placed on a watchlist and reported to the CBN.

“The CAC has observed the rising number of PoS operators running without registration, violating CAMA 2020 and CBN Agent Banking Regulations.

“This reckless practice, often enabled by some fintech companies, puts Nigeria’s financial system and citizens’ investments at risk. This must stop,” the statement read.

It advised all operators to begin the registration process immediately, stressing that compliance is compulsory.

The Commission warned that the proliferation of unregistered PoS operators exposes Nigeria’s financial system and citizens’ funds to significant risks, adding that the new directive is aimed at safeguarding financial integrity and consumer protection.

Nigeria CommnicationsWeek reports that the CAC concluded its statement with a firm reminder: “Compliance is mandatory.”

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.