Federal Inland Revenue Service (FIRS) has commenced an electronic invoicing solution (e-invoicing) aimed at transforming digital tax administration and revolutionising tax payment in Nigeria.

The e-invoicing system, also known as the Merchant-Buyer Model, is designed to make tax compliance easier, faster and more transparent for all categories of taxpayers.

A statement by Dare Adekanmbi, special adviser on Media to Zacch Adedeji, chairman, FIRS, said the solution went live on August 1, following a successful pilot phase which began in November 2024.

According to the statement, large taxpayers, which are companies with annual turnover of N5 billion and above, are the first to be onboarded. In less than two weeks after the initiative went live, no fewer than 1,000 companies, representing 20 per cent of over 5,000 eligible firms, have embraced the solution and commenced integration with the FIRS MBS platform.

It noted that the remaining large taxpayers are expected to come onboard on or before November 1, the deadline for all firms in the category to complete their onboarding and integration processes.

“MTN Nigeria became the first taxpayer to transmit live electronic invoices to the FIRS, officially ushering in the e-invoicing regime. Huawei Nigeria and IHS Nigeria have also concluded test transmissions and are set to go live in the coming days.

“In collaboration with the National Information Technology Development Agency (NITDA), Service Providers have been incorporated into the ecosystem to act as both System Integrators and Access Point Providers. These providers will facilitate the onboarding, integration, and invoice transmission processes for taxpayers.”

The statement commended all large taxpayers, tax consultants, and service providers for their cooperation and commitment to the success of the project.

“We also acknowledge the genuine efforts of many taxpayers who strove to meet the 1st of August 2025 deadline but encountered operational constraints.

“In the spirit of encouraging voluntary compliance, the FIRS management has graciously approved a three-month extension of the deadline, with the new deadline now set for 1st November 2025.

“The FIRS e-Invoicing Implementation Team will continue to provide support through stakeholder engagements, including webinars, workshops, and town hall meetings, to ensure a seamless transition for all large taxpayers,” it added.

The national e-invoicing solution is an electronic fiscal system (EFS) developed by FIRS to provide real-time visibility into commercial transactions and ensure the authenticity, accuracy and completeness of invoices.

It is being implemented in phases, starting with large taxpayers, with medium and emerging groups to follow.

The initiative aligns with global best practices and supports the Federal Government’s broader objectives of enhancing revenue assurance, reducing tax evasion, and modernising tax administration.

It is also a critical tool in the implementation of the Nigeria Revenue Services Reform Act, which seeks to harmonise revenue reporting and establish a single source of truth for government revenues.

First Securities Brokers Limited, the stockbroking subsidiary of First Holdco Plc, recently announced its impressive performance in the latest Nigerian Exchange (NGX) Broker Performance Report. The firm secured first place in terms of trading volume and value of transactions for the month of July, 2025.

According to the report, First Securities Brokers Limited displayed strong trading activity and strategic market positioning, further solidifying its reputation as a significant player in the capital and equities market.

Fiona Ahimie, Chief Executive Officer and Managing Director of First Securities Brokers Limited expressed her pleasure at the firm’s achievement of a trading value of ₦414.457 billion, which accounts for 22.80% of the total trading value reported by the NGX during the review period. This performance highlights the effectiveness of the integrated model promoted by First Holdco Plc.

The Holding Company’s strategic focus on synergy within the Group played a crucial role in enhancing the performance of First Securities Brokers Limited.

“This remarkable achievement reflects the hard work and dedication of our entire workforce, as well as the trust our clients continue to place in us. It underscores our growing influence and effectiveness in the Nigerian equities market,” she added.

“Our focus on providing innovative and seamless trading solutions, coupled with deep market expertise, has been crucial to driving this success. We are not just a brokerage firm; we are strategic partners in our clients’ financial journeys. This recognition further motivates us to deliver exceptional value.”

“We remain committed to creating long-term value for our clients and stakeholders. Building on this momentum, we will continue to enhance our service offerings and further establish our position as a key driver of growth and development in the Nigerian financial market.”

Central Bank of Nigeria (CBN) has said that it plans to pursue civil, administrative, or criminal sanctions against parties found to have breached foreign exchange (FX) rules, following the conclusion of a forensic audit into undelivered forward contracts.

A document titled Frequently Asked Questions (FAQ) on the Settlement of Undelivered Forward Contracts, published on the Bank’s website on Thursday, revealed the development.

The audit, conducted by Deloitte from September 2023, reviewed transactions under the Retail Secondary Market Intervention Sales (RSMIS) window.

The document read, “The Central Bank of Nigeria is reviewing appropriate legal action against parties found to have violated applicable rules and regulations, based on the findings of the forensic audit. The Bank will collaborate with law enforcement and regulatory agencies to pursue civil, administrative, or criminal sanctions, as necessary.”

According to the apex bank, the contracts involved upfront naira payments in exchange for promised US dollar delivery on future dates—many of which went unfulfilled.

The CBN said the audit was necessary to verify the legitimacy of these contracts, protect FX reserves, and uphold regulatory standards.

The findings revealed extensive irregularities, including mismatches in beneficiary identities, exaggerated FX requests, use of incorrect or blank Form M submissions, and approvals for non-permissible imports.

The CBN noted that certain transactions were based on vague or false documentation, while others involved companies that lacked authorisation for the items they sought to import.

In several cases, the approved FX sale value exceeded the declared cost of the imported goods, raising questions of misrepresentation.

According to the CBN, such infractions rendered the contracts void under Nigerian law and ineligible for FX settlement.

Only verified and compliant contracts were honoured.

The Bank clarified that the affected counterparties had been given the opportunity to respond during the audit process before any contract was invalidated.

For those deemed invalid, the naira previously collected was refunded, but no FX was disbursed.

The CBN has declared the audit process closed and not open to appeal, citing the independence and procedural fairness of the review.

“The audit conclusions were based on a rigorous process carried out by an independent forensic expert (Deloitte), acting pursuant to a transparent mandate.

“The auditor contacted the authorized dealer banks concerning those contracts to get their explanations of the infractions before reaching conclusions on them. The findings have therefore met procedural fairness standards. The case of undelivered forward contracts is now concluded and closed,” the document stated.

Earlier in March 2024, the CBN announced the complete clearance of the valid foreign exchange backlog.

This was after Olayemi Cardoso, governor, CBN,  in February, disclosed that about $2.4 billion foreign exchange backlog is not valid for settlement.

Cardoso clarified that out of the initially reported $7 billion FX liabilities of the federal government, about $2.4 billion were identified as invalid following a forensic audit by Deloitte Management Consultants.

Earlier report showed that CBN officially concluded the forensic audit into undelivered forward foreign exchange (FX) transactions and refunded the value of all unfulfilled and unvalidated deals to banks in naira.

The development was contained in a letter dated August 4, 2025, signed by Okey Umeano, acting director of the Financial Markets Department, and addressed to all authorised dealer banks.

The letter noted that all validated transactions had been paid, while the local currency equivalent of outstanding and unverified transactions had been returned to the banks.