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E-Financial

Use VAT to Encourage e-Payment-Apochi

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Agada Apochi, managing director, Unified Payments,
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Agada Apochi, managing director, Unified Payments, has urged federal government to consider granting tax relieve to consumers to encourage the use of electronic card for payments at merchant locations.

He stated this against the backdrop of efforts by Central Bank of Nigeria (CBN) to encourage the use of Point of Sale terminals at merchant location for payments which have not yielded the designed result.

Presently, weekly volume of transactions on PoS increased to 200, 000 on some 150,000 deployed terminals, while weekly value of transactions is put at N3.4 billion.

According to Apochi “government can also do a lot by creating the right incentives for adoption of e-payments. If Government offers tax incentives for e-payments, it will be an effective tool to encourage a cashless culture.

That does not mean lower tax collection by government. Rather, Government tax collection will increase. For instance, if Government were to offer 50% incentive on Value Added Tax for payments made electronically, Government tax collection could increase by several multiples. 2.5% VAT on N100 million transactions is higher than 5% VAT on transactions of N10 million. Currently, many transactions are not tracked because of cash payments and that is to the disadvantage of Government.”

He however cited instance of CBN cash threshold which has helped in cashless initiative. “CBN was right when at introduction of the cashless policy, it said those who want to transact in cash should bear the cost rather than the practice where the cost is shared by all Nigerians through high cost of operations for banks and the resultant high cost of banking services. So, CBN had set a lower threshold for free cash service.”

“Unfortunately, the CBN was put under immense pressure by the Nigerian public and it had to raise the threshold, which has resulted in many businesses and individuals continuing with the cash culture at cost to the banking industry and ultimately the Nigerian public.

The public misunderstood the benefits of the cashless policy. People thought it was about banks making more money, which was a wrong perception.

First, it is about reducing the cost of banking services. If a bank charges a customer 25% interest rate and the cost of bank’s cost is 20%, the bank’s margin is 5%.

On the other hand, if the bank can reduce the cost of operations to 10% and charge the customer 15%, the banks will still make 5% margin. For the customer, it means a reduced cost. That will equally result in lower rates of default on the customer’s part.

I think the only duty on the part of the CBN is to continue to educate the public while the duty of the public is to support the CBN.”

Unified Payments® is a card-neutral and option-neutral Payments Service Provider owned by a consortium of leading Nigerian banks. Unified Payments® operates as a shared infrastructure for the banking community in Nigeria and Payments Service Provider within and outside Nigeria, with a mission to be the most preferred e-payment service provider in Africa.

Formerly known as ValuCard Nigeria Limited, the name of the Company was changed in 2012 to reflect its new business, following a successful transformation from a domestic card scheme to a provider of payment services supporting different payment options and schemes.

Unified Payments is a Principal & Plus Member of Visa and has contributed significantly to the growth of electronic payments in Nigeria. These contributions and exceptional value-innovations include but not limited to:

The company pioneered the issuance and acceptance of EMV Chip+PIN cards in Nigeria leading to reduction of ATM fraud in Nigeria by over 90%.

It enabled Nigerian banks to issue payment cards to Naira accountholders to be used for the first time-ever globally and also enabled Nigerian banks for first-ever acceptance of foreign cards at their ATMs.


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E-Financial

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

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Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.

Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.

In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.

This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.

To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.

Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.

The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.

Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.

These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.

By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.


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E-Financial

SEC Directs Companies to Honour Unclaimed Dividend Requests

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Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.

SEC Directs Companies to Honour Unclaimed Dividend Requests

The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.

The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”

According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.

“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.

“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.

The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.


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E-Financial

FIRS Launches Revised SOP to Streamline Tax Payment

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Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.

FIRS Launches Revised SOP to Streamline Tax Payment

According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.

“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.

He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.

The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.

More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.

Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”

The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.

The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.

Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.

“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.

The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.

The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.

 


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