Economy

Before You Fall Into Recharge Card Business Scam, Read This

Published

8 years ago

11/07/2018

By Dipo Olowookere

I have read several times about some Nigerians lamenting being scammed by fraudsters who claim they can go into recharge business by selling in bulk with as low as N10,000.

Each time I read or hear about victims crying about being scammed, I say to myself that they fell for it because they were ignorant and failed to do at least a bit of research before parting away with their hard-earned money.

The purpose of this article is to educate you on some basics of the recharge card business so that no one can fool you next time about it.

It is important I state that recharge card business is capital intensive, especially if you want to make huge profit.

First, none of the GSM network provider sells recharge cards in bulk directly to individuals or small scale sellers. They sell their recharge card pins directly to dealers, who have registered with them and must have millions of Naira to invest into the business.

In some cases, if not most, banks stand in as guarantor for these dealers because dealers are given targets to meet each month. Some networks, like MTN, give their dealers N1 billion turnover per month.

Now, when dealers buy these recharge card pins, which are then printed in cards and papers, they sell to those called the sub-dealers. Dealers also sell the recharge card pins to sub-dealers as Virtual Top Up (VTU).

In some cases, some of these sub-dealers buy recharge cards worth N10-50 million daily from dealers to resell to those who hawk the cards to retailers (those who sell the product under umbrellas by the roadsides, shops and others).

Recharge Card Prices

The prices of recharge cards are influenced by demand and supply. When there is a huge demand for a network’s recharge card, the price goes up because it is scarce in the market. However, when there is less demand for it, the price drops.

In most cases, the prices of recharge cards go up at the beginning of the month and drops at the end of the month. This is because at the end of the month, most dealers are after meeting their targets and would sell at a lower rate in order to get the commission network providers give to dealers who meet their targets.

But MTN, which is the market leader, has somehow stabilised its price at the market unlike in the past.

From my investigation, MTN sells its N100 recharge card to dealers at N96 and it expects them to sell to sub-dealers and retailers at N96.50k. It came up with this policy so as to stop the sale of its cards above the face value like it happened in the past where the N100 voucher was sold for N110.

For Airtel, the price ranges from N94.50k to N95.50k, depending on who is selling it and the volume being purchased.

For Etisalat, the price ranges from N94 to N95, while Glo goes for N90 to N92.

In recharge card business, the prices of other card denominations are calculated using the price of the N100 cards.

If anyone approaches you to say he can get you recharge cards of any network at rates about N3-5 below the above prices, you should raise a red flag.

Also, if anyone says you can start printing recharge cards as low as N10,000, you should raise an eyebrow because no network sells their recharge card pins to sub-dealers or retailers, but dealers alone, who are like partners in the business with them. In fact, the network providers call their dealers Trade Partners.

If you require further information or clarification, please feel free to use the comment box.

Economy

All Set for Champion Breweries’ 50th AGM on Thursday

Published

13 hours ago

19/05/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.

At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.

Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.

In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.

This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.

These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.

The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.

The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.

“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.

“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.

Economy

NRS Launches Unified Tax ID System

Published

18 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

21 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.