Economy
Xpress Payments: FIRS Cautions Atiku Against Politicising Tax Administration
By Aduragbemi Omiyale
Former Vice President, Mr Atiku Abubakar, has been cautioned by the Federal Inland Revenue Service (FIRS) against politicising tax administration in the country.
The agency, in a statement issued on Sunday by the Technical Assistant on Broadcast Media to the chairman of FIRS, Ms Aderonke Atoyebi, criticised Mr Atiku over his comments on the appointment of Xpress Payments as one of the channels used in the Treasury Single Account (TSA) revenue collection system.
Earlier, the former VP frowned at the “quiet appointment of Xpress Payments Solutions Limited as a new TSA collecting agent,” saying it is “a dangerous resurrection of the Alpha Beta revenue cartel that dominated Lagos State during and after the Tinubu years.”
According to him, “To introduce such a policy in the middle of a national tragedy, while Nigerians are mourning loved ones lost to the deepening insecurity crisis, is not only insensitive, it is a deliberate act of governance by stealth.”
Mr Atiku argued that, “Nigeria does not need more middlemen between citizens and their government revenue. What we need is greater transparency, stronger institutions, and a tax system free from political capture.”
He, therefore, asked the “Immediate suspension of the Xpress Payments appointment pending a public inquiry,” stressing that, “Nigeria’s revenues are not political spoils. They are the lifeblood of our national survival, especially at a time when insecurity is tearing communities apart.”
But in reaction, the FIRS noted that the claims by the former Vice President were “incorrect, misleading, and risk unnecessarily politicising a purely administrative and technical process.”
The agency stated that it “currently utilises a multi-channel, multi-Payment Solution Service Provider (PSSP) collection framework, which includes several long-established platforms,” including Quickteller, Remita, eTranzact, Flutterwave, and XpressPay.
It point out that, “These PSSPs are part of an expanded, transparent, and competitive ecosystem designed to make tax payment easier and more efficient for Nigerians across the country,” emphasising that these organisation “are NOT collection agents and DO NOT earn a processing fee per payment, nor a percentage of revenues.”
“Crucially, all revenues collected through these channels go directly into the Federation Account, without diversion, intermediaries, or private control. No PSSP has access to, or custody of, government funds,” the tax collection agency stated, noting that, “All PSSPs are admitted through a transparent, open, and verifiable procedure that ensures fairness and equal opportunity.”
The FIRS advised the presidential candidate of the opposition People’s Democratic Party (PDP) in the 2023 general elections and “other political actors to refrain from mischaracterising routine administrative processes for political gain.”
“Nigeria’s tax system is too important to be subjected to misinformation or unnecessary alarm,” it declared, reaffirming its commitment to “professionalism and transparency.”
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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