Nigeria News (Standard)
Lagos NRS Moves to Sanction Over 4,000 Large Firms as E-Invoicing Begins July 1
Only about 1,000 of Nigeria’s largest companies have complied ahead of deadline, DigiTax director warns in Lagos
Only about 1,000 of Nigeria’s largest companies have complied ahead of deadline, DigiTax director warns in Lagos
Thousands of large businesses in Lagos and across Nigeria face the risk of sanctions from July 1 as the Nigeria Revenue Service (NRS) commences enforcement of its mandatory e-invoicing policy. The agency’s new regulation targets firms with annual turnover from ₦5 billion upwards, but as at early June, most companies in this category had yet to comply.
During a media briefing in Lagos on Monday, Olumide Akinsola, Country Director of DigiTax Nigeria, disclosed that out of roughly 5,000 major taxpayers registered nationwide, fewer than 1,100 had adopted the NRS electronic invoicing system before the June 30 deadline. “The NRS tells us the results are encouraging, but there is a lot more work to be done. There is still a significant chunk of businesses in this cohort that are still outside,” Akinsola said.
The e-invoicing framework requires affected companies to generate and validate all invoices electronically in real time using the Merchant Buyer Solution (MBS) platform through accredited service providers. Each invoice receives an official reference number and QR code for verification purposes. The NRS says this will improve transparency and curb tax evasion among large corporations operating in key sectors such as oil and gas, telecoms and manufacturing.
Akinsola noted that compliance rates improved following stakeholder sensitisation meetings earlier this year but warned that thousands of companies remain unregistered. He advised business owners not to wait until last minute to avoid disruptions or penalties after enforcement begins. “There is still a significant chunk of businesses outside,” he said.
Under NRS guidelines, non-compliant firms may face financial penalties or restrictions on government contracts once the e-invoicing regime is fully operational from July. The agency has urged all large taxpayers to register on the MBS platform before month-end to avoid sanctions. Sector analysts say successful implementation could boost government revenue and bring more accountability to Nigeria’s tax system.
Nigeria News (Standard)
CBN Governor Cardoso Receives 2026 Central Banking Award in London
Olayemi Cardoso honoured as Central Bank of the Year, marking international recognition for Nigeria’s monetary authority
Olayemi Cardoso honoured as Central Bank of the Year, marking international recognition for Nigeria’s monetary authority
Governor Olayemi Cardoso of the Central Bank of Nigeria has been presented with the 2026 Central Banking Central Bank of the Year Award at a ceremony in London on Thursday. The award, which recognises excellence in central banking practice and leadership, highlights Nigeria’s role in global monetary policy discussions.
The event saw Cardoso join other top financial leaders from around the world as he accepted the prestigious accolade on behalf of Nigeria’s apex bank. The organisers noted that the CBN was selected for its performance and reforms in recent years, though specific criteria for this year’s recognition were not disclosed at the event.
The Central Banking Awards are widely regarded as a benchmark for outstanding achievement among financial regulators globally. Past winners have included central banks from both developed and emerging markets, making this year’s award a significant milestone for Nigeria. Financial analysts say such honours can boost investor confidence and underscore Nigeria’s commitment to international best practices in economic management.
While official reactions from other government figures were not immediately available as at press time, observers within Nigeria’s financial sector have welcomed the recognition. Stakeholders point to ongoing reforms under Cardoso’s leadership and efforts to stabilise the naira and strengthen regulatory frameworks.
The CBN is expected to continue engaging with international partners following this achievement, as monetary authorities look to build on recent gains and address ongoing economic challenges. Further statements from Cardoso or federal officials are anticipated in the coming days.
Nigeria News (Standard)
Delta Leaders Urge Protesters to Vacate Oil Facilities After Tinubu’s Intervention
Ijaw and Urhobo elders call for end to occupation of Warri oil installations as presidential mediation begins
Ijaw and Urhobo elders call for end to occupation of Warri oil installations as presidential mediation begins
Ijaw and Urhobo community leaders in Delta State have appealed to protesters occupying oil facilities in Warri South-West Local Government Area to withdraw, following President Bola Tinubu’s intervention in the ongoing dispute. The call was made on Thursday after federal authorities began mediation efforts aimed at resolving long-standing grievances over the delineation of the Warri Federal Constituency.
According to community sources, the affected oil installations had been occupied by demonstrators demanding implementation of a Supreme Court judgment on constituency boundaries. This action, which disrupted operations at several key sites, prompted urgent engagement from both local leaders and the presidency.
The dispute over Warri Federal Constituency has persisted for years, with various ethnic groups raising concerns about political representation and resource allocation in the oil-rich region. The recent protest heightened tension in Delta State’s South-South zone, with stakeholders warning of possible economic losses if oil production remained paralysed.
Leaders from both Ijaw and Urhobo communities issued separate statements urging their youths to stand down while talks with federal officials continue. “We must give room for dialogue now that Mr President has shown commitment to address our demands,” one statement read. The elders also cautioned against further disruptions, noting the strategic importance of oil revenues for Delta State and Nigeria as a whole.
Presidential envoys are expected to meet with representatives of all aggrieved groups in the coming days. Meanwhile, security agencies have maintained patrols around major installations to deter any escalation. Delta State government officials have not issued an official comment as at press time.
Nigeria News (Standard)
Lagos Returnee Narrates Trauma as Xenophobic Attacks Trigger Mass Evacuations from South Africa
Federal government steps up repatriation efforts after multiple Nigerians recount violence and loss during Johannesburg unrest
Federal government steps up repatriation efforts after multiple Nigerians recount violence and loss during Johannesburg unrest
A Nigerian returnee from Lagos State has described harrowing experiences during the recent wave of xenophobic attacks in South Africa, following the federal government’s renewed evacuation exercise on Thursday. The incident, which unfolded in Johannesburg and other cities, prompted Nigerian authorities to accelerate efforts to bring affected citizens home safely.
According to the returnee, who arrived at Murtala Muhammed International Airport alongside dozens of compatriots, many Nigerians were targeted in their homes and businesses, suffering physical assault and loss of property. The returnee detailed how attackers stormed residential areas, looting shops and setting buildings ablaze, leaving several families stranded with nowhere to turn.
The latest xenophobic violence has heightened concerns among Nigerians both at home and abroad, given the recurring pattern of attacks on foreign nationals in South Africa. In response, government said it remains committed to protecting its citizens wherever they reside. The Ministry of Foreign Affairs announced that over 300 Nigerians had signalled interest in voluntary evacuation since the unrest escalated last week.
An official statement by the Permanent Secretary, Ministry of Foreign Affairs, confirmed ongoing collaboration with the Nigerian High Commission in Pretoria to ensure orderly repatriation. Meanwhile, civil society groups have urged government to provide psychological support for returnees dealing with trauma. “We urge authorities to prioritise rehabilitation and reintegration for those affected,” one advocacy group stated.
As more flights are scheduled to bring additional evacuees home in coming days, stakeholders are calling for long-term diplomatic engagement between Nigeria and South Africa to address the root causes of xenophobia. Experts say economic hardship and rising unemployment in host communities continue to fuel tensions against migrants.
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