Category: Nigerian Tribune

First City Monument Bank (FCMB) has increased the limit on its FastCash instant loan to N500,000, allowing eligible customers to access more funds for unexpected expenses and other short-term financial needs.

The bank said the facility is available 24/7 through the FCMB Mobile App and by dialling 32911#, with eligible customers able to access loans without collateral, paperwork, or a guarantor.

According to a statement by the bank, customers can apply digitally without visiting a branch, while eligibility is determined by their transaction activity.

Customers must have maintained an FCMB account for at least three months to be considered for the facility, while eligible returning customers can access repayment periods of up to 90 days.

Divisional Head, Personal Banking, FCMB, Tunji Lamidi, said the increased limit was in response to customers’ growing need for convenient access to short-term financing.

‘Financial needs can arise without warning, and customers increasingly expect their bank to respond just as quickly. By increasing the FastCash limit to N500,000, we are giving eligible customers more room to meet short-term needs through channels they already use, without paperwork or a branch visit,’ he said.

The bank added that customers who have not fully utilised their maximum eligible loan amount can apply for a FastCash top-up, subject to eligibility.

The upgrade, it said, forms part of its efforts to make everyday banking and credit more accessible through digital channels.

FCMB said the initiative would give customers greater flexibility in managing their finances through its mobile application and USSD banking platform.

The National Drug Law Enforcement Agency (NDLEA) has publicly destroyed 329,865.585 kilograms of assorted illicit drugs with an estimated street value of N301,058,076,000 only in a court-ordered exercise carried out in Lagos.

A statement by the NDLEA spokesman, Mr Femi Babafemi, on Monday said, the exercise, conducted pursuant to orders of the Federal High Court, Lagos Division, disposed of uncontested concluded cases and abandoned seizures. Of the total consignment, 246,864.535 kilograms were seized by the Lagos Strategic Command of the Agency between April 2025 and May 2026, while 83,001.05 kilograms came from the Lagos International Airport, Tincan and Apapa Strategic Commands, as well as the Marine Command and a Special Operations Unit, all operating within Lagos.

The destroyed illicit drugs comprised mainly cocaine, heroin, methamphetamine, cannabis of different strains, including Canadian Loud and skunk, ephedrine, tramadol, codeine syrup and other opioids, as well as khat leaf.

Speaking at the event held at Navy Town in the Ojo area of Lagos on Monday, the Chairman and Chief Executive Officer of the NDLEA, Brig-Gen. Mohamed Marwa (Rtd), described the exercise as a bold demonstration of Nigeria’s resolve to protect its people and deny criminal enterprises the resources they need to thrive.

He noted that behind every kilogram of narcotics destroyed lies a story of a young life at risk, a family torn apart by addiction, and communities endangered by drug-related crime and impaired driving.

Marwa said the destroyed consignment represented more than the elimination of contraband, stressing that illicit drugs weaken the labour force, raise healthcare costs, discourage investment and drain public resources that should go into education, healthcare and infrastructure. He added that every consignment intercepted by the Agency saves the country billions of naira in potential losses linked to addiction, crime and social dislocation.

The NDLEA boss also linked the trade in illicit drugs to Nigeria’s broader security challenges, noting that drug trafficking helps fund organised crime, terrorism and violent extremism globally, and that by seizing and destroying such substances, the Agency is strengthening the country’s national security architecture.

Issuing a stern warning to drug barons, traffickers, financiers, distributors and dealers, the NDLEA Chairman declared that their days of operating with impunity are over. ‘Wherever you hide, whoever sponsors you and however sophisticated your network may be, the long arm of the law will reach you,’ he said, vowing that the Agency remains resolute, relentless and uncompromising in pursuing and dismantling every criminal network and its financial spine.

Speaking at the ceremony, Lagos State Governor Babajide Sanwo-Olu said, ‘The scale of what has been destroyed today, about 300 tonnes of narcotics and psychotropic substances, is a huge and sobering reminder of the enormity of the threat that illicit drugs pose to our communities, our young people, and our collective future. It is also, in equal measure, a powerful testament to what becomes possible when law enforcement, the judiciary, and the government work hand in hand, not merely to enforce the law, but to uphold justice, protect society, and secure a better future for our people.

‘It reminds us that when institutions unite around a shared purpose, the law becomes more than an instrument of enforcement.’

Represented by the Secretary to the State Government, Mrs Bimbola Salu-Hundeyin, the governor assured that ‘Lagos State is unwavering in its resolve to confront drug abuse and trafficking, and we will not relent in our efforts to do this.’

In his goodwill message, the Comptroller General of Customs, Bashir Adewale Adeniyi, noted that the ‘NDLEA deserves all the accolades they have received from local and international partners’, adding that ‘It is not just about the size of what we are seeing but about the scope of what has been taken from operations conducted in our seaports, at our airports, at our land borders. This therefore represents a very strong message to drug dealers that they are no longer welcome in Nigeria.’

Speaking in the same light, the Chief of Naval Staff, Vice Admiral Idi Abbas, represented by the FOC Western Naval Command, Rear Admiral Abdullahi Mustapha, assured of continued support for Nigeria’s drug control efforts being coordinated by NDLEA.

Daughter of Nollywood actor Taiwo Hassan, popularly known as Ogogo, has appealed for urgent help, revealing that the veteran actor battles stage 4 cancer.

In an emotional video shared online, she disclosed that her father is currently in pain and has been unable to continue chemotherapy.

According to her, the hospital treating her father told the family that he could no longer receive chemotherapy.

She appealed to individuals who may know of hospitals, doctors or other legitimate cancer treatment options that could help the actor to reach out to the family.

‘Hello everyone. I’m here for my daddy. He has cancer, and it’s stage 4,’ she said.

‘Hospital is saying that they cannot treat him again, like they can’t give him chemo again.’

She also expressed appreciation to Senator Enoh, whom she said had been assisting the family and footing the actor’s medical bills.

She clarified that the family was not primarily seeking financial assistance but was looking for someone who could help treat her father.

‘We are not here to beg for money. And I’d really, really, really love to appreciate Sen. Enoh. He has been the one helping us. He has been the one footing the bills,’ she said.

The actor’s daughter appealed for help through medical treatment and urged anyone who knew of a possible way to assist her father to contact the family.

‘What I’m here for altogether is that if you can treat my daddy, if you can start chemo for him,’ she said.

She added that her father was in severe pain and reportedly told her that he did not want to die.

‘My daddy doesn’t want to die. He said he doesn’t want… my daddy is in pain. He’s in pain. Please,’ she said.

She further revealed that her father’s stomach was swollen and that he had been crying from the pain.

‘My daddy’s stomach is swollen. He’s crying,’ she said.

She urged members of the public who knew anyone capable of providing appropriate cancer treatment to contact her, her sister or the actor directly.

‘Guys, please, I’m begging you. Any help, anything, anybody that you know that can treat cancer, please,’ she pleaded.

She said her sister would be able to access the actor’s phone and respond to messages sent to his social media account.

‘Please, you can send me a DM, or my sister, or even his own DM. My sister will be able to get through to his phone,’ she added.

Governor Peter Mbah of Enugu State has approved an additional N115 million monthly subvention for the Enugu State University of Science and Technology (ESUT) as part of efforts to address concerns surrounding the ongoing strike by the Academic Staff Union of Universities (ASUU), ESUT chapter.

The additional funding will raise the state government’s monthly subvention to ESUT from the current N161 million to N276 million, representing a cumulative increase of N140 million since February 2026.

The Secretary to the State Government (SSG), Prof. Chidiebere Onyia, who made this known in a statement on Monday, said the additional funding underscored the administration’s commitment to strengthening ESUT’s capacity to meet its financial obligations, particularly its responsibility to staff and the continued delivery of quality academic services.

‘Governor Mbah has demonstrated once again that his administration places the welfare of workers and the uninterrupted education of our young people at the heart of its priorities. This additional N115 million monthly intervention is a substantial commitment of public resources aimed at strengthening ESUT and ensuring that the institution can meet its obligations to its staff and students,’ Prof. Onyia said.

He explained that prior to February 2026, the state government was providing N136 million monthly to ESUT. However, beginning in February, the government commenced an additional monthly intervention of N25 million specifically for the ESUT College of Medicine (ESUCOM) to support the payment of 120 additional staff, bringing the total monthly government support to the university to N161 million.

Prof. Onyia said the latest approval of an additional N115 million would raise the state government’s total monthly subvention to ESUT to N276 million.

He further said the increase would help ESUT towards achieving the salary agreement reached between ASUU and the federal government.

He appealed to ASUU members at ESUT to reciprocate the government’s intervention by suspending the industrial action and resuming academic activities in the interest of students whose academic progress may be disrupted by the strike.

‘We appeal to ASUU-ESUT to reciprocate this gesture by resuming academic activities, while all outstanding issues are addressed through constructive dialogue. Our students should not be made to bear the consequences of disagreements that can be resolved amicably,’ the SSG said.

The SSG reaffirmed Governor Mbah’s commitment to the welfare of workers and the sustained development of ESUT, saying the substantial increase in government funding demonstrated the priority the administration places on education and the uninterrupted academic calendar.

He urged all stakeholders, including the university management and ASUU, to embrace dialogue and work collaboratively towards resolving the outstanding issues, stressing that the ultimate objective should be to ensure that ESUT students receive uninterrupted and quality education.

He further assured the university community that the Mbah administration would continue to support ESUT within available resources while taking necessary steps to strengthen the institution and position it to fulfill its mandate as a leading university of science and technology.

Operatives of the Benue State security network, known as the Civil Protection Guards, have arrested two suspected kidnappers in Ado Local Government Area of the state.

The Security Adviser to the state governor on Security and Internal Affairs, Joseph Har, disclosed this to newsmen in Makurdi on Monday.

Har said the suspects abducted a woman, alongside four others, on August 14, 2026, while they were returning from Idelle Market in Oju Local Government Area of the state.

The security adviser added that one of the kidnap victims, identified as Mrs Ekuma, managed to escape from the kidnappers’ hideout in a forest around Utonkon District in Ado Local Government Area.

He stated that following her escape, personnel of the state security network at the Ado Command mounted an operation to locate the kidnappers.

According to Har, ‘During the operation, two suspected members of the kidnapping gang were arrested after they pursued Ekuma when they discovered that she had escaped from their hideout.’

He said the arrested suspects, identified as Usman Shuaibu and Aliyu Drahu, were initially transferred to the Zonal Headquarters in Otukpo before they were later handed over to the Police Division in Otukpo for further investigation and necessary action.

A chieftain of the African Democratic Congress (ADC), Dele Momodu, has said the re-election of Osun State Governor Ademola Adeleke clearly showed that the will of the people would always prevail in a free and fair election, saying no form of intimidation could stop the resilience of voters anywhere in Nigeria.

Adeleke, who contested on the platform of the Accord Party, won the August 15 governorship election with a total of 511,067 votes, while his closest challenger and candidate of the All Progressives Congress (APC), Bola Oyebamiji, polled 444,815 votes. Najim Salam of the ADC came a distant third with 17,180 votes, while other candidates shared 12,017 votes. The total number of valid votes was 985,079.

Momodu, who was speaking on Politics Today, monitored by the Nigerian Tribune on Monday night in Abuja, described Adeleke as a grassroots politician who is humble and loved by the people of Osun State. He said the governor’s visible projects across the state gave him an edge over his fellow contestants.

He equally added that statements credited to Senator Francis Fadahunsi and Honourable Wole Oke could have swayed votes to Adeleke’s camp, as the whole world was monitoring what he described as a movie in Osun before, during and after the election.

The former presidential aspirant also lambasted governors who invaded Osun in their numbers, saying they did so to please the President out of fear of the unknown, despite their closeness to Governor Adeleke.

Momodu said, ‘This man is a grassroots man, very down-to-earth. Loves his people to bits. I’m one of the citizens from the maternal sides. My mother is from Gbongan Olufi in between Ile-Ife and Ede. And I’ve followed his (Adeleke) trajectory with keen interest. So it was obvious to me that the people love him, he loves the people. And I don’t know how he did it, he made sure that he erected a range of projects in every major part of the state: Ile-Ife, Ilesa, Iwo, Ede, Osogbo and so on and so forth. And it is visible, it’s not something hidden. Dualisation, flyovers and so on and so forth. Light everywhere and you know one of his motto is Imole. So for those of us on ground, we knew he was going to make it. The other thing is that he’s a very spiritual man. We call from the same background. He comes from both Islam and Christianity, same with me and his mother was a prayer warrior, my mother was a prayer warrior. His brother and I don’t think much credit has been given to the chairman, we all call his chairman, and now I’ve added executive producer to his name because what happened in Osun was a movie.

‘At a stage you will not believe it, I almost collapsed when I started seeing the shenanigans of this APC apprachitik and the political bandits that invaded Osun State. But I knew despite all this hullabaloo, he was going to win. You saw it clearly, there was federal might on display, you saw reckless statement from Baba Fadahunsi, from Wole Oke. All of these we posted on social media. They were so reckless about using federal might and Baba Fadahunsi, in particular, walked into a police station and walked out gingerly and boasting that he will sue those who manipulated and obvious statement from him in which he was telling the whole world … Wole Oke said his own in a different manner. Anybody who doesn’t support Asiwaju whatever happens to him, he should accept it. I mean, what a chicanery! I’ve never seen anything so reckless and that is why I predicted to you that they will use federal might and there were places where the police fired tear gas at people who were not fighting anybody. They were going to exercise their franchise, vote peacefully and and boom, they started seeing tear gas. That is federal might.’

He added, ‘Then the number of governors who invaded Osun and were insulting their fellow governor is unprecedented. It is as a result of the fear of the Presidency. So everybody was falling over themselves as if they were robots just to please the President. There is no reason. I know some of these governors who are very close to Adeleke, extremely close but they had to come as if they were packed like sheep to Osun and they were saying all kind of nonsense.’

The European Union has approved pound 1.5 million in emergency humanitarian aid for Nigeria’s cholera response as part of a pound 2.3 million package to help four West and Central African countries contain the ongoing outbreak.

The European Commission announced the funding on Monday, with the remaining pound 800,000 allocated to Cameroon, the Central African Republic and Chad to strengthen their respective cholera response efforts.

The intervention comes as more than 61,000 cholera cases were reported in the African Region in the first five months of 2026, according to the World Health Organisation (WHO).

In Nigeria, the EU said the pound 1.5 million would support an increase in the number of intervention teams and provide essential supplies, including cholera kits.

The funding will also support water, sanitation and hygiene interventions, including the treatment of public water points and household water, as well as intensified epidemiological surveillance in inaccessible areas.

It will further strengthen case management, risk communication and community sensitisation as part of efforts to contain the outbreak and protect vulnerable communities.

Commissioner for Preparedness and Crisis Management, Hadja Lahbib, said cholera remained preventable and treatable but continued to threaten lives where communities lacked access to safe water and healthcare.

‘Cholera is preventable and treatable. Yet it still threatens lives when people lack something as basic as safe water and healthcare,’ Lahbib said.

She said the emergency funding would enable humanitarian partners to respond quickly, contain outbreaks and protect communities most at risk, particularly at a time when humanitarian needs were increasing while available resources were shrinking.

Cameroon will receive pound 100,000 under the package to support outbreak containment and case management, including the deployment of additional humanitarian personnel, provision of essential medicines, establishment of additional cholera treatment units and oral rehydration points in the worst-affected villages.

The Central African Republic will receive pound 500,000 to scale up case management and vaccination, improve water, sanitation and hygiene interventions, strengthen risk communication and community engagement, and enhance surveillance and case detection.

The funding will also support dignified and safe burials in the Central African Republic.

Chad will receive pound 200,000 to help break the chain of cholera transmission through improved access to water, sanitation and hygiene, as well as community support for surveillance and case management.

The EU said cholera was caused by Vibrio cholerae bacteria and was most commonly transmitted through consumption of contaminated water.

It added that severe cases could result in rapid loss of body fluids, leading to dehydration and shock if not treated promptly.

There was a large turnout of women voters across Bauchi State on Monday during the 2026 Local Council elections, with the State Governor, Sen. Bala Abdulkadir Mohammed, casting his vote at Yelwan Duguri polling unit.

The Governor voted for his preferred candidate for Alkaleri LGC at the Kofar Fada, Baby Unit, Yelwan Duguri, in Alkaleri Local Government. Women turned out in large numbers to cast their votes.

Shahuda Adamu, a 28-year-old housewife, expressed satisfaction with the conduct of the election after casting her vote, saying it would bring governance down to them at the grassroots.

She said there was massive mobilisation by the candidates and their political parties, which was the reason women trooped out in large numbers to exercise their civic responsibilities.

Shahuda Adamu called on the winners to take it as an act of Allah and govern with the fear of Allah by ensuring that the people got a fair share of the dividends of democracy.

Also at the Kofar Fada, Yelwan Duguri polling unit, another woman voter, Tafisu Jika, said that women came out in order to reciprocate the good things the Governor has done for them.

According to her, ‘He is our son, he has done us proud, that is the reason we trooped out in the large numbers you are seeing to vote for our candidate, the candidate of the Governor.’

Tafisu Jika added that the area has continued to witness development in all ramifications since the coming of the Governor.

She called on whoever wins to embark on programmes and projects that have direct bearings on women and children, saying that if that is done, the problem has been tackled.

Also speaking, Jummai Musa Duguri, a 70-year-old woman, said that she came out to vote in order to continue enjoying the dividends of democracy.

According to her, ‘The Governor has really done so very much for the people of Duguri Emirate, so, the best way to thank him is to come out to cast our votes for his candidate.’

Others who spoke commended BASIEC for organising and conducting a successful election, calling on it to announce the results based on the performances of the candidates.

Speaking to journalists shortly after casting his ballot, State Governor, Sen. Bala Abdulkadir Mohammed, expressed optimism that the Allied People’s Movement (APM) will perform well in the 2027 general elections, considering its acceptability since it was introduced to the people of Bauchi State.

He expressed confidence that, ‘It would appear that we will leave office in peace. By the grace of God, I hope to support the emergence of somebody from my party who will take over from us and continue the good work we are doing. That is why you saw that we conducted very good primaries, with many of the candidates emerging through consensus and without rancour. We do not want to open the floodgates to controversy or dissension.’

Speaking further, the Governor said that, ‘Well, thank you. I am here with my dear wife and my brothers from this locality. We have cast our votes, and the process has been very peaceful. There is an atmosphere of serenity this morning, and we appreciate God for the peace and spirit of love prevailing at this polling unit.’

According to him, ‘There is no rancour. Everything is orderly, and I expect the same atmosphere across the State. I have seen the Commissioner of Police here, alongside other security agencies. My elder sister, who is the Chairperson of BASIEC, is also here assessing the process and providing the necessary support to ensure a successful exercise.’

He added, ‘I came here with my wife and brothers, and we slept here to demonstrate a sense of camaraderie, commitment, and connection to the community. This has always been our tradition. We are grateful to God, and we wish whoever emerges victorious a very successful tenure. ‘

The Governor charged, ‘They should govern with the fear of God. They must understand that the local government is where everything happens because the majority of our people live in the local government areas, not in the State capital. That is why we are making every effort to ensure good governance at the local level.’

Bala Mohammed pointed out that, ‘Since we came into office, we have never interfered with or avoided an election cycle. We have always ensured that elections are conducted as and when due, no matter the circumstances.’

While reacting to the fact that this will be the last local government election cycle his administration will conduct and if he is fulfilled, Bala Mohammed said, ‘Yes, I am fulfilled because the culture of democracy and democratic governance at the local government level has been entrenched. Everybody is now conscious of the importance of local democracy. I believe that what we are doing is also improving the quality of human capital coming forward for elections.’

According to him, ‘Today, we have people with PhDs, Master’s Degrees, University Degrees, and Diplomas participating in local government politics. You would not have found this level of confidence and interest in the past.’

‘Because of what we have done to ensure local government autonomy, we are providing them with more resources and enabling more activities to take place within the local councils. Consequently, people are becoming more interested, and that is the beauty of democracy,’ he added.

The Governor further said, ‘I must also confess that we are generating more revenue during this period of governance, and we are ensuring that the revenue trickles down to the local Councils to enable them function and meet the yearnings and aspirations of the people.’

He said, ‘My last word is gratitude to God and to the people of Bauchi State for giving us the opportunity to lead. I am very proud of the support we are receiving from the people and of the appreciation they have shown us. Since yesterday, people have been coming to express their gratitude, and in return, we are also expressing our gratitude to them.’

Bala Mohammed added, ‘So, we remain grateful to the people of Bauchi State for giving us the opportunity to serve.’

The Governor said that, ‘My expectation is victory for APM, the new party. This election is a testing ground because it is the first time the party we have brought on board is participating in an election.’

Reacting to the boycott of the election by some political parties, the Governor said, ‘I can see that some people have become discouraged. They have even withdrawn from the election because they know they may lose. They are disconnected from the people, and they have not campaigned. You have been following our campaign trails, so you know the level of engagement we have had with the people.’

According to him, ‘If they had listened to my advice, they would have gone ahead to test their popularity. To all the parties participating in this election, I congratulate you. I believe other parties will also win elections. Our responsibility is to provide a level playing field and allow everyone to participate.’

The Governor concluded, ‘I am therefore highly grateful that this election has taken place and that several parties have participated. We are ready to give and let live, while ensuring that our people are allowed to exercise their universal suffrage.’

Meanwhile, the Governor thumbed up the Federal Government, particularly Nigeria’s President, Sen. Bola Ahmed Tinubu, for allowing the people of Osun State to speak with their votes to elect the person of their choice among the candidates, including that of the ruling All Progressives Congress (APC), in the last weekend’s gubernatorial election.

Bala Mohammed stressed that the era of election result manipulation is gone and that everyone who is a serious politician must work for his or her electoral victory.

According to him, ‘You cannot sit at home and assume that the Federal Government will give you the advantage to win an election.

President Bola Ahmed Tinubu is demonstrating that he is a democrat. You have seen what happened in Osun State, where the people voted and their votes counted. People should therefore understand that nobody is coming to install them. This is not a monarchy; this is democratic governance.’

Businessman Deji Adeleke, elder brother of Osun State Governor Ademola Adeleke, has said he was certain his younger brother would win re-election in the state governorship election, despite the strength of the opposition.

Speaking in a video recorded at the governor’s victory celebration on Sunday night, Deji attributed his confidence in the outcome to his prayers and faith in God.

‘I don’t discuss with anybody. I do it in the corner of my room. I do this every day. So, I was not worried. I had no doubt in my mind that Ademola would win. Ademola will overcome,’ he said.

The businessman said he regularly prayed for his brother’s protection and victory, adding that he maintained the practice privately without discussing it with anyone.

‘I fortify myself with the power of the Almighty God every day. And the day that I fast, I’ll do it three times a day. And nobody knew. I don’t discuss with anybody,’ he added.

Deji, while reacting to the opposition faced by his brother during the election, said political influence and financial resources could not overcome divine power.

‘Let them come with all the battalions, withdraw the Army, bring all the money from the Central Bank. Nobody is above God Almighty,’ he said.

He also appeared to reference the influence of some political figures, saying the opposition could rely on perceived connections to the Presidency, but maintained that his brother had God on his side.

He further disclosed that he had specifically prayed for the governor’s protection and success during the election.

‘He dances and praises your name. So, Lord Almighty, God, the owner of the universe, show up for him,’ he said.

Ademola Adeleke was declared the winner of the election on Sunday after defeating his challengers to secure another term in office.

PricewaterhouseCoopers (PwC) has identified six categories of virtual assets under Nigeria’s new tax framework, with the classification determining the taxes applicable to cryptocurrencies, stablecoins, security tokens, utility tokens, non-fungible tokens (NFTs) and sovereign digital currencies.

PwC disclosed this in a tax alert titled ‘Taxing the Intangible: A Critical Analysis of the NRS Guidelines on Taxation of Virtual Assets,’ following the publication of the Nigeria Revenue Service (NRS) Information Circular No. 2026/21, ‘Guidelines on the Taxation of Virtual Assets,’ on July 31, 2026.

The advisory firm said the guidelines represent Nigeria’s first comprehensive administrative framework for taxing virtual assets, coming amid the growing importance of digital assets in the Nigerian economy.

According to PwC, Category 1 covers cryptocurrencies and exchange tokens such as Bitcoin, Ether and Solana, which function as mediums of exchange or stores of value. Gains from their disposal are subject to income tax, while eligible transfers attract stamp duty..

Category 2 covers stablecoins and payment tokens, including USDT. These are similarly taxable, although stablecoins that generate yield are treated under Category 4 in respect of the yield component.

Security and investment tokens regulated under the Investments and Securities Act 2025 fall under Category 3. PwC noted that the capital gains exemption under Section 184(h) of the Nigeria Tax Act applies specifically to tokenised Nigerian stocks and shares. Category 4 comprises utility and governance tokens, including assets that generate staking rewards, decentralised finance (DeFi) yields and liquidity rewards.

NFTs constitute Category 5, with their tax treatment depending on their economic substance and whether the holder is a creator, investor or trader.

Meanwhile, Category 6 covers sovereign digital currencies, including the eNaira and foreign central bank digital currencies (CBDCs). These are excluded from the virtual asset tax framework and are treated in the same manner as fiat currency.

PwC said the guidelines provide that a single virtual asset transaction could trigger multiple tax liabilities depending on the occurrence of specific taxable events.

Income tax applies to individuals at progressive rates and to companies, generally at 30 percent for companies other than small companies, on gains from disposal and income received through virtual assets. Such income includes employment income, professional fees, mining and staking rewards, DeFi rewards and airdrops.

The guidelines also introduce a one percent withholding tax on gross disposal proceeds for Category 1, 3 and 5 assets, to be collected by Virtual Asset Service Providers (VASPs). Passive income from staking, mining, airdrops and DeFi yields attracts withholding tax of 10 percent, while professional fees attract five percent or 10 percent, depending on the applicable category.

On Value Added Tax (VAT), PwC said taxable services connected with virtual asset transactions, including exchange fees, brokerage commissions, custody and advisory services, are subject to VAT at 7.5 percent. However, the transfer of ownership of a virtual asset does not, by itself, constitute a taxable supply.

The guidelines also impose a 1.5 percent stamp duty on eligible token-to-fiat and fiat-to-token transfers, with VASPs required to deduct the duty in token units from tokens credited to customers.

PwC described the dollar-referenced methodology for calculating taxable gains as one of the most technically significant provisions. Under the approach, gains are calculated using the US dollar value of an asset at acquisition and disposal, after which the resulting dollar gain is converted to naira using the Central Bank of Nigeria/Nigerian Autonomous Foreign Exchange Market rate applicable on the disposal date.

The firm said the methodology prevents taxpayers from being taxed on ‘phantom gains’ arising solely from naira depreciation.

The guidelines also provide safe harbours for several activities. Merely holding a virtual asset does not trigger taxation, while transfers between wallets owned by the same individual are not treated as disposals. Staking lock-ups, NFT minting, certain tokenisation activities, collateralised loans, wrapping and unwrapping tokens, and deposits into DeFi protocols in exchange for receipt tokens are also treated as non-taxable events.

However, PwC raised concerns about the extensive responsibilities placed on VASPs, which are required to deduct withholding tax, collect stamp duty, enforce Tax Identification Number requirements, maintain records and file returns.

It noted that failure by VASPs or peer-to-peer marketplaces to comply attracts a penalty of N10 million for the first month and N1 million for each subsequent month of default. Failure to deduct tax at source attracts a penalty of 40 percent of the amount not deducted, while failure to remit tax deducted attracts 10 percent per annum plus interest at the Central Bank’s Monetary Policy Rate.

PwC also highlighted unresolved questions surrounding the guidelines, including whether the NRS has the legal authority to impose withholding tax beyond the WHT Regulations 2024 and the enforcement challenge posed by off-platform peer-to-peer transactions.

The firm advised taxpayers involved in virtual asset activities to register for tax and obtain a Tax Identification Number, while VASPs should urgently review their systems to ensure they can calculate, withhold and remit taxes in token units.

It further advised taxpayers to adopt either the First-In, First-Out (FIFO) or Weighted Average Cost method for determining cost bases from the outset and maintain records for at least six years.

PwC concluded that, despite implementation challenges and areas requiring further clarification, the guidelines provide a workable baseline for virtual asset tax compliance in Nigeria.