Economy
Banks to Charge N50 Monthly from ATM Card Users from May 1
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has disclosed that from May 1, 2017, banks operating in the country can now charge N50 monthly from customers using the Naira debit/credit cards as maintenance fee.
The CBN made this disclosure in a circular titled ‘Guide to Charges by Banks and Other Financial Institutions in Nigeria 2017’ with reference number FPR/DIR/GEN/CIR/06/017.
In the circular released on Friday and signed by its Director of Financial Policy & Regulation Department, Mr Kevin Amugo, the banking industry regulator said banks can also charge $20 or its equivalent for similar service on foreign currency denominated debit/credit cards.
Mr Amugo, in the circular obtained by Business Post, explained that the Guide to Bank Charges issued in 2013 sought to reflect developments in the financial market, provide clarity on the banking terms, and reduce ambiguity in loan transactions.
However, he said the need to address the absence of a tariff regime for other financial institutions in Nigeria, enhance transparency in the operations of the guide, and align the provisions to current realities, have necessitated further review of the guide as clamoured by a broad spectrum of stakeholders.
“The review was expanded to incorporate the concerns of both operators and users of financial services in Nigeria.
“The reviewed guide provides for charges on various products and services than banks, other financial institutions and mobile payment operators offer to their customers.
“Banks, other financial institutions and mobile payments operators are required to present any other product, service and/or charge not covered by the guide to the Central Bank of Nigeria (CBN) for prior written approval.
“The guide to is hereby issued and takes from May 1, 2017. It replaces Guide to Bank Charges that came into effect on April 2013,” Mr Amugo said.
He said for electronic funds transfer, the CBN has approved N50 fee for transaction below N10 million, same with transactions above N10 million.
The apex bank also retained the N65 for ATM transactions after the third withdrawal within the same month on other banks’ ATM.
It also said banks should not charge more than N1000 (one-off) for ATM debit/credit card issuance, same rate for replacement and renewal.
Concerning transaction alerts, banks should not charge “not more than N4/SMS. (Fees on alerts are restricted to only customer-induced transactions),” warning that “all associated notifications relating to a particular transaction should be consolidated into a single SMS alert.”
It explained that “where a customer opts not to receive SMS alert, the customer should issue an indemnity (for losses that may arise as a result) to the bank.”
The CBN said for Current Account Maintenance Fee (CAMF), such can be “negotiable subject to a maximum of N1 per mille.”
It explained that this is applicable to current accounts ONLY in respect of customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank.
However, the CAMF is not applicable to Savings Accounts.
The circular said for Savings Account, the interest rate would be a minimum of 30 percent (MPR p.a.), but not applicable if a customer makes more than four withdrawals in a month.
For the full guideline, read Here
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has announced the commencement of compliance monitoring activities for large taxpayers under the National e-Invoicing and Electronic Fiscal System (EFS) regime.
A statement issued on Monday and signed by the agency’s chairman, Mr Zacch Adedeji, advised corporate organisations that have yet to adopt this system to do so on or before July 31, 2026.
Recall that on February 17, 2026, NRS issued an implementation timeline for the mandatory adoption of the EFS, also known as the Merchant Buyer Solution (MBS), by large taxpayers.
They were asked to complete the process of onboarding, integration, testing, and commence invoice transmission to the NRS e-invoicing platform in accordance with the prescribed implementation framework.
The compliances include the completion of onboarding on the NRS MBS; the successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or Systems Integrators (SIS); the completion of all required validation and testing activities; the active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines; and the receipt of only compliant e-invoices with a valid Invoice Reference Number (IRN) from suppliers.
Ahead of the deadline, the NRS has commenced compliance monitoring activities to assess the level of adherence to the e-invoicing mandate across the large taxpayer segment.
Those that have not completed the process have been asked to conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
The organisation warned that failure to comply would trigger regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
By Aduragbemi Omiyale
Transcorp Power Plc suffered declines in its revenue and profit in the first half of this year; details of the company’s financial statements for the period ended June 30, 2026, have revealed.
The losses were attributed to recurring transmission line vandalism, which materially constrained the organisation’s ability to evacuate available generation capacity.
Business Post reports that earnings contracted in the first six months of this year to N181.97 billion from the N205.81 billion recorded in the same period of last year, while profit before tax moderated to N54.99 billion from N58.73 billion.
However, on a year-to-date basis, total assets went up to N619.02 billion from N563.48 billion in December 2025, as shareholders’ funds grew to N189.34 billion from N183.40 billion in FY 2025, while retained earnings soared to N140.90 billion from N123.41 billion in FY 2025.
It was observed that the increase in receivables and borrowings largely drove the expansion in the balance sheet during the period.
Also, the firm’s gross margin expanded to 38.4 per cent from 34.7 per cent in H1 2025, operating margin increased to 30.6 per cent from 28.5 per cent, and PBT margin rose to 30.2 per cent from 28.5 per cent, reflecting cost optimisation efforts and disciplined financial management, positioning the company to continue delivering sustainable value for shareholders.
“Our H1 2026 performance is a reflection of the resilience of our business operations despite significant sector-wide existential challenges.
“Regrettably, recurring transmission line vandalisation materially constrained our ability to evacuate available generation capacity.
“Nonetheless, we continued to deliver strong profitability, maintain operational efficiency, and strengthen our balance sheet,” the chief executive of Transcorp Power, Mr Peter Ikenga, stated.
“We remain committed to working with relevant stakeholders to put an end to transmission line vandalisation and to further improving operational performance, power generation supply reliability, and creating sustainable value for our shareholders. We remain highly confident that we will recover lost ground in H1 2026 and finish FY 2026 stronger than FY 2025,” he added.
By Dipo Olowookere
A total of 2.819 billion stocks worth N182.499 billion exchanged hands in 226,729 deals on the floor of the Nigerian Exchange (NGX) Limited last week, in contrast to the 3.648 billion stocks valued at N220.568 billion transacted in 251,861 deals a week earlier.
From this, financial shares accounted for 2.006 billion units sold for N99.697 billion in 96,171 deals, contributing 71.17 per cent and 54.63 per cent to the total trading volume and value, respectively.
Consumer goods equities traded 178.863 million units worth N7.872 billion in 26,637 deals, and energy stocks recorded a turnover of 151.237 million units valued at N38.309 billion in 16,879 deals.
First Holdco, FCMB, and Access Holdings accounted for 939.402 million units worth N57.673 billion in 19,051 deals, contributing 33.33 per cent and 31.60 per cent to the total trading volume and value, respectively.
Business Post reports that the performance indicators were mixed in the five-day trading week, as the All-Share Index (ASI) depreciated by 0.14 per cent to 243,462.13 points, while the market capitalisation appreciated by 0.39 per cent to N157.057 trillion.
All other indices finished higher except the main board, consumer goods, energy, Lotus II, industrial goods, growth, and sovereign bond indices, which fell by 1.54 per cent, 0.15 per cent, 0.11 per cent, 0.40 per cent, 6.26 per cent, 0.09 per cent, and 0.33 per cent, respectively, while the commodity index closed flat.
Forty-four shares gained weight in the week versus 60 shares of the preceding week, 35 equities depreciated versus 28 equities in the previous week, and 67 stocks closed flat versus 58 stocks of the earlier week.
The best-performing stock was First Holdco, which gained 38.66 per cent to trade at N95.95. Thomas Wyatt expanded by 27.16 per cent to N3.09, Fidelity Bank grew by 15.00 per cent to N21.85, Learn Africa grew by 14.44 per cent to N10.30, and UBA chalked up 10.98 per cent to close at N45.50.
The worst-performing stock was BUA Cement after giving up 18.99 per cent to quote at N275.60, Red Star Express shed 18.53 per cent to end at N20.00, International Energy Insurance declined by 15.27 per cent to N4.66, C&I Leasing dropped 13.28 per cent to N5.55, and PZ Cussons crashed by 10.06 per cent to N80.95.
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