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Nigeria’s retail outlets risk CBN sanction, debit N50 PoS fee from customers 

Investigations have disclosed that some retail outlets are still collecting N50 PoS Stamp Duty charge from customers despite CBN’s directive.



Access Bank tells customers to pay N50Stamp Duty

Following the directive of the Central Bank of Nigeria (CBN) that N50 Point of Sale (PoS) Stamp Duty charge should be collected from businesses and not customers, some retail outlets are still collecting the fee.

The retail outlets in the e-payment value chain such as filling stations and supermarkets, which are supposed to be paying the Stamp Duty fee themselves as it is a merchant charge, not a customer charge, have continued to collect the illegal fee from customers.

PoS agents, operators kick against N50 charge, seek policy reversal,

In order to avoid dispute between customers, what some do is to add it directly to the customer’s purchases while others just put up a notice of the payment for customers to see before purchasing anything.

Speaking on the trend, the President of the Bank Customers Association of Nigeria, Uju Ogubunka, said that the actions being carried out by the businesses in spite of the CBN’s directive were condemnable and that it should stop.

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He called on the Nigeria National Petroleum Corporation (NNPC) to ensure compliance with the directive by marketers while also urging the CBN to ensure full compliance’s across retail shops.

[READ MORE: Bank CEOs, NCC, CBN to meet over USSD charges)

“I expect the CBN to move beyond its directive that bank customers reject the fee and fight for customers. Another option is for the customers to carry cash and avoid the fee where the risks are minimal.” Ogubunka said.

On the other hand, the CBN Director, Payment System Management Department, Musa Jimoh, according to The Nation, advised customers to reject the N50 PoS fee. He emphasized the fact that the stamp duty which is a fee regulated by an Act has been misinterpreted by many.

“Our circular that talks about merchants paying stamp duty according to the law does not say that the stamp duty should be paid by the consumer. That’s actually a misrepresentation of the CBN’s directive.

 “What our directive says is that merchants should pay all necessary charges as regulated by the government agency, including stamp duty. When there is an electronic transaction to an account other than savings account and the transaction amount is more than N1,000, you have to pay stamp duty,” the CBN official said and quoted by The Nation.


What you should know: Data obtained from the Nigerian Inter-Bank Settlement Scheme disclosed that depositors across banks did transactions worth N97.32 trillion over the instant payment and Point of Sales (PoS) in the last 11 months.

While a total of N94.49 trillion worth transaction were conducted via the instant payment platform, another N2.83 trillion were carried out by banks’ depositors on the PoS platform within the same period under review.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]



  1. Ogbeche Augustine

    January 2, 2020 at 9:02 pm

    This issue of Bank the C.B.N SHOULD COME up with a strong hand so that this rubbish we stop i went to my bank G T BANK today and there are still talking that THE C.B.N directive can not work there should obey the rule of law

  2. PapaRash

    January 3, 2020 at 10:34 pm

    The CBN as a regulatory body is making the whole issue messy.

    You have directed that merchants pay N50 stamp duty on products you don’t have fixed and regulated prices on and the merchant in turn increases prices on his products.

    What is the fuse about the increase? Can Emiefele run his own business and accept this directive when cost has been push to him?

    Which part of my business does CBN support me? Running capital, insurance, staff salaries, rentage, security etc.

    To me, the apex bank is confused.

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Business News

Crude oil prices record gains, as Iraq pledges to curb crude oil production

Oil markets traded softer into the weekend on the back of escalating US-China tensions.



CRUDE OIL, U.S Shale, Naira under pressure, as crude oil hits $25 per barrel, Oil Price: A dead cat bounce in the making?, Bears tear Crude oil futures into shreds as Brent slumps more than 20%

Crude oil prices soared higher on the first trading session of the week. This is as Iraq, a leading OPEC member, disclosed that it would reduce its oil production. More so, U.S. President Donald Trump has taken executive action on the provision of economic aid to Americans hit by the COVID-19 pandemic, thereby reigniting hopes among crude oil traders for a recovery in energy demand.

The West Texas Intermediate gained 1.26% to $41.71. Brent Crude was also up 0.95% to $44.82 at the time this report was drafted.

Iraq, the second-largest OPEC member (in terms of production capacity) disclosed that it would increase its production cuts to compensate for failing to comply with a deal earlier made in April 2020 to curb crude oil production.

READ MORE: Comparing the 2016 oil price crash to 2020 oil price crash

Insight: In an explanatory note to Nairametrics, Stephen Innes, the Chief Global Market Strategist at AxiCorp, spoke about the macros that crude oil is presently focused on. He said:

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“Oil remains in a relatively tight trading range with upside capped by concerns about the pace of the post-COVID-19 macro recovery and rising OPEC+ and US supply.

“Oil markets traded softer into the weekend on the back of escalating US-China tensions. Although prices bounced favorably on the US employment data, they were unable to hold on to their gains given the geopolitical overhang.”

READ MORE: World’s largest oil company to pay $75 billion annual dividend, despite plunge in profits

Still, crude oil markets continue to test the upper bound of its recent trading range, supported by OPEC’s unwavering compliance commitment which was reaffirmed when Saudi Arabia and Iraq’s energy ministers made a joint statement saying that they were fully committed to the OPEC+ oil production agreement.

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UACN’s major shareholder sells substantial shares

This is coming a few days after UAC Nigeria Plc announced a deal to divest 51% of its shares in UPDC.



UACN, UAC Nigeria’s Dividend Payment Might Not Be Worth The Struggle

One of the 3 major shareholders of UAC Nigeria Plc (UACN), Blakeney LLP, has substantially reduced its stakes in the conglomerate with the sale of 80 million additional shares.

This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE) by UAC Nigeria Plc. The notification was signed by the Company Secretary/Legal Adviser, Godwin Samuel.

Note that this is coming a few days after UAC Nigeria Plc announced a deal to divest 51% of its shares in UACN Petroleum Development Company (UPDC) to Custodian Investment Plc.

READ MORE: Berger Paints declares dividend of 25k per share, announces 6% increase in revenue

An analysis of this current sales and reduction of its stake shows that Blakeney LLP reduced its shareholding in the conglomerate through a deal on August 5, at a price of N5.75 per share. A further breakdown of the transactions shows that the 80,000,000 units were sold at N5.75 amounting to N460 million in purchase consideration.

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Back Story: It can be recalled that UACN had earlier sent notifications to the NSE announcing sales of 75 million shares by Blakeney between the months of April and June

READ MORE: Covid-19: Guinness Nigeria warns investors its results will be bad

  • In an earlier notification sent to the Nigerian Stock Exchange and other stakeholders in February 2019, UAC of Nigeria Plc announced the emergence of three major shareholders with more than 5% stake in the company. The three major shareholders include Themis Capital Management (8.08%), Stanbic IBTC Nominees Limited (7.27%), Blakeney GP 111 Ltd (7.55%).
  • Nigeria’s oldest conglomerate has gone through some major restructuring in recent times following investments by these core investors and other major shareholders. In September 2019, UACN announced the outright dissolution of its interest and restructuring of UAC Property Development Company (UPDC) with the transfer of its interest directly to the shareholders.
  • Over the years, UACN has transformed from a very large conglomerate with footprints in different sectors of the economy to a leaner organization with interest in Manufacturing, Food & Beverage, Logistics, Agro-allied Industry, Paints and Chemicals.
  • Blakeney Management is one of the oldest and largest institutional investors in Africa and the Middle East. They are based in London and have been managing funds since 1995 for some of the largest institutions in the world.

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COVID-19 Update in Nigeria

On the 9th of August 2020, 437 new confirmed cases and 3 deaths were recorded in Nigeria.



The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 46,577 confirmed cases.

On the 9th of August 2020, 437 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 2,864 samples across the country.

To date, 46,577 cases have been confirmed, 33,186 cases have been discharged and 945 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 317,496 tests have been carried out as of August 9th, 2020 compared to 314,632 tests a day earlier.

COVID-19 Case Updates- 9th August 2020,

  • Total Number of Cases – 46,577
  • Total Number Discharged – 33,186
  • Total Deaths – 945
  • Total Tests Carried out – 317,496

According to the NCDC, the 437 new cases were reported from 17 states- Lagos (107), FCT (91), Plateau (81), Kaduna (32), Ogun (30), Kwara (24), Ebonyi (19), Ekiti (17), Oyo (8), Borno (6), Edo (6), Kano (4), Nasarawa (3), Osun (3), Taraba (3), Gombe (2) and Bauchi (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,875, followed by Abuja (4,467), Oyo (2,868), Edo (2,382), Rivers (1,939), Kano (1,626), Kaduna (1,598), Delta (1,596), Plateau (1,502), Ogun (1,469), Ondo (1,284), Enugu (905), Ebonyi (870), Kwara (857), Katsina (746), Borno (688), Abia (644), Gombe (631),  Osun (628), and Bauchi (577).

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Imo State has recorded 476 cases, Benue (409), Nasarawa (370), Bayelsa (346),  Jigawa (322), Akwa Ibom (235), Niger (226), Adamawa (185), Ekiti (178), Sokoto (154), Anambra (142),  Kebbi (90), Zamfara (77), Taraba (72), Cross River (68), Yobe (67), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.


READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
August 9, 202046577437945333186124467
August 8, 202046140453942633044121547
August 7, 202045687443936632637121147
August 6, 202045244354930332430118847
August 5, 2020448904579271732165117987
August 4, 2020444333049101431851116727
August 3, 202044129288896820663225707
August 2, 202043841304888520308226457
August 1, 202043537386883420287225677
July 31, 202043151462879119565227077
July 30, 202042689481878519270225417
July 29, 202042208404873519004223317
July 28, 202041804624868818764221727
July 27, 202041180648860218203221177
July 26, 202040532555858217374223007
July 25, 2020399774388561116948221737
July 24, 2020395395918451216559221357
July 23, 2020389486048332016061220547
July 22, 202038344543813815815217167
July 21, 202037801576805415677213197
July 20, 2020372255628011215333210917
July 19, 2020366635567891115105207697
July 18, 202036107653778614938203917
July 17, 202035454600772314633200497
July 16, 202034854595769914292197937
July 15, 202034259643760613999195007
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
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