Bank
Just in: Violent Planned Protest By Emefiele Support Group Uncovered
Just in: Violent Planned Protest By Emefiele Support Group Uncovered
Report had revealed plans by Support Groups sympathetic to the CBN Governor, Godwin Emefiele, to stage massive protests in Abuja and other cities which may turn out to be violent.
According to the report, a meeting organised by the duo of Toochukwu Ohazuruike and Godwin Meliga at Rockview Hotel, Abuja late Monday night disclosed that the protests are targeted at the DG of DSS.
Sources stated that “at the end of the meeting, it was resolved that the next protest starting from Wednesday, December 21 will be massive and mother of all protests”.
The sources quoting the conversation of the group in the meeting said it was discussed that, “through out this week, we agreed to protest from Wednesday till Friday. We are ready to protest on Friday. We want those going for Jumat to join us. It is a Bichi Must Go protest”.
The meeting, among others, allegedly affirmed to stage the protests in Abuja and other select cities such as Kaduna, Port Harcourt, Aba, Lagos and Kano all in a bid to show solidarity for Emefiele and his monetary policies at the CBN.
Some of those that attended the meeting also disclosed that it was suggested that the protesters would present a picture of support for the President and March to the Ministry of Justice, OSGF and other strategic public offices calling for the removal of the DG DSS, Alhaji Yusuf Bichi.
Furthermore, the planners agreed to use the hurriedly organised Coalition of National Interest Defenders, CNID, a group of self acclaimed activists cutting across tribal and professional groups to carry put the protests.
Sources at the CAC have confirmed that CNID is unregistered and therefore not a corporate body. However, the planners are reaching out to many groups in order to make the situation very tense for possible breakdown of law and order.
While the meeting was said to have agreed to contact Imo Ugochinyere Ikenga alleged to be the central coordinator of the protests, close sources revealed that Ikenga is a close ally of Emefiele who he (Ikenga) had helped to organise similar support protests in the past.
There indications that when the group reached to Ikenga he promised to get to them after he had concluded arrangements with a supposed sponsor alleged to be Emefiele.
Instrustively, Emefiele is said to have strong contacts with the civil society organisations many of who he paid to organise rallies during his botched presidential aspiration.
The CSO sources confirmed to our correspondents that the groups were heavily mobilised by fronts working for Emefiele for the international press conference that held on Monday, 19th December.
One of such persons noted that, “our people were well sorted out. We will show them pepper. We will take the fight to them”. It was disclosed that those working for Emefiele are young and energetic polititicians some of whom are from the PDP.
For instance, Imo Ikenga and Godwin Meliga are seeking election to the Houses of Representatives and Assembly in Imo and Kogi States respectively. Meliga was noted to have expressed interest in working for Emefiele so he could deploy his proceeds to his election funding.
It would be recalled that Abuja was on Monday, 19th December rocked by protests staged by a coalition of groups that accused the DSS of instituting a court case against the CBN Governor over allegations of terrorism financing. The Coalition held a press conference during which it called for sack of the agency’s Director General.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
Bank
Separating Fact from Confusion: What Nigerians Need to Know About the 7.5% VAT on Banking Service Fees
In recent weeks, digital-banking customers and social media, especially on Twitter have raised concerns about deductions labelled as “VAT” on transfers and other charges.
Some dangerously false narratives, which when you take a critical look, you’ll clearly see that they have been orchestrated and sponsored by malicious elements, have given the impression that the 7.5% Value Added Tax (VAT) is a new or arbitrary charge introduced by fintechs, or that it applies to the amounts customers send. These claims are misleading and deserve careful clarification which is the purpose of this piece.
First, it’s important to understand how VAT works in Nigeria’s financial sector today. VAT on fees and charges for financial services has long been part of Nigeria’s tax system. The then Federal Inland Revenue Service (FIRS) had issued information circulars on March 31, 2021 where it stated that VAT on Financial Services (Circular No. 2021/04) that most fees, commissions, and charges by financial institutions (banks, insurance companies, brokers) are subject to 7.5% VAT.
This justifies a recent advertorial the Nigeria Revenue Service (NRS) which stated unequivocally that VAT was not newly introduced on banking service charges by recent tax reforms, and that it did not impose a new tax obligation on customers in that regard.
However what was left unsaid in that publication was that on the 12th of December, the tax agency had written to all financial institutions and payment gateways based on past meetings with operators that following from the new Tax Act, they were reminded of their mandatory obligations to collect, deduct and remit VAT at the prescribed rate.
The Agency then gave an 18- day grace period to all players to configure and align their systems while directing full compliance with the directive with effect from January 19, 2026. And so, some fintechs sent messages to their customers in the spirit of clarity and transparency.
It must be said that what has changed is that in a bid to widen the tax net, microfinance banks and fintechs who were not obligated to deduct and remit said VAT before now, have now become compelled to do so. The enforcement and standardised collection of VAT across banks and fintech platforms including mobile transfers, USSD transaction fees, and card issuance fees with compliance deadlines issued by tax authorities. So why anyone would vilify any financial institution obeying the laws of the land beats my imagination.
For those who have raised questions around transparency and wrongly suggesting that fintechs are suddenly imposing new, unexplained costs on users – as it has been explained above, this is a matter of regulatory compliance, not a lack of transparency or customer exploitation. These VAT deductions are not new fees created by the companies themselves, and providers are not arbitrarily raising their prices.
In closing, two things that everyone must bear in mind as we move forward in this new tax climate – all stakeholders including fintech platforms and regulators must communicate better and clearly. Nigerians must refrain from peddling unsubstantiated claims and malicious narratives, it has no benefits for anyone and erodes trust in systems.
FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025
Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
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