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Bank Narration Does Not Matter for Tax, Oyedele Says

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Bank Narration Does Not Matter for Tax, Oyedele Says

Taiwo Oyedele has said bank narration does not matter for tax purposes and no one will debit Nigerians’ bank accounts.

Speaking during an interview, Oyedele explained that fears around bank transfers, transaction descriptions, and automatic deductions were based on misinformation rather than how the tax system actually works. He said there is “no taxman in the world that has the capacity to go after everyone,” stressing that tax authorities focus on areas with the highest revenue yield.

According to him, governments with limited capacity naturally target high-income earners rather than ordinary citizens. “If I have limited capacity, what do I do? I go after the highest yield. Where can I get one billionaire? Where can I get 100 million?” he said.

Oyedele noted that data shows most Nigerians are not in the income bracket being targeted. He referenced figures indicating that about 98 percent of bank account holders in Nigeria cannot boast of ₦500,000 in their accounts, yet many of those people are the most vocal opponents of the reform. He said this reaction was underestimated by policymakers.

He stated that some wealthy individuals were able to manipulate public fear to resist taxation. “There are content creators who admitted they make up to $10,000 a month. They don’t want to pay tax,” he said. According to him, such individuals would not openly oppose paying tax themselves but instead spread narratives suggesting the government would debit small bank accounts. “They say they’re going to debit your bank account so you can help them fight the reform. Debit your ₦5,000,” he said.

Oyedele stressed that this claim is false. “Nobody will debit your account,” he said, adding that it does not matter whether a transfer is ₦1,000 or ₦1 billion, or how it is described. He said bank narration does not determine taxation and does not trigger deductions.

He explained that Nigeria operates a self-declaration system, where individuals report their income themselves at the end of the year. “You know the amount that is your income, you know the one that is not your income. So you tell the government, this is my income, and here is the tax,” he said.

He added that people who are legally exempt from paying tax are still required to declare their income and simply state that they are exempt. According to him, the process is being simplified further to make compliance easier.

Oyedele said the reform is designed to shift taxation away from vulnerable people and toward a more progressive system, even though those who benefit most from it often lack the voice to defend it publicly.

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PAWECA Suspends Complaints During Ongoing Payment Processing

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PAWECA Suspends Complaints During Ongoing Payment Processing

PAWECA has issued an official notice addressing concerns from participants about the ongoing data capture and payment processing at its head office.

According to the Information and Media Unit of PAWECA, the organization is currently focused on processing payments and cannot attend to complaints regarding unseen or delayed bank alerts. “We kindly inform the general public that the organization is currently processing payments and is unable to entertain complaints related to unseen or delayed bank alerts,” the notice stated.

The agency further explained that the data capture exercise is still ongoing, and complaints will only be addressed after the process is fully completed. “Complaints cannot be addressed until this process is thoroughly completed,” the statement added.

PAWECA also clarified that payment processing cannot run simultaneously with complaint handling. “Complaints will only be officially accepted and addressed after payments have been concluded and failed transactions have been identified,” it said.

The agency thanked participants for their patience.

GTCO gets approval to raise N10bn through private placement

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GTCO gets approval to raise N10bn through private placement

Guaranty Trust Holding Company Plc has received approvals from the Central Bank of Nigeria and the Securities and Exchange Commission to raise N10 billion through a private placement of its ordinary shares. The process is part of the company’s capital-raising programme aimed at strengthening its financial holding structure and meeting regulatory requirements. The offer is expected to close on December 31.

In a statement on Tuesday, the company said the approval was subject to the fulfilment of applicable conditions precedent and other regulatory requirements.

GTCO recalled that it had earlier announced on August 29 that its banking subsidiary, Guaranty Trust Bank Ltd., had satisfied and exceeded the new CBN minimum capital requirement for commercial banks with international authorisation, having increased its capital to N504 billion.

“This private placement in the sum of N10 billion is therefore only being raised pursuant to Section 7.1 of the Guidelines for Licensing and Regulation of Financial Holding Companies in Nigeria regarding the computation of the capital of FHCs,” the statement said.

It further stated that “the proposed private placement was being undertaken pursuant to the company’s shareholders’ resolution passed at its Annual General Meeting held on 9 May 2024.”

“The resolution authorised the board to establish a capital raising programme of up to $750 million or its equivalent through the issuance of ordinary shares, preference shares, convertible and/or non-convertible bonds or any other instruments,” it added.

GTCO noted that the capital could be raised through various means including public offering, private placement, rights issue, book-building process, or any other combination of methods in tranches and at dates determined by the board.

The statement further explained that “as a result of this, the Board has authorised the Company to embark on a private placement to raise N10 billion by the allotment of 125 million ordinary shares of 50k each.”

“The company has entered into an arrangement, in connection with a best efforts private placement for gross proceeds of up to N10 billion from the sale of up to 125 million of the ordinary shares of the company at N80 per share,” said GTCO.

The offering, which is set to close on December 31, remains subject to all necessary approvals.

Akwa Ibom to Train 3100 Youths at Dakkada Skills Acquisition Centre

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Akwa Ibom to Train 3100 Youths at Dakkada Skills Acquisition Centre

Akwa Ibom State Governor, Pastor Umo Eno, has announced plans to train 3,100 youths across the state at the Dakkada Skills Acquisition Centre (DASAC) in the next academic session to position them for sustainability and help them tackle life’s challenges.

The governor made this known while receiving youths during a rally held in Uyo in support of President Bola Ahmed Tinubu, Senate President Godswill Akpabio, and his administration. He said the state government under his leadership remained committed to raising a vibrant and responsible youth community.

Governor Eno appreciated the youths for their show of support for his administration and commended them for helping to sustain peace across the state. According to him, their actions had encouraged the government to do more for young people.

“What you have done today gives us much more inspiration to continue to work for you, to continue to put in our best to ensure that we create a future that our youth will be proud of. We continue to ensure that we make provision for our youths in the area of human capital development,” the governor said.

He explained that the Dakkada Skills Acquisition Centre was already training many young people and announced a new directive to expand participation across the state. “The Dakadda Skills Acquisition Center is training and training our young people. So, I am directing that for this academic session, each local government area will send 50 people. And apart from State sponsoring 50, local governments will add 50 to make it 100 for each local government area,” he said.

Governor Eno also announced a 150 per cent increase in student bursary, stating that from January 2026, students would receive N50,000 each, instead of the previous N20,000. He said the increase was part of efforts to reduce the burden on students and their families.

He advised youths to either pursue formal education or learn a skill, stressing that the government was ready to support them in either choice. According to him, no young person should be idle when opportunities for growth and development were available.

The governor highlighted several initiatives aimed at youth development, including the construction of youth-friendly centres across all local government areas of the state. He said the centres were being equipped with solar power, internet services, and other essential facilities to support learning, creativity, and innovation.

Governor Eno added that the Ministry of Youth Development was working on a comprehensive youth development policy for the state. He noted that his administration had maintained a youth-friendly approach, with many young people appointed as commissioner for youth development, members of the House of Assembly, local government chairmen, and personal aides to the governor.

Speaking on other empowerment efforts, the governor disclosed that through Ibom Air, 40 Akwa Ibom indigenes had been trained in aviation schools, with 20 trained as pilots and 20 as engineers. He added that in January 2026, another 10 persons would be trained as pilots.

“We are developing our young people for sustainability. While I support people giving you money once in a while, our youths must rise above handouts, you must be able to stand in the committee of youths across this country and hold your heads high; and you are doing it. We are seeing our young people, they are doing well in school and in their profession,” he said.

The governor assured the youths of continued support, saying, “As a government, I promise you that as far as God keeps me here, I will fight for your cause, we will make provisions for our youths, women, children and the elderly.”

He also appreciated President Tinubu for releasing funds to states to enable them to implement development programmes and assured that in 2026, Akwa Ibom State would continue to empower youths through skills acquisition initiatives.

Governor Eno thanked the youths for endorsing his administration and supporting President Tinubu and Senator Akpabio. “On behalf of the state government, President Tinubu and the Senate President, Senator Godswill Akpabio, I thank the youths for their continuous support and partnership,” he said.

In his remarks, the member representing Oron Federal Constituency in the House of Representatives and Chairman of the House Committee on Youth Development, Hon Martins Esin, said the youths organised the endorsement rally because of the youth-friendly leadership of President Tinubu, Senator Akpabio, and Governor Eno.

He stated that youths made up about 60 per cent of the state’s population and described those present at the rally as a true representation of the youth population. He assured the governor of massive youth support in the 2027 elections.

The Commissioner for Youth Development, Dr Ekerette Ekanem, said Akwa Ibom youths had chosen to unite in progress by following the governor’s example of unity. He assured that youths would remain united in supporting the trio and other party candidates in the 2027 elections.

Similarly, the Chairman of the Association of Local Governments of Nigeria in the state, Dr Uwemedimo Udo, said, “These are the youths of Akwa Ibom State coming out to thank you and to affirm that come 2027, they will continue to support the President of Nigeria, Governor Umo Eno, Senator Akpabio, and all APC candidates.”

The high point of the event was a motion for the adoption of President Tinubu, Senator Akpabio, and Governor Umo Eno as sole youth candidates for the 2027 elections, which was moved by Rt Hon Otobong Bob and seconded by Hon Uwemedimo Asuquo.

Kwara govt, diaspora inaugurate cassava factory in Ilorin East

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Kwara govt, diaspora inaugurate cassava factory in Ilorin East

The Kwara government, in collaboration with the Kwara State Association of Nigerians in the UK, has inaugurated an ultra-modern cassava factory in Osin-Pakate, Ilorin East LGA, aimed at boosting agricultural processing and value addition in the state.

Speaking at the ceremony on Tuesday, the commissioner for agriculture and rural development, Afees Abolore-Alabi, said the cooperative-led programme aligned with the state’s agricultural development priorities and reflected the administration’s focus on strengthening the sector.

He described the project as a significant milestone in expanding cassava value addition and agro-processing, noting that it showed how organised farmer groups, supported by the right policies and partnerships, could drive sustainable agribusiness growth across rural communities.

Mr Abolore-Alabi explained that cassava value addition played a critical role in reducing post-harvest losses, improving product quality, increasing farmers’ incomes, and creating employment opportunities for youths and women within the agricultural value chain.

He added that the initiative would contribute to food security, ensure steady supply of industrial raw materials, and support rural economic development through improved processing capacity and market access.

The commissioner acknowledged the partnership between the Kwara government and diaspora stakeholders, describing their collective investment as a strong vote of confidence in cassava production and processing opportunities within the state.

He restated that cooperative organisations remained a key pillar in the government’s strategy for inclusive agricultural development, stressing that collaboration was essential for long-term sector growth.

“The role of the Kwara government is to provide an enabling environment through supportive policies, infrastructure development, capacity building, and strategic collaboration with cooperatives and the private sector,” he said.

“The progress being recorded across the cassava value chain reflects the development agenda of the government, whose administration continues to prioritise agricultural transformation through strategic partnerships and investor-friendly policies,” Mr Abolore-Alabi added.

He noted that the factory was expected to process cassava into products such as garri, high-quality cassava flour, starch, and other value-added derivatives for household and industrial use.

According to him, the initiative complemented ongoing efforts to strengthen the cassava value chain by improving access to inputs, extension services, and market linkages, thereby increasing productivity and profitability for farmers across Abia.

Also speaking, the association’s chairman, Mustapha Salary, commended the Kwara government for creating a supportive environment that made the project possible.

He encouraged Nigerians in the diaspora, particularly those from Kwara, to invest back home to contribute to community development, state growth, and national progress.

WASSMAS Grant a Scam after applicants asked to pay ₦9,350 Verification Fee

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WASSMAS Grant a Scam after applicants asked to pay ₦9,350 Verification Fee

West African Support for Small and Mid-Scale Agro Startup (WASSMAS) is a scam grant scheme that tells applicants they have qualified and then asks for a ₦9,350 payment before disbursement under the claim of a “training and identity verification fee”. Evidence seen from the application portal and reports from applicants show a consistent pattern where users are congratulated, marked as qualified, and told to make payment within a short deadline.

Applicants who log into WASSMAS website will see a message on their dashboard page that reads “Welcome back, WASSMAS,” with a status clearly marked as “QUALIFIED.” The applicant will also see a message stating, “Congratulations! You have successfully qualified for the WASSMAS grant program.” The same page includes a button labelled “Start Disbursement,” followed by a warning asking applicants to complete the next step within 48 hours to secure a priority funding slot.

However, instead of disbursement, applicants are redirected to a payment confirmation page. The page lists a payment reference tagged “WAS-7A3TMT” and requests payment for “Training materials / Identity verification fee.” The WASSMAS bank account for payment is Opay, with account number 6421090045 and account name West African Agro Ventures. Applicants are instructed to use the narration tag “WAS-7A3TMT” when making the transfer. The amount requested is ₦9,350.

Before we proceed, Nigeria Startup News can confirm that WASSMAS grant is scam. Do not be fooled by its fake $5,000 to $10,000 agro grant claims.

We continue.

The payment page further states that the transaction ID will serve as the payment reference. It also includes a note claiming the payment covers “the cost of third-party verification that will be carried out by www.metamap.com and training materials for your selected field / farm.”

Applicants are then prompted to confirm submission after payment.

This claim is the script the scammer is using to collect money from applicants. No real grant will ask you for money.

On the WASSMAS portal, there is a fake countdown timer for “Batch A Registration,” displaying days, hours, minutes, and seconds, with a stated deadline of January 02, 2026. Despite these claims, the dashboard shows zero active applications after payment prompts. This is further proof that WASSMAS grant is fake, and should be avoided at all cost.

Several other applicants have also reported receiving the same qualification message, payment demand, and the countdown timer warning.

WASSMAS claims that payment is compulsory before any funds can be released. This method follows a common online scam pattern where victims are pressured with deadlines and asked to pay small amounts under official-sounding labels.

Note that genuine grants do not require beneficiaries to pay verification, training, or processing fees before receiving funds. The use of fintech accounts like OPay, narration tags, and payment deadlines contradicts standard grant disbursement practices.

Applicants and the public are advised to exercise caution, avoid making payments, and share this information to prevent others from sending money to WASSMAS.

“WASSMAS is a scam grant” – Nigeria Startup News

Nigeria Police Begins Disqualification of Ineligible Recruitment Applicants

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Nigeria Police Begins Disqualification of Ineligible Recruitment Applicants

Nigeria Police Force has begun disqualifying ineligible applicants in its ongoing recruitment exercise, as candidates who fail to meet the stated requirements are now receiving disqualification notices on the recruitment portal.

Checks show that applicants outside the approved age bracket are being screened out, with the system relying on National Identity Management Commission records to verify age and identity details. For General Duty Constable positions, eligible applicants are required to be between 18 and 25 years old.

Affected candidates are seeing their application status marked as disqualified, with explanations clearly stated on their dashboards. The development confirms that background screening and data verification are actively underway.

The recruitment exercise, coordinated with the Police Service Commission, targets the enlistment of 50,000 constables nationwide. Authorities have repeatedly stressed that the application process is free and transparent.

Applicants are advised to regularly check the portal for updates and avoid unofficial channels entirely only.

SMEDAN Begins Approval of Free CAC Business Registration

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SMEDAN Begins Approval of Free CAC Business Registration

Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has commenced approval of free CAC business registration. Successful candidates have received email messages confirming approval, and successful candidates have been given business registration numbers.

Successful applicants are to visit their SMEDAN portal dashboard to download their business certificate.

The email subject reads, “SMEDAN – Congratulations! Your CAC Registration is Approved.”

The email states, “Dear candidate, Your business has been successfully approved with CAC Registration Number. Go to your Smedan Portal to download your certificate.”

Congratulations to all successful SMEDAN CAC candidates as announced by SMEDAN

INEC Ad-hoc staff recruitment 2026 for FCT Area Council election

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INEC Ad-hoc staff recruitment 2026 for FCT Area Council election

INEC has opened recruitment portal for ad-hoc staff for the 2026 FCT Area Council Election through the INECPRES platform. The portal is designed for the registration of eligible individuals who will support the conduct of the election across the Federal Capital Territory. Applicants are required to reside in the FCT to qualify for participation.

The recruitment covers several ad-hoc positions, including Supervisory Presiding Officers, Presiding Officers, Assistant Presiding Officers, Registration Area Tech Support Staff, and RAC Managers. Each role has defined eligibility criteria based on source institution and qualification.

For SPOs, eligible applicants include permanent staff from the federal public or civil service and MDAs on Grade Level 10 to 14. INEC staff such as RAOs and other permanent staff on GL 09 to 14 who are not engaged in other duties are also eligible.

For POs and APOs I, II, and III, serving NYSC corps members are qualified, as well as former NYSC members not later than four years post service, covering 2022 to 2025. INEC permanent staff on Grade Level 07 and 08 can also apply, alongside permanent staff of federal and state MDAs with OND or those on GL 07 to 10. Penultimate students of federal tertiary institutions are equally eligible.

RAC Managers are expected to be drawn from the school or institution hosting the RAC or Super RAC. This includes the head of the school or suitable staff of the institution on GL 07 and above.

For RATECHSS positions, only suitable INEC ICT staff at state offices and headquarters who are not engaged in other election duties are eligible.

Applicants must not be members of any political party and must not have demonstrated or expressed support for any candidate or party. Residency in the selected state is mandatory, except for RATECHSS who are INEC staff.

The INECPRES portal opens on Monday, 29th December 2025 by 8:00 AM and closes on Saturday, 19th January 2026 by midnight.

How to apply:

Interested applicants should apply online via pres.inecnigeria.org for web and iOS users, while Android users can apply through presmobile.inecnigeria.org.

WASSMAS approved candidates for agro grant disbursement

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WASSMAS approved candidates for agro grant disbursement

West African Support for Small and Mid-Scale Agro Startup (WASSMAS) has begun approving shortlisted candidates for its grant programme, offering funding between $5,000 and $10,000. In an update to applicants, those whose WASSMAS status is QUALIFIED are eligible to receive the grant.

Applicants who are qualified for the WASSMAS grant program are to click on Start Disbursement on their dashboard. Qualified applicants must complete the process within 48 hours to secure priority funding, as funds may be reassigned. Grant disbursement is expected to begin within 24 hours.

How to check:

To check WASSMAS grant shortlist, applicants are required to log in to their dashboard to check their status and proceed.

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