Ikeja Electric Distribution Company (IE) has announced the reduction of its electricity tariff for customers under Band A from N225/kWh to N206.80/kWh.

In a circular signed by the management of the company on Monday, IE said the customers will now pay N206.80/kwh, rather than the stipulated N225/kwh ordered by the Nigeria Electricity Regulatory Commission (NERC).

According to the statement, IE guaranteed to provide 20 to 24 hours of electricity to users under this Band, adding that the tariff for customers under other categories will remain the same.

“Dear Esteemed Customers

“Please be informed of the downward tariff review of our Band A feeders from N225/kwh to N206.80/kwh effective 6th May 2024 with guaranteed availability of 20-24hrs supply daily.The tariff for Bands B, C, D, and E remains unchanged.

“Signed: Management.”

OPay, a Nigerian-based financial technology firm, has warned its customers against using their accounts to facilitate cryptocurrency transactions.

The fintech firm, in a statement on Friday, said due to a directive from the Central Bank of Nigeria (CBN), it will close accounts involved in crypto trading.

The statement follows the recent directive by CBN to some financial technology companies (Fintechs) to pause the onboarding of new customers until further notice.

Some fintech firms confirmed compliance with the CBN directive on April 30.

In the statement, OPay said in “compliance with the CBN directive, please note that OPay prohibits any cryptocurrency and all virtual currency trading”.

“Any account engaging in such activities will be closed, and customer information will be shared with regulatory authorities,” OPay said.

“Please ensure that your account does not involve any cryptocurrency or any other virtual currency transaction.”

On April 24, a federal high court in Abuja delivered a ruling that granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.

TheCable Index analysis of the 1,146 accounts showed 90 percent of the affected accounts are operated by commercial banks, while 10 percent are operated by fintechs.

The Federal Inland Revenue Service (FIRS) has asked banks to deduct a 0.375 percent stamp duty charge on all mortgaged-backed loans and bonds.

Mortgage-backed loans are loans banks extend to individuals or entities to buy a home and repay the loan amount over time with interest.

Stamp duty is a levy charged on physical and electronic instruments or documents.

In an email sent by Access Bank to customers on Thursday, the new directive which took immediate effect, does not affect old loans with already agreed terms and conditions.

“We would like to inform you that the Federal Inland Revenue Service (FIRS) has directed all Nigerian banks to implement stamp duty on certain transactions that require duty payments such as contracts and legal mortgages,” Access Bank said.

“In compliance with this directive, we have taken measures to streamline the process to make transactions more convenient for you.

“To this end, a stamp duty charge of 0.375% will be applied to loans backed by legal mortgage, shares, debentures, or bonds. The charge will be applied on the value of the legal mortgage, shares, debentures or Bonds and remitted to the Federal Inland Revenue Services.

“However, all previously approved loans will remain unchanged and should be repaid in full as per the agreed terms and conditions.

“We are committed to providing you with exceptional service.”

The development follows FIRS’ effort to increase federal government revenue through taxes.