Business

Tax Law: Man Who Made His First Transaction in 2026 Shares What Happened When He Sent N20k

Published

8 months ago

January 5, 2026

A Nigerian man shared his experience on X (formerly Twitter) after making his first transaction on January 1, 2026

Amid fears about the new tax laws and reported deductions by some netizens, the man said his experience was quite different

In an exclusive chat with Legit.ng, Barrister Chidera Divine Ebimnamaonye responded to the question of whether the government did enough to explain the new tax laws to Nigerians before implementing them

A man, known on X as @QuantUMYTE, has gone public with his personal experience after making his first financial transaction in 2026.

This came amid concerns and reservations about the new tax laws that the federal government implemented.

According to @QuantUMYTE, he sent someone N20k and expected to be taxed or a deduction of N4k, but neither of those happened.

He condemned the widespread misinformation about the new tax laws on social media and advised netizens to always verify any information concerning it. His tweet read:

Just made my first transaction in 2026.

“₦20k sent, no 20% tax, no ₦4k charge.

“A lot of misinformation online always verify.”

New tax laws: Nigerian barrister comments

When asked if he believes the government did enough to explain the new tax laws to Nigerians before implementing them, Barrister Chidera Divine Ebimnamaonye told Daily voice

“The government did to some extent, as some tax officers were all over the media explaining the controversies surrounding the newly made tax law.

Meanwhile, it is noteworthy that ignorance of the law is not an excuse.”

Daily Voice has compiled some reactions to the man’s experience below:

Just made my first transaction in 2026.
₦20k sent, no 20% tax, no ₦4k charge.
A lot of misinformation online always verify.

— QUANTUM.SOL (@QuantUMYTE) January 1, 2026

@GIbadin said:

“Your tax is paid at year end. So if your cumulative salary is more than 800k, you will be subjected to tax.

“Besides the tax, now if you transfer funds of ₦10,000 and above, Tinubu will deduct ₦50 from the sender and ₦50 from the receiver. If the receiver then sends ₦10,000 to another person, ₦50 is deducted from the sender (This is in addition to the ₦50 the receiver already paid), and the new receiver pays another ₦50, with the cycle continuing. This is robbery.”

@EniolaShodeinde said:

“That’s isn’t how it works, you get taxed as an individual after you exhausted the 800k threshold yearly for personal account, and by end of the year your cumulative will be known.”

@wisdomthefunds said:

I keep wondering if they will take me even if i make transactions way over 800k this year. “I thought it was just for salary earners. I don’t just get this thing yet.”

@kenjith3creator said:

“Do you think they’ll be deducting it as you’re transacting lol? “It’s a cumulative thing, when you file your taxes.”

@laide0 said:

“So you actually believed 20% of your money would be deducted from any amount you sent or received?? Wow wawu wawest.”

@toyosialliowe said:

“20% kheee.. No naaa. You have a threshold of 800k taxfree. Then the tax starts and gets progressive as your income increases.”

@joshua_pharmd said:

“It’s not per transaction though. And yes, it’s for income.

“Now I wonder how they’ll know how much you earn if you’re not a worker under the government. Exception to the businesses that pay taxes because they declare how much each staff earns.”

Meanwhile, Daily Voice previously reported that a lady lamented the unexpected value-added tax she was charged after making a purchase of N6.5 million.

In a now-viral tweet on X, the lady displayed the total bill for her recent purchase, showing that she was charged 7.5% VAT.

In the comment section, she added that the seller informed her that the VAT would not have been added to her bill if she had made the purchase on December 31, 2025.

Business

Breaking: CBN Crashes Dollar, Announces New Rates

Published

5 days ago

August 18, 2026

The Daily Voice

The Central Bank of Nigeria (CBN) has announced a new exchange rate for the dollar, with the naira closing at N1,357 per dollar despite high demand for the greenback.

According to data from the CBN, the naira closed flat at N1,357 to a dollar, indicating no change from the previous trading session.

The current rate comes as Nigeria’s external reserves hit $52 billion, a 17-year high. Experts have said the current naira stability has trickled down to other sectors, with imports now getting cheaper.

The CBN sharply ramped up its foreign exchange interventions in March 2026, selling $953.41m to the market in what the data shows is the strongest central bank FX activity since April 2025.

Figures published in the CBN’s latest Quarterly Statistical Bulletin showed that spot market transactions made up the bulk of the March sales, with $950.10m channelled through that route and a further $3.31m directed to Ministries, Departments and Agencies.

The March figure represents a dramatic swing from the opening months of 2026. The CBN sold just $58.93m in January and $244.13m in February, meaning March’s intervention was more than 16 times the January level and roughly 291 per cent above February’s sales.

The last time interventions reached a comparable scale was April 2025, when the CBN supplied $1.65bn to the market. Sales cooled significantly after that peak, falling to $838.93m in May, $676.31m in June, and then sliding further to $399.80m in September and $150.10m in October before picking up again towards the close of 2025.

Business

No More N14,000/Bag: Dangote Cement Breaks Silence on New Prices Nationwide

Published

6 days ago

August 18, 2026

The Daily Voice

The chairman of Dangote Cement Plc, Emmanuel Ikazoboh, has explained why cement prices remain high across Nigeria, attributing the persistent increases to rising energy costs and the impact of foreign exchange on production expenses.

His comments come amid growing concerns from Nigerians over the soaring cost of building materials, with many calling on the government to intervene as cement prices continue to put pressure on construction projects and housing development.

Speaking during the 17th Annual General Meeting (AGM) of Dangote Cement Plc in Lagos, Ikazoboh said energy remains the biggest cost component in cement manufacturing, accounting for about 60 per cent of total production expenses.

Energy, dollar exchange rate driving costs According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations. He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices.

According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations.

He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices. “To produce a bag of cement, we need energy, which constitutes about 60 per cent of the production cost. To generate that energy, we use gas, coal or diesel,” he said.

“Gas is sold to us in US dollars, and its price continues to increase. We all know the impact of the exchange rate between the dollar and the naira. As a result, the cost of generating energy keeps rising.”

His remarks offer one of the clearest explanations yet from the country’s largest cement producer on the factors behind recent price increases.

Business

Dr. Deji Adeleke: How Davido’s Billionaire Father Built His Business Empire; Major Companies Linked to Him

Published

6 days ago

August 17, 2026

The Daily Voice

Dr. Deji Adeleke, the father of the globally recognized musician Davido, is not just known for his familial ties to the entertainment industry but also his immense wealth and substantial impact on Nigeria’s economic landscape. Born on March 6, 1957, in Enugu, Nigeria, Adedeji Adeleke has built a formidable empire through his business acumen and educational investments.

Adeleke’s Business Ventures
Dr. Adeleke founded Pacific Holdings Limited in 1983, which has grown into a major conglomerate in Nigeria, encompassing various sectors such as agriculture, energy, and real estate.

This company is a cornerstone of his financial success, with divisions like Pacific Farm Limited, Pacific Freightliners Limited, and Pacific Gas Company Limited contributing significantly to his wealth.

Adeleke’s Real Estate Investments
Adeleke’s real estate portfolio is vast and diversified. He owns properties across Nigeria, including high-value areas like Ikoyi, Lekki, Banana Island, and Victoria Island in Lagos. Additionally, he has invested in international properties, including a mansion in Atlanta, USA, which he acquired to celebrate his 60th birthday.

Adeleke’s University and Philanthropy
In line with his passion for education, Adeleke founded Adeleke University in Ede, Osun State, under the auspices of the Springtime Development Foundation, which he established in 1996. The university operates on the Seventh-day Adventist philosophy of education and offers various undergraduate and postgraduate programs.

His philanthropic efforts extend beyond education, impacting healthcare and community development. These initiatives not only enhance his public image but also contribute to long-term societal benefits, reinforcing his legacy as a socially responsible entrepreneur.

Adeleke’s Luxurious Lifestyle
Dr. Adeleke’s lifestyle reflects his financial success. He owns luxury cars such as a Rolls Royce Phantom and a 2017 Bentley Mulsanne, and he flies in style with his Bombardier Global Express 6000 private jet, valued at $62 million.

Adeleke’s Net Worth
Estimations of Adeleke’s net worth vary, with some sources placing it around $700 million, while others suggest it could be as high as $2 billion. His wealth is attributed to his diversified investments in real estate, stocks, and bonds, alongside the thriving operations of Pacific Holdings Limited.

Adeleke’s Family and Personal Life
Adeleke is a father to four children: Adewale, David (Davido), Sharon, and Coco Adeleke. Despite initial resistance to Davido’s music career, he eventually supported his son’s passion, even funding the establishment of a music department at Babcock University for him. Today, Davido is not only a successful musician but also a director in the family business.

Conclusion
Dr. Deji Adeleke’s story is one of remarkable success through strategic education, entrepreneurship, and philanthropy. His wealth and business acumen have positioned him as one of Nigeria’s most influential figures, contributing significantly to the nation’s economic and social development. As he continues to invest and expand his empire, his legacy is set to influence future generations both within and outside Nigeria.

Adeleke’s Early Life and Education
Adeleke’s journey began in an affluent family in Lagos. He attended Ansar-ud-Deen Primary School and Seventh-Day Adventist Grammar School before moving to the United States, where he earned a degree in Finance from Western Kentucky University in 1979, followed by an MBA. Furthering his education, he obtained a Ph.D. in International Business from Pacific Columbia University, and another Ph.D. in Business Administration from the University of Phoenix in 2010.

– kashgain