The Federal Airports Authority of Nigeria has officially launched its new contactless payment system, branded the “Go Cashless” policy, with the goal of tripling its revenue while improving efficiency and transparency across the nation’s airports.

The unveiling took place on Monday at the Murtala Muhammed International Airport, Lagos, where FAAN’s Managing Director, Mrs Olubunmi Kuku, represented by the Director of Public Affairs and Consumer Protection, Henry Agbebiire, declared that the cashless system places Nigeria’s airports in line with global best practices.

According to Agbebiire, the initiative signals a new era for FAAN in driving transparency, efficiency, and accountability. He noted that the policy is designed to reshape airport operations and passenger experience, adding that the phased rollout will begin in Lagos and Abuja airports before extending nationwide.

“Effective September 29, 2025, the collection of physical cash will be gradually phased out at all FAAN revenue points, including airport access gates, car parks, VIP, and protocol lounges. This ensures faster, seamless, and more secure transactions,” he said.

He explained that going cashless would eliminate the delays and risks associated with cash handling while strengthening FAAN’s revenue assurance framework. “Every transaction will now be electronic, traceable, and secure. This is not just about revenue growth; it is about demonstrating Nigeria’s readiness for global business by aligning with international standards,” he added.

Kuku stressed that the new system would triple FAAN’s revenue, calling it a long-overdue step toward modernisation. She also highlighted that the initiative falls under FAAN’s six strategic business goals, reinforcing the agency’s commitment to fiscal responsibility and sustainable development.

Also speaking at the event, Director of Commercial and Business Development, Ms Joy Adebola Agunbiade, revealed that FAAN plans to completely eliminate cash payments by the end of the first quarter of 2026. She explained that the phased introduction allows both users and stakeholders ample time to adapt.

Agunbiade added that the solution complements existing systems like E-tags and Point of Sale terminals. The new cards, which can be loaded with as little as ₦1,000, have no expiration date and allow users to own multiple cards.

“For FAAN, we anticipate a 50 percent revenue increase during the pilot phase, rising to 75 percent as more points are integrated, and ultimately tripling revenue within the first year of full implementation. These funds will be reinvested into airport infrastructure nationwide,” she explained.

She further pointed out that Lagos and Abuja access gates alone record over 300,000 monthly vehicular entries, stressing that digitising these payments will block leakages and safeguard revenue.

On security, Fisayo Kolawole, Head of Commercial and Public Sector at Paystack, the fintech firm partnering with FAAN, assured users of robust safety measures. He said the system complies with global standards as a Level One security provider, with all transactions encrypted end-to-end and protected by multiple authentication layers

Investors in Nigeria’s capital market will benefit from a N150m annual exemption under the new Capital Gains Tax regime, following a high-level stakeholder dialogue convened by the Nigerian Exchange Group on the Tax Reform Act 2024.

The provision, which takes effect from January 2026, is designed to protect 99.9 per cent of retail investors from the 30 per cent tax on gains from the disposal of shares.

The exemption was clarified by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, during the forum, which brought together issuers, investors, intermediaries, and regulators.

Oyedele explained that while the standard rate is 30 per cent, a reduced 25 per cent CGT will apply where proceeds from share sales are reinvested in fixed income or other non-equity assets. He added that reinvestments into Nigerian companies, whether listed or unlisted, will remain fully exempt to encourage capital inflows into productive sectors of the economy.

Speaking at the session, Temi Popoola, GMD/Chief Executive Officer of NGX Group, said the dialogue was necessary to ensure clarity for issuers and investors ahead of the implementation. “Reforms of this scale raise important questions for the market. Our priority is to keep the capital market attractive and forward-looking while supporting long-term growth,” he noted.

Also, the Chairman of NGX Group, Umaru Kwairanga, stressed the role of NGX as a trusted convener, ensuring that stakeholders are well-informed and market confidence preserved. He added that engaging with regulators on such critical reforms helps sustain Nigeria’s market competitiveness compared with other African economies.

“At NGX Group, we believe that significant policy shifts must be clearly understood and calibrated to preserve market confidence. Our core function is to facilitate this essential engagement between policymakers and the market to ensure reforms translate into sustainable, long-term economic growth.”

The dialogue also addressed concerns around the determination of base cost, prospective calculations from the Act’s commencement date, and the treatment of cross-listed securities to avoid double taxation.

The nationwide strike declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria on Monday paralysed operations at key oil and gas regulatory institutions, including the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The industrial action, which followed the weekend directive by the union’s National Executive Council, saw members across the country withdrawing their services, effectively shutting down critical agencies that drive Nigeria’s oil and gas industry.

Our correspondent observed that at the NUPRC headquarters in Abuja, the main gate was under lock and key, leaving several employees stranded outside the premises. Security operatives on duty confirmed that no staff were allowed entry, in line with the strike directive issued by the union.

Similarly, activities at the NMDPRA headquarters in the busy Central Business District were completely grounded as workers fully complied with the industrial action.

Confirming the situation, the PENGASSAN Chairman in NMDPRA, Tony Iziogba, told The PUNCH that the union had achieved “100 per cent compliance,” effectively restricting access to staff and visitors.

He added that his colleagues had also enforced 100 per cent compliance at the NNPCL and other relevant agencies.

PENGASSAN said the strike became inevitable after the alleged wrongful dismissal of about 800 workers at the Dangote Petroleum Refinery.

The union’s directive to halt crude oil and gas supplies to the Dangote Petroleum Refinery has sent shockwaves through the energy sector, with oil marketers warning of severe disruptions in fuel distribution. This move is expected to choke the domestic market, driving up demand and prices.

On Sunday, PENGASSAN announced a nationwide strike, instructing all its members in various offices, companies, institutions, and agencies to cease all services starting at 12:01 am on Monday, September 29, 2025.

The union also directed members stationed in various field locations to down tools from 6:00 am on Sunday, September 28, and commence a round-the-clock prayer vigil.

In a strongly worded resolution signed by PENGASSAN General Secretary, Lumumba Okugbawa, the union accused the refinery of violating Nigerian labour laws and International Labour Organisation conventions by sacking workers for joining the union. It alleged the dismissed workers had been replaced by foreigners.

“All processes involving gas and crude supply to Dangote Refinery should be halted immediately,” the resolution declared. “All IOC (International Oil Companies) branches must ramp down gas production and supply to Dangote Refinery and petrochemicals.”

The development has heightened fears of fuel scarcity and blackouts, as NNPC remains the sole importer of petrol while the midstream and downstream authority regulates supply and distribution. Similarly, NUPRC is responsible for monitoring crude production and enforcing gas supply obligations to power plants.

All eyes are now on Monday’s emergency meeting convened by the Minister of Labour. Whether dialogue can restore calm or whether Nigeria plunges deeper into crisis may depend on the willingness of both sides to compromise.