The Lagos Chamber of Commerce and Industry (LCCI) has formally petitioned the Nigeria Revenue Service (NRS) to extend the deadline for Company Income Tax (CIT) returns by one month, proposing July 31 as the new submission date. This urgent appeal stems from significant technical disruptions experienced on the recently implemented Rev360 tax platform, which has impeded numerous organisations from meeting the statutory June 30 filing deadline.
In a statement, LCCI Director General Mrs. Chinyere Almona further urged the NRS to waive penalties for companies that encountered difficulties filing their returns due to the platform’s systemic failures. Mrs. Almona highlighted that the prolonged downtime of the Rev360 platform on the deadline day prevented thousands of companies from completing their tax obligations. She asserted that while some businesses may have delayed their filings, the widespread system failure was beyond the control of taxpayers.
“This is a platform failure, not a taxpayer failure,” Mrs. Almona stated, emphasizing that the Rev360 platform, launched approximately two months prior, experienced extensive downtime on the critical deadline day, leaving many businesses with insufficient time to file. The LCCI acknowledged that initial challenges are often associated with new digital platforms but stressed that launching such a system so close to a major statutory deadline exposed businesses to undue risks. The surge of last-minute users revealed capacity limitations within the platform, leading to login errors, validation issues, and unsuccessful submissions, thereby undermining the reliability required by taxpayers.
Consequently, the LCCI implored the tax authority to grant an immediate one-month extension for CIT filings and to waive all penalties for entities that attempted to file on or before the original deadline but were thwarted by the system outage. The Chamber also called for urgent improvements to the platform’s capacity and reliability to prevent future disruptions. Mrs. Almona underscored the necessity of this extension to alleviate apprehension and confusion within the business community and to foster confidence during the rollout of the new tax administration system, advocating for a cautious regulatory approach to support compliance.
In a separate development, Luno Nigeria has achieved a significant regulatory milestone by securing Approval in Principle (AIP) from the Securities and Exchange Commission (SEC) through its admission into the Accelerated Regulatory Incubation Programme (ARIP). This marks a pivotal moment for Nigeria’s digital asset regulatory landscape, positioning Luno Nigeria as the first global cryptocurrency exchange to be admitted into such a programme.
The AIP follows an intensive engagement period between Luno Nigeria and the SEC, representing a crucial step in the company’s regulatory journey. Nigeria’s approach to digital assets has been characterised by a complex regulatory environment, balancing encouragement of new technologies with existing restrictions on official crypto transactions. Admission into ARIP signifies that Luno Nigeria has met the SEC’s criteria for participation, authorising its operation within a defined scope, subject to ongoing compliance and regulatory conditions, which may still limit full operational capacity.
Founded in Africa in 2013 and operating in Nigeria since 2015, Luno was an early entrant into the Nigerian cryptocurrency market. The company had previously been impacted by a directive from the Central Bank of Nigeria. This latest approval underscores Luno Nigeria’s commitment to operating within the evolving Nigerian regulatory framework for digital assets.
Mr. Ayotunde Alabi, CEO of Luno Nigeria, described the approval as a landmark achievement, stating, “This is an important milestone for Luno Nigeria and a strong validation of our commitment to building responsibly in one of Africa’s most important cryptocurrency markets. Admission into ARIP gives us a clearer regulatory pathway, strengthens trust with customers and partners, and provides a stronger foundation for the next phase of our growth, particularly as we expand our focus on institutional and B2B opportunities.” He expressed gratitude to the SEC for its engagement and commended the Luno team for their resilience.
Luno Nigeria’s expansion into business-to-business operations, including engagements with banks, fintech companies, and asset managers seeking digital asset solutions, is bolstered by this regulatory clarity. The company believes that increased regulatory certainty is essential for institutional adoption of digital assets. Admission into ARIP will enhance Luno’s ability to offer compliant digital asset infrastructure, including stablecoin applications, treasury solutions, and crypto-as-a-service offerings. The Accelerated Regulatory Incubation Programme serves as the SEC’s regulatory sandbox, designed to facilitate the onboarding of digital asset and investment service providers by allowing for the assessment of emerging technologies and business models in a controlled environment, while ensuring investor protection and market integrity. Luno’s inclusion in the second cohort of ARIP reinforces Nigeria’s commitment to establishing a structured and transparent regulatory framework for the digital asset ecosystem.
In other market news, Nigerian Exchange (NGX) Regulation Limited has permitted the trading of shares in Fortis Global Insurance Plc following the completion of its share capital reconstruction. The company’s shares had been suspended from trading on June 17, 2026, to facilitate this reconstruction. A subsequent notice from NGX RegCo confirmed the lifting of the embargo on the company’s securities.
The reconstruction involved the delisting of 12,911,030,586 ordinary shares of Fortis Global Insurance, with 3,227,757,647 newly reconstructed ordinary shares relisted at N3.96 per share. This action was undertaken pursuant to shareholder approval at an Extraordinary General Meeting on April 4, 2025, and with the no-objection of the Securities and Exchange Commission (SEC). The delisting and relisting were completed on July 2, 2026, with the newly reconstructed shares now listed on the daily official list of the Nigerian Exchange Limited.
The NASD Over-the-Counter (OTC) Securities Exchange experienced a decline of 0.46 per cent on Thursday, July 2, driven by four price decliners. FrieslandCampina Wamco Nigeria Plc saw its share price fall by N5.55 to N146.46, Nitrox Industrial Gases Plc depreciated by N1.10 to N20.30, UBN Property Plc lost 11 Kobo to close at N1.99, and Mass Telecoms Innovation Plc fell by 4 Kobo to 32 Kobo.
Consequently, the NASD Unlisted Security Index (NSI) decreased by 19.74 points to 4,248.46, and the market capitalisation contracted by N11.85 billion to N2.549 trillion. Despite the overall market decline, transaction volumes increased by 92.9 per cent to 440,653 units, with the number of deals rising by 77.8 per cent to 32. However, the value of trades contracted by 51.4 per cent to N10.5 million. Year-to-date, Great Nigeria Insurance (GNI) Plc remained the most active stock by value and volume, followed by Infrastructure Credit Guarantee (Infracredit) Plc and Central Securities Clearing System (CSCS) Plc.
... LCCI Demands Tax Filing Extension and Penalty Waivers Amidst Rev360 Platform Failures ... Naijaonpoint.