The Nigeria Revenue Service (NRS) just sent a clear warning to fintechs. Compliance isn’t optional.
Early Wednesday, the NRS shut down OPay’s headquarters in Lagos and Abuja, slapping “Sealed” notices on the doors after an audit uncovered alleged breaches of the Nigeria Tax Act 2025.
What OPay is accused of
- VAT Non-Remittance. Allegedly failed to collect and pay the mandatory 7.5% VAT on service fees.
- CIT Violations. Issues with disclosing assessable profits under the new tax rules.
- Mandatory Closure. Offices remain locked until all taxes and penalties are fully settled.
Sources say these actions come after repeated warnings to the fintech giant, which has faced regulatory scrutiny in recent months.
Why it matters
The sealing is part of a broader enhanced enforcement drive by the NRS under the 2025 tax reforms signed by President Bola Tinubu. The rules give the agency stronger powers to shut down defaulting companies and seize proceeds from tax fraud.
Other fintechs and financial institutions now have a March 31 deadline to file tax returns or risk similar action.
For Nigerians, this sends a clear message: even tech giants aren’t above the law, and digital operators must pay attention to compliance or face serious consequences.
