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Bank Customers To Present Tax Card, TIN From January 2020

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Evidence of tax payment will be a condition for operating a bank account from January, according to the Financial bill passed by the National Assembly.

The Bill, submitted to the lawmakers with Budget 2020 by President Muhammadu Buhari, is designed to improve the financial operations of the country and streamline the tax regime.

It is expected to be signed with the budget before the end of the month, to actualize the return to the January – December budget cycle.

According to a section of the Bill, banks will require anybody opening an account to provide his Tax Identification Number (TIN)

Those who already have accounts with banks will also be required to provide their TIN.

There are 30 million Bank Verification Numbers (BVN)-linked accounts.

The intention is to make sure that more people are captured into the tax net.

According to the Joint Tax Board, the tax identification number (TIN) is a unique identifier for an individual or a company for tax remittance.

The TIN is prepared by the tax office and issued for proper identification and verification.

Applying for TIN is free. The TIN generation process is real-time and should not exceed 48 hours after a request is submitted.

Another major feature of the Financial Bill is the hike in Value Added Tax (VAT) to 7.5 per cent from the extant five per cent.

Also in the bill, emails will be accepted by the tax authorities as a formal channel of correspondence with taxpayers.

The bill will also strategically “promote fiscal equity by mitigating instances of regressive taxation; reform domestic tax laws to align with global best practices; introduce tax incentives for investments in infrastructure and capital markets; support small businesses in line with the ongoing Ease of Doing Business Reforms; and raise revenues for the Government by various fiscal measures.”

Under the proposed Personal Income Tax Act: the bill will state that pension contributions no longer require the approval of the Joint Tax Board (JTB) to be tax-deductible.

The bill when signed into law, will remove the tax exemption on withdrawals from pension schemes except the prescribed conditions are met.

The bill will come up with a penalty for failure to deduct tax by agents appointed for tax deduction. This penalty is 10 per cent of the tax not deducted, plus interest at the prevailing monetary policy rate of the Central Bank of Nigeria (CBN).

The conditions attached to tax exemption on gratuities will be removed by the bill, meaning that gratuities are unconditionally tax exempt. The duties currently performed by the Joint Tax Board (JTB) as it relates to administering the Personal Income Tax Act, will now be performed by the FIRS.

Another penalty that will come into effect when the bill becomes law will be the penalty for the late filing of the Value Added Tax (VAT) returns.

The penalty for failure to register for VAT will be reviewed upwards to N50,000 for the first month of default and N25,000 for each subsequent month of default.

The penalty for failure to notify FIRS of change in company address will be reviewed upwards to N50,000 for the first month of default and N25,000 for each subsequent month of default. This penalty also covers the failure to notify FIRS of permanent cessation of trade or business.

Similar to the VAT amendment, the bill is also introducing Capital Gains Tax (CGT) exemption on Group reorganizations, subject to the following conditions being met.

They are:

Assets are sold to a Nigerian company and is for the better organization of the trade or business;
The entities involved are within a recognized group 365 days before the transaction, and the relevant assets are not disposed of earlier than 365 days after the transaction.

The current practice is that companies send an approval request letter under CITA S29(9) to the FIRS, and include a CGT exemption request. Currently, the CGT Act imposes CGT on compensation for loss of employment above N10,000.

The bill seeks to expand the coverage of this provision by renaming it “compensation for loss” and increase the minimum threshold from N10,000 to N10 million.

BIG STORY

DSS Frees Carpenter Cleared of Oyo School Abduction Link, Pays N3m Compensation

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The Department of State Services has released a carpenter, Mustapha Marwana, who was arrested over the abduction and killing of pupils and teachers in Oriire, Oyo State.

The Director-General of the service, Tosin Ajayi, ordered his release after investigators cleared him of any link to the attack.

A security source who is privy to the case but wished to remain anonymous said a DSS panel carried out a thorough probe into Marwana’s alleged involvement in the incident before clearing him.

The panel was said to have found that the Katsina-born artisan was not a member of any terrorist organisation and had no operational ties to the Ansaru terrorist group blamed for the attack.

“Following the review, investigators found no evidence linking the carpenter to membership, financing, logistics or operational activities of the terrorist group.

“Consequently, the DSS DG ordered his immediate release and approved the payment of initial N3 million as compensation to assist him in meeting his immediate needs and restarting his livelihood.

“Mustapha was subsequently released to his lawyer, Oghene Forgive, who received him following his discharge from custody,” the source said.

The source said Marwana thanked the DG for what he described as a compassionate and humane intervention.

Forgive, who received Marwana upon his release, also thanked the DG for his generosity and dedication to establishing his client’s innocence.

The compensation, according to the source, is part of measures being adopted by the current DSS leadership to support persons cleared after investigations and to facilitate their reintegration into society.

It was gathered that the DG had, in 2016, handed a N20m compensation to a Sokoto-based businessman who was accidentally shot and injured during a pre-dawn raid in Jos due to mistaken identity.

The source also recalled the case of an Abuja-based businesswoman, Chineze Ozoadibe, whom the DG ordered released and paid N10m as compensation in October 2025 after reviewing her case.

“Since his appointment as DSS DG, Ajayi has been balancing national security responsibilities with respect for the rights and dignity of citizens, resulting in the payment of over N300m as compensation.

“There are many more instances where DSS investigations have established innocence and have been followed by efforts to facilitate reintegration. These are the kind of measures through which the Service is strengthening public confidence and building trust,” the source added.

Gunmen suspected to be Ansaru terrorists had, on May 15, invaded Community Grammar School, Baptist Nursery/Primary School and L.A. Primary School in Oriire, abducting 39 pupils and seven teachers.

Two of the victims were killed before the remaining captives regained their freedom on July 10 following a military operation.

Since then, security agencies have arraigned several suspects linked to the attack before the Federal High Court in Abuja, with three convicts already sentenced to life imprisonment after pleading guilty to terrorism-related charges, while others, including two Ansaru commanders, are standing trial.

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BIG STORY

Army, Security Forces Rescue 16 Kidnap Victims in Kogi, Hunter Killed [PHOTOS]

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Troops of the Nigerian Army, in collaboration with the Nigerian Navy, the Nigeria Police Force, local vigilantes and hunters, have rescued all 16 persons abducted by suspected kidnappers in Ofu Local Government Area of Kogi State.

The Army disclosed this in a statement signed by its Acting Director, Army Public Relations, Col. Appolonia Anele, on Monday.

According to the statement, the victims were abducted on Sunday, August 9, 2026, when armed criminals attacked commuters along the Ojuwo–Ajengo–Memarebo and Ojiwo–Itobe roads in the area.

The Army said troops of 21 Battalion and personnel of the Nigerian Navy Ship Lugard launched a joint search and rescue operation after receiving intelligence that the victims had been moved to the vicinity of Adumu Community in Dekina Local Government Area.

The operation also involved personnel of the police, vigilantes and local hunters.

“During the operation, the joint security team established contact with the fleeing kidnappers and engaged them in a fierce firefight.

“Overwhelmed by the superior firepower and coordinated assault of the security forces, the criminals abandoned all their captives and escaped into the surrounding forest with gunshot wounds,” the statement said.

The Army said all 16 victims were subsequently rescued, comprising six adult males, six adult females and four children.

It added that the rescued victims were undergoing documentation and medical assessment before being reunited with their families.

However, one local hunter who participated in the operation was killed during the encounter, while a police officer sustained injuries and was receiving medical treatment.

The Army commended the security personnel and local stakeholders involved in the operation, describing their efforts as a demonstration of the effectiveness of joint operations in tackling kidnapping and other violent crimes.

“The successful rescue of the 16 victims underscores the effectiveness of sustained joint operations and the synergy among the Nigerian Army, sister security agencies and local security stakeholders in combating kidnapping and other violent crimes,” the statement said.

The Army also urged residents to remain vigilant and continue providing security agencies with timely and credible information on suspicious activities.

It said public cooperation remained critical to ongoing efforts to protect lives and restore peace across the country.

 

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BIG STORY

LAWMA Steps Up Monitoring in Kosofe, Ikorodu to Sustain Clean Environment

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The Lagos Waste Management Authority (LAWMA) Project WISE Team, in collaboration with the Kick Against Indiscipline (KAI), the Nigeria Police Force, and Military Personnel, conducted a follow-up monitoring exercise on Monday, 10th August 2026, across locations previously visited during the joint enforcement operation to dislodge illegal traders.

The exercise covered Ketu, Ile-Ile, Mile 12, Erunkan, Owode Elede, Owode Onirin, Ogolonto, Agric, and Ikorodu, as part of ongoing efforts to sustain the gains of the initial operation and ensure that cleared areas remained free of reoccupation.

The purpose of the revisit was to monitor the locations and assess the level of compliance with the directives issued during the previous operation.

The team inspected the affected areas to ascertain whether illegal traders had returned to the cleared walkways and unauthorised spaces, and to ensure that environmental order had been maintained. During the exercise, some illegal traders who had violated the directives were dislodged, while several offenders were arrested for obstructing efforts to maintain order and environmental cleanliness.

The monitoring exercise is part of the State Government’s broader strategy to prevent reoccupation of cleared areas and ensure continuous compliance with environmental regulations. The multi-agency collaboration reflects the government’s commitment to reclaiming public spaces and ensuring that all residents and businesses adhere to the laws governing environmental sanitation and public order.

The Authority reaffirmed that further monitoring would be sustained across the identified locations to ensure that compliance is maintained and that any form of encroachment, illegal trading, or reoccupation is promptly addressed. Residents and traders have been urged to patronise designated markets and avoid the use of walkways, medians, and other public spaces for trading or storage of goods.

 

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