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BIG STORY

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

Make 2027 Polls Transparent, Violence-Free — Tinubu To Amupitan

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President Bola Tinubu has charged the new Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan, to ensure that the 2027 general elections are free, fair, and devoid of violence, stressing that credible polls are the foundation of Nigeria’s democracy and public trust.

The President gave the charge on Thursday at the State House, Abuja, shortly after administering the oath of office on the new electoral chief, whose appointment was confirmed by the Senate a week ago.

Tinubu described Amupitan’s elevation as a vote of confidence from both the executive and legislative arms, urging him to guard the integrity of the electoral process with “the highest level of patriotism and discipline.”

“I, therefore, urge you, Professor Amupitan, as you take on this assignment, to protect the integrity of our elections and the institutional capacity of INEC,” Tinubu said.
“Your first test will be the November 2025 Anambra governorship election. I wish you success on that assignment.”

He noted that since 1999, Nigeria’s democracy had matured through reforms and lessons learned from previous challenges, but added that the electoral system must now go beyond rhetoric and stand as a model of credibility.

“Our democracy has come a long way,” Tinubu remarked. “To ensure that it continues to flourish, the integrity of our electoral system must be beyond reproach.”

He emphasized that every stage of the process — from voter registration to campaigns, media access, voting, counting, and collation — must reflect transparency, inclusivity, and peace, noting that the strength of democracy lies in the people’s ability to trust the process.

“Elections safeguard the people’s exclusive right to choose their leaders,” Tinubu said. “We must continue to improve the system, learn from yesterday, and innovate for tomorrow.”

Amupitan Promises Credible Polls, Calls His Appointment ‘Divine’

In his response, Professor Amupitan pledged to uphold the Constitution and pursue credible, free, and fair elections.

Speaking to State House correspondents after taking his oath, the Senior Advocate of Nigeria and Law Professor from the University of Jos said his leadership would be anchored on collaboration, transparency, and accountability.

“I reaffirm my commitment to defend the Constitution,” Amupitan declared. “Like the President said, I have been given a clear charge — to ensure credible, fair, and free elections. And that, I will ensure.”

He said the success of INEC’s work would depend on the cooperation of political parties, civil society, and security agencies, stressing that “no matter how well the system is designed, it needs stakeholders’ support to function.”

Amupitan took over from Professor Mahmood Yakubu, who served two consecutive terms — the longest in INEC’s history — and introduced key innovations such as BVAS and IReV to strengthen transparency.

‘We Must Restore Voter Confidence’

Upon assuming office at the commission’s headquarters, the new INEC boss vowed to restore public confidence, describing his appointment as “divine and purposeful.”

“The upcoming Anambra election is not just another poll,” Amupitan told INEC directors. “It’s a defining moment to prove our commitment to credible elections. Every voter must feel that their vote will count.”

He pledged to make staff welfare a priority, noting that the commission’s workforce plays a critical role in ensuring integrity in the electoral process.

“We expect so much from our staff, and that’s why their welfare will be central,” he said. “We’ll work tirelessly to ensure conducive conditions and adequate resources to deliver on our mandate.”

Amupitan, who hails from Kogi State — the first INEC chair from the North-Central — said his appointment came through divine orchestration.

“Maybe if I had a choice, I’d say I wouldn’t come here,” he admitted. “But from all indications, I see God moving in this country. My coming is divine. God is using this opportunity to birth a new Nigeria.”

Agbamuche-Mbu Hands Over, Praises Yakubu’s Legacy

Earlier, May Agbamuche-Mbu, the acting INEC chair, officially handed over to Amupitan. She hailed his appointment as “a call to national service of the highest order,” while reminding him that he was taking over at a crucial time with the Anambra poll approaching.

“You are stepping onto a firm and fertile ground laid by your predecessor,” she said. “Professor Yakubu’s tenure was marked by innovations that deepened transparency and voter confidence.”

She expressed confidence in Amupitan’s ability to lead, describing his appointment as “a herculean national service demanding sacrifice, patience, and wisdom.”

Amupitan’s inauguration drew attendance from his family, colleagues, and top government officials. His colleagues from the University of Jos were said to have temporarily shut down the campus in celebration of his appointment.

As the 2027 elections draw closer, all eyes will now be on Amupitan and his team — to prove that the era of credible, peaceful elections in Nigeria has truly begun.

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BIG STORY

N100bn Recovered From Corruption Cases Invested In Student Loan, Credit Schemes — EFCC

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The Economic and Financial Crimes Commission (EFCC) says it has invested ₦100 billion recovered from corruption cases into the Federal Government’s student loan and consumer credit schemes.

According to the Commission’s Director of Public Affairs, Wilson Uwujaren, the funds were deployed as part of efforts to support key social investment programmes under the current administration.

Uwujaren disclosed this in Abuja during the presentation of “Two Years of the EFCC Under Olukoyede: A Mid-term Report” — marking the second anniversary of the appointment of the Commission’s chairman, Ola Olukoyede.

He revealed that between October 2023 and September 2025, the EFCC recovered ₦566.3 billion, $411.5 million, £71,306, €182,877, and several other foreign currencies.

“Part of the funds recovered by the Commission in the last two years was invested in critical social investment programmes — the student loan scheme and the consumer credit scheme,” Uwujaren said. “A total of ₦100 billion of funds recovered by the Commission was invested in these two schemes.”

He added that several government agencies — including the Niger Delta Development Commission (NDDC), Asset Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS), and National Health Insurance Authority (NHIA) — have benefited from recovered assets.

The EFCC also recorded 7,503 convictions within the same period and filed over 10,500 cases in court, describing the numbers as a reflection of its renewed commitment to accountability and integrity.

Uwujaren noted that the Commission secured final forfeiture of over 1,500 real estate assets, including 753 duplexes in Lokogoma, Abuja, and Nok University, now renamed the Federal University of Applied Sciences, Kachia, Kaduna State.

He further stated that the EFCC under Olukoyede has revived high-profile corruption cases involving former political figures such as Fred Ajudua, Haliru Bello Mohammed, Sambo Dasuki, and Ngozi Olojeme.

In the area of cybercrime, Uwujaren revealed that 792 suspects, including 192 foreigners, were arrested during a December 2024 sting operation in Lagos — a development he said sent a clear message that “Nigeria will not serve as a safe haven for cybercriminals.”

He also highlighted stronger collaboration between the EFCC and international partners like the FBI, UK National Crime Agency (NCA), Royal Canadian Mounted Police, and Spanish Police, leading to the return of stolen assets to victims abroad.

Uwujaren concluded that the EFCC has intensified internal discipline, with 55 officers dismissed in the last two years for misconduct, saying:

“You cannot use corruption to fight corruption.”

President Bola Ahmed Tinubu appointed Ola Olukoyede as EFCC Chairman on October 18, 2023.

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BIG STORY

‘Baseless And Misleading’ — PDP BoT Dismisses Anyanwu’s Convention Letter Forgery Claim

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The Board of Trustees (BoT) of the Peoples Democratic Party (PDP) has dismissed allegations of forgery and signature cloning made by Samuel Anyanwu, the party’s National Secretary.

In three separate letters dated October 15, 2025, Anyanwu had raised the alarm over a letter purportedly addressed to the Independent National Electoral Commission (INEC) regarding the party’s planned national convention.

The PDP National Secretary claimed that the letters, which contained details of the forthcoming convention scheduled for November 15, bore his forged signature and were transmitted to INEC without his authorisation or knowledge.

“Regrettably, the quoted letter was never signed, authorised or known to me. It is shocking to have a forged or cloned version of my signature on the letter,” Anyanwu wrote in one of his correspondences.

He called on the INEC Chairman, as well as the Department of State Services (DSS) and the Nigeria Police Force (NPF), to launch a thorough investigation into the incident and prosecute those responsible for the alleged forgery.

However, the PDP Board of Trustees, in a statement released on Thursday by its Chairman, Adolphus Wabara, described the allegations as “baseless, misleading, and reprehensible.”

“While the BoT would have preferred to refrain from engaging in matters of internal administrative procedure in the public domain, the gravity of this allegation and its capacity to mislead party members and the general public necessitate a clear and factual clarification,” Wabara said.

According to him, the INEC notification letter in question was jointly signed by the Acting National Chairman, Umar Damagum, and Anyanwu himself during the 102nd meeting of the party’s National Executive Council (NEC) held on August 25, 2025.

Wabara explained that the signing was witnessed by organs and stakeholders of the party, including members of the PDP Governors’ Forum, the BoT, and other NEC members.

He further noted that Anyanwu co-signed official communications of the sub-committee on contact and mobilisation for the national convention, including letters of appointment issued to its members.

“Furthermore, Senator Anyanwu, in his capacity as sub-committee secretary, personally signed and transmitted a letter seeking financial approval for the inaugural meeting of the sub-committee,” Wabara added.

He said these verifiable correspondences, bearing Anyanwu’s authentic signature, are available in the custody of the party and the relevant convention committees.

“In view of these incontrovertible facts, the BoT finds Senator Anyanwu’s claim of forgery to be baseless, misleading, and, to say the least, reprehensible, being inconsistent with the documented record of events,” Wabara stated.

He described the forgery allegation as a “deliberate attempt to cast aspersions on the integrity of the Party’s leadership and processes and to misinform security agencies and the general public.”

The BoT chairman reaffirmed that the PDP remains “cohesive, resolute, and unwavering” in its commitment to democratic values, transparency, and internal harmony.

He assured members that the party’s forthcoming elective national convention, scheduled to hold on November 15 in Ibadan, the Oyo State capital, would be “credible, unifying, and transparent.”

Wabara urged party members and supporters across the country to disregard Anyanwu’s claims, which he described as “unfounded,” and remain steadfast in their loyalty to the party.

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