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No TIN-For-Bank Account Requirement In Finance Bill – Presidency

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The Presidency has disclosed that the Finance Bill 2022 has not mandated Nigerians to have a Tax Identification Number, TIN, before operating a bank account in the country.

The Finance Bill 2022 is currently before the Senate and House of Representatives.

But, some reports erroneously citing the bill said banks are mandated to ask for customers TIN before opening accounts.

The reports also claimed that existing customers would be required to submit their TIN to allow them continue operating their accounts.

However, a top source from the Presidency described the reports as inaccurate because the bill has no such provisions.

According to the source, there are no provisions in the Finance Bill 2022, now before the National Assembly, forcing Nigerians to have a Tax ID number in order to operate a bank account.

The source listed the changes which would be further defended at the National Assembly this week.

According to the source: “Capital gains tax at the rate of 5% to be applicable on disposal of shares in a Nigerian company worth N500m or more in any 12 consecutive months except where the proceed is reinvested in the shares of any Nigerian company within the same year of assessment. Partial re-investment will attract tax proportionately. Transfer of shares under the regulated Security Lending Transaction is exempted.

“Lottery and Gaming business to be specifically taxable under CITA including betting, game of chance, promotional competition, gambling, wagering, video poker, roulette, craps, bingo, slot or gaming machines and the likes.

“Companies engaged in petroleum operations including Midstream and Downstream operations will not be eligible for exemption on profits in respect of goods exported from Nigeria. Downstream companies were previously eligible under the old Upstream and Downstream classification.

“FIRS to be empowered to assess CIT on the turnover of a foreign digital company involved in transmitting, emitting, or receiving signals, sounds, messages, images or data of any kind including e-commerce, app stores, and online adverts.

“Capital allowance claimable on an asset is limited to the portion used for generating taxable profits. Assets partially used to generate taxable income will be eligible for pro-rata capital allowance except where the proportion of non-taxable income does not exceed 20% of the total income of the company.

“Any capital allowance or unabsorbed allowances brought forward by a small or medium company, other than a company under pioneer status, to be treated as having been claimed and consumed in each such year of assessment.

“The reduction of minimum tax rate from 0.5% to 0.25% of turnover (less franked investment income) is to be applicable to any two accounting periods between 1 Jan 2019 and 31 Dec 2021 as may be chosen by the taxpayer.

“Disputed tax assessment to be in abeyance until determination while undisputed tax assessment is to be paid within 30 days after service of the notice of assessment on the company except otherwise extended by the FIRS. Reference to provisional tax has been deleted in recognition of the well-established self-assessment tax regime.

“Withholding tax on interest earned from a unit trust to be treated as final tax. Only WHT on dividend is currently treated as final tax for local companies.

“The deployment of technology to automate tax administration including assessment and information gathering by FIRS to now include third party technology (previously only proprietary technology may be deployed). A penalty of N50,000 to be applicable where a company fails to grant access to FIRS in addition to N25,000 for each day the failure continues.

“FIRS to be the primary agency of the Federal Government responsible for the administration, assessment, collection, accounting and enforcement of taxes and levies due to the Federation, the Federal Government and any of its agencies except otherwise authorized by the Finance Minister.

“Any person or agency of the Federal Government must refer matters requiring tax investigation, enforcement and compliance to the FIRS. Relevant officers who violate the rule to be liable to a penalty of N10m and/or 5 years imprisonment on conviction.

“Deductible life assurance premium for personal income tax purposes to exclude a contract for deferred annuity.

“The Finance Minister, subject to the approval of the National Assembly, shall make regulations for the imposition, administration, collection, remittance, including distribution of arrears of stamp duty and Electronic Money Transfer levies collected between 2015 and 2019 fiscal years.

“Tertiary Education Tax to be payable within 30 days of service of assessment (currently 60 days).

“Non-residents making taxable supplies to recipients in Nigeria to have the primary obligation to charge, collect and remit VAT to FIRS. The VAT withholding obligation of Nigerian recipients now limited to where the non-resident or its appointed agent fails to collect the VAT.

“The exemption from VAT registration and compliance obligation applicable to small companies with annual turnover less than N25m to exclude companies engaged in upstream petroleum operations regardless of turnover.

“Appointment of the FIRS to assess, collect and enforce the payment of Nigerian Police Trust Fund levy. The Act enacted in 2019 imposed a tax of 0.005% on the net profit of companies operating in Nigeria.

“Amendment of the National Agency for Science and Engineering Infrastructure Act to remove the requirement for commercial companies to pay a levy of 0.25% of turnover annually to the Fund. Primary sources of fund to be limited to 1% of the Federation Account.

“Mandatory payment of gross revenue collected by federal ministries, departments or agencies to the federation account or consolidated revenue fund as the case may be except otherwise authorized by law. Any officer who violates this requirement may be liable on conviction to imprisonment of up to 5 years or a fine of N5m or both.

“Amendment of the Fiscal Responsibility Act to enable government borrow for “critical reforms of significant national impact”. Currently, government at all tiers are only empowered to borrow for capital expenditure and human development. Capital expenditure is defined as spending on an asset that lasts for more than one financial year. Human development and critical reforms are not defined.”

 

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Xenophobic Violence: 130 Nigerians Register For Immediate Repatriation

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The Federal Government of Nigeria has officially commenced plans for the voluntary evacuation of its citizens from South Africa following renewed xenophobic tensions and anti-foreigner protests.

More than 130 Nigerians have registered to be evacuated back home following last week’s protest march in Johannesburg, according to the latest update by the Ministry of Foreign Affairs.

The figure may rise, The Nation learnt.

A statement by the ministry, which confirmed the presidential directive, reads: “Another Demonstration is planned for 4-8 May 2026.

“The President of the Federal Republic of Nigeria has expressed grave concern on this situation following a briefing, and has called for more effective control of the situation by relevant host security services.

“President Bola Tinubu has directed that the situation be monitored very closely. The Nigerian High Commission and the Consulate are in constant communication with relevant host authorities to ensure that the exposure of our nationals to the current tensions is minimized amidst ongoing Consultations with SA’s highest authorities.

“The president has reiterated that the priority at this time remains the safety of our citizens. Consequently, arrangements are currently underway to collate details of Nigerians in South Africa for voluntary repatriation flights for those seeking assistance to return home.

“So far, 130 applicants have duly registered for the exercise with our mission in S.A, but this figure is expected to rise. Nigerian associations in South Africa are also assisting our mission in this regard.”

“Nigeria is a frontline state which made great sacrifices towards the liberation struggles of South Africa, a fact which needs to be distilled down to the younger generation in South Africa.

“Nigerian lives and businesses in SA must not continue to be put at risk, and we remain committed to working with South Africa to explore ways to put an end to this xenophobic pattern. It has become a repetitive wave, most especially prior to elections in South Africa, and anti-foreigner opposition parties leverage this situation to garner votes. Nigeria recently signed a memorandum of understanding with South Africa on early warning to protect citizens of both countries, especially in times such as these.”

The April protests spearheaded by a local anti-migration movement, in Pretoria and Johannesburg between 27 to 29, witnessed a largely peaceful procession, under the presence of heavily armed police who occasionally sprayed teargas to deter the protesters from engaging in violent activity.

“There is no recorded killing of any Nigerian or destruction of Nigerian- owned properties during this particular protest.

“However, two Nigerian Nationals have been reported killed in separate incidents involving security personnel- Amamiro Chidiebere Emmanuel died on 25th of April 2026 as a result of injuries sustained from brutal beatings by military personnel of the South African National Defence Force on 20th April 2026 in Port Elizabeth.

“Nnaemeka Matthew Andrew also died following an alleged interaction with members of the Tshwane Metro Police, and his body discovered at the Pretoria Central mortuary on 20th April 2026.

“This is utterly condemnable and unacceptable. The Nigeria High Commission is closely following investigations into these unfortunate incidents and Nigeria demands justice be done in these cases.”

 

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Desmond Elliot’s Seat At Risk As Surulere APC Stakeholders Endorse Odunuga-Bakare

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Prominent leaders and stakeholders of the All Progressives Congress (APC) in Surulere Constituency I have endorsed Barakat Odunuga-Bakare for the Lagos State House of Assembly seat.

Odunuga-Bakare is a former Special Adviser on Housing to Governor Babajide Sanwo-Olu and previously served as the Leader of the Surulere Local Government Legislative Counci

The endorsement came during a week-long consultation tour by Odunuga-Bakare and her team across political wards in the constituency.

The tour covered Wards E, E1, F1, F2, F3, G, G1, G2 and G3, as well as meetings with other party stakeholders, ending on Saturday.

Odunuga-Bakare, who recently resigned as Special Adviser on Housing to Governor Babajide Sanwo-Olu, is seeking the All Progressives Congress (APC) ticket for the constituency.

She is expected to contest the party’s primary against Nollywood actor and incumbent lawmaker, Desmond Elliot, who is seeking a fourth term in office.

Speaking during the meetings on Saturday, Mrs Khadijat Kareem, the Personal Assistant to President Bola Tinubu on Constituency Affairs, described Odunuga-Bakare as competent and experienced, saying she has the capacity to deliver effective representation.

According to Kareem, the aspirant distinguished herself as Leader of the Surulere Local Government Legislative Council and later as Special Adviser to the governor.

She urged party leaders, members, women and youths in the constituency to support her aspiration, expressing confidence that the constituency would benefit from her emergence.

Kareem added that the impact of President Tinubu’s administration was visible across Surulere and stressed the need for a representative who would attract more development to the area.

She said, “When we talk about experience and competence, Barakat has got both. She served well as Leader of the Legislative Council and Special Adviser to Governor Sanwo-Olu, and she will deliver as our representative.

“She is a go-getter, a hard-working person. She is a youth who understands the demands of governance, and she will do well for us.”

Also speaking, Chairman of Surulere Local Government, Mr Sulaiman Yusuf, commended incumbent lawmaker Desmond Elliot for his service but said it was time for another candidate to emerge.

He noted that Odunuga-Bakare had twice stepped down from her ambition in the past following appeals by party leaders and deserved support this time.

Yusuf described her as loyal, capable and performance-driven, adding that she has the qualities needed to represent the constituency effectively.

“Let us be sincere with ourselves, this young woman deserves to be supported for the seat this time around. The other time, she stepped down, but this is her time.

“Mr Desmond Elliot has done his best for the constituency, but there is time for everything. He has served for three terms and it is time to give another person the opportunity.

“Honourable Barakat is young and competent and she is somebody we can rely on for performance. I declare my support for her and I want everyone else to support her,” he said.

He further stated that Chief of Staff to the President, Mr Femi Gbajabiamila, supported her aspiration and urged his supporters to align with the project.

Leader of the Surulere Local Government Legislative Council, Mr Abdul Hakeem Abdul Rahman, also praised Odunuga-Bakare’s contributions to the constituency and called for support for her candidacy.

Other speakers, including ward chairmen, similarly endorsed her bid, citing her role in the development of Surulere.

Responding, Odunuga-Bakare thanked party leaders and members for their confidence in her.

She said she remains committed to the growth and development of Surulere and promised quality representation if elected.

The aspirant urged party members to remain united ahead of the APC primaries scheduled for March 20, saying the focus should be on strengthening the party and advancing the interests of Surulere.

She also pledged not to disappoint supporters if given the mandate.

“I thank you all for this show of overwhelming love for me and support for my bid. God bless you all.

“As you all know, I am passionate about the development of Surulere. I want to represent you at the Assembly to further bring home dividends of democracy. I value your support and love and I urge you to keep supporting me.

“We are having the Assembly primaries on March 20. I am counting on your support to emerge as our party’s flag bearer.

“Please, support my aspiration and I promise you that I will raise the bar and deliver.

“This is not the time to fight; this is a time to unite for the good of APC and Surulere. I am for Surulere and will not disappoint,” she said.

Odunuga-Bakare donated N1 million to party members in each of the wards visited during the consultation tour.

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PSC Dismisses ASP Nuhu Usman, 4 Others For Effurun Extrajudicial Killing

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The Police Service Commission (PSC) has ratified the immediate dismissal of Assistant Superintendent of Police (ASP) Nuhu Usman and four other officers involved in the fatal shooting of 28-year-old Mene Ogidi in Effurun, Delta State, on April 26, 2026.

An internal investigation concluded that the officers violated regulations regarding the use of firearms.

Force Headquarters, in a statement yesterday by the Force Public Relations Officer, DCP Anthony Placid, said the decision followed the conclusion of internal disciplinary proceedings and takes immediate effect.

He noted that the case file has been forwarded to the Office of the Attorney General of the Federation, AGF, for vetting and prosecution, with the Police pledging full cooperation to ensure justice is served

“Following the incident, the Force ordered an immediate investigation by the Police Monitoring Unit,” he said.

“Findings established that ASP Nuhu Usman and members of his team engaged in professional misconduct, abuse of office, and conduct likely to cause a breach of public peace, culminating in the unlawful killing of Mr. Mene Ogidi.”

Placid stressed that no suspicion, however serious, justifies extra-judicial action, noting that every suspect is entitled to due process.

He also confirmed that the driver who delivered the parcel and two vigilante members linked to the incident remain at large, adding that tactical teams have been deployed to arrest them.

The Force PPRO assured the public that the Force “does not shield officers who violate the law” and that the matter is being handled transparently, in line with accountability and human rights standards.

The Police account of the incident stated that Ogidi had received a parcel from Yenagoa, Bayelsa State, which he later took to a motor park in Effurun for onward delivery to Sapele.

The parcel was reportedly searched and found to contain a fabricated Beretta pistol and four rounds of 9mm ammunition.

According to the Force, members of the public arrested him and alerted the police, after which ASP Nuhu Usman and his team arrived at the scene.

The Police alleged that instead of following due procedure, ASP Nuhu Usman shot and killed the already apprehended suspect.

The remains of the deceased have been deposited in the mortuary, while an autopsy is expected to form part of evidence for prosecution.

Witnesses account

However, authorities and witnesses at the Effurun motor park gave a different account of events, insisting that Ogidi brought the parcel himself for dispatch rather than to receive it.

Leaders of the park, who spoke off camera, said the deceased arrived alone at about 5 p.m. with a parcel he intended to send, initially claiming it contained baby clothes. According to them, he resisted pressure to open the parcel but was eventually compelled to do so, after which a pistol allegedly wrapped in clothing materials was discovered.

The discovery, they said, led to his apprehension by persons around, who later contacted the police.

“We insisted he should open it because that is our practice. He said he had instructions not to open it,” one of them said. “After it was opened and the gun discovered, he was tied and the police were called.”

They, however, questioned the decision of the police officer who arrived at the scene to open fire, saying the suspect was still alive when he was taken away in a patrol vehicle after being shot.

The park officials also said they did not observe any communication between the police team and any external contacts during the incident.

A driver at the park also shared a separate experience of suspected drug concealment in a waybill he once transported, alleging that criminals sometimes use commercial transporters as unsuspecting couriers for illicit items.

He, however, said he could not comment on the circumstances surrounding Ogidi’s case.Meanwhile, some residents expressed concern over inconsistencies in the narratives, questioning why the deceased allegedly failed to clearly disclose the source of the parcel.

At the Ekpan Police Station, where the Area Command is located, officers declined to speak on the matter, saying the Area Commander was in a meeting.

A security source also suggested that questions may arise over operational coordination in the deployment of officers to the scene, noting that such incidents typically involve divisional structures.
The Police have urged calm, assuring that all those found culpable will be brought to justice.

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