Echotitbits – Nigeria News

Tag: compliance

  • Court declines bid to halt Nigeria’s new tax laws, keeps January 1 rollout intact

    Court declines bid to halt Nigeria’s new tax laws, keeps January 1 rollout intact

    2026-01-01 07:10:00
    Reporting by Vanguard indicates an FCT High Court refused to restrain the Federal Government from proceeding with the January 1 implementation timeline for Nigeria’s new tax laws.

    The suit sought an urgent stop order via an ex-parte request, but the court declined, allowing implementation to proceed while substantive issues remain pending.

    The decision lands amid public controversy over the reforms, including claims of discrepancies between passed and gazetted versions.

    Reuters separately quoted President Tinubu calling the reforms a “once-in-a-generation” reset and stating “No substantial issue has been established” to justify halting implementation.

    Daily Post Nigeria also reported the presidency has “dismissed claims of discrepancies” in the new laws.

    Echotitbits take:

    For businesses, the immediate risk is compliance uncertainty while litigation continues. Watch for official FAQs, enforcement timelines, and any rapid ‘clean-up’ amendments that resolve document-version disputes.

    Source: Vanguard — January 1, 2026 (https://www.vanguardngr.com/2025/12/court-declines-to-stop-implementation-of-new-tax-laws-adjourns-case-to-jan-9/)

    Vanguard 2026-01-01

    Photo Credit: Vanguard

  • National Assembly responds to outrage over alleged discrepancies in gazetted fiscal laws

    National Assembly responds to outrage over alleged discrepancies in gazetted fiscal laws

    2026-01-01 06:45:00
    According to The Guardian (Nigeria), the National Assembly issued clarifications on the passage-to-gazette process for major tax and revenue laws after public outrage over alleged discrepancies.

    In an update published by the outlet, lawmakers positioned the process as orderly while acknowledging rising concerns about transparency and chain-of-custody from passage to publication.

    The controversy has amplified calls for clean, verifiable “as passed” texts to support compliance and public trust.

    ARISE TV also framed the dispute as a demand for suspension and review over alleged discrepancies between versions passed and versions published.

    Other civic and media summaries similarly described the issue as scrutiny over differences between gazetted laws and the texts lawmakers said were approved.

    Echotitbits take:

    This is a trust test. The clean fix is document transparency: publish side-by-side versions, harmonisation notes, and an audit trail of edits—otherwise compliance could suffer and investment risk perception could rise.

    Source: The Guardian Nigeria — December 26, 2025 (https://guardian.ng/news/nass-clarifies-process-on-tax-revenue-acts-amid-outrage/)

    The Guardian — 2026-01-01 06:45:00

    Photo Credit: The Guardian

  • Nigeria’s expired-visa amnesty: what September 30 means—and what happens after

    Nigeria’s expired-visa amnesty: what September 30 means—and what happens after

    Photo Credit: Facebook
    2025-12-28 09:00:00

    According to the Nigeria Immigration Service (NIS), the Expired Visa Initiative (Amnesty) provides a window for foreigners who overstayed or violated visa conditions to regularise their immigration status before penalties apply.

    NIS says the initiative targets holders of expired Visa-on-Arrival and other expired entry visas, alongside wider compliance under Nigeria’s evolving visa regime.

    After the deadline, enforcement mechanisms—including fines and re-entry restrictions—are expected to tighten for non-compliant residents and sponsors.

    NIS states the grace period “extends until 30th September 2025,” while Vanguard quoted an NIS spokesperson saying the scheme “runs until September 30 2025.”

    Echotitbits take: For businesses and diaspora-linked employers, the key is audit-and-regularise now—especially for visiting staff and dependents. Watch for post-amnesty enforcement and any new portal-driven compliance checks.

    Source: Nigeria Immigration Service — July 2025 (https://immigration.gov.ng/expired-visa-holders/

  • Nigeria’s Tax Agencies Can’t Just Debit Your Account — Oyedele Warns

    Nigeria’s Tax Agencies Can’t Just Debit Your Account — Oyedele Warns

    Photo Credit: The Punch
    2025-12-25 09:00:00

    According to The Punch, Presidential Fiscal Policy and Tax Reforms Committee chair Taiwo Oyedele says tax authorities cannot simply “dip hands” into bank accounts without going through due legal process. He explained that while a “power of substitution” process exists, it is not a shortcut to bypass the courts.

    Oyedele said the typical pathway requires an assessment, notice, and (where disputed) a legal determination before any enforcement action against a taxpayer’s funds. He framed the issue as a rule-of-law matter that protects both citizens and businesses from arbitrary action.

    The comment comes amid recurring complaints from individuals and SMEs about sudden debits and bank restrictions linked to tax compliance disputes, with Oyedele urging taxpayers to understand their rights and challenge improper actions through lawful channels.

    Separately, BusinessDay quoted Oyedele saying, “Nobody will debit your bank accounts without a court order,” while TheCable reported him stressing, “Even if you have N1 billion in your account… nobody can debit your bank account without a court order.”

    Echotitbits take: This is an important signal to calm public anxiety around tax enforcement. Watch what FIRS and state IRS agencies do next—policy clarity is one thing; operational compliance across banks and tax offices is another. Expect more taxpayer education, and possibly stronger complaint-resolution channels, if the reforms team wants legitimacy.

    Source: The Punch — December 25, 2025 (https://punchng.com/tax-agency-cant-debit-accounts-without-court-order-oyedele/)

    The Punch 2025-12-25

  • FIRS moves to make NIN and CAC numbers the backbone of Nigeria’s tax IDs

    FIRS moves to make NIN and CAC numbers the backbone of Nigeria’s tax IDs

    Photo Credit: The Nation
    2025-12-24 06:12:00

    Reporting by The Nation indicates the Federal Inland Revenue Service (FIRS) is pushing a unified identity approach for taxation—where individuals’ NIN and companies’ CAC registration numbers function as the primary tax identifiers.

    The change is positioned as a cleanup of Nigeria’s fragmented tax identity ecosystem—multiple identifiers, inconsistent databases, and loopholes that make compliance tracking and enforcement harder.

    By linking tax identity to the national identity system and corporate registry, authorities say they can reduce duplication, improve taxpayer coverage, and make it harder to “disappear” across systems.

    For individuals and businesses, the biggest shift is conceptual: you’re expected to treat your NIN/CAC number as your tax identity anchor, with tax records mapped to that single ID across agencies.

    The Guardian quoted FIRS: “For individuals, your NIN automatically serves as your Tax ID… You do not need a physical card,” and Channels TV echoed the same clarification: “You do not need a physical card; the Tax ID is a unique number linked directly to your identity.”

    Echotitbits take: This can either tighten compliance or widen mistrust, depending on how transparently it’s implemented. Watch for data-protection safeguards, dispute-resolution for wrong linkages, and whether state tax authorities harmonise—or keep parallel systems that recreate confusion.

    Source: The Nation — December 23, 2025 (https://thenationonlineng.net/nin-becomes-automatic-tax-id/)
    The Nation 2025-12-23

  • SEC Sets January Window for Market Operators to Renew Registration

    SEC Sets January Window for Market Operators to Renew Registration

    Photo Credit: Vanguard
    2025-12-23 09:00:00

    In a statement relayed by Vanguard, Nigeria’s Securities and Exchange Commission has directed capital market operators to renew their registration within January 2026, while also pushing digital upgrades to licensing and filings.

    The regulator says it wants the renewal process to be clearer, faster and less dependent on physical visits, as part of broader reforms to market oversight and investor confidence.

    SEC leadership is also signalling a bigger “automation” roadmap, including electronic receipt/processing and structured returns templates to strengthen risk-based supervision.

    For operators, the key practical impact is compliance readiness: documentation, timelines, and how quickly the new portal workflows become mandatory.

    Validation: The Nation reports that SEC “directed all capital market operators to renew their registration between January 1 and January 31, 2026.” Legit.ng reiterates that “The SEC has requested that capital market operators renew their registration between January 1 and January 31, 2026.”

    Echotitbits take: If SEC’s digitisation actually reduces approval delays, this could quietly improve market depth. Watch for enforcement consistency: the real test is whether non-compliance triggers penalties equally across big and small operators.

    Source: Vanguard — December 23, 2025 (https://www.vanguardngr.com/2025/12/sec-directs-market-operators-to-renew-registration-from-jan-1st/)
    Vanguard 2025-12-23

  • US jury convicts Nigerian man in $7.5m charity fraud case as DOJ outlines sentence exposure

    US jury convicts Nigerian man in $7.5m charity fraud case as DOJ outlines sentence exposure

    Photo Credit: The Punch
    2025-12-20 14:20:00

    According to The Punch, a Nigerian national, Olusegun Adejorin, was convicted in a US federal court of defrauding two charities of more than $7.5 million, with prosecutors citing wire fraud, identity theft and unauthorised computer access.

    The report says the scheme involved compromising email accounts, impersonating staff, and manipulating withdrawal approvals to divert funds to accounts not linked to the charities.

    US authorities say Adejorin was extradited from Ghana, and sentencing is expected in 2026, with potential penalties that include lengthy prison terms for multiple counts.

    In its press release, the US Department of Justice said the defendant “faces a maximum sentence of 20 years in federal prison for each of the five counts of wire fraud.” TheCable also reported the conviction and noted he was found guilty after a six-day trial for “wire fraud, aggravated identity theft, and unauthorised access to a protected computer.”

    Echotitbits take:
    Expect NGOs and payment providers to tighten verification and anti-fraud controls, which can increase friction for legitimate transactions. Watch for sentencing, restitution orders, and whether investigators identify co-conspirators or linked networks.

    Source: The Punch — December 20, 2025 (https://punchng.com/court-convicts-nigerian-of-7-5m-charity-fraud-in-us/)
    The Punch 2025-12-20

  • Presidency dismisses calls to pause new tax reforms as political backlash grows

    Presidency dismisses calls to pause new tax reforms as political backlash grows

    Photo Credit: The Punch

    2025-12-18 05:55:00

    Reporting by The Punch indicates the Presidency has rejected demands to suspend Nigeria’s newly signed tax reform laws, insisting implementation will proceed from January 1, 2026.

    Officials argue the reforms are meant to simplify compliance, reduce overlapping taxes, and modernise revenue collection. Critics, however, warn the changes could worsen hardship if rollout is rushed or unclear.

    The debate has intensified amid claims by some lawmakers that the gazetted copies differ from what the National Assembly approved—an allegation that could raise legal questions and slow compliance.

    Premium Times reported Speaker Tajudeen Abbas announced an ad hoc committee, stating, “I’m happy to announce to you that the following members have been appointed to the committee.” Vanguard also quoted a lawmaker complaining, “I was here, I gave my vote and it was counted, and I am seeing something completely different.”

    Echotitbits take:
    The policy risk is less about headlines and more about trust: investors and taxpayers need certainty on the final text. Watch for certified copies, a clear implementation guide, and whether the legislature confirms (or disputes) the gazetted versions before take-off.

    Source: The Punch — December 18, 2025 (https://punchng.com/fresh-storm-brews-over-new-tax-law/)
    The Punch 2025-12-18

  • Reps open probe into alleged ‘edited’ gazetted tax laws as politics heats up

    Reps open probe into alleged ‘edited’ gazetted tax laws as politics heats up

    Photo Credit: Punch / File
    2025-12-19 12:00:00

    Punch reports that the House of Representatives has set up an ad hoc committee to investigate claims that versions of new tax laws in circulation differ from what the National Assembly passed.

    The controversy is high-stakes: investors and citizens need certainty on what the law actually says—especially ahead of the planned January 2026 effective date.

    Verification: Premium Times confirms the House set up a seven-member committee to probe alleged discrepancies, while The Guardian reported the political demand to shift commencement.

    Quotes: Premium Times: “set up a seven-member ad hoc committee to investigate alleged discrepancies…” The Guardian: “demanded that the commencement date… be shifted…”

    Analysis/Echotitbits take: If citizens believe laws can be altered after passage, legitimacy collapses. Watch for publication of an authenticated gazette, version control, and sanctions if wrongdoing is established.

    Source: The Punch — 2025-12-19 — https://punchng.com/reps-probe-tax-law-tweaks-pdp-demands-suspension/

    The Punch 2025-12-19