By OBIOMA TORI THE Presidential Committee on Fiscal Policy and Tax Reforms has clarified that Nigerians do not need a Tax Identification Number (TIN) to operate personal bank accounts, unless those accounts are used for business transactions. Committee Chairman, Taiwo Oyedele, made the clarification during a weekend briefing in Abuja, explaining that tax authorities can […]
By OBIOMA TORI SIXTEEN commercial banks have now fully met the Central Bank of Nigeria’s (CBN) new ₦500 billion minimum capital requirement, Governor Olayemi Cardoso announced on Tuesday. Another 27 banks are still working to reach the threshold, with the CBN actively monitoring their progress. The update came after the 303rd Monetary Policy Committee (MPC) […]
By FIDELUS ZWANSON AGGRESSIVE interest rate hikes by the Central Bank of Nigeria (CBN) drove strong investor demand for fixed-income instruments in 2024, according to the President of the Association of Issuing Houses of Nigeria (AIHN), Kemi Awodein. Speaking at the association’s annual general meeting in Lagos, Awodein said the apex bank’s rapid tightening—eight rate […]
By FIDELUS ZWANSON COMMERCIAL banks have urged customers to link their accounts to their National Identification Number (NIN) or Tax Identification Number (Tax ID) ahead of the enforcement of new tax laws in January 2026. In notices issued to customers, banks said the Nigerian Tax Administration Act 2025 requires all accounts to be linked to […]
By TOSAN OYAKHILOME-AKAHOMEN PRESIDENTIAL nominee for Co-Chair of the Unclaimed Funds Trust Fund, Mrs. Obehi Okafor, has assured the Senate that unclaimed dividends and dormant bank balances placed under the fund will be safely managed and productively invested if her appointment is confirmed. Speaking before the Senate Committees on Finance and on Banking, Insurance and […]
By OBI DAVIES THE Nigeria Inter-Bank Settlement System Plc (NIBSS) has become the first payment system in Africa to reach the highest level of financial inclusivity, the “matured” tier, the AfricaNenda Foundation announced on Thursday. The announcement came during the launch of the State of Instant Payment Systems (SIIPS) 2025 report in Eswatini, with Nigerian […]
By OBIOMA TORI DEPOSIT Money Banks (DMBs) across Nigeria have begun implementing a 10 per cent Withholding Tax (WHT) on interest earned from short-term securities such as Treasury Bills, corporate bonds, promissory notes, and Bills of Exchange, in compliance with a recent directive from the Federal Inland Revenue Service (FIRS). The new measure, aimed at […]
By OBIOMA TORI NIGERIAN banks significantly increased their deposits with the Central Bank of Nigeria (CBN) last week, with balances rising from ₦2.28 trillion on Wednesday to ₦2.62 trillion by Friday — a ₦340 billion surge within three days. Data from FMDQ showed that deposit money banks (DMBs) preferred placing excess funds at the CBN’s […]
By OBI DAVIES MICROFINANCE and digital banking platform Kolomoni has launched two new personal banking features — ‘Snap and Pay’ and ‘Schedule Payment’ — aimed at enhancing convenience and accuracy for users. According to Mrs. Simbiat Kazeem, Head of Personal Banking, the ‘Snap and Pay’ feature uses optical character recognition (OCR) to extract account details […]
By OBIOMA TORI HIGH bank charges, multiple taxes, and poor infrastructure were the biggest challenges facing Nigerian businesses in September, according to the Central Bank of Nigeria’s (CBN) Business Expectations Survey Report. The report showed that 70.8% of respondents cited high bank charges and taxes as major constraints, while 70.7% pointed to inadequate infrastructure. Despite […]