E-Financial
Anxiety over FG’s Threat to Block Accounts without TIN
There is palpable fear across the social and economic strata of Nigeria as the countdown to the January 2 date set by the Federal Government for all Nigerians to ensure their bank accounts have their Tax Identification Number (TIN) or risk being blocked.
Most Nigeria spoken by New Telegraph to on the preparedness for the commencement of the policy in less than two weeks time, described the policy as draconian, urging government to look for other ways to ensure people pay their taxes.
Many said that they are not even aware that their accounts will be blocked by January 2 if it does not have their TIN numbers.
Speaking, Mr. Chinazo Ibeneche, a spare parts trader at Ladipo Market Lagos, said: “I pay my tax, I have my TIN but what of my old mother and father in the village?
They are not doing anything, so I transfer money to their account regularly for their upkeep. What will happen to them from January 2nd? Does it mean that I will be travelling home regularly just to give them the small small money I normally send to them?
This is confusing! “ Dr Duroajai Fakurade, a lecturer in the Department of Medicine, University of Lagos, lashed out at the National Assembly for passing such ambiguous law, saying it will create hardship and cause anxiety in the land.
According to him, the move by the Federal Inland Revenue Service to commence the implementation of the new law from January without adequate education and explanation to the Nigerian public is insensitive.
“We are just moving from one harsh policy to the other? Do a vox pop of the teaching staff in this school alone, you will realize that no one has an in-depth understanding of what this law or policy is all about. Is it for taxpayers alone or for whosoever that has a bank account?
“Those supposed to pay tax are the working class, business and property owners. When it comes to tax collection in Nigeria, where does the government have problem? Definitely not with the workers, maybe the informal sector but mainly the big men of Nigeria who do not pay tax. When you look at all luxuries they indulge in, you will understand my point.
“The bank account policy will increase the hardship of Nigerians who in other climes are normally taken care of by their governments vis a vis the unemployed youths, dependants, housewives and aged people,” he said.
Also speaking, Dr. Samuel Nzekwe, a financial expert and former president of the Association of National Accountants of Nigeria (ANAN), said while the TIN requirement to operate an bank account in the country from January 2, 2020 is aimed at ensuring that all taxable Nigerians are brought into the tax net, he urged the government to note that all account holders are not taxable.
“So the challenge here is isolating the taxable from the un-taxable.
Doing that is not likely to be hitch free without causing a dislocation in the system. “How do you isolate the accounts of the unemployed, the aged and the old dependants who depend on the stipend paid to them through their accounts by their breadwinners or their benefactors? “Mind you, you cannot be able to determine whether a person is employed or not through the amount in the person’s account, because there are many unemployed people who live more comfortably than those working, courtesy of their benefactor or breadwinner.
You have some women who are full time housewives and you have people living in the village but are being provided for by their kit and kins in the cities and the Diaspora.”
He said without adequate sensitization, commencing the implementation of the policy create a lot of confusion in the land “because there is nothing you can do about our culture here. We provide for extended family members and our immediate family. Are those category of Nigerians expected to pay tax? Does the policy imply that anybody with a bank account number must pay tax?
These are issues
The Federal Inland Revenue Authority must address before implementing of the law that require people to have their TIN linked to their bank account number,” he stressed.
FIRS begins nation-wide clamp down on tax defaulters Meanwhile, in a renewed bid to bring tax defaulters to book in the country, the Federal Inland Revenue Service (FIRS) commenced nationwide tax enforcement on Wednesday, December 18, 2019.
The latest move by the FIRS was confirmed by Wahab Gbadamosi, head, Communications and Servicom Department.
According to Gbadamosi, the FIRS has issued a notice to commence nationwide tax enforcement with a view to prosecuting defaulters.
The details: In a notification sent to taxpayers on Tuesday, signed by the Acting Executive Chairman of FIRS, the FIRS disclosed that plans have been concluded to begin tax enforcement against tax defaulters as they continue to fail in fulfilling their tax obligations.
New Telegraph reported that FIRS had advised defaulting taxpayers to “settle their tax liabilities within Seven days of the publication to avoid any inconveniences or interruptions in their operations. Nigerians pay more for bank deposits in 2020 As the Central Bank of Nigeria moves to commence implementation of the cashless policy across the country from March 31, 2020, the Apex Bank said Nigerians will now be charged more for cash deposits and withdrawals in furtherance of its cashless policy.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
Federal High Court in Abuja has rejected the request to stop the Central Bank of Nigeria (CBN) from using the e-naira trademark for the growth of the country’s economy.
Justice James Omotosho refused to grant the request brought before him by E-naira Payment Solutions Limited, a private company, which had dragged the CBN before the court, praying for an order of interim injunction restraining the apex bank from using the e-naira trademark on the grounds of lack of ownership.
It claimed that the disputed e-naira trademark was its sole property based on the acceptance of its application for registration by the Trade Marks Registry of Nigeria.
The plaintiff claimed that its ownership of the trademark was being threatened by the CBN’s bid to hijack the mark, adding that it would suffer irredeemable damages if the apex bank were allowed to assume ownership of the mark.
In a motion on notice marked FHC/ABJ/CS/2021, E-naira Payment Solutions Limited asked the court to stop the CBN from communicating with the United States Patent and Trademark Office regarding the disputed trademark until the dispute is fully resolved.
It also pleaded with the court to stop the United States from processing the CBN’s application for the formal registration of the e-naira trademark for use by the CBN and the federal government of Nigeria.
However, the CBN, in its defence, pleaded with the court to reject the request on the grounds that the e-naira trademark is a national asset that can only be owned and used by the federal government of Nigeria and itself.
The apex bank claimed that the letter of acceptance of registration issued to the plaintiff in error by the Trade Marks Registry of Nigeria had since been voided and withdrawn through a letter dated 15 November 2021.
CBN, while describing the e-naira trademark as national intellectual property, informed the court of its possession of a registration certificate from the Trade Marks Registry of Nigeria in line with Section 22 of the Trade Marks Act and that it was on the verge of securing registration from the United States Patent and Trademark Office.
The bank maintained that the e-naira trademark cannot be owned by an individual or private corporate body such as E-naira Payment Solutions Limited and faulted the ownership claims of the plaintiff, adding that there was no proof of its claim in Class 36 that it had registered the mark with the Trade Marks Registry of Nigeria.
Contrary to the plaintiff’s claim, the CBN, in its defence, insisted that Nigeria would suffer huge losses in its economy and reputation in the international community.
In his ruling on the motion, Justice James Omotosho agreed with the CBN that Nigeria’s economy would suffer greater damage than the plaintiff if the request were granted.
The judge held that the letter written by the CBN to the United States Patent and Trademark Office, advising it not to accept the plaintiff’s application, was a preservatory measure aimed at protecting Nigeria’s interests, not a malicious act as claimed by the plaintiff.
Justice Omotosho, while rejecting the request, awarded costs of N50,000 against the plaintiff, to be paid to the CBN before the adjourned date for the hearing of the substantive suit. He fixed 26 June for the hearing of the substantive matter.
The Federal Ministry of Industry, Trade and Investment (FMITI), under the leadership of Honourable Minister Dr. Jumoke Oduwole, MFR, has reaffirmed its commitment to Nigeria’s economic transformation through a robust partnership with the Nigerian Exchange Group (NGX Group).
This collaboration was highlighted during the distinguished Closing Gong Ceremony at the NGX, Lagos, where Dr. Oduwole outlined FMITI’s ambitious target to facilitate $6 billion in foreign investment into Nigeria’s productive economy in 2025.
Oduwole was at the Nigeria Stock Exchange (NGX) on invitation by the Board and Management of Nigerian Exchange Group Plc (NGX Group) to perform the distinguished Closing Gong Ceremony on Nigerian Exchange, Lagos.
This symbolic ceremony, held on trading days, marks the formal close of the market and provides an excellent platform to showcase leadership, inspire stakeholders, and address critical economic issues.
Of the $6 billion target, $3 billion is projected to come from Foreign Direct Investment (FDI) into key sectors such as infrastructure, manufacturing, agribusiness, technology, and renewable energy.
These sectors are pivotal to creating jobs, promoting exports, and enhancing Nigeria’s productive capacity. Another $3 billion will be mobilized through Foreign Portfolio Investment (FPI) by leveraging innovative financial instruments like green bonds, diaspora-linked securities, and SME-focused platforms.
These efforts aim to deepen market liquidity and align capital flows with national priorities.
Oduwole emphasised the integral role of capital markets in driving economic resilience and sustainable growth, stating: “Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and sustaining long-term economic resilience.”
Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited (NGX), reinforced the importance of this collaboration, noting that, “capital markets are powerful engines of innovation, business expansion, and economic inclusion, all of which are essential to advancing Nigeria’s industrialisation objectives.”
Temi Popoola, Group Managing Director/CEO of NGX Group, high – lighted the Exchange’s technologydriven vision.
“We are building a next-generation exchange ecosystem designed to de – mocratise investment opportunities, enhance market liquidity, and position Nigeria as a competitive destination for both domestic and international capital,” he said.
Partnership Opportunities and Achievements The engagement brought together key stakeholders from the capital market ecosystem, all of whom reaffirmed their commitment to supporting FMITI’s initiatives.
Notable areas of collaboration include: Strategic Listing of State Owned Enterprises (SOEs): Building on the successful corporatization of the Nigerian National Petroleum Company (NNPC), the listing of SOEs is expected to unlock significant value, enhance transparency, and deepen market liquidity.
Empowering SMEs: Efforts are underway to establish a dedicated capital market platform for small businesses, providing access to funding, capacitybuilding programs, and pathways for sustainable growth.
Green and Sustainable Finance: The NGX Impact Board is set to mobilize capital for high-impact projects through instruments like green and sustainability bonds, supporting climate resilience and infrastructure development.
The NGX Group also emphasized its role as a gateway to capital markets, offering a robust platform for cross-border investments.
This aligns with FMITI’s vision to restore investor confidence and attract foreign capital, as evidenced by the recent rebound in Foreign Direct Investment (FDI), which rose to $2.6 billion by Q2 2024.
A Shared Ambition for Nigeria’s Prosperity Speaking at the ceremony, Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, commended the Ministry’s leadership and bold reforms, which have set the stage for inclusive growth.
“By fusing policy innovation with market infrastructure, we can catalyze a new era of sustainable growth and national development,” he stated.
As Nigeria moves toward its $1 trillion GDP target by 2030, FMITI and NGX Group remain steadfast in their shared ambition to build a prosperous, inclusive, and resilient economy.
Together, they aim to align investments with national priorities, unlock the full potential of Nigerian enterprise, and create tangible opportunities for all Nigerians.
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